Monday, March 3, 2025

Australian gender pay gap endures

Good morning. It's Angus here in Sydney. Here's what you need to know to start your working day.Today's must-reads:• Australian finance's li
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Good morning. It's Angus here in Sydney. Here's what you need to know to start your working day.

Today's must-reads:
• Australian finance's lingering pay gap 
• East coast braces for cyclone
• Star Entertainment shares suspended

What's happening now

Pay for women and men at firms in Australia's financial and insurance services sector remains among the most unequal, with high-paying employers the most likely to have a pay difference in favor of men, according to expanded data from the Workplace Gender Equality Agency. The 22.2% pay gap in finance and insurance was second only to the construction industry. 

Australia's east coast is bracing for abnormally high tidal surges, intense rainfall, damaging winds and life-threatening flooding, with a cyclone forecast to make landfall near Brisbane. Tropical Cyclone Alfred is expected to turn westward toward the southeast Queensland coast from today.

Star Entertainment shares were suspended from trading Monday as the struggling casino operator tries to arrange a last-ditch funding package and stave off collapse. 
 

Signage for The Star complex, operated by Star Entertainment Group, in Sydney. Photographer: Brent Lewin/Bloomberg

Australia's wheat crop this season was likely 7% bigger than previously expected as production in northern cropping regions of Western Australia and New South Wales jumped, according to a government report.  

China's ambassador to Australia has criticized a decision to ban artificial intelligence app DeepSeek from government systems and devices. Ambassador Xiao Qian's comments came as a Chinese naval task force continued to skirt Australia's territorial waters, after holding live-firing drills, in an apparent plan to circumnavigate the country.

New Zealand exports outpaced imports in the final three months of last year, adding to signs of a recovery from recession. Export volumes rose 1.3% from the third quarter while import volumes shrank 1.7%, Statistics New Zealand said Monday. It's the first time net exports have been positive — implying a contribution to gross domestic product — since early 2024.

What happened overnight

Here's what my colleague, market strategist Mike "Willo" Wilson says happened while we were sleeping…

The Euro rose after the UK formed a "coalition of the willing" to help Ukraine oust Russia. Stocks and the dollar slid after US President Donald Trump said tariffs on agricultural imports will go into effect on April 2. He also reaffirmed Mexico's and Canada's tariffs. Locally, Australian retail sales data and minutes of the Reserve Bank's February meeting might give clues to whether we can expect an interest rate cut or more tough love. If it's the latter, then Aussie dollar should continue to consolidate.

Taiwan Semiconductor Manufacturing Co. the world's top producer of AI chips, plans to invest an additional $100 billion in US plants that will boost its chip output on American soil and support President Donald Trump's goal of increasing domestic manufacturing. TSMC Chief Executive Officer C.C. Wei joined Trump at the White House on Monday to unveil the company's vision for expanding a US footprint.

OPEC+ will proceed with plans to revive halted oil production amid pressure from Trump to lower oil prices. Separately, Trump tore into Ukraine's President Volodymyr Zelenskiy again Monday, saying "this guy doesn't want there to be peace." The comment came after Zelenskiy expressed a willingness to meet with Trump again.

President Xi Jinping heads into China's biggest political huddle of the year, the National People's Congress, with his economy finally getting back some swagger. Officials at this week's parliamentary conclave will set a bullish 2025 growth goal of around 5%, according to most analysts surveyed by Bloomberg. 

What to watch

•  RBA minutes from February monetary policy meeting. 11:30 a.m. (Sydney)

One more thing...

Zoe Saldaña's Oscars speech was a hit and a miss, writes Bloomberg Opinion's Alex Zaragoza. Her tears have shown how meaningful the awards are for her as a Latinx woman. But the shallowness of her acceptance speech, followed by a prickly defensiveness over criticisms of her film, Emilia Perez, dampened her message, Zaragoza writes. See more of our Oscars coverage here.

Zoe Saldana Photographer: Patrick T. Fallon/AFP
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