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The RBA is keeping interest rates at record highs but will “carefully” monitor home loans; ASX Ascents

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The Reserve Bank has kept interest rates at record highs and will continue its programs to inject cheap money into the banking system and the economy, but said it was monitoring “carefully” the rise. home loan arrow.

The RBA kept its spot rate target at 0.1% for the fifth consecutive month.

In a statement, central bank governor Philip Lowe acknowledged that house prices were rising in most markets.

“The growth of homeowner credit has accelerated, with strong demand from first-time homebuyers,” he said.

“In contrast, growth in investor credit remains moderate.

At its meeting today, the RBA’s board of directors also decided to keep its yield target for the three-year Australian government bond at 0.1 percent.

Mr Lowe noted that Australia’s economic recovery from the pandemic was “well underway and stronger than expected”.

“The unemployment rate fell to 5.8 percent in February and the number of people with jobs is back to pre-pandemic levels,” he observed.

“Nevertheless, the pressures on wages and prices are moderate and are expected to remain so for a few years.

“It will take some time to reduce this spare capacity and for the labor market to be tight enough to generate wage increases consistent with the achievement of the inflation target.”

Joblisting overvoltage

Mr. Lowe’s comments come from ANZ data showed job postings rose 7.4 percent in March.

Analysts at the bank said job postings were now at their highest level since late 2008. That’s when jobs started to retract during the GFC.

A long queue outside a Centrelink office stretches out into a street with people wearing masks and umbrellas.  The mood is strained.
ANZ believes that up to 150,000 people will lose their jobs in Australia due to the end of JobKeeper.(

Getty Images: Bloomberg / Contributor

)

Job vacancies for Catherine Birchsaid, senior economist at ANZ, were also 23% higher than before the pandemic.

“It gives us additional confidence that the impact of the end of JobKeeper will be less than previously feared,” she said.

“Of the 1.1 million workers who, according to Treasury estimates, were still receiving the JobKeeper payment in the first quarter, we estimate that 100,000 to 150,000 people will lose their jobs, or 0.8 to 1.2 percent of the current workforce.

“But we believe the net job losses will be smaller, as growing demand for labor elsewhere should mean that many workers will find new jobs relatively quickly.

Waste management company picking up another

The Australian stock market rose after its long weekend break, as US stocks and the cryptocurrency market hit new highs.

The ASX 200 ended Tuesday up 0.8% to 6,886.

This is the highest level since early February.

On Tuesday, the good results included technology stocks Afterpay (+ 10.1 pc) and its rival Zip (+ 9.5 pc).

Webjet rose 10 percent as the travel bubble with New Zealand boosted the fortunes of the travel industry.

Waste company Cleanaway rose 15.9% on news of the acquisition of the local recycling and recovery business of French company Suez for $ 2.5 billion.

The company includes several Suez infrastructure assets, a workforce of more than 2,000 employees and a fleet of more than 1,000 vehicles, Cleanaway said. It had been in talks with Suez to buy back its local assets since March.

A Cleanaway truck picks up bins along a Carlisle street in the city of Victoria Park.
Cleanaway shares are skyrocketing after the announcement of the purchase of a French waste company.(

ABC News: Gian De Poloni

)

Losers on Thursday include explosives and fertilizer maker Incitec.

It lost 8.2% after announcing it was delaying the reopening of its ammonia plant in Waggaman. The plant was closed in March after a dry gas seal failure and vibrations in the turbine.

The company said it would cost it just $ 15 million in the first half of this fiscal year.

The Australian dollar rose slightly overnight before falling again on Monday to 76.46 cents US.

The US dollar fell as its market share peaked, and Treasury yields held below recent highs, subduing inflation concerns.

Store part of the glass doors to show off a white Tesla sedan with its doors open as people watch it.
Tesla jumped nearly 5% after the growth in sales worldwide.(

Wikimedia Commons

)

Tesla shares climbed 4.43%, giving one of the biggest improvements to the S&P 400.

It came as the electric car and battery pioneer posted record deliveries.

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Tesla said it delivered 184,800 vehicles globally in the first quarter of 2021, above estimates of 177,822 vehicles.

This was driven by strong demand for Teslain China which helped offset the impact of a global auto parts shortage.

“Great job from the Tesla team!” its founder Elon Musk tweeted.

“Special mention from Tesla China.”

Crypto Market Hits New High

The cryptocurrency’s market cap hit an all-time high of US $ 2 trillion on Monday (U.S. Time) according to data and market trackers CoinGecko and Blockfolio.

The surge was led by bitcoin, which hit its own milestone by holding a market cap of US $ 1 trillion for a week.

Bitcoin was last up 1.4% at US $ 59,045. Since hitting a lifetime high of over US $ 61,000 in mid-March, bitcoin has traded in a relatively narrow range.

Analysts have said that as long as bitcoin stays above $ 53,000, it will be able to maintain its $ 1 trillion market capitalization.

Ethereum, the second largest cryptocurrency by market cap, rose 1.3% to US $ 2,103.

It hit a record high of $ 2,144.99 last Friday.

ABC / Son

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