Garry Barker and Leon Gettler - Share Market Panic - Talking Business 2010 Ep 19c

A review of the week in business, with expert analysis and commentary

Leon and Garry talk about the Australian share market having its worst May performance in 26 years, driven largely by the panic in Europe. This may explain why the RBA has kept interest rates on hold. However, the respite might be short lived with Australian exports surging by the most in three decades and inflation gathering pace. Australian GDP grew by 0.5% for the first three months, driven largely by Government spending. Employers have attacked the Fair Work Australia decision to award Australia’s lowest paid workers with a minimum wage rise of $26. Activity in the manufacturing sector continues to slip, retail sales are up but that is driven largely by food sales at supermarkets. A plunge in building approvals suggests house prices and rents will continue to rise. IAG has lowered its full year margin guidance from 11% to 6% because of injury litigation in the UK. Metcash has reported a solid profit rise of 12.4% but Virgin Blue says it will struggle to meet its full year guidance, signaling a change in strategy for the airline. Healthscope is now dealing with three takeover bids,, Kevin Rudd is staring down the mining industry as Xstrata joins the list of miners putting off projects. iiNet has complained to communications minister Steve Conroy over his claims the ISP supports his internet filtering plan. Mitsubishi is launching electric cars in Australia next month, offering people to lease them at more than $1700 a month.

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Garry Barker and Leon Gettler
RMIT, Business, Economics, news