Softening Property Market: Australia Briefing

Good morning. It’s Ed here in Sydney with the news you need to start your day.

Today’s must-reads:
• Muted property market
• Canva share sale
• Tide turning for the kiwi

After last year’s surprise recovery, economists are expecting Australia’s property market to see more muted growth in 2024. Oxford Economics is forecasting a 2.7% rise nationally, with worsening affordability containing the pace of growth.

Software company Canva is reportedly close to completing a share sale that’s set to raise more than $1.5 billion. The round comes as Canva ramps up competition with Adobe, with both firms introducing artificial intelligence features last year.

The worst may be over for the New Zealand dollar, with higher dairy prices and a push-back of interest rate cuts by the central bank expected to support the currency. All eyes will be on this week’s inflation print after a pickup in business sentiment.

Electric planes may actually have some promise, writes Bloomberg Opinion’s David Fickling, even as efforts to make a working prototype have perennially come up short.