Westpac reported a substantial 26% increase in annual profits for FY23. The financial giant's net profit attributable for the year ended September 30 reached a notable A$7.20 billion, a significant leap from the A$5.69 billion in the previous year. This achievement is a testament to the bank's operational improvements and successful growth in various key markets.
In the quietude of the night, thousands of Victorians were jolted from their slumber as the earth beneath them quivered and rumbled. An earthquake, with a magnitude of 5.0, struck near the picturesque Great Ocean Road, leaving its indelible mark on the region. This seismic event, accompanied by a magnitude-3.6 aftershock, has sent shockwaves through the area and captured the attention of experts and residents alike. Both these events were Victoria's Record Breaking Earthquake Shaking Grounds for residents in their sleep.
Sara Lee Holdings, a renowned manufacturer of frozen desserts, has plunged into voluntary administration, marking the culmination of a fifty-year journey that began in Australia in 1971. The Demise of Sara Lee Holdings and the dramatic turn of events leaves us with valuable lessons for both investors and consumers.
Australia is grappling with a surge in inflation, sparking concerns among policymakers at the Reserve Bank of Australia (RBA). The central bank has indicated that its willingness to raise interest rates hinges on upcoming labor market and inflation data. The RBA has expressed a low tolerance for prolonged inflationary pressures, signifying a potential rate hike in the near future. Australians to expect another rate rise in Nov 2023.
Australia witnessed a significant setback in its journey towards reconciliation with Indigenous communities as a proposal to recognize them in the constitution was resoundingly rejected in a historic referendum. In the first national referendum in nearly 25 years, Voice Referendum a failure worth AUD 450 million.
In the final Monetary Policy Decision meeting for Philip Lowe before his RBA Governor tenure ends, RBA kept Target Cash Rate unchanged at 4.10 % for the third month in a row. As per media release, published on the RBA website, Inflation has already crossed its peak and the CPI indicators for the month of July have shown yet another decline.
Fuel prices are on the rise in Australia, with the average price of Unleaded-91 on 20th August 2023 was AUD 2.06 a liter. This is the highest petrol price in Australia which consumers have to pay since July 2022. With the falling Australian Dollar and increasing cost of crude oil adding fuel to fire. The Australian consumers are the sole sufferers in the conundrum.
The Australian dollar, a pivotal player in the global financial landscape, has recently witnessed a notable shift, plunging to a nine-month low and dipping below the US65¢ mark. This intriguing development is inextricably linked to mounting apprehensions concerning the Chinese economy's robustness and the real estate sector's debt burdens.
The electrifying clash between the Matildas and France culminated in a heart-stopping sudden-death penalty shootout, leaving fans at the edge of their seats. In an awe-inspiring display of skill and determination, Australian goalkeeper Mackenzie Arnold emerged as a hero, thwarting three French spotkicks. Courtnee Vine's nerve of steel saw her step up as the tenth-choice penalty taker and secure an iconic win, leading Matildas beat France 7-6.
