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Business news and updates: Sydney petrol prices hit a record high

Dynamic Business brings you a daily rundown of the most recent business news and developments from Australia and around the world. Here’s the roundup for August 31:

Review calls for Australia’s payment system 

With the development of payment options such as digital wallets, the way Australians pay for items in stores has experienced a technological transformation in recent years. 

The federal government has released the final report of its payments system study, which looked at whether the system is still fit for purpose and whether Australia is well-positioned to benefit from new technology. 

Scott Farrell, a lawyer and payments expert, performed the evaluation. It calls for increased government control and powers to preserve the payments system, as well as the development of a strategic plan for the entire payments ecosystem in collaboration with business.

Sydney petrol prices hit record high

Brent crude rose US$7.52 a barrel, or 11.5 per cent, to US$72.70 a barrel last week. The United States Nymex price increased by US$6.42 per barrel, or 10.3%, to US$68.74 per barrel. It was the most significant increase in both prices since June 2020. 

According to the Australian Institute of Petroleum, the average price of unleaded gasoline in Sydney increased by 10.5 cents per litre last week, reaching a new high of 166.5 cents per litre (the previous high was 163.9 for the week of July 13, 2008).

Hurricane Ida may push fuel prices even further

The immediate impact of Hurricane Ida on the nation’s oil and petroleum industries might raise gas prices, worsening inflation that is already harming Americans. 

However, the degree of the damage will determine how much and for how long prices will rise. The hurricane wreaked havoc on Louisiana and the Gulf Coast, killing at least one person and knocking out power to over a million people. 

Goldman Sachs warns 750,000 households could be evicted this year 

According to a new study, three-quarters of a million American households could be evicted this year if Congress does not pass a new eviction moratorium. According to Goldman Sachs, between 2.5 million and 3.5 million families are late on their rent, owing landlords a total of $12 billion to $17 billion. 

China’s currency regulator surveys banks, cos on Yuan risk

Three banking and policy experts say China’s currency regulator is undertaking a rare survey of banks and enterprises to inquire about their risk management practices and capabilities to withstand Yuan volatility. 

Twitter’s clash with Indian government helps home-based Koo hit 10m users 

Koo, India’s version of Twitter, has surpassed 10 million subscribers, closing the gap with the United States microblogging service. 

Since February, when Twitter’s disagreements with the Modi administration escalated, roughly 85 per cent of its users have joined the 16-month-old app, which allows users to send tweet-like posts in English and seven Indian languages such as Hindi and Kannada.

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Yajush Gupta

Yajush Gupta

Yajush is a journalist at Dynamic Business. He previously worked with Reuters as a business correspondent and holds a postgrad degree in print journalism.

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