Interest Rate Rises over Melbourne Cup - Talking Business 2010 Ep 41c

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

Leon and Garry talk about how interest rates increased over Melbourne Cup day. Meanwhile the inflation index for Australia is picking up. Joe Hockey appears to be on a winner with his plans to control the banks. He and the government are now in a game of one upmanship to bring the banks into line. Australia’s two biggest banks, CBA and Westpac, are losing home loan market share to NAB and ANZ. Australia’s banks post record profits. The RBA’s index of commodity prices index slips 1.1 per cent, the Australian reaches a new post float high but eases back with the US government’s decision to print more money. Punters bet a record amount of money in the Melbourne Cup, with turnover for Tabcorp running high. Home building approvals slip. The Australian arm of Krispy Kreme has run out of dough. Leighton issues a profit warning. Victorian premier John Brumby announces a cut in payroll tax. Ten releases a statement that will offer two seats to James Packer while chairman Nick Falloon stands aside. Australia’s house prices slow to a crawl. Investors in Sigma file a class action lawsuit against the biotech company. Oneline electronics retailer Ruslan Kogan announces a 48 per cent lift in revenues and bashes Harvey Norman. The ATO reveals a 21 per cent spike in outstanding tax debt. Former Country Road boss John Cheston files a lawsuit against Country Road. Optus is slammed in the Federal Court over its broadband packages. BHP Billiton is knocked back on its bid to buy Potash/ US dollar continues to fall against the Aussie with the announcement of quantitative easing by the Fed. Moodys warns that Telstra could get its credit rating cut. Westfield spins off its Australian and New Zealand shopping centre portfolio. Tiger Airlines posts a lower than expected profit. Sugar, aluminium and building products company CSR is back in the black and News Corporation posts 36 per cent increase its profit. Retail sales edge up slightly.

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Garry Barker and Leon Gettler
Business, Economics, RMIT