Home Funding & Finance Was the Melbourne Cup interest rate rise too much, too soon?

Was the Melbourne Cup interest rate rise too much, too soon?


Talking Business is a podcast review of the Australian economy, presented by seasoned business journalists Leon Gettler and Garry Barker, produced in association with the RMIT College of Business. It features interviews with prominent business leaders and expert analysis from RMIT academics.

News Desk: Interest rates, cyber wars and all the latest

  • Leon and Garry talk about interest rates being put on hold, for now. But evidence suggests that latest interest rate rise has put pressure on the construction industry and BIS Shrapnel says it was premature. Still, more people are taking out mortgages, according to the ABS.
  • Job advertisements are up and unemployment slips down to 5.2%.
  • A global cyber war over Wikileaks could hit Australia.
  • Meanwhile, Treasurer Wayne Swan is preparing his government’s blueprint top bring banks into line.
  • NAB cancels Christmas parties amidst another software glitch.
  • Aussie Home Loans reports a 40% rise in profits on the back of a booming property market. But there are profit warnings from Centro Retail Trust, Bank of Queensland and the Reject Shop.
  • Australian drug companies, especially Sigma, to lose $1 billion in revenues after the government pulls costs out of the Pharmaceutical Benefits Scheme.
  • Myer and Harvey Norman are looking to set up China-based sites so that consumers can buy gear without paying GST. Meanwhile, online shopping is set to soar with eBay predicting millions will be flocking online in the lead up to Christmas.
  • Rio Tinto is looking to buy coking coal miner Riversdale Mining.
  • Floods are damaging the Australian economy, hitting the key wheat growing areas and hurting companies like GrainCorp. Flooding is also disrupting coal exports from Queensland and insurers are bracing themselves for massive claims.
  • Donut chain Krispy Kreme is out of administration but it’s in reduced form.
  • Fairfax media chief Brian McCarthy resigns and mining magnate Gina Rinehart buys 2% of Fairfax. At Ten, chairman Nick Falloon steps down.
  • Woolworths is forming a joint venture with a property developer to build a shopping centre in WA and Stockland has secured land to create a new suburb in Melbourne.
  • Telstra’s wholesale division is preparing to go head to head with NBN Co. Meanwhile, it looks like the business plan for the NBN will not be released until next year. NBN has another blow when the Tasmanian leg is left rudderless when its executive chairman Doug Campbell steps down. Telstra has accidentally leaked customer information.
  • Newcrest Mining stops operations on the Ivory Coast because of political instability. Australia’s family wineries continue to make profits while the publicly listed ones continue to struggle. BHP Billiton chief Marius Kloppers to earn $71 million in share deals. Origin Energy set to expand with the privatization of NSW’s power industry.

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Garry Barker and Leon Gettler both have established careers with The Age newspaper, where Garry Barker is its Technology Editor, and Leon Gettler is a Senior Business Journalist. Gettler also works freelance on a number of other publications.