Great morning, it is Karen in Sydney. Here’s what you will need to know today…
Today’s need to-reads:
Australia’s economy slowed in the 1st 3 months of the year as the Reserve Bank’s aggressive price hikes took a toll on household spending and building. Gross domestic item sophisticated .two% from the prior period, beneath economists’ estimates for a .three% rise.
Meanwhile, RBA Governor Philip Lowe stated Australia’s current upside surprises in inflation are testing the Reserve Bank’s patience, saying the purpose of finding it back to target inside a couple of years has not changed and reiterating that some additional policy tightening may be required. Morgan Stanley’s nation head Richard Wagner is tipping interest prices will probably rise just a single far more time in Australia before pausing.
Pizza Hut Australia is becoming purchased by franchise operator Flynn Restaurant Group, the US company’s 1st international acquisition. Flynn will add 260 restaurants in the nation to its lineup in snapping up the Australia franchising license from Sydney private investment firm Allegro Funds.