The Reserve Bank will make an Interest Rate decision at 2.30 pm this afternoon. I haven’t seen anybody predicting a change, but it’s interesting to note that influential economist from Westpac, Bill Evans, is saying the RBA should consider negative rates if the economy continues to deteriorate. Only last week the RBA Gov Lowe said negative rates were “highly unlikely”.
– ANZ (-0.1%); will its NZ Finance Business UDC Finance to Shinsei Bank for NZ$762m.
– Brickworks (+1.4%); said its sales revenue in Australia has dropped 10% in the four months to May as a result of the virus. However, sales revenue in its other major market, the United States, is up 26%.
– Evolution (-2%); has sold its Cracow gold mine in Qld, selling it to Aeris Resources.
– Iress (-3%); back trading after completing its $150m placement. Last sale $10.89 vs raising price $10.42.
So far 1.35m Aussies have taken the opportunity to withdrew Super early. Of those, 40% saw no drop in income. What has it been spent on?
– 64% spent on discretionary (clothes, food etc)
– 14% repaid personal debts (credit cards, mortgages, buy now pay later)
– 11% on gambling (Harry’s Boy in the 3rd at Kembla Grange a better option for the Super …..!)
Source; Accenture / Twitter