Money

Growing concerns over job security even as inflation eases

Published

2 years ago

January 22, 2024

Ahron Young

The NAB Consumer Stress Index report has seen a consistent uptick for the past five quarters, reaching its highest level since the first quarter of 2020.

The primary factor contributing to this stress is the cost of living.

“While the stress related to the cost of living has steadied, apprehensions regarding job security continue to surge, particularly in the December quarter,” notes the report.

The juxtaposition of stable cost-of-living stress against the rising concerns about job security holds significance for the 2024 consumer outlook.

Consumption smoothing

Australians are resorting to “consumption smoothing,” meaning they are making deliberate choices to manage their household finances, support their lifestyles, and handle unforeseen expenses.

Stress levels concerning living costs remained unchanged at 69.4 points during the final three months of December, primarily due to the moderation of inflation.

Overall, the NAB Consumer Stress Index climbed to 59.9 points, up from 56 points in the preceding December quarter.

This development comes as PM Anthony Albanese called a sudden caucus meeting in Canberra, bringing together all Labor MPs to discuss measures aimed at mitigating the inflationary impact on middle Australia’s cost of living.

Job-related stress

NAB also pointed out that apart from job-related stress, consumers are increasingly concerned about the effect of government policies on their future spending and savings plans.

The survey revealed that slightly over one in five consumers now experience “very high” levels of stress due to government policies.

“Consumers also reported the highest level of stress stemming from their ability to fund their retirement since the onset of Covid in March 2020.”

Concerns about job security have been on a steady rise among consumers since the third quarter of 2022, coinciding with more challenging economic conditions.

Consumer anxiety

In the December quarter of 2023, it reached 48.2 points, marking an almost 14% increase from the previous year and consistently exceeding the NAB survey average of 45.8 points.

NAB anticipates that consumer anxiety about job prospects will continue to grow this year as unemployment rates rise amid a slowing economy.

NAB’s forecast indicates that the jobless rate may reach 4.5% by the end of 2024, up from 3.9% recorded last month.

Money

Gold plunges as investors react to Middle East ceasefire

Gold prices fall over 2% to below $4,000, as investors shift from safe-haven assets after Gaza ceasefire news.

Published

22 hours ago

October 10, 2025

ticker NEWS

Gold prices fall over 2% to below $4,000, as investors shift from safe-haven assets after Gaza ceasefire news.

Gold prices have fallen sharply, dropping over two per cent to below $4,000 per ounce, as investors took profits following the announcement of a Gaza ceasefire agreement. The deal between Israel and Hamas triggered a shift away from safe-haven assets, with silver and platinum also sliding.

The U.S. dollar strengthened as markets responded to the news, making precious metals more expensive for foreign buyers. Analysts say the pullback is likely temporary, with long-term demand for gold and silver expected to remain strong amid global instability and rising debt levels.

Market experts warn that volatility will continue as geopolitical tensions persist, even as short-term optimism grows around the Middle East peace process.

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Money

Gold and silver prices drop after Gaza ceasefire

Gold dips below $4,000/oz amid profit-taking and Gaza ceasefire; silver also softens from record highs

Published

1 day ago

October 10, 2025

Ahron Young

Gold dips below $4,000/oz amid profit-taking and Gaza ceasefire; silver also softens from record highs

In Short:
– Gold prices fell over 2% to below $4,000 per ounce due to a stronger dollar and profit-taking.
– Silver eased to $48.93 per ounce, influenced by market activity and ongoing high demand despite supply issues.

Gold prices fell over 2% on Thursday, dropping below $4,000 per ounce. The decline followed a strong rise earlier in the year and was influenced by a stronger dollar and profit-taking after a ceasefire deal between Israel and Hamas.Spot gold decreased to $3,959.48 per ounce, while U.S. gold futures for December delivery settled at $3,972.6.

Silver also experienced a slight decline, easing from its record high to $48.93 per ounce. The dollar index increased, making gold more expensive for overseas buyers.

Traders noted increased activity in the market as profit-taking coincided with reduced tensions in a historically volatile region.

An independent metals trader stated that while gold and silver may need to consolidate further, the underlying demand drivers remain intact.

Market Overview

Gold surpassed $4,000 per ounce on Wednesday, reaching $4,059.05, boosted by geopolitical tensions and strong demand from central banks. The asset has gained about 52% this year, reflecting a significant increase due to various economic factors. The U.S. central bank’s decision to cut rates in September also contributed to the rally, with expectations for future cuts in the coming months.

Silver’s price increase of 69% this year is tied closely to similar economic trends impacting gold. Notably, liquidity issues in the silver market are being exacerbated by strong demand and tight supply conditions. Other precious metals, such as platinum and palladium, also saw declines during this period.

Money

North Korean hackers steal $2 billion in crypto

North Korean hackers steal over $2 billion in cryptocurrency, marking the largest annual total in history

Published

2 days ago

October 9, 2025

Ahron Young

North Korean hackers steal over $2 billion in cryptocurrency, marking the largest annual total in history

In Short:
– North Korean hackers stole over $2 billion in cryptocurrency in 2025, nearly tripling last year’s total.
– A shift to social engineering tactics has led to increased targeting of high-net-worth individuals for cyber attacks.

North Korean hackers have reportedly stolen over $2 billion in cryptocurrency assets in 2025, setting a record with three months still left in the year.

Data from blockchain analytics firm Elliptic indicates that this amount nearly triples the total stolen last year, accounting for approximately 13% of North Korea’s estimated GDP and raising the regime’s total crypto theft to over $6 billion since 2017.

A significant portion of the 2025 theft is attributed to the February hack of cryptocurrency exchange Bybit, which amounted to $1.46 billion.

The FBI has linked this breach to state-sponsored North Korean hackers, who exploited weaknesses in Bybit’s wallet management system. More than 30 additional cyber attacks have also been associated with North Korea this year, including notable breaches at LND.fi and WOO X.

Shift In Tactics

A shift in methodology among North Korean hackers has been observed, as they now focus on social engineering rather than technical exploits. According to Elliptic, the primary vulnerability lies with individuals rather than technology.

High-net-worth individuals and corporate executives are increasingly targeted due to their relatively weaker security measures.

The hackers utilise deceptive tactics, including phishing schemes and fake job offers, to access private cryptocurrency wallets. Intelligence reports suggest that the stolen funds are used to finance North Korea’s nuclear programmes.

The regime has also improved its money laundering techniques by employing various cryptocurrencies and mixing methods to obscure fund origins. Blockchain analysts are actively tracking these stolen assets, with notable progress achieved in identifying recoverable funds.