Wild Weather Strands Cows: Australia Briefing
Tropical Cyclone Jasper on Dec. 12.
Source: RAMMB/CIRA
Good morning, it’s Ed here in Sydney with the news you need to start your day.
Today’s must-reads:
• Cows stranded by flooding
• A surprise jump in retail sales
• Alcoa cuts costs
Heavy rains and flooding across Victoria have damaged crops and stranded cattle as a months-long run of wild weather on Australia’s east coast leaves a trail of destruction. In Queensland, sugar farmers are bracing for a weak harvest after severe flooding washed away as much as 60% of their crops.
Australian retail sales jumped more than economists had predicted in November, as consumers brought forward their Christmas shopping to take advantage of Black Friday discounts. Retail sales can be a key consideration in rate decisions, with the RBA holding its first meeting of 2024 next month.
US aluminum producing giant Alcoa will halt production at its Kwinana refinery in Western Australia by the third quarter as it seeks to cut costs. That’s bad news for more than 800 workers at the plant with widespread job cuts expected.