Tag: Australia
Australia’s jobless rate at eight-month high
Figures today revealed Australia’s unemployment rate jumped to 5.1% in July – the highest rate since November 2010. The latest figures suggest the economy is struggling after being hit by flood and cyclone disasters earlier this year. Australia, dubbed the “wonder from Down Under”, is one of the few developed economies not to have fallen [...]
New Zealand economic growth beats expectations in Q1
Official figures today revealed New Zealand’s economy surged in the January to March period despite the devastating earthquake which hit Christchurch, the country’s second largest city, on 22 February. The economy grew by 0.8% in the three month period – the fastest pace for over a year, according to Statistics New Zealand. The figure was [...]
Australia leaves interest rates on hold
The Reserve Bank of Australia (RBA) has today elected to keep interest rates on hold at 4.75% – for the seventh time since November. The move, which was widely expected, comes as the economy slows and pressures mount over inflation. Australia was the first economy to raise rates from a 50-year low as the economic [...]
Australian retail sales in surprise fall in May
Australia’s Bureau of Statistics today revealed retail sales showed a surprise fall in May sending the dollar and shares down after the announcement. Sales suffered the largest fall in seven months, declining by 0.6% on a monthly basis, confounding analysts’ expectations of a 0.3% rise. According to analysts, today’s figures will lead the Reserve Bank [...]
Australian airspace hit by Chilean ash cloud
Australia’s flagship airline, Qantas, has been forced to suspend all flights to and from Canberra, Adelaide and Sydney because ash cloud from the Chilean volcano has drifted. The ash cloud from the Puyehue volcano, which erupted on 4 June, has once again moved into Australian airspace and is currently sitting at the same altitude that [...]
Australia’s jobless rate holds steady at 4.9%
Figures today revealed Australia’s unemployment rate held steady at 4.9% in May. According to the Australian Bureau of Statistics, the economy created just 7,800 jobs last month – far worse than the 25,000 analysts had forecast. However, the number was offset by a rise of 29,800 in part-time employment, which helped maintain the jobless rate. [...]
Australian retail sales recover in April
Australia’s Bureau of Statistics today revealed retail sales recovered in April, hitting a 17-month high. Sales grew 1.1% in April on a monthly basis – the biggest rise since November 2009 and nearly three times more than expected. The figures come just a day after the Bureau revealed the economy contracted in the first quarter [...]
Australia’s economy contracts in Q1
The Australian economy, dubbed the “wonder from down under”, contracted in the first quarter after flood and cyclone disasters led to a fall in coal and agricultural exports. According to the Australian Bureau of Statistics, the economy contracted by 1.2% in the January to March period – the largest quarterly contraction since 1991 – the [...]
Food prices soaring to dangerous levels
According to the World Bank, soaring food prices have pushed more than 40 million people into poverty in the last year. Worryingly, a further 10% increase in food prices would push 10 million below the extreme poverty line – defined as an income of less than $1.25 a day. Robert Zoellick, World Bank president, was [...]
Australia’s jobless rate falls to 4.9%
Figures today revealed Australia’s unemployment rate fell to 4.9% in March – the lowest level since December 2008. The drop comes despite the recent flooding and cyclones which has affected farming and mining and is likely to impact negatively on economic growth. According to the Australian Bureau of Statistics, the economy created 37,800 jobs in [...]
Australia posts trade deficit
Australia has posted its first trade deficit for 11 months in February after flood and cyclone disasters led to a fall in coal and agricultural exports. The Australian Bureau of Statistics published a deficit of AUS$205 million (£131 million), from a downwardly revised surplus of AUS$1.433 billion the previous month. Analysts were shocked by the [...]
Australia counts the cost of flood and cyclone disasters
The Treasury department has estimated that the disasters that hit Australia earlier this year will cost the economy AUS$9 billion (£5.8 billion). The figure is considerably higher than a previous estimate of AUS$5.6 billion. Australia, which is one of the few developed economies not to have fallen into recession like its counterparts throughout the world, [...]
Asian stocks and yen down after quake
Asian shares and the yen have dropped after a 8.9 magnitude earthquake hit Japan. The earthquake hit the northeast coast of Japan, followed by a 13-foot tsunami wave sending shares tumbling. Shares had already lost ground following weak economic data and the Middle East turmoil. Japan’s Nikkei index was 1.7% lower, but Nikkei futures lost [...]
Australian economy grows 0.7% in Q4
The Australian Bureau of Statistics (ABS) has today reported the economy grew by 0.7% in the October to December period, boosted by private spending on machinery and equipment, and inventories. However, the figure was slightly lower than the 0.8% growth expected by analysts. According to the ABS, the quarter-on-quarter figure was up from a revised [...]
Australia’s unemployment rate holds steady at 5%
Figures today revealed Australia’s unemployment rate held steady at the 5% mark in January – despite the recent flooding which has affected farming and mining. According to the Australian Bureau of Statistics, the economy created 24,000 jobs in January. The Bureau comments: “Due to flooding in Queensland, operational difficulties were experienced in conducting the Labour [...]
Australia could see contraction in Q1
Australia, which is one of the few developed economies not to have fallen into recession like its counterparts throughout the world, could see its economy contract in the January to March period. The warning came from Treasurer Wayne Swan after the country has been hit by flood and cyclone disasters, which has led to a [...]
Australian economic growth slows significantly in Q3
The Australian economy, which is one of the few developed economies not to have fallen into recession like its counterparts throughout the world, has today reported a slowing in growth for the third quarter as the rise in the dollar hit export earnings and consumers were hit by higher interest rates. Official figures revealed the [...]
Australia and India kick off interest rate week with rises
This week has been described as “the busiest week in decades” as interest rate decisions are expected across the globe. Today, Australia and India have both opted to raise interest rates by 0.25% amid rising inflation. The Reserve Bank of Australia (RBA) lifted rates to 4.75% – a move which surprised analysts. Australia was the [...]
