This article is in: Australia China Finance**.
Financial news] The financial industry is the most, followed by the real estate leasing industry, and a large number of Australian companies and employees have signed non-compete clauses, and Australia has stated that it will review this.
About one in five (21%) Australian businesses used non-compete clauses on at least some of their employees in 2023, survey data released by the Australian Bureau of Statistics (ABS) on Wednesday showed. In response, Australian Finance Minister Jim Chalmers has said that he will take corresponding action.
ABS data shows that larger companies are more likely to use non-compete clauses to bind their employees than smaller ones, with about 40% of companies with more than 1,000 employees using non-compete clauses, twice as many as those with fewer than 20 employees.
At the same time, non-compete clauses are most common in the financial services industry, where 40% of companies use such clauses, compared to 33% of companies in the leasing, employment and real estate services industry.
Jim Chalmers said the numbers were staggering. He said the non-compete clause "has grown in our economy to a point where we are very concerned and worried." He noted that the widespread use of non-compete clauses makes it difficult for workers to find the most suitable employment opportunities.
Australian Assistant Competition Minister Andrew Leigh said that reviewing the use of non-compete clauses has become a top priority for the Labor Party's competition working group.
"There is growing international concern that these provisions will create greater restrictions on employees seeking higher-paying positions and may hinder business innovation and productivity," he said. He further noted that the widespread use of such clauses "makes it harder for workers to find better jobs," which "could hinder wage growth and affect economic dynamism."
Australia's pre-pandemic graduate salaries have risen sharply The pay gap between men and women is still huge.
According to the 2023 Longitudinal Survey Report on Graduate Outcomes released by the Australian Commonwealth**, Australian university students who graduated a few months before the outbreak of the new crown epidemic have been greatly rewarded for their resilience. The data shows that these graduates' salaries are growing at the fastest rate in history, and the full-time employment rate is at an all-time high.
The data shows that the average annual salary of fresh undergraduate graduates who entered the workforce in early 2020 was 6$50,000. By 2023, their median salary has increased to 8$350,000. In the case of graduate students graduating in the same period, the average salary at four to six months after graduation is 8$870,000, rising to $10 three years later$80,000.
However, the income gap between male and female graduates remains huge. Three years after graduating from bachelor's degree, men earn $8,000 more than women. Three years after graduating from graduate school, men earn $11$90,000 for $10 for women$40,000 with a gap of $1$50,000. Three years after graduating with a Ph.D., men earn 11$40,000 and a woman earns $10$930,000 with a gap of $4,700.
Weekly earnings of Australian employees increased by 4% year-on-year5% of mining workers remain in the top spot
On a seasonally adjusted basis, the average weekly earnings of full-time employees in Australia in November were 1,888., according to data released by the Australian Bureau of Statistics (ABS) on Thursday$80 with an annual growth rate of 45%。Male earnings are 2,183$30 (public domain) and $1,946$90 (private sector). 1,956 for females$80 (public domain) and $1,658$30 (private sector).
Bjorn Jarvis, the bureau's head of labor statistics, said that in addition to a brief spike in average earnings at the beginning of the pandemic, 4The 5% annual increase, or $81 per week, was the highest since May 2013.
Geographically, the highest incomes are in Western Australia ($2,108) and the ACT ($2,080). The lowest were Tasmania (A$1,670) and South Australia (A$1,735). In terms of industry, the average wage for workers in the mining sector remains the highest, with an average salary of $2,952 per week for full-time employees, followed by information** and telecommunications ($2,406) and professional, scientific and technical services ($2,223).
Market rate cut expectations fell back on Thursday**.
The minutes of the Federal Reserve's January meeting showed that the Fed is concerned about implementing loose monetary policy too quickly. Against this backdrop, traders lowered their expectations for the Fed to cut interest rates. The federal funds rate** market is pricing in a total of 88 basis points of rate cuts by the Fed this year. Last week, the market expected a total of 111 basis points of rate cuts.
In Australia, traders lowered their expectations for the Reserve Bank of Australia (RBA) to cut interest rates this year. Markets are pricing in a less than 50% chance of a rate cut by the RBA in June, down from Wednesday's 52% expectation. The market expects the RBA to cut interest rates by 35 basis points this year, compared to 41 basis points last week.
On Thursday afternoon, the Australian dollar rose to 65 against the dollar62 cents, **013%, moving further away from the three-month low of 64 hit earlier this month41 cents. Even so, the Australian dollar remains under pressure, having reached nearly 4% this year due to changes in interest rate expectations in the US and Australia.
Tian Zhen listed ** Australian luxury house with a guide price of 18 million Australian dollars.
According to the Australian Financial Review on Wednesday, Chinese singer Tian Zhen has listed his luxury home in Sydney's affluent area of Point Piper with a guide price of $18 million.
In 2017, after obtaining approval from the Foreign Investment Review Board, Tian Zhen purchased the two-storey apartment on Wentworth Street from retired barristers John Gleeson and his wife for $11.65 million.
The interior of the mansion has an interior living area of more than 400 square meters and ceilings of 36 meters. Other amenities include an outdoor veranda with marble floors, a four-car garage, a private garden, and an indoor heated pool and gymnasium.
Australian stocks] half-year profit fell Qantas (ASX:QAN) shares retreated nearly 1%.
Qantas (ASX:QAN) announced on Thursday that it had a profit before tax of 12$4.5 billion and net profit of $132% to 8$6.9 billion. The Company has completed 4. of the $500 million** buyback announced on 24 August 2023$5.2 billion. The remaining $48 million of the $500 million buyback is expected to be completed in the second half of FY2024. In February, the board had already announced an additional $400 million in market buybacks.
Qantas' new chief executive Vanessa Hudson said Qantas and its international aviation peers are battling rising costs and a slowdown in the second half of the year in the current economic environment, but travel demand is expected to remain strong.
Qantas shares traded at midday on Thursday following the announcement**. At 12:08, the price was 5AUD 55, **004 Australian dollars, down 072%。The return on investment of the stock over the past year is a loss of 1422%。
Annual net profit down Eagers (ASX:APE) shares fell more than 5%.
Australia's largest car seller Eagers Automotive (ASX:APE) announced on Thursday that its statutory net profit after tax for the 2023 financial year was 2$99.1 billion, down from $3 in the previous financial year$24.3 billion. Revenue increased from 85 percent in the previous fiscal year$400 million climbed to 98$500 million. The Board of Directors has decided to pay a final dividend of 50 cents per share for FY2023 on March 28, a record dividend amount and a 2% increase from 49 cents per share in FY2022.
Chief executive officer Keith Thornton said the company expects to add a further $1 billion to revenue in 2024 through acquisitions, business expansion and orders, which will take 12 months to complete.
Following the announcement, Eagers shares traded at midday on Thursday**. At 1:10, the transaction price was 13AUD 85, **0$75, down 514%。The return on investment of the stock for the past year is 1609%。
Part of the information**: Australian Financial Review The Australian RBA).
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