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In The News

5 things you need to know today

  • The IMF's latest World Economic Outlook, released overnight, has sharply revised Australian growth down to 2.2% in 2017 from projected of 3% just six months ago.
    Australia's economy is expected to recover in 2018, the forecast has also been softened to 2.9%, down from an anticipated 3%. Treasurer Scott Morrison, in Washington for the IMF's annual meetings, said he remains committed to the Government's own budget forecasts, but will take the IMF's outlook into account.
  • The Westpac/Melbourne Institute survey of consumer sentiment released yesterday rose by 3.6% in October after a 2.5% lift in September and the index now stands at an 11-month high of 101.4 (long-term average 101.7). A reading above 100 denotes optimism.
  • Sydney's median house price fell 1.9% in the three months to September, the first decline in almost two years, according to the latest figures from Domain Group.  The national median price fall 0.5% – its steepest drop in six years – to $819,455.
  • Westpac chief executive Brian Hartzer told House of Representatives economics committee in Canberra yesterday that it had conducted a trial of the "intelligent deposit machines" like those used by the Commonwealth Bank, but dumped them for "risk and operational reasons". "We did experiment with some of those machines. We've since removed them all," Mr Hartzer said.
  • Overnight the Dow Jones was up 0.2% at 22,872.89 , the  S&P500 rose 0.2% to 2,555, and the Nasdaq rose 0.2% to 6,604. In Europe, the FTSE 100 fell 0.1% to  7,534, and the German DAX rose 0.2% to finish at 12,971.

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Published on: Thursday, October 12, 2017


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