Get ready for a wild ride as we dive into the world of finance and markets! The ASX takes a tumble, while the Aussie dollar soars, and it's all because of some unexpected job figures. But here's where it gets controversial...
The local share market is feeling the chill as strong labor force data pours cold water on hopes for a rate cut. Meanwhile, the Aussie dollar is having a field day, rising against all expectations.
But wait, there's more! The corporate watchdog, ASIC, has revealed its 2026 enforcement priorities, and it's all about protecting consumers from financial harm. With investigations into the Shield and First Guardian collapses leading the charge, it's a tough time for some in the financial sector.
Follow along with our specialist business reporters as they bring you the day's financial news and insights in our live blog. Remember, this is not investment advice, but a friendly guide to help you navigate the world of finance.
Key Events:
- Qantas Innovation Center: The South Australian government has partnered with Qantas to create a Product Innovation Center in Adelaide, promising over 420 tech jobs by 2028.
- Employment Minister's Take: Minister Amanda Rishworth highlights the challenge of ensuring the right skills for the right jobs, especially with historically low unemployment rates.
- Financial Insecurity for Youth: New research from Monash University reveals that most young Australians are struggling with financial security, with affordable housing, youth employment, and climate change topping their wishlist for government action.
- Jobs Market Concerns: Despite a decline in unemployment, economist Callam Pickering expresses concerns about the outlook for the next couple of years, citing sluggish employment growth and reduced hiring in key sectors.
- Liberals Dump Net Zero: The Liberal shadow ministry has agreed to remove net zero by 2050 from their platform, scrapping it from the Climate Change Act and repealing Labor's 2030 emissions reduction target.
- KPMG's Take on Jobs Figures: KPMG's Terry Rawnsley sees a more positive picture in today's ABS data, but warns that the job data is unlikely to change the RBA's interest rate outlook.
- Indeed Economist's View: Callam Pickering from Indeed highlights the positive headline jobs figures for October but notes concerns about sluggish employment growth.
- US Government Reopens: The US House of Representatives has voted to reopen the federal government after the longest shutdown in history.
- DroneShield Investor Unrest: Investors are upset with DroneShield directors for selling off shares, leaving them down 30% with no warning.
- Unemployment Trends: Michael Janda explains how the trend unemployment rate has gradually increased over the past three years, currently at 4.4%, and how this fits with the RBA's narrative.
- Good Economic News, Bad for Markets: Michael Janda answers the question of why favorable unemployment figures caused a drop in the sharemarket, explaining the impact on valuations and consumer-focused stocks.
- ASX Falls, Rate Cut Prospects Dampened: The ASX extends its falls as the jobs figures reduce the chances of a further interest rate cut from the RBA.
- Employment Increase, Full-Time Jobs Lead: The latest ABS data shows an increase in employment, driven by full-time jobs, with a decrease in part-time employment.
- Aussie Dollar Rallies: The Australian dollar jumps as the unemployment rate improves, adding to the case for the RBA to keep the cash rate on hold.
- Breaking: Unemployment Rate Edges Lower: The unemployment rate drops to 4.3% in October, down from 4.5% in September, according to the ABS.
- Trading in Interprac Owner Paused: Trading in Sequoia Financial shares is paused, pending an announcement, as Interprac faces legal action from ASIC over alleged oversight and compliance failures.
- DroneShield Shares Plunge: DroneShield shares tumble as directors sell off shares, with CEO Oleg Vornik cashing out over $49 million.
