1. Still crazy after all these months

Stocks overseas have been falling for three out of four days and you can blame good economic news! Overseas and local stocks have had a great October and November, and that was driven by data saying that inflation was falling because the US and our economy were slowing. That meant interest rate rises were close to their top. But this week the US has received very positive economic news, which not only has stock market players thinking more than expected rate rises might lie ahead but worst still these rate rises could create a US recession, which will be bad for share prices.

2. Has the RBA done enough?

On interest rate rises and economists are split on how many are ahead for us.

After Tuesday’s cash rate rise of 0.25%, many economists and money market experts have pencilled two more 0.25% rate rises next year, taking the cash rate to 3.6%. That’s half-a-percent higher. However, the CBA’s economics team is tipping only one will happen, as they believe the past eight rises in eight months will show that the economy is slowing and inflation will also be falling. Meanwhile, AMP’s chief economist, Shane Oliver, thinks it’s possible that the RBA has done enough with its interest rate hikes. Borrowers will hope he’s right.

3. Qld says no to Albo

The Labor state of Queensland is saying no to the Albanese Government’s caps on gas prices. The reason is pretty simple: the Queensland Government makes enormous money out of slugging miners. The AFR put it in a nutshell, telling us that Queensland is digging in against any revenue shortfall caused by temporary caps on coal and gas designed to lower power prices and is insisting that the state be compensated as it unveils a $5.2 billion budget surplus built on coal royalties. Federal cabinet meets on the final plan tomorrow, with Queensland, New South Wales and SA not on board with the plan right now, which means we have to keep enduring high power bills.

4. Andrew Forrest puts money where mouth is

Miner Forrest puts his money into renewables big time! The Australian reports that Fortescue Metals chairman Andrew Forrest says he plans to build his privately owned Squadron Energy vehicle into Australia’s biggest energy company after beating a raft of incumbents with a $4bn-plus deal to buy CWP Renewables. The buyout will catapult Squadron, part of Dr Forrest’s Tattarang investment group, into the nation’s biggest renewables owner. “Australia’s largest energy companies must be green for both the sake of the environment but as importantly for the sake of every Australian’s standard of living and their right to low-cost reliable energy,” Forrest told The Australian on Wednesday.

5. Bali sex ban

The Indonesian Government has surprised the world with its banning of sex between unmarried couples! “The bizarre laws passed by Indonesia’s government this week, have the local tourism industry up in arms, and Australian travel agents alarmed,” reports The Australian’s Robyn Ironside. “Australian Federation of Travel Agents chief executive Dean Long said he had written to Indonesia’s ambassador to Australia raising the concerns of the travel industry, and seeking clarification on the implementation of the laws.” Ironically, a Google survey recently found Australians’ most searched travel destination in 2022, was, wait for it, Bali.