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Well in the end I was right – it was a quiet couple of days ahead of the budget, based on the ASX200 rising a net 17 points over Monday and Tuesday. And I was right in suggesting 7100 should offer support, as while the index did crash through yesterday to be down almost -100 points by midday, it recovered somewhat in the afternoon to close just under that level. It’s a moot point nonetheless, given Wall Street has had another swoon overnight and our futures are down -45 points this morning. It appears Monday’s session was indeed technically and thus algo driven on the break-up through ...

Federal tax cut to fast-track Ausnet grid projects Share AusNet Services, which operates electricity and gas distribution networks, will take advantage of tax breaks announced in Tuesday’s budget to bring forward projects in its core electricity and gas distribution network across Victoria. But the tight construction deadline to be eligible for the deductions means projects that Ausnet would seek to build on the Victorian government’s VicGrid priority list are unlikely to be completed before the June 2023 cut off. The Morrison government’s tax breaks were extended by a year in the budge...

ASX dips 0.7pc amid regional sell-off over US inflation fears Save Share The Australian sharemarket tumbled for a second straight session, extending its fall away from its record high, as concerns over Wednesday’s pending US inflation report prompted a sell-off across regional markets. The S&P/ASX 200 Index dropped 52.1 points, or 0.7 per cent, to 7044.9, down 1.8 per cent from the record high it hit on Monday.   Japan’s TOPIX index dropped 1.3 per cent, Korea’s KOSPI dipped 1.6 per cent and New Zealand’s NZX 50 lost 0.6 per cent. “Despite the severity of the moves...

Gulf of Guinea remains world’s piracy hotspot in 2021, according to IMB’s latest figures The Gulf of Guinea accounted for nearly half (43%) of all reported piracy incidents in the first three months of 2021, according to the latest figures from the ICC International Maritime Bureau (IMB). IMB’s latest global piracy report records 38 incidents since the start of 2021 – compared with 47 incidents during the same period last year. In the first three months of 2021, the IMB Piracy Reporting Centre (PRC) reported 33 vessels boarded, two attempted attacks, two vessels fired upon, and one ve...

Date Time $900 million in electricity bill savings available to households Electricity prices have fallen almost 9 per cent since the middle of last year and there is $900 million in potential savings for households in eastern and southern states, new figures released today by the ACCC show. Retail electricity offers now available to households in New South Wales, Victoria, South East Queensland, South Australia and the Australian Capital Territory are, on average, 8.8 per cent lower than they were in June 2020, which equates to an average annual household saving of $126. Data from ACCC monit...