Crypto News: Australia Briefing: Banker bashing returns

Good morning everyone, it's Ben here in a cloudy Canberra, here's what's making news today...

Today's must-reads:
• Banker bashing is back
• RBA board vacancies
• LNG market's delicate balance

Under pressure. As interest rates soar, banks are announcing huge profits on the widening gap between what they charge borrowers and pay to savers. In Australia, pressure is growing on the Big Four banks to pass on interest rates to deposit accounts, as Treasurer Jim Chalmers called for an investigation by the consumer watchdog.

Crescent sale. Private equity firm Crescent Capital Partners is exploring a sale of recruiting firm Healthcare Australia Pty, according to people familiar with the matter. A deal could value the company at about A$700 million ($471 million) or more.

RBA renewal. Two board members of the Reserve Bank of Australia, Wendy Craik and Mark Barnaba, will be retiring within six months, presenting Australia's Treasurer with a chance to refresh the rate-setting body. Chalmers on Monday said both directors would not seek reappointment, saying the openings gave an opportunity for "renewal."

LNG outlook. The market for liquid natural gas in 2023 is "finely balanced," Woodside Chief Executive Officer Meg O'Neill said in an interview with Bloomberg. Global prices have weakened following the end of the European winter, but O'Neill said any unexpected developments in the international market could create a "volatile situation again."

Meg O'Neill, chief executive officer and managing director of Woodside Energy Group Ltd., during a panel discussion at the World Gas Conference in Daegu, South Korea, on Tuesday, May 24, 2022 Photographer: SeongJoon Cho/Bloomberg

Bird flu contained: An outbreak of bird flu in Cambodia has been brought under control, authorities said Monday, announcing a previously-infected man had recovered from the virus. Cambodian authorities said although it seemed "unlikely" at this stage that the virus could jump from person-to-person, investigations were ongoing.

Global stocks wrap: Signs of residual strength in the US economy led stock markets to pare back gains overnight, amid fears the Reserve Bank will need to maintain a restrictive monetary policy longer than expected. Both the Dow Jones and the S&P 500 remained only narrowly in the green on Monday after a dismal result last week.

"Circles of friends": Singapore has announced it will be working to strengthen diplomatic ties with Malaysia, Indonesia and Brunei as part of a strategy to shore up security amid rising US-China tensions in Southeast Asia. Singapore's Foreign Minister told parliament Monday that advancing regional ties will help to prevent any major power from dominating the region.

Vivian Balakrishnan, Singapore's foreign affairs minister, speaks during the United Nations General Assembly (UNGA) in New York, US, on Saturday, Sept. 24, 2022. Photographer: Jeenah Moon/Bloomberg

• Treasurer Jim Chalmers to release a tax insight statement today
• Australia current account, retail sales and private credit data due
• New Zealand business confidence data

How much would you pay for a new pair of sneakers? Probably not millions of dollars.

Nonetheless, six individual sneakers worn by NBA legend Michael Jordan are touring the world ahead of heading to auction later this year. A Sotheby's specialist is estimating that they could be sold for more than $3 million, at the very least.

Michael Jordan prepares to make a free throw shot during the NBA Central Division basketball game against the Cleveland Cavaliers on 17th February 1992. Photographer: Jonathan Daniel/Hulton Archive