| Australia Economy Archive: |
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Australian Central Bank Ready to Lift Rates
Mar 18, 11:06 AM EDT |
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| Industry sources suggested that conditions in the retail sector had been mixed during February. |
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| The Board’s discussion of developments in financial markets commenced with share markets. Members noted that while global share markets had been more settled for most of the past month, following the sharp falls in January, a degree of weakness and volatility had re-emerged in the past few days and sentiment remained fragile. |
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Australian Unemployment Rate Falls to 4%
Mar 13, 10:42 AM EDT |
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| Employment increased by 36,700 to 10,665,500. |
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| Unemployment rate decreased by 0.2% to 4.0%. The male unemployment rate decreased by 0.1% to 3.6%, and the female unemployment rate decreased by 0.2% to 4.4%. |
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Australia's Trade Deficit Widens
Mar 06, 10:59 AM EST |
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| Seasonally adjusted, goods and services credits rose $322m 2% to $19,020m. |
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| The provisional trend estimate of the balance on goods and services was a deficit of $2,521m in January 2008, an increase of $109m 5% on the revised deficit in December 2007. In seasonally adjusted terms, the balance on goods and services was a deficit of $2,723m in January 2008, an increase of $786m 41% on the revised deficit in December 2007. |
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Australia's GDP Rises 0.6% in Q4
Mar 05, 10:04 AM EST |
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| Non-farm GDP increased by 0.7%. |
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| In trend terms, GDP increased by 0.8% and Non-farm GDP rose 0.7% in the quarter. GDP per hour worked in the market sector rose 0.2% and the Household saving ratio was 2.1.In seasonally adjusted terms, GDP increased by 0.6% in the December quarter. The Terms of trade and Real gross domestic income both rose 0.7%. |
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Rates Hiked to 7.25%
Mar 04, 2:04 PM EST |
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| RBI has raised interest rates for the second time in less than a month to stem the rising inflation. |
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| Australia raised its rate to a 12-year high to stem the rising inflation. With the recent hikes in rates, RBI has raised rates for the 12th time in the last five years. The interest rate spread between the U.S. and Australia are now at the widest to 4.25%. |
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January Retail Sales Stalls
Mar 04, 1:36 PM EST |
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| Consecutive rate hikes are finally taking toll on the retail sales in Australia. |
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| Strong dollar and rising metals and commodities prices lifted consumer spending in Australia. January retail sales rose at 0.4% at the same rate as in December and slower from 0.5% in November. Consecutive rate hikes are finally stemming the rise in retail spending and are likley to slow further in the next six months. |
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Rising Imports Lift Current Account Deficit
Mar 04, 1:29 PM EST |
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| Trade deficit rose in the fourth quarter as exports rose at a faster rate than imports on rising Australian dollar. |
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| The current account deficit, seasonally adjusted rose $2.997 billion, an increase of 18% to $19.34 billion. The deficit on the balance of goods and services rose $2.071 billion an increase of 43% to $6,860m. The income deficit rose $913m or 8% to $12.440 billion. |
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