Weekly Market & Currency Developments – From Our Bankers

Each week Freightplus updates our community on the latest market and currency developments. Here are this week’s weekly market & currency developments.

Petrol prices ease as Saudi oil output lifts

Weekly petrol prices

  • Petrol: The terminal gate or wholesale price for unleaded fuel across Australian capital cities today stands at a 13-day low of 133.2 cents a litre, down 6.6 cents over the week. On average over the past week, the terminal gate price fell by 4.6 cents a litre to 134.9 cents a litre.
  • Regional gasoline: In Australian dollar terms, the Singapore gasoline price rose by US$1.59 (1.45 per cent) over the past week to $111.47 a barrel or 69.11 cents a litre.

 

Movements in the petrol price can affect consumer spending, and in turn, prospects for retailers.

 

What does it all mean?

  • Last week Australian retail unleaded petrol prices lifted to 11-month highs. But with the quick restoration of Saudi Arabian crude oil output back to full capacity, Australian motorists can look forward to cheaper prices. The wholesale price fell by over 6 cents a litre last week and now stands over 11 cents a litre below the levels of a year ago.
  • Filling up the car with petrol is the single biggest weekly purchase for most families so the easing of pump prices will be greeted warmly by motorists. In fact unleaded petrol prices have fallen to 139 cents a litre in Adelaide and dropped to 140 cents a litre in Perth. In the current discounting cycle, Melbourne prices peaked on September 24 and prices peaked in Sydney and Brisbane on October 1 and 2.
  • Based on a gross retail margin of 11-12 cents a litre, motorists should be paying 145-150 cents a litre for unleaded fuel at the petrol pump. But in eastern and southern states petrol can track through a range of 25 cents a litre over the discounting cycles.

 

What do the figures show?

Petrol prices

  • On Friday, the Brent crude price rose by 66 cents or 1.1 per cent to US$58.37 a barrel. And the US Nymex price rose by US36 cents or 0.7 per cent to US$52.81 a barrel.
    But over the week Brent fell by 5.7 per cent and Nymex fell by 5.5 per cent.
  • The key Singapore gasoline price rose by US$1.00 last week (1.35 per cent) to US$75.30 a barrel. In Australian dollar terms, the Singapore gasoline price rose by US$1.59 (1.45 per cent) to $111.47 a barrel or 69.11 cents a litre.
  • MotorMouth records the following average retail prices for unleaded fuel in capital cities today: Sydney 154.1c; Melbourne 144.5c; Brisbane 158.4c; Adelaide 138.9c; Perth 140.0c; Canberra 148.8c; Darwin 147.8c; Hobart 155.8c.
  • MotorMouth records the following average retail prices for diesel fuel in capital cities today: Sydney 147.9c; Melbourne 148.1c; Brisbane 149.9c; Adelaide 146.0c; Perth 148.1c; Canberra 154.1c; Darwin 146.4c; Hobart 160.8c.
  • Today, the national average wholesale (terminal gate) unleaded petrol price stands at 133.2 cents a litre, down by 6.6 cents over the week. The terminal gate diesel price stands at 138.0 cents a litre, down by 1.5 cents over the past week.

 

What is the importance of the economic data?

  • Weekly figures on petrol prices are compiled by ORIMA Research on behalf of the Australian Institute of Petroleum (AIP). National average retail prices are calculated as the weighted average of each State/Territory metropolitan and non-metropolitan retail petrol prices, with the weights based on the number of registered petrol vehicles in each of these regions. AIP data for retail petrol prices is based on available market data supplied by MotorMouth.

 

What are the implications for interest rates and investors?

  • The average family is forking out $60 a week for petrol or $240 a month. While that isn’t far off the average over recent months, the fuel bill has been volatile, serving to restrain consumer enthusiasm.
  • The latest data continues to show that Aussie motorists are happy to purchase cheaper unleaded and E10 auto fuel rather than higher-priced premium blends. Premium fuels account for around 30 per cent of the automotive gasoline market and the share hasn’t changed much in the past three years.
  • Fewer petrol price signboards should be displaying unleaded fuel at 170 cents a litre in coming week, serving as some support for consumer confidence levels.
  • Saudi Arabian output has been restored after the recent drone attack. The key influences on oil markets now will be the US-China trade talks, fears about the health of the global economy, production policies of the OPEC+ nations (OPEC nations plus Russia) and output by US oil producers. These influences will be important for the key energy producers trading on the Australian sharemarket.

