ASX closes down, RBA governor backs cash — as it happened

Financial News Brief

ASX 200: Closed Friday down 0.2% at 9,019 points, but posted a weekly gain of 0.3%.
Key Indices: S&P 500 (+0.6%), Nasdaq (+0.9%), Dow Jones (+0.3%).
Commodities: Gold and Brent crude edged lower; Iron ore slightly down.
Australian Dollar: Flat at 65.02 US cents.

US-Canada Trade: President Trump terminated all US trade negotiations with Canada, citing a “fake” ad.
Critical Minerals: AMP economists note the US cannot compete with China’s dominance in the short term.

RBA & Cash: Governor Michele Bullock endorsed cash as a vital “back-up payment method,” especially during outages or disasters.
Housing Supply: Bullock described housing supply as a “very knotty problem,” suggesting stamp duty reductions could encourage downsizing.
Inflation Outlook: ANZ expects Q3 CPI data next week to prevent an RBA rate cut in November.
ATO Framework: Released a new ‘Vulnerability Framework’ to offer tailored assistance to taxpayers facing hardship.
Construction Productivity: Master Builders Australia reported a 3% decline, urging action to meet housing targets.

Woodside Energy: New partnership with Williams de-risks its Louisiana LNG project, reducing capex.
University of Adelaide: Admits to underpaying over 800 casual staff approximately $1.25 million.
Lending Risks: Fitch Ratings highlighted risks from non-bank lenders using lower serviceability buffers, creating “mortgage prisoners.”

Quantum Computing Threat: RBA Governor Bullock expressed concern over quantum computing’s potential to break current encryption, calling it “very scary.”