Australia's economy continues to limp along at a sub-par pace, new data is expected to confirm, in line with federal government warnings. The national accounts report for the September quarter is expected to show gross domestic product expanded by a sluggish 0.4 per cent in the three months, and by 1.1 per cent over the year, according to economists. While this might be a tad higher than the pace for both measures recorded by the Australian Bureau of Statistics in the June quarter, it would be the slowest rate of expansion since December 1991 excluding the COVID-19 pandemic. In a ministerial statement on the economy to the federal parliament on November 20, Treasurer Jim Chalmers acknowledged the economy had continued to grow "but barely". "But any growth at all in these circumstances is welcome given many other countries have gone backwards," he added. One of the key drivers of economic growth is consumer consumption and spending. Some clues on how the consumer side is faring will be reflected in the statistics bureau's retail spending data for October, due on Monday, and a tally of the value of residential dwellings for the September quarter due on Tuesday. The bureau will also release quarterly balance of payments numbers, which measure the nation's trade position, and business indicators on company profits, wage payments and inventories for the three months ended September. Elsewhere on Monday, CoreLogic will release its home value index for November, which could show a slowing in price growth, and the Reserve Bank of Australia's head of domestic markets David Jacobs will give a speech at a securitisation conference. Mr Jacobs' speech will be the last the financial markets will hear from bank officials before it reveals its next decision on interest rates on December 10. Inflation continues to be outside the bank's target band of two to three per cent, dashing hopes of a rate cut anytime soon. Last week, the Albanese government smashed through a big chunk of its legislative agenda, including changes for the bank. The Reserve Bank board will soon be split into two separate committees - one for interest rate settings and the other for governance - after Labor struck a deal with the Greens and crossbench senators to approve the overhaul. The split was a key recommendation in last year's review of the bank. Meanwhile, the Australian stock market is expected to open higher on Monday after Wall Street made solid gains in a shortened trading day. The US S&P 500 rose 33.64 points, or 0.6 per cent, to 6,032.28, the Dow Jones Industrial Average rose 188.59 points, or 0.4 per cent, to 44,910.65, while the Nasdaq composite rose 157.69 points, or 0.8 per cent, to 19,218.17. During weekend trading the key ASX SPI200 Index futures contract added 21 points to 7012 points. The local market on Friday ended lower, with the ASX200 closing down just 8.1 points, or 0.1 per cent, at 8,436.2 and the All Ordinaries losing nine-tenths of a point to 8,699.1.
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Saudi Arabia’s King Salman bin Abdulaziz Al Saud inaugurated the Riyadh Metro on Wednesday, according to state-run Saudi Press Agency . The project is considered the backbone of the public transport network in Riyadh and an element of the transportation system in the city. King Salman watched an introductory film about the project, which is distinguished by its exceptional design and technical specifications. “The Riyadh Public Transport Project, which spans metro and bus networks, is the culmination of concerted efforts made by the Custodian of the Two Holy Mosques and the outcome of his visionary leadership while serving as the Chairman of the High Commission for the Development of Arriyadh, the predecessor of RCRC,” Prime Minister and Crown Prince Mohammed bin Salman was quoted as saying by SPA . Set to be the longest driverless metro line in the world, Riyadh Metro will boast a total distance of 176 km. The inauguration comes 12 years after the project was first announced, marking a significant milestone in Saudi capital ’s public transport development. The Phase I of the project will include operations on three major lines: Al Orouba to Batha, King Khalid International Airport Road, and the intersection of Abdulrahman Bin Auf Street with Sheikh Hassan Bin Hussein Street. The Custodian of the Two Holy Mosques views an introductory video about the Riyadh Metro — one of the Kingdom’s major projects during his prosperous reign — distinguished by its standout design and technological features, with a network that spans 176 kilometers across 6 lines... pic.twitter.com/qyN6AMvvaY — SPAENG (@Spa_Eng) November 27, 2024 Meanwhile, the lines along King Abdullah Road, Al Madina, and King Abdulaziz Road will open in the middle of next month, further boosting the network’s operational capacity. The first phase of the Riyadh Metro will include operations on three lines, with the remaining three lines scheduled to open in mid-December. The metro system incorporates several sustainable features, including energy-efficient trains, regenerative braking technology to minimise energy consumption, and the use of renewable energy through solar panels installed at various stations, according to the Saudi daily newspaper Al Eqtisadiah . All six lines of the Riyadh Metro will be powered entirely by renewable energy sources, ensuring an environmentally friendly transit option for the city, it stated.
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