Tag: Economic Growth

The Reserve Bank today announced a cut of 25 basis points to lower the cash rate to 2.75 percent.

The Reserve Bank of Australia (RBA) announced that the cash rate would remain at 3.0 percent earlier today.

Australia’s economic conditions are predicted by some to take a downward turn in 2013, meaning employers large and small are growing anxious about an economic slump and the potential for China’s growth to go into reverse.

Economy-wide spending enjoyed a solid gain in June, according to the latest Commonwealth Bank Business Sales Indicator (BSI), suggesting consumers are slowly becoming less tentative about parting with their cash.

Spending rose across the economy in April, according to the latest Commonwealth Bank Business Sales Indicator (BSI), though it appears business sales growth may be slowing as a result of declining consumer confidence.

Although Western Australia continues to record strong economic growth, economic uncertainty and small business pain has seen the Chamber of Commerce and Industry (CCI) revise down economic growth forecasts for the current financial year.

Consumers remain positive despite successive interest rate increased from the Reserve Bank of Australia and increases in home loan lending rates above and beyond the RBA in November by all major banks.

Australia’s mining industry is driving an increase in job advertisements in the past six months, with job ads in the sector up almost 30 percent in the industry.

The Westpac – Melbourne Institute Index of Consumer Sentiment has bounced back 17 percent over the last two months as consumers burned by six RBA interest rate increases in nine months recover.

Westpac’s Melbourne Institute Leading Index has peaked, but will remain well above the long term trend of 3 percent over the next three to nine months, triggering fears of a rate rise in August.