Daniel Ziffer
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Husband, father, journalist @ABCnews ‘The Business', author. These are my views, not those of work. ziffer.daniel@abc.net.au or in my DMs. #TheBrunx #Gippsland
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Articles by Daniel Ziffer
Markets live updates: ABC names David Chau as new finance presenter on 7pm news, ASX rises
ASX 200: +0.3% at 8,741 points (live values below) ASX 200 (Friday): +0.6% to 8,717 points Australian dollar: flat at 69.84 US cents Wall Street (Friday): S&P 500 +0.6%, Dow +0.8%, Nasdaq +0.6% Europe (Friday): Dax +1.1%, FTSE +1.1%, Eurostoxx50 +0.8% Spot gold: flat at $US4,194/ounce Oil: Brent futures +0.7% to $US105.50/barrel, WTI futures +0.7% to $U92.46/barrel Iron ore (Friday): -0.7% to $US90.60/tonne Copper (LME): -1.3% to $US14,295tonne Bitcoin: flat at $US83,637 10-year bonds: US...
Markets live updates: Mega-float of AI company Firmus uncertain as investors wobble
There are big questions about the AI build-out, a boom that now dwarfs (in its share of US GDP) the railroads, highways, electrification and telecom booms the Land of the Free has seen in the past 200 years.
Renters have reached their absolute affordability limit, Domain data finds
Alex Turner-Cohen and Daniel Ziffer Australia's rental market is finally losing steam even as rents remain at record highs. It is the rapidly emerging disconnect which experts say could suggest tenants are now being pushed to the brink as rents flatline and even fall across most of the major capitals.
Program: High diesel costs fueling inflation and stressing farmers
The rising cost of diesel is pushing inflation higher and making our cost-of-living crisis worse. The expanding Middle East conflict has again raised supply fears, keeping farmers and freight operators up at night. Australia is the world's biggest importer of diesel, and the increased cost is pushing up prices for production and transportation of nearly everything. Business reporter Daniel Ziffer has been investigating the impacts on regional businesses.
Pressure mounting on RBA to raise rates as US Fed lifts rates to curb inflation — as it happened
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Program: Nike’s spectacular fall
Nike has lost its edge. More than US$230 billion has been wiped from its market value since its 2021 peak, and its share price is now back around levels last seen more than a decade ago. For a brand that has dominated global sport for generations, that’s a remarkable fall. So what went wrong? Was it China, competition, brand dilution - or simply a business that stopped setting the pace?
Markets live updates: Building company collapse exposes private credit issues, oil up on Middle East tensions
Hello, I'm Daniel Ziffer from the ABC business team and I'll be taking you through the morning on our business, finance and economics blog. Wall Street indices was closed for the Labour Day holiday so we don't have new numbers for you. On Friday the blue-chip Dow Jones of 30 mega-companies like Boeing and Visa was -0.5% to 53,414 points. The broader S&P 500 that covers 500 of the largest listed companies in the US -0.4% to 7,718 points. The tech-heavy Nasdaq was -0.3% to 26,506 points.
Housing affordability hits lowest rate on record despite recent falls in property prices
Housing affordability has fallen to its lowest rate on record, with households earning a typical income only able to afford about one in every 10 homes sold across the country. According to data from realestate.com.au, a household earning a median income of about $125,000 a year could afford just 12 per cent of all homes (houses and units combined) sold nationally in the last financial year.
Business trip company Corporate Travel Management shares plummet — as it happened
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Markets live updates: ASX rises, price of oil up, bond market steadies
business reporters Adelaide Miller, Daniel Ziffer, Gareth Hutchens, and David Taylor The share market is trading modestly higher as the bond market steadies but the oil price continues to climb. Meanwhile, the New South Wales parliament is hosting an inquiry into intergenerational housing inequality.
ASX falls, oil hits two-month high, June quarter GDP growth sparks talk of rate hike — as it happened
business reporters David Chau, Gareth Hutchens and Daniel Ziffer The Australian share market shed almost 1 per cent after the US launched fresh strikes against Iran, driving oil prices up and contributing to a global bond sell-off. June quarter GDP growth sparks more talk of RBA rate hikes. Catch up on the day's business and economics news as it unfolded in the markets blog. Disclaimer: This blog is not intended as investment advice. [BLOG LINK]
Markets live: House prices drop, building approvals data set to show continued shortfall of homes
Honestly, you could go on an on about the self-inflicted problems at KPMG Australia. So I did. There will be more on Friday, when the Parliamentary Joint Committee on Corporations and Financial Services holds its next public hearing in Sydney, as it continues to chisel away at the wrongdoing inside some of Australia's most powerful firms. As ever, if you know more, contact me on ziffer.daniel@abc.net.au.
