1. The NAB has reported a 14.2% fall in cash profits for the 2018 financial year, dragged down by more than $1 billion in combined restructuring costs and paying back customers affected by scandals being investigated by the financial services royal commission. More markets news here.
2. The Australian dollar fell heavily on Wednesday, weighed down by a weak Australian inflation report and rampant buying in the US dollar. The US dollar index hit the highest level since June 2017, helped by weakness in the euro and strong labour market data. At 8am AEDT, the Aussie was down 0.48% to 0.7071.
Australia will receive trade data for September today, as well as a deluge of manufacturing PMI reports released.
3. Australia’s housing downturn looks set to extend into a 13th consecutive month. Despite the slowdown, ANZ’s Housing Credit Impulse — measuring the change in housing credit growth — suggests home price falls will slow markedly in the months ahead. Here’s a look:
4. The reason the RBA isn’t prepared to cut rates lies within a speech that Philip Lowe gave 2 years ago. It comes as headline and underlying inflation undershot expectations in the September quarter. David Scutt has more here.
5. All asylum-seeker children still on Nauru will be relocated to Australia by the end of the year. Morrison said the government was “quietly” going about resolving the issue of children on Nauru and the number had halved in the past nine weeks. The Australian reports 40 children of asylum-seekers are currently living on the island.
6. The UK government expects to agree to a Brexit deal with the EU within three weeks, with Brexit Secretary Dominic Raab saying it could be finalised by November 21.
7. Neobanks are about to explode onto the Australian market. Chris Pash reports that the number of neobanks in Australia is about to increase with APRA expected to issue a number of restricted banking licences in the next few months. The first restricted licence went to Volt in May this year.
8. Tesla vehicles will be able to find open parking spots without driver assistance by next year. According to CEO Elon Musk, the cars will not only be able to find an empty spot but also “read signs to confirm it’s valid & park”.
9. Atlassian’s Mike Cannon-Brookes yesterday called Australian Prime Minister Scott Morrison’s energy policy ‘bull****’ and has begun preparations to launch his own “Fair Dinkum Power” movement.
I’m not sure you know what fair dinkum means. It means fair to Aussies, to our wallets AND to the planet. ⚡ can be reliable, renewable & cheap. @fairdinkumpower registered. Let me get back to you with some logo concepts. Give me an hour. #gameon #fairdinkumpower #auspol 2/2
— Mike Cannon-Brookes ???????????????? (@mcannonbrookes) October 31, 2018
He’s currently crowd-sourcing feedback for branding on Twitter. Follow #FairDinkumPower for more.
10. “Red Dead Redemption 2” is this year’s most hotly-anticipated video game. From the production house that brought you Grand Theft Auto, it’s an adventure game set in the old American West. If you want to understand why it’s such a big deal, here’s a short video from our US colleagues that explains everything you need to know.
1 new message pic.twitter.com/H09WcuYYoJ
— Alex Engelberg (@alex_engelberg) October 31, 2018
Have a great day.
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