The Reserve Bank of Australia will deliver a fourth successive quarter-point interest rate hike on Tuesday and is likely to follow up with a fifth in March as it grapples with an unexpected revival in inflation, a Reuters poll found. Policymakers and analysts had expected price rises to cool toward the end of last year but were caught off guard.
Australian retail sales recorded the biggest drop in more than two years in December, as rising borrowing costs and sky-high inflation finally sank spending, an economic shock that may lessen the need for much more policy tightening.
Major insurers operating in New Zealand including Insurance Australia Group (IAUGF) and Suncorp
Group (SNMYF) have cumulatively received over 9,000 claims so far following severe storms and flooding in and around the biggest city, Auckland.
Rio Tinto Ltd's (RTNTF) iron ore division chief Simon Trott apologised on Monday after a contractor hired by the mining giant lost a radioactive capsule in transit in Western Australia which sparked a radiation alert across parts of the state.
According to Techforce, a national privately owned recruitment and workforce management company experienced in supplying qualified employees to a range of occupations, including rigger jobs and mining chef jobs, across Australia and New Zealand, the COVID-19 pandemic created intense global supply chain issues for the mining industry, including a massive shortage of skilled workers.
Parts of Western Australia were under a radiation alert on Saturday after authorities said a radioactive capsule used in mining was lost en-route to the state's capital, Perth. Authorities in Australia's largest state issued the alert on Friday for a "radioactive substance risk" in several regions, including Perth.
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