Inflation rises 1.4% in September quarter: Midday roundup

The consumer price index rose by 1.4% in the September quarter, according to the latest figures from the Australian Bureau of Statistics.

The index follows an increase of 0.5% in the June quarter, and takes the annual rate of inflation to 2% – within the RBA’s target of 2-3%.

Economists had expected a rise of just 1.1%, putting the annual rise at 1.7%.

The figures are the first to be released since the carbon tax began in July.

Aussie dollar lifts after inflation announcement

The Australian dollar has increased following the release of official inflation data.

The local currency rose to $US1.03, from $US1.02 just before the announcement was made.

Fairfax not ruling out any strategy

Fairfax chairman Roger Corbett says the company is not ruling out any strategy when it comes to turning the business around.

Chief executive Greg Hywood also commented the company was close to creating a “profitable digital-only model”.

Corbett said he was aware shareholders were nervous about the company’s future.

“However, let there be no doubt, we will continue to examine all alternatives to optimise shareholder value, and we rule nothing out,” he said.

“We remain opportunistic and flexible with respect to value-enhancing transactions.”

Shares fall after weak US lead

The Australian sharemarket has fallen this morning, following a weak lead from the United States caused by disappointing corporate results.

The benchmark S&P/ASX200 index was down 33 points or 0.7% to 4,509.8 at 12.00 AEST, while in the United States the Dow Jones Industrial Average fell 243 points or 1.8% to 13,102.5.

Users overcharged on electricity, ACCC claims

Electricity users are being overcharged as much as $3 billion, ACCC chairman Rod Sims has said in a speech to an energy conference.

“Further ‘lead’ in the saddle bag has been provided by the decisions in Queensland and NSW to make networks meet higher reliability standards,” Sims.

“The increased cost of electricity has also harmed the competitiveness of Australian businesses and indeed the entire Australian economy.”

 

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