27 Oct BRACE YOURSELF; IT’S ALL IN THE NUMBERS.
Welcome to this week’s business and media intelligence update.
BRACE YOURSELF
It’s been a big week dominated by plenty of big numbers thanks to Treasurer Jim Chalmer’s budget and the blockbuster inflation figures.
Now, all eyes are firmly fixed on the Reserve Bank and the size of the interest rate hike its board will announce next Tuesday. Yes, Melbourne Cup Day.
While financial markets had been banking on a 0.25 per cent RBA rate hike, the inflation figures – combined with the Treasurer’s grim warnings about tough times ahead – have prompted economists at Commonwealth Bank, Westpac and Barrenjoey to think a double rate hike is now on the cards.
Mortgage holders will no doubt be hoping that taking the cash rate to 3.1 per cent will be enough to slay the Treasurer’s “inflation dragon”, but the “big four” banks are predicting the cash rate will hit between 3.6 per cent and 3.85 per cent in 2023.
IT’S ALL IN THE NUMBERS
The gloomy economic figures have resulted in experts predicting Australia is unlikely to see any substantial new floats or public listings on the ASX until mid 2023.
Sharp interest rates, supply chain disruptions and rising energy prices have made it difficult for companies to confidently make financial forecasts, reducing the window of opportunity for any initial public offerings.
Bad news for investment bankers – and their bonuses.
But according to corporate law firm Ashurst, we can bank on renewed attention on local merger and acquisition targets, with Australia viewed as a relatively safe haven from some of the global economic headwinds.
5PM – YES, IT’S THE NEW 7PM
Like so many aspects of our lives, it seems COVID-19 has shifted our eating-out habits, with workers heading to dinner as soon as they clock off, whether they are working from home or at the office.
New data from restaurant booking services TheFork shows the number of reservations from 5-6pm is on the rise, while late-night bookings have dropped off compared to pre-COVID times.
After a rough few years of restrictions and lockdowns, the shift is good news for the hospitality industry, with many businesses opening up for lunch services and offering three meal periods at dinnertime. But they might want to re-think their Monday menu…
WHAT’S ON THE AGM AGENDA?
This year’s Annual General Meeting season marks the first since 2019 with no lockdown restrictions. But as the conversation moves away from COVID-19, what can we expect?
Cannings Director Amy Piek breaks down three big changes to keep an eye on this season.
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