RBA upbeat on economy, Qantas jab giveaway, supermarket hiring spree
It's wednesday the eighth of september. Twenty twenty one. Welcome to fear and greed business. Podcast that sets you up for a successful day. I'm sure there is a bank. Provides an update assessment of the economy saying covert has delayed but not derailed economic recovery. That's our main story. Also coming up in today's podcast contest hands at frequent flyer points in an effort to boost vaccination rights be south files permeate gladys very. Jacqueline says. The state should be ready for mid october reopening. The major supermarkets on the lookout for more than six thousand workers. Then stay listing for my chat jar. Australia's chief economist callous cacho. That the economic apple. But i is a brief. Oh good markets wall street reopened after the holiday long weekend and tech stocks did well must other sectors fill back. The dow jones industrial average was off zero point six percent. The s&p five hundred zero point two percent law while the nasdaq was up. Zero point two percent european markets but weekend with both london's footsie in the socks europe. Six hundred off half a percent the s. and pay six two hundred rose slightly yesterday to finish at seven thousand five hundred thirty points it trained to down all die into the reserve bank announcement at two thirty pm that provided a boost for equities and the currency that might eubanks for lower with the exception of pack which are slightly macquarie. Group was up zero point. Six percent and telstra was half cent hire the best of the top twenty was plasma group. Csl up one and a half percent. The base of the big cats was rei group of two point. Four percent while aristocrat. Leisure rose one point seven percent. The gaming machine maker is the second best performer. Over the past year up more than sixty three percent only building supplies group. James hardie has done bitter. I eighty two percent oil. Prices were lower. I have an audible gulp. Prices fell back below eighteen hundred. Us dollars an ounce. The aussie dollar was lower. I've not on the back of a stronger greenback and his trading at just under seventy four. Us since and the price of iron nor has full into a seven month low of around one hundred fifty two us dollars a ton after china. Stick up if it's to cut steel production behind the crackdown are if it's to reduce carbon emissions in the world's second largest economy also weighing on the price is increased production levels globally. The price of oil has full and forty percent since its peak in my that sent. The share prices of the maija on oman is much lower with four skew down more than three percent yesterday. It's of more than thirty percent since the end of july. Hp in rio tinto oppose down around twenty percent. The reserve bank of australia expects the economy to bounce back from the current lockdowns along the east. Coast sign the outbreak of the delta variant of covered nineteen was a delay but not a derailment of the economic recovery. The central bank concedes the recovery has been interrupted and economic growth is expected to decline materially joined the current quarter and the unemployment rate will rise but the impact is on even with some regions across the nation facing very difficult conditions and others continuing to grow strongly as vaccination rights increased further and restrictions are raised. The economy should bounce back. According to the reserve bank however there is still considerable uncertainty around the timing and pace of the bounceback back and slightly to be slower than what it was earlier in the year. The bank said the economy will expand a guy next quarter and be back to its pre delta path in the second half of next year low interest rates and government spending will continue to support the economy but the bank is confident enough about the outlook to go ahead with its type ring of bond purchases it has previously announced it would cut weekly purchases from five billion dollars to four billion dollars but given the slowdowns in victoria. New south wales. Some economists had expected each reverse. That decision it didn't they said it would keep buying bonds until february next year. The reserve bank reiterated that it didn't think the official cash rate would rise until twenty twenty four. So what's all. it was a fairly upbeat assessment. Given the extent of the current slowdown in economic activity until the delta varied out bright. The reserve bank had been criticized for being too pessimistic. That certainly no longer. The case is almost reassuring to read. The governor's comments right stronghold for another two and a half years and the economy should bounce back in twenty twenty two or around good news in a moment the rest of the news. You need to know this morning season news. Toyota will spend more than thirteen billion. Us dollars over the next decade to develop an improved battery for electric vehicles. Japan's biggest common. You factor has been a leader in harbored vehicles. But critics say has fallen behind in electric vehicles. El salvador became the first country to accept bitcoin as legal tender overnight. The launch didn't go as hoped with the digital currency down as much as seventeen percent to forty three thousand. Us dollars a unit after the government had to take its app. The storing the digital currency. Offline judy capacity issues. And while all the signs of that china is slowing exports rise more than twenty five percent and you were still terms during august to a record. Two hundred and ninety four billion dollars imports grew thirty. Three percents also to a new record level. That happened to spot port interruptions and cova closed downs. And probably reflects buys bringing forward. Christmas orders locally qantas chief executive elon joyce said the airline is handing out fifteen million frequent flyer points every day as part of its incentive scheme to encourage kobe vaccine uptake. It's issued two hundred twenty million points since twenty three august. Mr joyce said qantas had created forty sixty routes over the last year to avoid tight border closures and had done all it could to accelerate the vaccine rollout and position it so for apus pandemic future governments now needed to get on with the job. Mr joyce was critical of two states. Who are taking a more conservative view into departing from the national plan. He didn't