 

Business confidence hits 6-year low
Annual business profits hit 5-year low; Job ads lift

NAB Business survey; Weekly consumer sentiment; Job advertisements

  • Business survey: The NAB business confidence index fell from +1.1 points in August to a 6-year low of -0.3 points in September. The long-term average is +5.9 points. But the business conditions index rose from +0.6 points in August to +1.6 points in September. The long-term average is +5.8 points.
  • Profit pressures: The 12-month moving average of the NAB profitability index fell to a 5-year low of +2.1 points in September, down from +3.5 points in August. The long-term average is +4.6 points.
  • Consumer confidence: The weekly ANZ-Roy Morgan consumer confidence rating fell by 2.1 per cent to 112.3 points after lifting by 4.2 per cent – the most in 15 months – in the previous week. Sentiment is below the average of 114.4 points held since 2014 and the longer term average of 113.1 points since 1990.
  • Job advertisements: ANZ job advertisements rose by 0.3 per cent in September after falling by 2.6 per cent in August. Ads were down by 10.4 per cent over the year to 157,638.

 

The business survey has broad implications for investors and the economy. The consumer confidence figures have implications for retailers, and other consumer-focussed businesses. The job advertisements data is a leading indicator of the job market and therefore important for consumer-focussed stocks and companies such as SEEK.

 

What does it all mean?

  • The latest Aussie business survey reflects weak private sector demand, consumer spending caution, tepid operating conditions, global trade policy uncertainty and cautious investment spending intentions.
  • And despite interest rate cuts in June and July (the survey pre-dates last week’s rate cut), business confidence has fallen to 6-year lows and business conditions remain stuck near 5-year lows. That said, capacity utilisation remains around long-run levels, employment conditions are still above long-run average levels and mining investment is rebounding.
  • Aussie firms’ continue to face mounting profit margin pressures as rising operating, purchase and labour costs weigh on constrained balance sheets. Rising global import duties are also contributing to lifting input costs. And prices received by companies for goods and services remain flat. In fact, the NAB profitability conditions index hit 5-year lows in 12-month moving average terms in September.
  • Consumer confidence readings have been choppy of late. But last week’s reading was bang in-line with the average over the past six weeks (since the week ended September 1), despite falling below longer-term averages.
  • Not helping sentiment was a reversal in the Aussie sharemarket last week. The S&P/ASX200 index lost 3 per cent – its worst week since November – dragged lower by global growth concerns following the release of disappointing US economic data. And the Aussie dollar fell to US66.71 cents against the greenback on October 2 – the lowest level since March 2009 – after the Reserve Bank cut interest rates to record lows. While a positive for exporters, consumers tend to be pessimistic about a weaker currency because it crimps purchasing power for overseas sourced goods and increases international travel costs.

 

What do the figures show?

National Australia Bank Business Survey

  • The NAB business confidence index fell from +1.1 points in August to a 6-year low of -0.3 points in September. The long-term average is +5.9 points. But the business conditions index rose from +0.6 points in August to +1.6 points in September. The long-term average is +5.8 points.
  • The survey was conducted in the period September 18-30 2019.
  • The rolling annual average business confidence index fell from +3.2 points in August to +2.6 points in September, below the long-run average of +5.8 points.
  • The rolling annual average business conditions index fell from +6.1 points in August to +5.1 points in September, below the long-run average of +6.0 points.
  • Key Components: The index of trading conditions rose from +3.3 points to +3.8 points; employment rose from +1.7 points to +3.5 points; profitability rose from -2.8 points to -1.9 points; forward orders rose from -4.3 points to – 2.5 points; stocks rose from +2.0 points to +2.2 points; exports rose from -0.2 points to +0.3 points.
  • Inflationary indicators: The monthly reading of labour costs rose at a 0.9 per cent quarterly rate in September after a 1.1 per cent rise in August. Purchase costs rose at a 0.7 per cent quarterly rate (previously +0.6 per cent). Final product prices rose at a 0.1 per cent quarterly rate (previously +0.2 per cent). Retail prices were flat (previously +0.1 per cent).
  • Capacity utilisation fell from 82.1 per cent to 81.9 per cent, above the long-term average of 81.1 per cent.
  • The proportion of firms reporting that they did not require credit rose from 40 per cent to 55 per cent.
  • NAB reported: “The results of the September survey suggest more of the same for the business sector.Conditions edged up, and confidence was marginally lower, but both remain below their long run average – well below the levels seen just over a year ago. This suggests that activity in the business sector has slowed and we fear the risk that this spreads to both investment and employment intentions”.
  • “At present there are some key themes in the business sector. There is a downturn in housing construction and this has some way to play out. The consumer is weak, with low income growth and high debt levels having been a factor for some time. Global uncertainty is heightened on the back of trade ructions – and the exchange rate has depreciated. More positively, public sector spending has been a support to the business sector with a large pipeline of work underway.”
  • “These factors have seen particular weakness in the ‘goods’ related part of the business survey with particular weakness in retail, wholesale, construction and manufacturing. Services sectors have generally held up better, and mining, while volatile recently, is also still a positive.”
  • “Forward-looking indicators are mixed. Capacity utilisation fell slightly in the month, but remains above average. Forward orders edged higher but are below average.”
  • “In combination with weak confidence, leading indicators generally suggest that conditions will remain around where they are going forward. To date, employment has mirrored the strength in the official labour market data, though the suggested pace of employment growth has slowed somewhat. Surveyed capex has declined further and is now below average – the quarterly survey for Q3 released next week will give us an indicator of firms’ intentions for investment in the period ahead.”

