Australian stocks closed the session, and the week, higher.
- ASX 200: 5,814.20 +19.73 +0.34%
- All Ordinaries: 5,884.70 +20.60 +0.35%
- AUD/USD: 0.7836 +0.0016 +0.20%
The local market broke through the 5800 point mark on the ASX200 after a week of gains.
The index closed the week 1.8% ahead, the best five days trading in more than six months.
The major banks and the big miners all gained ground. Westpac was up 0.5% to $33.00 and Rio Tinto 0.59% to $68.21.
Shares in Medibank Private and NIB Holdings jumped on moves to reform health insurance to make it more attractive to younger people. Medibank was up 1.9% to $3.10 and NIB 1% to $6.07.
1. Parts of Sydney are starting to look like Hong Kong property. Bankstown, a suburb 20km from Sydney’s CBD, could be the centre of a trend toward unsustainable local market house pricing.
2. CBA tellers will no longer get extra cash for selling bank products. The bank says about 2000 tellers — now called customer service representatives — have been moved to a new remuneration plan focused on the individual’s contribution to providing superior customer service.
3. Australian companies lag the rest of the world on corporate responsibility. An international study shows that Australia’s top companies are behind the rest of the world on human rights and climate as business issues.
4. Amazon already has 500 local businesses ready to sell when it launches in Australia. The first Amazon Marketplace Seller Summit in Australia will be held in Sydney next month.
5. Millennials to save private health insurance? The Turnbull government is hoping to enlist millennials to tackle skyrocketing private health insurance premiums, offering people under 30 a range of incentives if they sign up.
6. Conditions in NSW are drier now than in the lead-up to the devastating 2013 bushfire season. Numerous records have been set for both lack of rainfall and high temperatures.
7. Australian property is a bargain for wealthy Chinese buyers. Credit Suisse looks at the numbers.
8. Heading towards the cliff edge on loan repayments. Recent restrictions on interest-only lending have increased concerns around Australian housing stability.
9. The Simpsons. Here’s why Channel Ten isn’t broadcasting some of its most popular programs right now.