The benchmark S&P/ASX200 index was down 65.2 points, or 1.05 per cent, to 6130.0 points at 1030 AEDT today, while the broader All Ordinaries was down 66.1 points, or 1.05 per cent, at 6214.8.The sell-off led to $22 billion dollars wiped from the boards, led by the banks and miners.
Oil prices and industrial metals are also subdued, with the local energy and mining sectors among the hardest hit at the open. South32, BlueScope Steel, and Fortescue Metals were also deep in the red, with only the gold miners providing lustre amid the volatility.
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Business Brief: Wages, employment rates and the big 'trade-off' | Sky News AustraliaFULL INTERVIEW: Your Money host Peter Switzer has weighed in on Labor leader Bill Shorten's 'referendum on wages', saying it is a 'trade-off' between having a bigger pay package or a higher employment rate.\n\nMr Switzer says 'wages are being paid out, albeit at a lower level' highlighting that wages per person aren't going up at the level 'most people want' because of high employment rates.\n\nThe latest figures indicate Australia's unemployment rate is remaining steady at 5 per cent, its lowest level since mid-2011.\n\nMr Switzer says there is a huge 'disconnect' between Australia's expenditure GDP and income GDP, indicating it could be a source of a 'hidden boom'.\n\n\n\n YourMoneyAus peterswitzer AustralianLabor billshortenmp These is a long, long way between where we are now with wages and 'High Wages' that would effect employment. The RBA are arguing that the LNPs low wages polices are actually hurting economy. Auspol YourMoneyAus peterswitzer AustralianLabor billshortenmp Recent minimal wage increases in multiple US states do not support this assertation. YourMoneyAus peterswitzer AustralianLabor billshortenmp Raise the tax free threshold instead ...
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