Economic and market news
New data on wages growth in Australia show that average private sector pay rises hit 4.3 per cent in the September quarter. Overall, wage growth picked up 1 per cent over the quarter, to 3.1 per cent through the year (seasonally adjusted). This was the fastest pace of annual wages growth in almost a decade, with about half of workers outside of government receiving a pay boost. The data outturn was said to be slightly above the consensus expectation of 3 per cent.
Separately, employment grew by 32,200 in October driving unemployment to 3.4 per cent, the equal lowest rate in almost 50 years, according to the latest jobs data from the Australian Bureau of Statistics. The result was said to be well ahead of consensus and would, therefore, add further impetus for the Reserve Bank of Australia to lift interest rates in December and beyond.
Australian indices
ASX 200: Rose slightly, 0.56 per cent, over the week, to 7181.3 points at the close on Tuesday.
All Ordinaries: Also rose slightly, 0.42 per cent in the past week, closing at 7376.4 points on Tuesday.
Government Bonds
Government Bond Yields (Source: Bloomberg)
|
NAME |
COUPON |
PRICE |
YIELD |
1 DAY |
1 MONTH |
1 YEAR |
|
GTAUD2Y:GOV Australia Bond 2 Year Yield |
0.25
|
94.48 |
3.12% |
+3 |
-51 |
+246 |
|
GTAUD5Y:GOV Australia Bond 5 Year Yield |
2.75 |
96.23 |
3.35% |
+1 |
-56 |
+198 |
|
GTAUD10Y:GOV Australia Bond 10 Year Yield |
1.75 |
84.64 |
3.59% |
+1 |
-60 |
+181 |
|
GTAUD15Y:GOV Australia Bond 15 Year Yield |
3.25 |
91.57 |
3.93% |
0 |
-54 |
+181 |
Reserve Bank of Australia (Source:RBA)
|
RBA CASH RATE TARGET (RBATCTR:IND) CURRENT (per cent) |
MOST RECENT DECISION (percentage points) |
MOST RECENT CHANGE (percentage points) |
1 YEAR PRIOR (per cent) |
|
2.85 |
+0.25 (1 November 22) |
+0.25 (1 November 22) |
0.10 |
Currencies (source:RBA)
As at the close on 22 November, AUD/USD had fallen 1.08 per cent on last week, to 0.6624. The AUD/RMB rose 0.39 per cent in the week to 4.7376.
Commodities
The oil price softened over the week, reportedly due to discussions about increased supply from OPEC, and a coincident weakening in demand resulting from tightening in COVID-19 restrictions in China. In line with this, major Australian steel manufacturer BlueScope Steel has reported emerging ‘customer hesitancy’ as economic conditions tighten.
In contrast, the iron ore price was said to have bounced off its spring low, surging 24 per cent in the past three weeks.
Venture Capital
BioScout
Stoic investee BioScout announced a new collaboration with Mollydooker Wines in South Australia, deploying its units to detect fungal diseases on their vines.
Cardihab
Helen Souris, CEO of Stoic investee Cardihab, spoke to The Australian Financial Review about the need for dedicated digital health support and funding, to help startups in the sector scale up.
Lenexa Medical
New Stoic investee Lenexa Medical had its recent win at the National iAwards 2022 reported in Connector Magazine this month.
Que Oncology
Stoic investee Que Oncology has published results that show how its non-hormonal therapy reduces hot flushes and night sweats in women with breast cancer. Results from Que Oncology's phase 2 trial show how treatment with Q-122 significantly reduced the frequency and severity of vasomotor symptoms in women with breast cancer taking endocrine therapy compared with a placebo.
Property
New data on the falling property market in Australia were said to show that 200 hundred suburbs have dropped out of the ‘$1 million club’ (median property price) since interest rates started rising in May.