Scandal-plagued KPMG starts to pay the bill for its mistakes
Predictable things are happening to embattled consulting firm KPMG. The bill is being paid for some of its poor choices. Some of its most senior leaders have been exposed in excruciating hearings before a parliamentary committee. Each hearing has been a drip-feed of painful new revelations, apologies for misleading facts given in previous hearings and the torment of watching people attempting to minimise and deflect what are clear and obvious bad calls.
Markets live updates: US imposes 'economic D-Day' sanctions to isolate Iran, Coles results to be revealed
Let's get into a bit more of BCA chief executive Bran Black's speech, with a focus on some pretty radical honesty: how poorly the business community has made its case to the public in recent years. "Too much of our nation's economic discourse occurs between governments, business groups, unions, economists and commentators. "Meanwhile, Australians are trying to pay the mortgage or find somewhere affordable to rent.
AI costs are rising for Australian businesses even as tokens get cheaper
Australian businesses paying to use AI are weighing up what value they are getting from the disruptive technology. "It's actually only really a relatively new thing that we have started to speak about," Anna Volkova, the head of people and culture at HR software company HiBob, told ABC News. The platform has seen wins from using artificial intelligence, but it has been difficult to judge that against the mounting cost.
AI costs are rising for Australian businesses even as tokens get cheaper
14 hours ago Enes Kanter was ejected from Fever-Sky for picking a fight with a Chicago player. CHICAGO — Former NBA center Enes Kanter has been latching onto the transphobia grift sweeping through right wing discourse around the WNBA. On Sunday, Kanter sat courtside at the Indiana Fever at Chicago Sky game …
Live: US markets down amid plan to 'collapse' Iran's economy, ASX to follow
Embattled building products company James Hardie intends to exit the European fibre cement business Its European sustainable walling and flooring solutions business, Fermacell will be sold to Swiss building materials supplier Holcim for 840 million euros (US$980.78 million). The Dublin-headquartered company also intends to close its European fibre cement business subject to customary legal and regulatory requirements.
'Coordinated mortgage fraud' uncovered as AUSTRAC puts banks on notice over 'liar loans'
Hundreds of millions of dollars of suspected fraudulent loans have been uncovered at 10 major banks during an operation involving Australia's top-tier financial regulation and criminal intelligence agencies. Operation Claw has exposed coordinated mortgage fraud and "systemic weaknesses" across the lending sector, with properties, mainly in Sydney, being bought in a way that does not comply with laws meant to ensure responsible lending and cut down on dirty cash.
Live: Australia's biggest company BHP to report earnings, US markets fall on conflict fears
Here are the topline results from medical device innovator Cochlear. Expecting low single-digit constant currency sales revenue growth and underlying net profit of $330-350 million in fy27 Net profit margin is expected to return to 18% over the medium term. Further restructuring costs are expected in fy27 Sees fy27 capital expenditure of $100- $110 million The share price of the company has more than halved (-55%) in the past year.
Live markets updates: Poll of economists expects RBA to leave cash rate unchanged Tuesday
How can every economist be forecasting no change to rates. Inflation is dangerously high still. Its been what coming on 4.5 years now with underlying inflation well above target. A drop from 3.8 to 3.7 after 4+ (with a historically strong job market) years the RBA is failing its mandate yet every economist things a hold? This inflation is completely unexpectable and that drop is with a fuel cut. Frustrating to me and incredible tbh.
Program: Are you paying too much interest on your mortgage?
Offset accounts promise savings perks to mortgage borrowers across the country by lowering interest payments. But financial regulator ASIC says that many offset account owners have been paying more interest than they should. So how have banks responded to the issue? And how does this affect trust in the banking sector? And with today’s fresh inflation figures showing an easing of inflation, does this mean that the RBA’s rate hikes have been working?
Program: Does a new refinery make economic sense?
After more than two decades of plummeting oil production in Australia, is the country about to get a new refinery? As Treasury warns that petrol prices will climb further if the war in Iran continues, the federal government is backing a pre-feasibility study for what would be the first refinery built on Australian soil since the 1960s. So will upping sovereign refining capacity shield Australians from energy market shocks? And is it economically wise in the long run?
Program: Fuel price fickleness
After an oil spike on Friday, the price of Brent crude has fallen - again - as this sort of energy volatility continues to shape the global economy. As we wait for the latest Consumer Price Index data from the Australian Bureau of Statistics on Wednesday, what knock-on effects of economic fickleness are already evident in the retail sector?
