Australia news LIVE: Police probe Chinese criminal syndicate money in Vic, NSW; Bowen, energy ministers agree new plan

Australia news LIVE: Police probe Chinese criminal syndicate money in Vic, NSW; Bowen, energy ministers agree new plan

June 8, 2022

Key posts

  • Police probe into Chinese money laundering syndicate headquartered in Australia
  • Big four banks to pass on full rate rise to customers
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The Wrap: Bank stocks slip on rate hike hangover

Welcome to your five-minute recap of the trading day, and how the experts saw it.

The numbers: Mining, metals and energy stocks helped the ASX200 recover from yesterday’s rate rise shock and post the first positive session of the week. The benchmark index ended the session 0.4 per cent higher at 7,121.10 points, with all sectors, except financials, closing higher. The major banks were the only sore spot in the session as investors continue to the digest the implications of the bumper rates hike by the RBA.

The lifters: Atlas Arteria 16.1%, Boral 13.6%, Paladin Energy 13.1%

The laggards: Bendigo and Adelaide Bank -7%, Westpac -5.7%, Zip Co -5.3%

Click here to read the full recap.

Police probe into Chinese money laundering syndicate headquartered in Australia

Police have uncovered a suspected Chinese money laundering syndicate headquartered in Victoria and NSW that is moving hundreds of millions of dollars annually to China and across the globe, raising serious questions about whether Beijing is turning a blind eye to organised crime.

Australian law enforcement agencies, in partnership with officials from the United States and Canada, have also compiled intelligence that suggests Chinese companies and brokers are supplying the vast majority of precursor chemicals used to make illicit drugs on the Australian market.

Australian Federal Police Commissioner Reece Kershaw.Credit:Alex Ellinghausen

The suspected money laundering syndicate, known as the “Chen Organisation”, counts as its customers a relative of Chinese President Xi Jinping, along with Asian triads and bikies, according to briefings from officials.

Click here to read the story.

Big four banks to pass on full rate rise to customers

The four major banks will all increase mortgage rates by 0.5 percentage points, passing on the Reserve Bank’s latest rate rise to customers in full.

The Commonwealth Bank of Australia, ANZ Bank and NAB on Wednesday followed Westpac in announcing an increase in variable mortgage rates, which will come into effect towards the end of next week.

The Reserve Bank increased the cash rate by 0.5 percentage points on Tuesday afternoon.Credit:Paul Rovere

The Reserve Bank on Tuesday announced a 0.5 percentage point rise in official interest rates, the biggest one-month increase in more than two decades, taking the cash rate to 0.85 per cent.

Westpac was the first major lender to increase mortgage interest rates on Tuesday night, followed by Macquarie Bank, CBA, ANZ and NAB on Wednesday afternoon.

Click here to read the story.

Good morning – here is a look at some headlines

G’day everyone. It’s Roy Ward here and I’ll be starting our Australia news blog for Thursday, June 9 2022.

Thanks for joining us and please feel free to leave a comment on the blog at anytime.

Here is a look at some of the headlines this morning:

Big four banks to pass on full rate rise to customers

Police probe into Chinese money laundering syndicate headquartered in Australia

Palliative care to get $743m boost in NSW after Perrottet concedes failures

ASX set to fall as Wall Street loses ground

Latest rate rise casts shadow over Pallas’ budget surplus prediction

Minister puts integrity and fairness in the infrastructure pipeline

Australia stumbles to Twenty20 series win over Sri Lanka

Enjoy the day to come.

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