Category: Business
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Unemployment remains steady at 5.9%
Australia’s unemployment rate has remained steady throughout March, after larger-than-expected gains in full time job growth. According to the Australian Bureau of Statistics (ABS), the unemployment rate has remained steady at 5.9%, which is in line with market expectations. Figures released by the ABS show that full-time employment is largely the reason behind the steady rate, with seasonally…
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TPG announces mobile network and Telstra shares drop
Telstra shares have fallen dramatically after the announcement that competitor TPG has acquired the last of Australia’s 700MHZ spectrum. 700MHZ is considered premium for mobile phone networks, as it requires fewer towers to cover a greater distance. The Australian Communications and Media Authority says TPG paid $1.26 billion for 700 MHz spectrum. This now means that there will…
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Free trade agreement with EU now closer than ever
Australia is now closer than ever to a free trade agreement with the European Union, according to the Australian Ambassador to the EU, Mark Higgie. On Twitter last night, Higgie confirmed that Australia was a step closer to starting negotiations with the EU regarding a free trade deal. The progress comes after the conclusion of a…
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US Vice President Mike Pence to meet with Turnbull
United States Vice President Mike Pence will meet with Prime Minister Malcolm Turnbull and other government figures when he visits Australia as part of a Pacific goodwill tour next month. Pence will meet with Turnbull, Opposition Leader Bill Shorten, and Foreign Minister Julia Bishop on April 22nd as Pence seeks to heal the damage done…
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United Petroleum workers underpaid says Fair Work Ombudsman
United Petroleum has been blasted by the Fair Work Ombudsman after it has been revealed that they had underpaid almost 50 of their workers across a number of their outlets. The Fair Work Ombudsman has released a report which revealed that more than 40% of the United Petroleum outlets audited were underpaying employees. “Five outlets…
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Iron ore price drop would leave Australian miners at risk
Small-scale junior iron ore miners in Australia could face serious damage to their portfolios if prices drop in the near future. In a market that is known to be highly cyclical, a recent downturn in iron ore prices after a quarter of sustained growth is a cause for concern to the smaller mining operations, such…
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Fairfax is cutting $30 million from newsrooms
Capital city newsrooms owned by Fairfax are suffering from restructuring changes as the company attempts to save $30 million per year. However, these costs are not staff related and will focus instead on editorial operations to get the savings that are needed. The media group is implementing changes through a ‘process of consultation’ across the Sydney Morning…
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Rio Tinto hit with $447 million tax bill
Mining giant Rio Tinto has been hit with a $447 million tax bill by the Australian Tax Office (ATO). The London based company released a statement last night which revealed that they had been hit with the massive expense. “The Australian Commissioner of Taxation has issued amended income tax assessments to Rio Tinto for the…
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Telstra loses fight over copper network prices
Mobile service provider Telstra has lost its battle against a ruling to cut the amount it can charge its customers for access to its copper network. The Australian Competition and Consumer Commission (ACCC) ruled in 2015 that Telstra was required to reduce access prices to its fixed line network by 9.4%. The move could potentially cost the…
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Premier Investments confirms stake in Myer
Premier Investments has been announced as the largest stakeholder for the retail giant Myer. In a statement to the ASX, Premier Investments confirmed that it has bought a 10% stake in the retailer, after much speculation over who had bought the shares. “Premier Investments Limited has made a strategic investment of 10.77% in Myer Holdings…