 

Consumer Sentiment

  • The weekly ANZ-Roy Morgan consumer confidence rating fell by 2.1 per cent to 112.3 points after lifting by 4.2 per cent – the most in 15 months – in the previous week. Sentiment is below the average of 114.4 points held since 2014 and the longer term average of 113.1 points held since 1990.
  • Four of the five major components of the index fell last week:
    • The estimate of family finances compared with a year ago was down from +14.9 points to +9.5 points;
    • The estimate of family finances over the next year was down from +29.1 points to +22.7 points;
    • Economic conditions over the next 12 months was down from -1.7 points to -3.4 points;
    • Economic conditions over the next 5 years was down from +7.0 points to +5.8 points;
    • The measure of whether it was a good time to buy a major household item was up from +24.3 points to +26.8 points.
  • The measure of inflation expectations was steady at 4.1 per cent.

 

Job advertisements

  • ANZ job advertisements rose by 0.3 per cent in September after falling by 2.6 per cent in August. Ads were down by 10.4 per cent over the year to 157,638.

 

What is the importance of the economic data?

  • The monthly National Australia Bank business survey is valuable in providing a timely reading about the health of Corporate Australia. Key indicators of business conditions such as orders, employment, profitability and capacity use are covered together with a gauge on confidence levels.
  • The ANZ/Roy Morgan weekly survey of consumer confidence closely tracks the monthly Westpac/Melbourne Institute consumer sentiment index but the former measure is a timelier assessment of consumer attitudes and is now closely tracked by the Reserve Bank.
  • The monthly Job Advertisements release is a leading employment indicator. Employers only seek additional staff if business activity is strong, and more importantly, if they expect that conditions will remain favourable in coming months. It takes around 5-6 months for the new staff to be added to the payrolls. But a fall in job advertisements would have a more immediate impact on monthly employment estimates.

 

What are the implications for interest rates and investors?

  • In our view, the NAB report supports recent Reserve Bank moves to cut interest rates, while potentially increasing the likelihood of further cuts should non-mining business investment weaken further.
  • Forward looking indicators of private sector investment appear more positive with the recent capital spending survey implying a lift in business investment intentions in 2019/20.
  • Underneath the bonnet, key components of the September business survey showed some tentative signs of stabilisation with trading conditions, profitability, employment and forward orders all lifting a smidgen off still-low levels. And conditions in the retail sector and manufacturing sectors improved. That said, construction remains in the doldrums with residential building activity continuing to contract.
  • The Westpac-Melbourne Institute’s October monthly consumer confidence index is due out tomorrow. The survey was conducted last week – the same as today’s released ANZ-Roy Morgan survey – so we’d expect an overlap in the current themes impacting consumer sentiment.
  • Higher petrol prices, the weaker value of the Aussie dollar against the greenback and a loss of momentum in the ASX200 index (down 1.5 per cent so far in October) could more than offset improving sentiment towards the property market. And it appears that consumers are becoming increasingly concerned about economic conditions, given rising unemployment. That said, the positive ANZ job ads data for September was encouraging.
  • If anything, the Reserve Bank’s move to cut interest rates to a record lows appears to have spooked consumers about the economic outlook. Sentiment fell after rates were cut in both June and July and falls in last week’s economic conditions sub-indexes point to a potentially similar outcome in October.
  • The recent release of the Apple iPhone 11, however, may lift consumer spending in October, especially with additional tax offsets hitting bank accounts. And online sales events in November could be the catalyst for an increase in discretionary spending, especially if the rebound in property prices takes hold.
  • Reserve Bank Governor Philip Lowe has opened the door for potential unconventional monetary policy next year. In a published article in the Financial Times, Dr. Lowe and Monetary Authority of Singapore deputy managing director Ms. Jacqueline Loh said that policies such as negative interest rates and central bank bond buying “may become increasingly important” in a world of structurally low real rates should conventional tools reach their limits.
  • Economists expect another rate cut in February 2020.

