Tag: Australia
Australia’s economy shows promise
Latest figures from the Australian Bureau of Statistics show the country’s GDP growing by 1.2% in the second quarter of 2010, compared with 0.7% in the previous three month period. The spurt, which was driven by a 1.6% increase in household expenditure and an increase in exports of 5.6%, puts economic growth at 3.3% for [...]
Australia unemployment rate rises to 5.3% in July
Figures today revealed Australia’s unemployment rate rose unexpectedly to 5.3% in July from 5.1% in June. According to the Australian Bureau of Statistics, 24,600 more people were out of work surprising analysts who had expected no change. However, experts said the surprise rise may partly be due to revised population figures, which showed there were [...]
Australia revises growth forecast downwards
Australia has today revised its annual growth forecast from 3.25% to 3% due to uncertainty surrounding the global economic recovery. Australia is one of the few developed economies not to have fallen into recession like its counterparts throughout the world as it has benefited from an increase in commodity prices, while exports have received a [...]
Shareholder eco-activism takes root in Australia
Australian Ethical Investments has announced plans to invest in ethically dubious energy firms with the aim of changing their business practices through shareholder activism. The Climate Advocacy Fund (CAF), launched today, will invest in big polluters with the aim of using shareholder influence to encourage firms to green themselves up. Companies will urged to rethink [...]
Australia unemployment rate steady at 5.1%
Figures today revealed Australia’s jobs market remains strong after employment hit a record high of 11.1 million people at work. According to the Australian Bureau of Statistics, the economy created almost 46,000 jobs last month – smashing analysts forecasts of 15,000. The latest figures means the unemployment rate held steady at 5.1%. Westpac Bank expects [...]
Australian consumer confidence takes another dive
A survey by Westpac bank and the Melbourne Institute has revealed that Australian consumer confidence took another dive in June. The study, which questioned 1,200 people, found that consumer morale in June fell by 5.7% to a reading of 101.9 and followed a 7% drop in May. The fall was attributed to global economic worries [...]
Australia halts aggressive rate hikes
The Reserve Bank of Australia (RBA) has today elected to leave interest rates on hold at 4.5% after a series of aggressive rate hikes since October. While the decision was widely expected, economists say the central bank will only leave rates on hold for the short-term. Australia was the first economy to raise rates from [...]
Interest rate hikes take their toll on Australian consumers
A survey by Westpac bank and the Melbourne Institute has revealed that Australian consumer confidence has been hit by the recent hike in interest rates. The study, which questioned 1,200 people, found that consumer morale in May fell for the second consecutive month – by 7% to a reading of 108. This represented the biggest [...]
Australia raises interest rates for sixth time in eight months
The Reserve Bank of Australia (RBA) has today elected to lift interest rates from 4.25% to 4.5%, as widely expected. Australia was the first economy to raise rates from a 50-year low as the economic downturn eased. Other major economies opted for lower interest rates to boost their economies. Furthermore, it is one of the [...]
Social enterprises struggle to raise capital
Social enterprises are underfunded because they lack access to capital, according to a new report launched this week in Australia. The Financing Social Enterprise report, researched by Foresters Community Finance, said social enterprises are often unable to access finance from mainstream lending institutions. “The greatest challenge for emerging social businesses is their lack of access [...]
BoJ elects to hold interest rates at 0.1%
After a two-day policy board meeting, the Bank of Japan (BoJ) has elected to keep interest rates at 0.1%. Interest rates in the world’s second largest economy have been at the low level since December 2008 in a bid to fight off deflation. Deflation remains a problem for the economy. Japanese core consumer prices fell [...]
Australia raises interest rates to 4.25%
The Reserve Bank of Australia (RBA) has today elected to lift interest rates from 4% to 4.25%. Australia was the first economy to raise rates from a 50-year low as the economic downturn eased. Other major economies opted for lower interest rates to boost their economies. Furthermore, it is one of the few developed economies [...]
Australia’s unemployment rate falls in November
Australia’s unemployment rate fell in November to 5.7% from 5.8% in October, according to the latest figures from the Australian Bureau of Statistics. The figures came as a surprise to many analysts who had expected an increase to 5.9%. Australia is one of the few developed economies not to have fallen into recession like its [...]
Australia raises interest rates for third consecutive month
Australia, which is one of the few developed economies not to have fallen into recession like its counterparts throughout the world, has increased interest rates from 3.5% to 3.75%. It is the third month in a row that interest rates have increased and the move was not unexpected. The Australian economy has benefited from an [...]
Australian dollar soars to 15-month high amid job news
Australia’s economy, which is one of the few not to have fallen into recession like its counterparts throughout the world, created more jobs than expected in October, sending the Australian dollar to a 15-month high. Employment within the economy rose 24,500 during the month – the second month of growth. According to Rob Henderson, head [...]
BoE widely expected to leave interest rates at 0.5% today
The Bank of England’s Monetary Policy Committee is today expected to keep UK interest rates on hold at the record low of 0.5% for the eighth month in a row. It is the first meeting since it was revealed on 23 October that the UK economy had not emerged from recession as hoped. Official figures [...]
Fed leaves interest rates at record low
US Central Bank, the Federal Reserve, has opted to keep interest rates at the record low of close to zero and hinted that they would stay this way for the short-term at least. Despite signs of an improvement within the world’s largest economy, the Fed said that low inflation and high levels of unemployment were [...]
Australia raises interest rates for second consecutive month
Australia, which is one of the few developed economies not to have fallen into recession like its counterparts throughout the world, has increased interest rates from 3.25% to 3.5%. It is the second month in a row that interest rates have increased and the move was not unexpected. The Australian economy has benefited from an [...]
