Australia: The Australian economy appears to have stumbled into Q4. Growth outlook is unchanged; GDP forecasts 2.3% in 2012-13 (below Commonwealth Treasury and RBA’s 3%) and 3.0% in 2013-14 (in line with Treasury’s 3% and RBA’s 2¼-3¼%). Weighing on near-term activity will be slowing mining investment, a still high AUD,…
Surprising the majority of economists yesterday, and against a 6 year “tradition” of lowering interest rates on Melbourne Cup Day, the Reserve Bank yesterday kept the official cash rate on hold at 3.25%. In his statement explaining the decision, Mr Stevens was more positive about the outlook for the US…
According to NAB’s Online Retail Index for September, online retail sales are continuing to grow, up 23% on last September. For September 2012 Australia’s online retail sales were $12.1 million, 5.5% of “bricks and mortar” retail sales (this figure excludes cafes, restaurants and takeaway food). The rate of growth for…
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