 

House building falls by the most in a decade

Consumer confidence hits 4-year low

Record international tourism

Building activity; Consumer confidence; Tourism

  • New starts: The number of dwelling starts rose by 1.1 per cent in the June quarter – the first increase since December 2017. Currently, 207,269 homes are being built – the lowest level in 31⁄2 years. House starts fell by 10.5 per cent in the June quarter – the biggest decline in 101⁄2-years. And $69.8 billion of residential and commercial building work was yet to be done (completed), down from the record high of $77.0 billion in June 2018.
  • Consumer confidence: The Westpac/Melbourne Institute survey of consumer sentiment index fell by 5.5 per cent to 92.8 points in October – the lowest level since July 2015. Consumer sentiment is below the longer term average of 101.5 points. A reading below 100 points denotes pessimism.
  • Tourism: International visitors to Australia rose by 3 per cent to a record high 8.6 million over the year to June. Spending by international tourists increased by 5 per cent to $44.6 billion – a record high.

 

The consumer confidence figures have implications for retailers, and other consumer-focussed businesses. Building & building material companies are affected by dwelling starts including Boral, James Hardie, Adelaide Brighton, Lend Lease, CIMIC, Dulux and Brickworks. Tourism data is important for airlines, hotels and booking agents.

 

What does it all mean?

  • The slowdown in residential home building continues. And the amount of work entering the pipeline is declining, having peaked a year ago. The number of homes currently being built across Australia is the lowest level since December 2015. And new (private sector) house building fell by 10.5 per cent in the June quarter – the biggest decline since September 2008.
  • With building approvals falling back to pre-residential construction boom levels of around 195,000 units, the demand and supply imbalance will recede, eventually supporting home prices, given still-solid population growth.
  • And the pipeline of residential building construction in Sydney and Melbourne remains elevated with overall activity supported by non-residential building activity, including aged care facilities, retail warehouses, offices and recreational buildings.
  • The Reserve Bank has its job cut-out convincing Aussies to spend more at the moment. Retail spending lifted by the most in six months in September (up by 0.4 per cent), but consumers appear in no mood to part with their hard- earned coin in October, despite lower mortgage rates and tax relief. In fact, sentiment for mortgagers has fallen to 31⁄2-year lows.
  • Tourism continues to be a bright spot for the Aussie economy. A record 8.6 million international visitors madetheir way ‘Down Under’ over the year to June, up by 3 per cent. According to Austrade’s International VisitorSurvey, spending on accommodation, flights, theme parks, airlines and rental cars, combined, lifted to a record- high 44.6 billion, up by 5 per cent. The weaker Aussie dollar is a tourist magnet.

 

What do the figures show?

