Weekly Digest – 24 April 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Unemployment better than expected, dampening hopes of early rates cut

Australia’s unemployment rate has risen slightly to 3.8 per cent after 6600 jobs were lost in March, a stronger-than-expected result that will likely end any chance of a mid-year interest rate cut.

Macquarie Bank slapped with $10m fine after failing to monitor fraudulent transactions

Financial services giant Macquarie Group’s banking division has been ordered to pay a $10 million fine by the Federal Court after acknowledging it failed to have effective controls to protect its customers from fraud.

Aussie dollar’s plunge sparks inflation fears

The Australian dollar has hit a five-month low, sparking fears that interest rate cuts could be further off than anticipated.

ANZ announces discontinuation of cheque books for customers

In a significant banking overhaul set to impact thousands of customers, ANZ has announced its decision to cease issuing cheque books to its clientele.

Business insolvencies hit record highs with worse to come, warns CreditorWatch

A record number of businesses are collapsing under the weight of higher interest rates, rising costs, tax debts and weak consumer spending. The number of businesses in external administration has hit a record high, according to CreditorWatch.

Here’s the difference topping up superannuation in your 20s can make to your wealth

How much richer can we be by adding a bit more money in superannuation?

DroneShield lifts capital raise to $105m as investors flock to defence tech

Counterdrone defence technology company DroneShield has upsized its capital raise by 40 per cent to $105 million following strong domestic and international investor support for its plans to bulk up inventory and the engineering team amidst a $500 million pipeline of prospects.

Roy Morgan Business Confidence drops in March

In March 2024, Roy Morgan Business Confidence was 98.0 (down 3.5pts since February 2024) as the index fell back into negative territory despite the Reserve Bank leaving interest rates unchanged. Driving the index lower in March was less confidence about the performance of the Australian economy over the next year and next five years.

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