1 October we become SureStone CapitalSame team, same ABN. Our website and email addresses move to surestone.com.au.
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SRG Global (ASX:SRG) leapt 15 per cent after the infrastructure services company secured $1.85 billion in new contracts, while upgrading its earnings guidance .
Engineering services company Tasmea (ASX:TEA) soared 16.2 per cent after it announced plans to acquire specialist contractor Maxim Group in a deal valued at up to $254 million.
About 3 million workers will receive a 4.75% boost to their pay packets after the annual wage review, but those at the very bottom will get an even higher increase of 6 per cent. The decision was above market expectations of about 4 to 4.5 per cent. The Fair Work Commission ruled that the minimum wage of $24.95 an hour should increase to $26.44 for 100,000 of the lowest-paid employees from July 1. The commission considered the need to restore real wages lost to the post-pandemic spike in inflation, amid economic uncertainty due to the conflict in the Middle East. Citi says the minimum wage increase will add to inflation pressures and result in the Reserve Bank of Australia lifting rates again in August while it analysts see further cost pressure for retailers.
Consumer Confidence has risen to its highest level since early March. However, confidence remains 17.5pts below the 2025 average according to the ANZ-Roy Morgan Australian Consumer Confidence index. It says recent momentum in consumer demand has been soft, and the weak level of consumer confidence supports ANZ's view that the RBA cash rate is likely to remain at 4.35% over the near term. Weekly inflation expectations declined to 5.9% last week, their lowest level since the beginning of March.
