News Australia

The Reserve Bank has decided to keep interest rates on hold, despite fears of the Australian economy struggling outside the mining sector. With instability in the European markets and concerns over a double-dip recession in the US, the RBA decided to keep official interest rates at 4.75 percent. RateCity CEO Damian Smith said the decision [...]

Australia’s unemployment rate rose to 5.1 per cent in July, official figures show. The June figure was an unrevised 4.9 per cent. Total employment was steady at 11.450 million in the month. Full-time employment fell by 22,200 to 8.055 million in July and part-time employment was up 22,100 at 3.395 million. The July participation rate [...]

The Australian dollar is trading higher, after the US Federal Reserve said interest rates could stay at their record lows until mid-2013. Around midday, the dollar was trading at 103.21 US cents, up from 102.25 cents on Tuesday afternoon. RBC Capital Markets currency strategist Michael Turner said the Australian dollar rallied around three US cents [...]

The clouds of economic gloom gathering over the US and Europe could have a silver lining for Australian borrowers – a double rate cut is now predicted for next month. After global shares sustained $2.5 trillion losses last week and US government had its credit rating cut by Standard & Poor’s late on Friday (US [...]

Australian shares have plummeted to levels not seen since the global financial crisis as investors come to the realisation that major world economies are headed for another downturn. The local market mirrored massive falls on Wall Street and in Europe, shedding over $50 billion on Friday, and around $100 billion in the week, the worst [...]

The Australian dollar was almost two US cents lower at noon as a combination of weak data, locally and in the US, and the central bank keeping the cash rate on hold weigh on the currency At 1200 AEST on Wednesday, it was trading at 107.04 US cents, down from 108.90 cents on Tuesday. The [...]

The Reserve Bank of Australia (RBA) has spared borrowers an interest rate rise, leaving the cash rate at 4.75 percent in a widely expected move. The Reserve Bank last increased the overnight cash rate in November 2010 to 4.75 percent from 4.5 percent and most economists still expect a rate rise this year. “We expect [...]

The Australian dollar was higher at noon after a deal was reached to raise the US government’s borrowing limit. At 1200 (AEST) on Monday, the Australian dollar was trading at 110.52 US cents, up from 109.54 cents on Friday. On Monday morning (AEST) political leaders in Washington agreed to raise the US government debt ceiling [...]

Now we know the starting price on carbon – $23 – a clearer picture is starting to form as to its impact on the property industry. Will it have a negative impact? That all depends on who you talk to. The Housing Industry Association – a body that represents builders and the makers and suppliers [...]

NEW home construction is tipped to fall 17 per cent in Victoria this financial year but the HIA says its forecast is not all bad news. The Housing Industry Association says its not all doom and gloom with the state coming off record highs. HIA chief economist Harley Dale said the forecast for a 17 [...]