16 January 2021
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AP/JOEL CARRETT

5 things you need to know today

Switzer Daily
5 August 2020

1. The RBA announced yesterday that interest rates will remain at 0.25% but predict unemployment to hit 10% and Australia's recovery to be stunted by Victoria's second wave. The downturn is not as severe as earlier expected and a recovery is now underway in most of Australia," RBA governor Philip Lowe said in a statement after the bank's monthly monetary policy meeting.

2. The weekly ANZ-Roy Morgan consumer confidence rating fell to a 14-week low of 88.6. The average since 1990 is 112.7. Record lows of 65.3 were hit on March 29, which was the lowest consumer confidence rating since 1973.

3. Data on loan deferrals was released on Tuesday, revealing $274 billion worth of frozen loans were totalled at the end of June, which is 3% higher than the number of loan deferrals in May. One-in-three deferred loans belong to property investors.

4. New home listings jumped 21% in NSW listing 2328 homes on the market, while Melbourne's home listings were up 10%, adding 1294 properties for sale.

5. The ASX is tipped to slip this morning, despite gains on Wall Street. The Australian dollar was this morning higher at US71.60c. The Dow rose 0.62% to 26,828.47, the S&P 500 was up 0.36% to 3,306.51 and the Nasdaq gained 0.35% closing at 10,941.17.

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