BUSINESS

Young Australians, aged 18 to 29, reduced their expenditure by 2% year over year in the third quarter of 2024, with significant drops in both essential (by 2.3%) and discretionary (by 1.9%) spending.

European and Asian stock markets traded mixed Monday following a pre-weekend retreat on Wall Street as investors scaled back bets on US interest-rate cuts, fearing Donald Trump's policies could reignite inflation.

"Mortgage arrears rates have risen, but they remain low and at similar levels in Australia and the United States," Christopher Kent, assistant governor of Reserve Bank of Australia, said. "This is despite the significant rise in required mortgage payments in Australia."

Starting Jan. 1, 2026, businesses providing essential goods and services, such as groceries, fuel, banks, and utilities or health services, will be required to accept cash, with some exemptions.

The corporate watchdog accused NAB and its subsidiary AFSH Nominees Pty Ltd of violating the regulations between 2018 and 2023, during which the bank failed to respond to 345 customer hardship applications within the mandatory 21-day timeframe.

Though NAB had initially predicted the Reserve Bank of Australia (RBA) would cut interest rates in February 2025, now, that doesn't seem like a possibility before May 2025.

Global stock markets mostly struggled Friday after US Federal Reserve boss Jerome Powell indicated a slower pace of interest-rate cuts.

Britain's economy grew less than expected in the third quarter, official data showed on Friday, dealing a blow to the Labour government that has set its sights on growth expansion.

Australia's long service leave entitles employees to receive 2-13 weeks' paid leave after 10 years of service with a single employer, varying by state or territory, with the provision for employees to receive a proportionate (pro-rata) payment for unused leave entitlements when they leave their job.

Stock markets diverged on Thursday as investors digested US inflation data that supported the case for another interest rate cut next month, while worries over Donald Trump's presidency clouded optimism.

Troubled British fashion house Burberry on Thursday announced cost-cutting plans after posting a loss, with the global luxury sector pressured by weak Chinese demand.

The Australian Bureau of Statistics revealed that the number of people with full-time jobs increased by 9,700 last month, while the part-time rose by by 6,200, taking the total growth to 15,900.

US President Joe Biden and his Chinese counterpart Xi Jinping arrive Thursday in Lima for an Asia-Pacific summit overshadowed by the prospect of a world embroiled in trade wars under Donald Trump.

Retail banking expanded with 121,000 new transaction accounts, while home loans saw an increase of AU$8.6 billion.

Global stock markets diverged Wednesday as traders fret over the impact of Donald Trump's presidency on the Chinese and global economies, with fears that his policies could also reignite US inflation.

The Japanese owner of 7-Eleven said Wednesday its founding family had offered a counter-bid to a takeover attempt by Canadian convenience store rival Alimentation Couche-Tard (ACT).

"The latest decision of a 3.75% wage increase paid from 1 July 2024 was lower than the September quarter 2023 increase of 5.75%," noted the ABS head of prices statistics Michelle Marquardt. "It was also lower than the commission's September quarter 2022 awarded increase of between 4.6% and 5.2%."

European and Asian stock markets slid Tuesday on worries of a possible trade war between China and the United States when Donald Trump takes over as president, analysts said.

ASIC claimed in the lawsuit that more than 6,000 claims were delayed by over a year, representing half of Cbus' total claims at the time.

Rex suspended operations on 11 routes and entered administration in July, after which the airfare, including economy and discount rates, on all major city routes saw a huge spike in the quarter to September, according to the latest domestic airline monitoring report by ACCC.

During the company's annual general meeting on Tuesday, Chairman James Graham said, "In this context, it has been disappointing to see how cost-of-living issues have been politicized and targeted at supermarket operations."

Major stock markets diverged, the dollar gained and bitcoin extended a record run higher Monday, as traders took their lead from events in the United States and China.

The deal is part of Australia's bid to keep its banks in the Pacific region and ensure that a vacuum does not occur, where Chinese banks can move into.

The dispute was believed to be centered around tax payments and the potential renegotiation of contracts between Resolute and the Malian authorities.

Jim Chalmers said Monday, "The direct impact on Australia would be relatively mild, but the broader impact on our major trading partners and on the global trading system might be more significant, and in that regard, that is a little more concerning to us."

US Federal Reserve Chair Jerome Powell said Thursday that he would not resign if asked to leave early by President-elect Donald Trump.

A Qantas plane made an emergency landing Friday due to engine failure soon after taking off from Australia's Sydney Airport, sparking a grassfire on a nearby runway and causing several flights to be diverted.

The vendors, who were highly reliant on Coles, Woolworths and Aldi, see their efforts dwarfed by supermarkets' tactics, forcing them to restrict their business to the domestic market, the industry's peak body told the ACCC.

Chinese exports surged last month at their fastest pace in more than two years, data showed Thursday, easily topping forecasts and providing optimism about the economy as officials steel for a potential US trade war after Donald Trump was re-elected president.