Dwelling starts & work done

  • The number of dwelling starts (commencements) rose by 1.1 per cent in the June quarter to 46,315 dwellings– the first lift since December 2017.
  • House starts fell by 10.5 per cent in the June quarter – the biggest decline in 101⁄2-years, but apartment starts rose by 21.0 per cent.
  • Work started on 197,227 new dwellings over the 12 months to June, down by 14.3 per cent on the year. Starts fell from the record high of 234,186 dwellings in the year to December 2016.
  • Across Australia, starts in the June quarter fell in five states/territories: NSW (up by 11.7 per cent); Victoria (down by 4.2 per cent); Queensland (down by 9.6 per cent); South Australia (down by 0.9 per cent); Western Australia (up by 19.8 per cent); Tasmania (down by 20.2 per cent); Northern Territory (down by 15.6 per cent); and the ACT (up by 31.3 per cent).
  • In the year to June, dwelling starts were higher than the decade average in all of the states and territories except for the Northern Territory (down 57.9 per cent), Western Australia (down 32.2 per cent), South Australia (down 7.3 per cent) and Queensland (down 3.0 per cent). Starts in the ACT were 26.8 per cent above the decade average. Next highest was NSW where starts were up by 23.8 above the decade average with Tasmania up 15.3 per cent and Victoria up 4.3 per cent.
  • In the June quarter $69.8 billion of residential and commercial building work was yet to be done (completed), down 9.3 per cent on a year ago.
  • The value of residential and commercial building work in the pipeline stood at $89.1 billion at the end of June, down by 10.2 per cent on a year ago and below the record-high of $99.2 billion at the end of June 2018.
  • Across Australia, 207,269 homes are being built, down from a record 231,416 homes in March 2018.

 

Consumer confidence

  • The Westpac/Melbourne Institute survey of consumer sentiment index fell by 5.5 per cent to 92.8 points in October– lowest level since July 2015. Consumer sentiment is below the longer term average of 101.5 points.
  • Looking at the Westpac survey: the current conditions index fell by 4.5 per cent – the biggest monthly decline in over two years to 97.4 points. And the expectations index fell by 6.3 per cent to 89.7 points.
  • All five components of the index fell in October:
    • The estimate of family finances compared with a year ago fell by 4.9 per cent to 80.2 points;
    • The estimate of family finances over the next year fell by 3.7 per cent to 93.3 points;
    • Economic conditions over the next 12 months fell by 6.0 per cent to 87.1 points;
    • Economic conditions over the next 5 years fell by 9.1 per cent to 88.9 points;
    • The measure on whether it was a good time to buy a major household item fell by 4.2 per cent to 114.5 points.
  • Housing outlook: A good time to buy a dwelling? The index fell by 5.4 per cent to 116.6 points, but was still up by 13.7 per cent on the year. House price expectations lifted by 5.9 per cent to 138.0 points to be up by 36.1 per cent on a year ago.
  • Unemployment expectations fell by 1.3 per cent to 131.8 points in October (assuming a slightly stronger job market).

 

What is the importance of the economic data?

  • The Australian Bureau of Statistics releases data on dwelling commencements (starts) each quarter. The figures provide guidance on future construction activity. If construction begins on new houses or apartments, it signifies work for building trades.
  • Westpac and the Melbourne Institute release the Index of Consumer Sentiment each month. According toMelbourne Institute: “The survey of consumer sentiment was first undertaken in 1973 and was conducted on a quarterly basis until 1976, a six-weekly basis from 1976 to 1986, and has been conducted monthly ever since.” Confident consumers may be more inclined to spend, especially on major items.

 

What are the implications for interest rates and investors?

  • Aussie business owners and consumers are on guard. The tick-up in unemployment, elevated mortgage debt and slow wages growth are weighing on consumers, despite interest rate and income tax cuts. And the uncertain economic backdrop, lower value of the Aussie dollar, higher petrol prices and reversal in global sharemarkets in October are also combining to unnerve households.
  • The Reserve Bank’s move to cut interest rates to fresh record lows appears to have spooked consumers about the economic outlook. Sentiment has fallen immediately after rates were cut in June, July and now October.
  • Disappointing readings on consumer (4-year lows) and business (6-year lows) confidence justifies stimulus by policymakers to shore-up Australia’s slowing economy. The easing of monetary policy and tax relief – it is hoped – will eventually encourage jobs growth, consumer spending and business investment.
  • But dwelling investment will continue to be drag on growth in the near-term, despite the unexpected lift in building starts in the June quarter, home price revival on the East Coast and improving housing finance commitments.
  • Economists expect another rate cut in February 2020. But we view fiscal policy easing in the way of further personal income tax cuts and more infrastructure spending to be potentially more beneficial than taking the cash rate lower.

