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Australia employment unexpectedly dipped in April after two months of outsized gains, and the jobless rate also ticked up in a sign the red-hot labour market might be cooling, bolstering the case for... | May 17, 2023
Australian shares are set to fall slightly as investors absorbed the implications of a federal budget that has had to walk the line between addressing the cost-of-living crisis and fuelling inflation.
The S&P/ASX 200 Index dropped 0.5 per cent to 7291.3 points. Magellan Financial Group fell 3.3 per cent to $9.20 and St Barbara dropped 8.8 per cent to 62.5¢.
The Reserve Bank of Australia announced an eighth straight increase in the official interest rate after its final meeting for 2022, delivering an unwelcome quarter-point rise.
Some economists updated their outlook for interest rates after the Reserve Bank said it would continue to lift rates.