Australia's corporate regulator on Wednesday asked the country's banks to disclose data on fees charged to Indigenous consumers after a review found they were not meeting targets for moving First Nations people into low-fee accounts.
Just when you thought it was safe to hope interest rates might soon peak, along comes more bad news. It looks likely that the El Nino weather phenomenon has returned, according to both the U.S. National Oceanographic and Atmospheric Administration and the Australian Bureau of Meteorology. Its appearance usually results in, or exacerbates, floods, heatwaves, water scarcity and wildfires, especially in the southern hemisphere. The damage these inflict on crops and infrastructure is inflationary, putting pressure on central banks to tighten monetary policy. If climate change makes such events stronger and more frequent, supply shocks will become embedded.
Australian general insurer Suncorp on Tuesday forecast a 12% jump in costs associated with catastrophe reinsurance premiums and natural hazards in fiscal 2024 on the back of adverse weather events through the La Niña cycle in recent years.
The remaining insurers in a United Nations-backed coalition aimed at tackling climate change are poised to loosen the alliance's membership requirements, after a recent exodus of members, according to two people familiar with the discussions.
The yen remained hunkered just below the psychologically important barrier of 145 per U.S. dollar on Monday, while the dollar was on the back foot after U.S. economic data last week showed slightly easing inflation and consumer spending.