Qantas shares retreat, Aussie dollar goes up a touch

ABC NEWS (Australia)

Qantas' $90m outsourcing fine saw investors reduce its market value, but the fall was offset somewhat by a global rally in airline stocks. The rest of the local share market finished flat and the Aussie dollar went up a touch.

Transcript

00:00Investors reduced Qantas' market value by about $70 million in response to the $90 million

00:06fine.

00:07But that's on the back of a $2 billion increase in its value in the past week, as part of

00:13a global rally in airline stocks, prompted by a fall in the oil price.

00:16So it was a mere scratch.

00:18And Qantas picked up $2.5 billion or so from the government during COVID, so giving back

00:233.5 per cent of it could be seen as a commission.

00:28Oil fell again over the weekend along with the global price of liquefied gas.

00:32The rest of the local share market closed a fifth of 1 per cent higher, with banks up

00:36miners down.

00:38Asian markets were mixed after a small drop in New York on Friday and the Aussie dollar

00:42was up a touch to 65.2 US cents.

00:45Ahead of tomorrow's reform roundtable, here's how the Reserve Bank's productivity forecasts

00:50have changed just in the past three months.

00:54The figures are taken from the Statement of Monetary Policy, the latest of which came out

00:57last week.

00:58Now for this year, the productivity growth forecast was cut from 0.9 per cent to just

01:020.3.

01:04And for June 2027, from 1 per cent to 0.7.

01:08And that's just since May.

01:10Now if you think lamb is getting expensive, you're right.

01:13It's up 50 per cent since the start of this year, which is un-Australian.

01:19And finally, the global peanut butter consumption leg table.

01:22Australia's 1.5 kilograms each per year is middle of the pack, sandwiched between Russia

01:27and Canada.

01:28But what's going on in Burkina Faso?

01:30They're eating four times as much of the stuff as us.

01:33Well, they grow a lot of peanuts apparently and put peanut butter on everything.

01:38And that's finance.

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