name them that. The ceo is clearly talking about queensland and western australia. Mr joyce also reiterated that the airline would only allow vaccinated travelers on its international thoughts when borders open a game in on that point. He said the airline was came to revisit planes for nonstop services between sydney and melbourne and new york and london new south wales premium gladys very said the states struggling hospitality sector should dust off they. Kobe safety planes and prepare for a reopening in mid-october as vaccination rights roy's new south wales reported twelve hundred and twenty new cases yesterday the third consecutive day of lower numbers that the premier has warned. That worse is to come. Ms berry. jacqueline's had reopening in the hospitality sector. Shoot mark the end of the tightwad. Lockdowns adding that only vaccinated people were enjoy greater freedoms currently forty one percent of eligible adults in the site of fully vaccinated and seventy four percents have had one does across the country. There have been twenty one point. Two million vaccine doses administered almost sixty four percent of people over the age of fifteen have received one jeb in thirty nine percent a fully inoculated about one million more devices and needed to reach seventy percent coverage of. I is vaccinations. Victorian premier daniel andrews said. He wanted up to three hundred thousand extra fayza diseases from the uk on occasions to my cup. What he says was a secret plan to vaccinate sydney federal health minister. Greg hunt responded saying some people would just looking for fought more than thirty percent of torian adult population is now fully vaccinated in almost sixty two percent have had one jeb. The site recorded. Two hundred and forty-one ukases yesterday although nine hundred new cases in the ict the major supermarkets on the lookout for new staff with more than six thousand five hundred current employees. That will words calls an l. d. in oscillation the supermarkets need staff in distribution centers. Instals with out of stocks on mounting outlets across new south wales according to a report in the financial review suv market workers are on the front line of the fought against covet. The lighting serving may on the weekend who was a union rep estimated that she came into contact with three thousand people each week. That is of all the plaudits they get main wall will woods has sold a nine point. Nine percent stake in meal kit. Company molly spoon. But the retailer says it's committed to continuing its five year strategic lines which covers marketing and customer origination as well as hoping with molly spoon supply chain molly. Spins share price fell ten percent yesterday to its lowest level in a year women accounted for just five percent of chief executives of ice x. Two hundred companies as at thirty june this year the same as last year in lower than twenty eighteen and twenty nineteen according to a survey by chief executive women and there were no females appointed last financial year of top two hundred companies and only one caveat conard media in the top three hundred since june. Two women have been appointed to say roles. I am pays alexis george. And woodside's meghan nail chief. Executive women has called for companies to install targets for women in senior leadership roles with an emphasis on operational roles private equity group. Bg hike earlier in the week. Walked away from its one point. Three billion dollar bid for hanson and yesterday the technology groups boss andrew. hanson said. He didn't know why the light stage talks collapsed. He said during the due. Diligence process narrate flags or black holes had been identified g h had offered six dollars fifty for each hanson share following the withdrawal of the bid henson share price tumbled enclosed yesterday at five dollars ab two. I mentioned the military coup in guinea. Yesterday that has the potential to ruin investments in the west african nation by rio tinto alumina alcoa but monte companies have been permitted to work through the curfews imposed by the coup leaders providing some faint. Hope that the investments went impacted. Guinea is a leading mon- of books books. It's used in the first stage of the aluminium. Production prizes is refined to make alumina which is in smelted at high temperatures to mike. Aluminium metal. that's listened to the morning defense minister painted. Dutton has signaled a greater excess to us. Missile technology will be a test of the anzus alliance ahead of an australian push for unprecedented defense industry corporation at high-level talks in washington. According to a report in these strategy newspaper mr dot said allies needed to pull know-how and resources to develop new long range strike weapons in offensive cyber capabilities. Inflation expectations have risen to their host level. In three years or consumer confidence has fallen people. Think prices a more likely to rise according to the is it roy. Morgan is trailing consumer conference of inflation. Expectations met up. If it will think prices going to rise the more likely to demand wage increases or expect to pay more for groceries and other goods. It becomes a so fulfilling prophecy. That's why policy makers watch it so closely crown casino's new chair ziggy switkowski. His stepped down from his job. As chancellor of our mit just is after the national tertiary. Education union published a letter saying it was incompatible for him to hold by thrall. Mr switkowski said he wouldn't be able to juggle a jobs. And the victorian liberal party have elected formulator matthew guy to hit the potty dumping mark lebron with an election fourteen months away. It's always a significant move ins particularly cy right now. Given state premium daniel andrews has been harshly criticized that he's ladyship during the kobe. Pandemic of next is a daily interview. And i'm joined today by john chief economist carlos cacho call us has a real neck for putting econ into everyday language. So he's the right person to talk about your stays meeting the reserve bank board. We look at what it all means for the coming months how quickly the economy can recover and what can derail that recovery. That's up next in the fear and greed pilots on your podcast. Federal or fearing great dot com. Today you. it's wednesday the september twenty twenty one. i'm sure alma and that was fear and great joy day.