 

Investor Signposts: Week Beginning October 13 2019

Australia: Employment data in the spotlight

  • A relatively quiet week is in prospect in Australia. The highlight is Thursday’s job data.
  • The week kicks-off on Monday when the Reserve Bank releases the latest data on credit and debit card transactions. This data has become more comprehensive in recent months including figures on overseas card purchases and a breakup between personal and commercial card transactions.
  • Interestingly, the number of credit and charge card accounts stood at a near 5-year low in July (lowest since November 2014), down from 15.77 million to 15.70 million in July.
  • On Tuesday, minutes of the last Reserve Bank Board meeting are issued. This was the meeting where the Board decided to cut rates to all-time lows. Investors are keen to know whether further rate cuts can be expected this year.
  • Also on Tuesday, the usual weekly measure of consumer confidence is issued by ANZ and Roy Morgan, CommBank releases a survey of household spending intentions and data on tourism arrivals and departures is scheduled.
  • The Australian Bureau of Statistics (ABS) releases the tourism flow data. But the actual release is entitled Overseas Arrivals and Departures. So not only does the publication contain information on tourism arrivals and departures but also on longer-term migration flows as well.
  • In July, there were 95,810 permanent and long-term arrivals in Australia. The annual number of permanent and long-term overseas arrivals eased from a record-high of 850,770 people in June to 844,680 people in July, but was still up by 3.2 per cent over the year.
  • On Thursday, the ABS releases the August estimates of employment and unemployment. The job market has taken on greater importance in Reserve Bank interest rate decisions. So in short, the data could prove pivotal. Although it is important to note that employment is a ‘lagging’ indicator – it reflects hiring and firing decisions made by firms as much as six months ago.
  • Economists tip a 20,000 lift in jobs in September with the unemployment rate expected to remain steady at 5.3 per cent. In August, employment rose for the 35th consecutive month, up by 34,700 jobs, with the jobless rate up from 5.2 per cent to 5.3 per cent.
  • Also on Thursday, Reserve Bank Deputy Governor Guy Debelle delivers a speech at the CFA Societies Australia Investment Conference in Sydney.

 

Overseas: Key Chinese data. US retail sales and production also in focus.

  • There is top shelf indicators for release in both China and the US in the coming week. Also keep a watch out for key US earnings results with Citigroup, JP Morgan, Morgan Stanley, Goldman Sachs and Wells Fargo all due to report on Tuesday.
  • The week begins on Monday in China when September trade (exports and imports) data is released. The data should provide insights into the impact of US tariffs on the economy. Also data on vehicles sales may be released on Monday in China together with money and lending figures.
  • On Tuesday in China, the September data on inflation is issued – producer and consumer prices. Deflation has returned to producer prices. While higher food prices (especially pork) are driving consumer prices higher.
  • In the US on Tuesday, the regular weekly reading on US chain store sales is due with data on consumer inflation expectations and the influential Empire State Manufacturing index.
  • On Wednesday in the US is ‘Super Tuesday’. The weekly reading on mortgage applications is issued as well as retail sales, capital flows, business inventories and the housing market sentiment index from the National Association of Home Builders (NAHB). And to top it off, the Federal Reserve releases its Beige Book – a qualitative survey of conditions across Federal Reserve district banks. Investors will look for clues on a potential rate cut on October 31.
  • Retail sales have been solid in recent months, underpinned by a strong job market and a gentle edging higher of consumer prices. In August, sales rose 0.4 per cent to stand 4.1 per cent higher over the year.
  • On Thursday in the US, the usual weekly data on claims for unemployment insurance (jobless claims) is released, together with housing starts, industrial production and the Philadelphia Federal Reserve manufacturing index.
  • While production rose 0.6 per cent in August it only stood 0.4 per cent higher over the year. The US-China trade war has impacted manufacturing across the globe.
  • On Friday in the US, the leading index is released. And the IMF/World Bank annual meetings commence.
  • On Friday in China, the September quarter economic growth figures are released. In the year to June the economy grew by 6.2 per cent. But all the indications point to a result near 6.0-6.1 per cent in the September quarter.
  • As well as the economic data, the September monthly data on retail sales, production and investment are also due on Friday in China.

 

Stay updated with the latest market and currency developments here.

 

DISCLAIMER

This Freightplus article contains information obtained from sources believed to be reliable and has been prepared in good faith and with all reasonable care. Freightplus makes no warranty, express or implied, concerning the suitability, completeness, quality or exactness of the information and models provided in this website.

Neither Freightplus (Australia) Pty Ltd, its related entities, nor any of its providers of information, have any liability to the user, or any other third party, for the accuracy of the information or models contained in this article, or for any errors or omissions therein, nor will Freightplus (Australia) Pty Ltd or any of its providers of information have any liability for the use, interpretation or implementation of the information or models contained herein by any person.



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