Australia’s latest political crisis, the potential dumping next week of the prime minister, Tony Abbott, is masking a far greater threat to the country – a fresh outbreak of the GFC caused by the dramatic build-up of private and public debt.
All four of the major banks will pass on the Reserve Bank of Australia rate cut, though customers will have to wait at least another week for the cheaper rates to apply.
US stocks have given up late gains after the European Central Bank put fresh pressure on Athens by lifting its waiver on the use of Greek bonds as collateral.
The Australian dollar has recovered much of its losses suffered after plunging to near six-year lows following the Reserve Bank's decision to cut rates.
The Australian share market has closed higher for an eighth session in a row as a lift in the price of oil boosted the energy sector, and investors speculated on a cut in the official interest rate on Tuesday.
New Westpac boss Brian Hartzer has stamped his authority in his first day as chief executive, in a shake-up that puts the potential Achilles heel of technology front and centre.
