2.03am EST
02:03
Workers are packing up tools across Probuild sites around Australia today, as reports circulate that the major construction company is on the brink of going into administration.
Construction sites in Brisbane, Melbourne and WA have been affected, but Guardian Australia understands a number of the company’s problems centre on the development of the site at Cbus Property’s 443 Queen St, Brisbane.
Industry sources estimate that site has lost the company approximately $50m, after an already low tender was followed by foundational problems, partial site flooding, design changes and the construction supply chain squeeze.
Deloitte has declined to comment on the matter, and Probuild could not be reached for comment.
The appointment of Deloitte as administrators, however, is expected to be announced on Thursday morning.
Updated
at 2.04am EST
1.50am EST
01:50
Dutton says Ukraine situation ‘ominous’ and could become ‘bloody conflict’
Updated
at 1.59am EST
1.16am EST
01:16
Australian share market rebounds despite Ukraine crisis
Despite all the media coverage of Russia’s invasion of the would-be breakaway regions of Ukraine, it seems that investors weren’t too fussed today at least.
Australia’s benchmark ASX 200 share index ended 0.6% higher, not far off the highs for the day. Higher commodity prices, meanwhile, has propelled the Australian dollar to almost 72.5 US cents, or the highest in almost a fortnight, according to Reuters.
Elsewhere, stocks in China including Hong Kong and South Korea (doubt much trading goes on in the north), were also up about half a percent with trading still going on.
Not a bad outcome, then, after US shares dropped more than 1% overnight.
Closer to home, New Zealand’s central bank raised its key rate by 0.25 percentage points to 1%, with a warning that the rate is headed to more than 3% by next year, according to AP.
Australia’s Reserve Bank is not expected to be pushing the rate rise button at anything like that pace, but quickening wage risessuggest the first move might not be that far off.
Labor’s shadow treasurer Jim Chalmershas pointed out the 2.3% annual rise in wages in the December quarter from a year ago is well short of the 3.5% pace of consumer price increases. (The RBA looks at the underlying inflation rate, which is more like 2.6%.)
Meanwhile, investors lost a bit of faith in Mike Cannon Brookes and Brookfield offering much more than the $7.50 a share they are offering to take over AGL Energy. AGL’s shares dropped another 20 cents, or 2.5%. on Wednesday, to $7.65, to be just 2% above that bid price.
Updated
at 1.23am EST
12.43am EST
00:43
Penny Wong urges all Australians still in Ukraine to leave
Penny Wong has added to Albanese’s statement by urging Australians still in Ukraine to leave as soon as they can:
I echo the leader’s point that we do offer a full bipartisanship support to the government on the sanctions which have been announced, and on Australian playing its full part as a member of the international community, standing in solidarity with Ukraine and with the Ukrainian community.
I would also make this point. We do know that there are Australians who remain in Ukraine. I would echo the government and the view is that it is time to leave.
Updated
at 1.27am EST
