Early rates rise tipped for Australia after near record imports
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CANBERRA : Near record high imports increased Australia&#39;s trade deficit by 10.5 percent in September, according to new data, which analysts say raises the prospects for an early rise in interest rates.
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Australia pared its economic growth forecast yesterday because of sluggish exports, as expected, but said rising tax receipts would boost the country&#39;s budget surplus.
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The Anglo-Australian mining giant unveils record profits of $3.4bn, helped by soaring demand from China.
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WELLINGTON (Dow Jones)--The New Zealand dollar is likely to add to its steep drop against its Australian counterpart after the New Zealand central bank indicated Thursday it is through raising interest rates.
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The value of Australia&#39;s commodity exports is expected to hit $95 billion this financial year, with minerals and energy expected to drive the improvement.
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SYDNEY (Dow Jones)--Chinese copper demand will remain strong for the foreseeable future despite the central bank&#39;s decision to raise interest rates for the first time in close to a decade, leading producers in the Asia Pacific region said Friday.
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Australia opts to keep interest rates at 6.5%, as jitters continue to worry markets worldwide.
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Overnight rate nearly certain to rise to 6.0% after June prices pass expectations.
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Australia&#39;s equity market and currency may rise following the Liberal-National coalition&#39;s election to a fourth term in office after pledging to extend 13 years of economic growth and keep interest rates low.
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U.S. gold futures rose to a 28-year high in screen trade on Tuesday, after the Federal Reserve slashed the benchmark interest rate by a half-percentage point in a bid to boost the economy.
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The countryâs trade deficit narrowed in January as coal and manufacturing exports rose, signaling that growth may pick up in the Asia-Pacific regionâs fifth-largest economy. The trade shortfall narrowed to 876 million Australian dollars ($677 million) from 1.38 billion Australian dollars in December, the Bureau of Statistics reported. Exports rose 2 percent and imports dropped 1 percent. Total exports climbed to 18.12 billion Australian dollars in January. Farm exports like meat, sugar, wheat and wool declined 1 percent. Shipments of nonrural goods, which include minerals, increased 3 percent. Total imports fell to 18.99 billion Australian dollars from December. Imports of intermediate goods, which include fuel, decreased 1 percent.
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SYDNEY : Australian share prices returned to record territory, adding 0.28 percent as investors shrugged off disappointing results from National Australia Bank to send the market higher, dealers said.
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The Australian dollar headed for its sixth weekly gain, the longest winning streak in more than a year, on optimism raw-material exports to China will increase after a report showed economic growth there.
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AUSTRALIAN home owners can breathe a sigh of relief: stable interest rates are predicted well into next year. The Reserve Bank issued a glowing report card on the Australian economy yesterday, now that the
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Australia&#39;s central bank said Monday that an expected increase in inflation next year could force it to raise interest rates. The government has pledged to keep interest rates low, but prices have been rising
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Australia&#39;s real gross domestic product (GDP) is projected to grow by about 3.75 percent in 2004 and medium-term prospects remain favorable, the International Monetary Fund (IMF) said Monday.
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MELBOURNE - Australian stocks finished 0.1 per cent higher on Friday, underpinned by global mining giants BHP Billiton and Rio Tinto, and ended the week flat, just 10 points off a record high hit 9 days ago.