The Reserve Bank of Australia could lose its power to set interest rates following its first external review since the 1980s.
Treasurer Jim Chalmers released the independent review of the RBA on Thursday morning.
He announced in-principle agreement with the review panel’s 51 recommendations — including the creation of a separate interest rate-setting board of monetary policy experts. Such a move would likely involve changing the RBA’s operational legislation.
Unlike most international central banks, Australia’s monetary policy is set by RBA’s board of non-monetary policy experts.
Meanwhile, the Australian Competition and Consumer Commission is standing in the way of Qantas’ (QAN) proposed acquisition of Alliance Aviation Services (AQZ).
The consumer watchdog told Qantas the proposed deal would lessen competition in flight services for resource industry customers in WA and Queensland.
Qantas is seeking further clarity, holding firm its stance that the deal would allow it to better service the resources sector.
QAN shares were trading at $6.55
Iron ore giant Rio Tinto (RIO) has posted record first-quarter shipments of iron ore.
The mining giant shipped 82.5 million tonnes of iron ore from WA’s Pilbara region over the three months to March 31.
However, this was offset by a downgrade to copper production guidance due to challenges at Rio’s Kennecott and Escondida operations.
In other news, RIO shareholders will today receive a US$2.25 (A$3.36) per share dividend.
Rio shares dipped 2.5 per cent to $120.05.
Fellow materials stock Toubani Resources (TRE) is seeking to de-list from the TSX Venture Exchange.
The company believes it would benefit from a centralised focus on the ASX.
There was no share activity today, with Toubani last trading at 20 cents.
In the Energy sector, TMK Energy (TMK) tapped investors for $5.7 million to accelerate exploration at its Gurvantes operation in Mongolia.
The company spudded its first pilot production well, Lucky Fox-1, a few days ago — the first of three pilot production wells to be drilled in the coming weeks.
Shares were down 5.5 per cent at 1.7 cents.
And Origin Energy (ORG) will invest $600 million to construct a large-scale battery at the Eraring power station in New South Wales.
Work is due to start in the coming weeks in what company leaders say is an important milestone in its quest to lead the energy transition.
Shares rose 0.2 per cent to $8.29
And marketing and payments platform Rewardle (RXH) shares were up 5.5 per cent on its acquisition of YourGrocer for just $3000.
YourGrocer closed up shop late last year, but Rewardle says the eCommerce grocery retailer’s assets align with its growth strategy.
RXH shares were trading at 1.9 cents.