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Report
Australian share market tumbles as investors await Reserve Bank's interest rate decision
ABC NEWS (Australia)
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9/23/2024
The Australian share market has seen a sharp decline, with investors on edge ahead of the Reserve Bank's crucial interest rate decision tomorrow. The outcome could shape the future of Australia's financial landscape.
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00:00
Well, the Reserve Bank will almost certainly keep interest rates on hold tomorrow.
00:06
But money markets will be looking for clues from the RBA governor's post-meeting statement
00:11
to see if she rules out the possibility of a rate increase and whether Michelle Bullock
00:16
continues to talk tough on inflation.
00:19
But since the Aussie dollar has jumped to 68.2 US cents, the highest it's been all year,
00:25
it seems a lot of traders are betting the RBA will continue to go slow and hold off
00:30
on cutting rates for at least the next few months.
00:33
Now that's significantly at odds with the rate-cutting cycle that's already happening
00:37
for major economies like the US, where inflation is a bit more under control.
00:43
Hence the much weaker greenback against other currencies, including the Aussie.
00:47
Meanwhile, the all odds didn't do so well today, given it's fallen 0.6 of a percent
00:53
from Friday's record high.
00:55
Coals and Woolworths dropped more than 3% each after the ACCC announced it was suing
01:00
them for misleading customers about discounts, which allegedly weren't real discounts.
01:06
And shares of mining giant BHP tumbled after a fall in iron ore prices, while oil and gold
01:12
prices went up.
01:14
Now looking overseas, Wall Street also slipped from its record highs, while it was a solid
01:18
day for Asia.
01:20
And finally, here's how much debt Australians have compared to their net disposable income,
01:25
and it's mainly due to property prices.
01:28
At 214%, this measure of financial strain is close to a record high, and it's much higher
01:34
than other countries.
01:36
And that's finance.
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