Here is a look at what is making news around the country today.
Today’s national news includes RBA leaving rates unchanged at 4.1 per cent, Australia’s largest pension fund hiring more staff for its London office, Australia Education Union pushing for full funding of public schools, and Australia being the top go-to country for Filipino students studying abroad.
Economy
Central bank leaves rates unchanged at 4.1 per cent
The Reserve Bank of Australia held interest rates at 4.1% for a second month as the central bank buys time to assess the impact of previous hikes, while warning of further hikes in the future, CNBC has reported. The Australian central bank has hiked interest rates by a cumulative 400 basis points since May last year to its highest in 11 years. The country has been grappling with surging inflation as economic activity picked up after the height of the Covid-19 pandemic. This decision to hold rates steady comes as inflation in Australia slowed to 6 per cent in the second quarter from 7 per cent in the first quarter, but was still well above the RBA’s stated target of 2 per cent to 3 per cent.
https://www.cnbc.com/2023/08/01/reserve-bank-of-australia-august-2023-policy-meeting.html
Business
AustralianSuper hires more staff in London
Australia’s largest pension fund, AustralianSuper, has appointed senior executives to its London office as part of the rapidly growing fund’s push to expand its presence overseas. The A$300 billion fund on Tuesday appointed six executives to investment, risk and corporate affairs roles, including Carl Astorri to Head of Investments, Europe; and John Normand, formerly head of cross-asset strategy at J.P. Morgan, to Head of Investment Strategy. Australia’s A$2.4 trillion pension sector is increasingly looking overseas to invest as local markets struggle to absorb the cash generated by the country’s retirement programmes, which set aside 11 per cent of a worker’s salary. AustralianSuper expects to grow to A$500 billion in member assets within five years, Reuters has reported.
Education
Australia Education Union push for full funding of public schools
Australia Education Union (AEU) has launched the Every Child campaign that aims to secure money for public schools by 2028, the Northern Daily Leader has reported. AEU said full funding would allow schools to reduce class sizes, increase one-on-one support for students and provide classroom assistance to teachers. It revealed that 98 per cent of Australian public schools were funded below the schooling resource standard. “Funding public schools at 100 per cent of the standard is the only way to ensure every child gets every opportunity to succeed and we have the teachers we need for the future,” the AEU said.
Australia is the top go-to country for Filipino students studying abroad
Australia has been hailed as the go-to country for most Filipinos studying in college overseas, the Philippine Star reported. In 2022, a global IDP research found that 25 per cent of international students named Australia as their second-most preferred destination after Canada which garnered 27 per cent. Australia is particularly popular among students from the Philippines, Thailand, Sri Lanka and Vietnam. One of the premier universities in Australia with a growing Filipino community is Monash University, which recently landed in the top 50 of the 2024 Quacquarelli Symonds (QS) World University Ranking.
0 Comments