Trump tariffs bring more uncertainty to Australia's shores
The US has placed a 12.5 per cent tariff on Australian exports to the US, blaming Australia's failure to enforce laws banning goods made by forced labour. A temporary 10 per cent tariff has expired, meaning Australian exporters will be paying a further 2.5 per cent. The Australian government says it will continue to lobby against the tariffs on Australian goods. Businesses say a new tariff on Australian exports to the United States will make it harder to compete and could reduce investment.
Program: Trump tariffs are back
We know Donald Trump loves a tariff. And according to his administration, a slew of new ones are set to hit 60 countries this afternoon. Australia is on the list - with a 12.5 per cent tariff that will be imposed on Australian exports to the US. So what exactly are the grounds for these new duties? And what will be the impact? And how does Australia’s tariff square with those imposed on other countries? Meanwhile, Brent Crude has hit $100 US dollars a barrel for the first time since May.
Program: Does the RBA like unemployment?
Fresh employment data just released from the Australian Bureau of Statistics, shows the unemployment rate has held steady in line with economists’ expectations. What do these numbers mean for the RBA’s interest rate decision next month? And some Australian small businesses have been surprised to get reimbursements from the US government for money collected from the so-called liberation-day tariffs.
Program: What Australians get wrong about interest rates
A brand-new bulletin from the Reserve Bank is out today, capturing how Australians experience and understand the economy. And while public awareness for the RBA is high, survey results seem to suggest that people don’t have a great handle on how inflation is affected by interest rates. So what problem does this present for the RBA – whose one blunt tool is to toggle rates?
Program: Will Moonshot’s AI bring Silicon Valley back to earth?
A new AI model from Chinese startup Moonshot has put pressure on Silicon Valley-backed tech titans. Meanwhile markets have taken notice, with downturns on the South Korean KOSPI. Could these sorts of tech moves in China, drag the highly valued Space X, Nasdaq and more - back down to earth? And here in Australia, where the national property conversation carries on, could a lack of housing supply be keeping downsizers from finding new homes? Might stamp duty be part of the problem?
Program: Are we heading for a private credit crunch?
Financial regulator ASIC has raised concerns that a private credit crunch could be on the horizon, putting Australians on alert about superannuation and property investment in funds with little or no disclosure obligations. Meanwhile ASIC has raked in hundreds of millions in fines - more than four times the previous year’s take, with a new stance on enforcement paying dividends. And consulting firm KPMG has issued fines of its own - to partners and staff involved in its audit scandal.
Live: Telstra CEO to be grilled over nationwide outage and compensation
From midday Telstra's chief executive and senior executives will be questioned at a Senate committee about the recent disruptive outage that put lives in danger when intermittent faults meant customers could not contact emergency services. One of the key questions will be about potential compensation.
Program: SpaceX shares slip
SpaceX’s share price has slipped after making IPO-history last month and turning founder and CEO Elon Musk into a trillionaire. So how has the market reacted? And what does this mean for the other tech giants in line to go public? Meanwhile workers at mining behemoth BHP are planning industrial action today - at one of Australia’s huge iron-ore export hubs. What does this tell us about labour negotiations in the Pilbara?
Telco regulator threatens consumer group after doubts raised about Triple Zero system
The regulator examining the Telstra outage that left people unable to connect to emergency services had months earlier issued legal threats to a consumer group that published unflattering research about access to the Triple Zero (000) phone service.
Program: Albanese weighs in on the AI economy
Prime Minister Anthony Albanese has told Australians that it is not a matter of if - or even when - artificial intelligence will transform the economy. Instead, the question is how that change will happen. Meanwhile nearly 200 international economists and tech leaders have signed a statement urging policy makers to take AI’s impending economic impacts seriously. So how might the government’s new AI framework allow Australia to be more than a ‘data warehouse’?
Program: What’s keeping oil prices from spiking even more?
The price of crude oil has spiked, again. And US President Donald Trump has posted on social media, saying the US will charge a 20 per cent fee on cargo travelling through the contested Strait of Hormuz. But why is the price of oil still not as high as many would expect? And what economic costs remain behind a ceasefire that appears to have effectively collapsed? Meanwhile, we continue the conversation on economic productivity, looking at another cornerstone of the Australian economy: property.
Program: Why pay isn't keeping pace with productivity
The interaction between pay and productivity has driven some of Australia’s biggest economic and policy debates in recent decades. New research from the Centre for Policy Development suggests that the typical worker’s wages are not keeping pace with productivity growth. And moreover, it's been this way for three decades. So why does productivity matter? And what larger questions does this research raise about how we set wages and harness technology here in Australia?
