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Welcome back to our Weekly Business Update. Read on for the latest updates from the week.

ASX rises in anticipation of RBA rate hike

The stock market rallied a bit on Monday in anticipation of the latest rate hike from the Reserve Bank. The performance mirrored other world markets, with many investors hoping that the end of runaway inflation is in sight.

Why grocery staples cost more

New data from the Australian Bureau of Statistics confirmed last week what we all know already – the cost of a basket of goods from the grocery store costs a lot more than it did at this time last year.

Reserve Bank reports $40bn loss due to Covid-era bond-buying program

The Reserve Bank joined the government in its efforts to keep the economy afloat by buying bonds. The bank’s capital is expected to be restored over time and will not affect operations.

Ukraine ships record tonnage of grain despite warnings from Russia

A large handful of vessels loaded with grain left the port of Odesa on Monday. The shipment is a joint effort supported by the UN and Turkey and is meant to stave off a global hunger crisis.

Government promises relief as power prices surge

Ahead of the RBA’s rate hike, Albanese pledged that the government will do what it can to ease the pain of soaring energy costs.

House prices dip, but it’s not time for homeowners to panic

While experts say it’s true that housing prices have started to fall, they are still far above pre-pandemic levels. They maintain that homeowners shouldn’t be too worried, as interest rates cannot rise forever and eventually the market will stabilise.

Time for Elon Musk to make his Twitter takeover pay off

Sydney Morning Herald business columnist Elizabeth Knight argues that with Musk’s fumbling Twitter takeover now complete, the billionaire has but one chance to make it work.

China’s workers flee Apple’s biggest iPhone factory following COVID-19 outbreak

The massive factory complex in Zhengzhou city was hit with a wave of COVID-19, causing thousands of employees to flee. About 200,000 people work at the factory. It’s unclear how the outbreak will disrupt production.

Investors taking a second look at crypto

Though it’s been a rough go for cryptocurrencies this year, some are reconsidering it as a form of investment as inflation continues to soar.

How to ease “beginner’s mind”

Learning new skills as an adult can be extremely intimidating, and is anxiety-inducing for some. But, many of us are grappling with the reality of being a beginner as we switch careers. Learn four key ways that you can embrace the transition here.

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Disclaimer

The information in this newsletter / factsheet is factual but general in nature. It should not and is not to be construed as advice at any level whatsoever. Because it contains general information that has not been tailored to your personal circumstances it may not be suitable information for you. You must always seek personal financial or taxation advice prior to acting on this information. Further, as many of the comments in this newsletter / factsheet are general in nature, anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.