Australia’s unemployment rate for March has increased by 0.1 percentage points to 3.8% as the economy continues to cool.
While the number of full-time jobs increased by 27,900 for the month this was offset by the loss of 34,500 part time positions.
The unemployment figure was slightly better than the 3.9% expected by the market, but still plays into the Reserve Bank of Australia script that unemployment will continue to rise and inflation will fall as the impact of higher interest rates continues.
The number of corporate insolvencies in Australia has surged by 36.2% year on year, with 7742 companies entering external administration in the nine months to March 31.
Australian Securities & Investments Commission insolvency data released Thursday showed that the construction sector comprised 27.7% of the insolvencies with the food services sector next with 15.2%.
With one quarter remaining of this financial year ASIC expects the number of insolvencies to exceed 10,000, the highest level since 2012-13.
The Port of Auckland has revised its earnings guidance upwards to $52-55 million from an initial forecast of $52m for FY24, reflecting its successful market share recovery from the Port of Tauranga. Owned by Auckland Council, the port's improved financial outlook comes as the council deliberates on a proposal to sell a 30-year operating lease of the port for an estimated $2 billion. This move is advocated by Mayor Wayne Brown to establish a diversified city fund aimed at generating higher, consistent returns.
Despite ongoing public opposition from unions, the port's performance under chief executive Roger Gray is on the rise, with a target of $85m in net profit projected beyond 2026. Container volumes have increased by 1.8% year-on-year, with more profitable loaded containers up 7-8%. This growth is attributed to recovering from a previously failed automation project and increased user charges, aligning prices closer to Australian ports.
The Department of Internal Affairs has issued an ‘enforceable undertaking’ to ABC Accounting Services after continued non-compliance, relating to the company’s obligations under the Anti-Money Laundering and Countering Financing of Terrorism Act.
An enforceable undertaking is an agreement between DIA and a business following a breach. The agreement said ABC sole director and shareholder Alex Bob Cijffers would not carry out certain business activities.
DIA said ABC’s continued non-compliance with the Act and its failure to establish an effective compliance programme led to a DIA investigation.
It said it did not assert that Cijffers or ABC were engaged in money laundering.
DIA has issued seven ‘enforceable undertakings’ since 2013.