Live: Wall Street and European stocks rebound, ASX 200 set to flatline on opening
Australian shares are set to open flat on Friday as potential gains in gold and mining stocks countered potential losses in the energy sector, while investors fretted over the delayed reopening of the Strait of Hormuz from renewed geopolitical tensions. The local share price index future sedged 0.1% lower, a 26.5-point discount to the underlying S&P/ASX 200 index close. The benchmark closed 0.3% lower on Thursday.
Program: Will Telstra's outage lead to financial fallout?
Telstra’s outage has caused dismay and anger across the country. And as problems continue into a second day, questions are being asked about whether further regulations are needed. So what are the business costs of this chaos? And what could the impact be for Telstra’s bottom line? And the latest rental data confirms a troubling tale for those looking for somewhere to live.
Markets live updates: WiseTech shares rally as Richard White to step down as chair, but remain on board
In a statement to the stock exchange, the tech company says it is appointing a new independent chair, Raelene Murphy "with immediate effect". Co-founder Richard White will remain on the board as an executive director and as 'Chief Innovation Officer'. In the statement, Mr White referred to "recent personal media attention... creating an unnecessary distraction from the strength of the WiseTech business".
Live: Wall Street closes at record as oil prices settle to pre-Iran war levels
Lots. Here's the key points, from Reuters. All figures are in US dollars. US stocks higher as chipmaker optimism returns Oil prices steady as costs return to pre-war levels Chipmaker rise comes ahead of critical AI earnings season Wall Street surged and oil prices settled around pre-Iran war levels, as investors eyed new developments in the AI and chipmaker sector ahead of corporate earnings. All three major US indexes ended the day higher.
Real estate has been an easy target for criminals laundering money, until now
Criminal gangs using dirty cash to buy homes will find it harder from July 1 because the real estate industry and others have been drafted into the fight against money laundering. So-called Tranche 2 laws mean real estate agents, conveyancers, lawyers, accountants, gem dealers and precious metal brokers must verify their customers in a similar way that banks and casinos do, bringing Australia in line with the rest of the world.
Wall Street mixed, Australian market set to lift awaiting inflation and jobs data
Hello, I'm Daniel Ziffer from the ABC business team, and I'll be taking you through the morning on our business, finance and economics blog. Overnight, Wall Street indices were mixed, mainly lower. The blue-chip Dow Jones of 30 mega-companies, including Boeing and Visa, was +0.3% to 51,712 points. The broader S&P 500, which covers 500 of the largest listed companies in the US, -0.4% to 7,472 points. The tech-heavy Nasdaq was +1.3% to 26,166 points.
KPMG to face day of reckoning over audit scandal, 30 witnesses to appear at hearing
Accounting firm KPMG is engulfed in a scandal that has seen several senior leaders quit their roles and the corporate watchdog launch a formal investigation into the firm's business dealings. It all centres on an internal whistleblower's allegations that some of the firm's senior partners misused confidential client documents. The audit scandal has led to a "who's who" of current and former senior leaders from KPMG being hauled before a parliamentary hearing, due this Friday, June 19.
Live: Wall Street rebounds after semiconductor rout, OpenAI files to list
Hello, I'm Daniel Ziffer from the ABC business team and I'll be taking you through the morning on our business, finance and economics blog. Overnight, Wall Street indices were mixed. The blue-chip Dow Jones of 30 mega-companies like Boeing and Visa was -0.2% to 50,786 points. The broader S&P 500 that covers 500 of the largest listed companies in the US +0.3% to 7,405 points. The tech-heavy Nasdaq was +0.9% to 25,929 points, after falling more than -4% in trading yesterday.
Australians less satisfied with life than during pandemic as financial pressures mount
The COVID-19 pandemic challenged Australians in ways they hadn't been tested before: with curfews, mask mandates, border closures, restrictions on movement and the shutdown of normality. Those severe measures may have helped keep Australians alive, but they also exacted a substantial toll in many other ways. The shock is that data from the Australian Bureau of Statistics (ABS) suggests we were actually happier in 2020 than we are now.
Police allege corporate boss refused blood alcohol tests after Sydney car crash
A corporate titan is alleged to have crashed his BMW into five cars in Sydney's east, before refusing two alcohol-detecting breath tests. NSW Police allege private equity baron Joel Thickins of TPG Capital hit a Mazda then ploughed into four parked cars on Monday night. The company's website describes Joel Thickins as a partner and the co-head of Asia at TPG and co-managing partner for TPG Capital Asia.
Live market updates: Minimum wage increase announced soon, Wall Street at record highs
Iranian state media is reporting that the country's government has halted negotiations with the United States over an end to the war in the Middle East, in protest over Israel's conduct in Lebanon. But in a social media post, US President Donald Trump said he spoke to Israeli Prime Minister Benjamin Netanyahu and representatives from Hezbollah and that the talks with Iran were continuing at a "rapid pace".
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