360° Coverage : Reserve Bank lowers outlook for Australian economy

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Reserve Bank lowers outlook for Australian economy
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Reserve Bank lowers outlook for Australian economy

Feb 8 2013, 2:11am CST | by

Sydney, Feb 8 (IANS) The Reserve Bank of Australia (RBA) has lowered its gross domestic product (GDP) forecast for 2013 in its quarterly Statement on Monetary Policy released Friday.

Sydney, Feb 8 — The Reserve Bank of Australia (RBA) has lowered its gross domestic product (GDP) forecast for 2013 in its quarterly Statement on Monetary Policy released Friday. The RBA said that...

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1 year ago

Reserve Bank lowers outlook for Australian economy

Feb 8 2013, 2:11am CST | by

Sydney, Feb 8 (IANS) The Reserve Bank of Australia (RBA) has lowered its gross domestic product (GDP) forecast for 2013 in its quarterly Statement on Monetary Policy released Friday.

Sydney, Feb 8 — The Reserve Bank of Australia (RBA) has lowered its gross domestic product (GDP) forecast for 2013 in its quarterly Statement on Monetary Policy released Friday.

The RBA said that the Australian GDP growth is now expected to be a little below trend over 2013, at round 2.5 percent, before picking up a little in 2014, reported Xinhua.

"The outlook for the Australian economy is slightly weaker than it appeared at the time of the November Statement," the RBA said in the statement.

"These forecasts have been revised down since the November statement, largely reflecting the slightly weaker outlook for mining and non-mining investment."

The RBA mentions several reasons for lowering the outlook for the Australian economy, including the expectation that the mining investment boom will peak in 2013, the effect of the persistently high level of the Australian dollar and little sign of a near-term pick-up in non-mining investment.

The central bank expects inflation to remain in its target range of two to three percent in 2013.

"Over the next few quarters, the pace of underlying inflation is expected to remain at an annual rate of around 2.5 percent and continue to be consistent with the inflation target for the rest of the forecast period," the RBA said.

IANS

Source: IANS

 
Update
11

1 week ago

Things Aren't Looking Good In Australia

Aug 12 2014 7:33pm CDT | Source: Business Insider

All's not well in Australia. Riding on the back of a mining boom, Australia escaped the worst of the financial recession relatively unscathed. But as the Chinese economy slowed and the commodity boom wound down Australia's economy began to falter.  Now, unemployment is at a 12-year high of 6.4%, compared with a low of 4% in 2008. Some were quick to point out that headline number didn't tell the complete story. "The jump in the unemployment rate t ...
Source: Business Insider   Full article at: Business Insider
 

 
Update
10

1 week ago

AUD/USD - Stable As Australian Business Confidence Data Shines

Aug 12 2014 5:11pm CDT | Source: SeekingAlpha

By Dean Popplewell: By Kenny Fisher AUD/USD is steady on Tuesday, as the pair continues to trade in the mid-0.92 range. On the release front, Australian NAB Business Confidence jumped to 11 points last month. HPI beat the estimate, posting a gain of 1.8%. In the US, JOLTS Job Openings improved to 4.67 million, but fell short of the estimate.Australian data started the week in fine form. NAB Business Confidence rose to 11 points, its best showing since September. This ...
Source: SeekingAlpha   Full article at: SeekingAlpha
 

 
Update
9

1 week ago

AUD/USD - Aussie Firm Ahead Of Business Confidence

Aug 11 2014 4:03pm CDT | Source: SeekingAlpha

By Dean Popplewell: By Kenny Fisher AUD/USD is steady on Monday, as the pair trades in the mid-0.92 range. On the release front, it's a very quiet start to the week, with no data out of Australia or the US. Today's sole event is a speech from Federal Reserve Governor Stanley Fischer, who spoke at a conference in Stockholm. Things get busy early Tuesday, with Australia releasing business co ...
Source: SeekingAlpha   Full article at: SeekingAlpha
 

 
Update
8

1 week ago

Don't Expect A Rate Reduction From The Reserve Bank Of Australia

Aug 8 2014 5:43pm CDT | Source: SeekingAlpha

By Hale Stewart: Australia's economy is in a very interesting place. Thanks to China's rapid growth - which has provided a vast and growing market for Australia's natural resources - the Aussies have experienced a very long period of solid economic growth. But the Australian economy has been feeling the negative impact of China's slow move towards a more consumer-led economy in the form of decreased natural resource investment and overall activ ...
Source: SeekingAlpha   Full article at: SeekingAlpha
 

 
Update
7

1 week ago

AUD/USD - Aussie Stable After Downbeat RBA Minutes

Aug 8 2014 12:21pm CDT | Source: SeekingAlpha

By Dean Popplewell: By Kenny Fisher AUD/USD has steadied on Friday, after sustaining sharp losses a day earlier. In Friday's European session, the pair is trading in the high-0.92 range. On the release front, RBA released its quarterly Monetary Policy Statement. Australian Home Loans posted a weak gain of 0.2% last month, well short of expectations. In the US, there are no major events on the schedule. The R ...
Source: SeekingAlpha   Full article at: SeekingAlpha
 

 
Update
5

1 week ago

Euro Looks to Draghi Press Conference for Stimulus Expansion Clues

Aug 8 2014 1:10am CDT | Source: Forex News

Talking Points: Euro Looks to ECB President Draghi’s Presser for Stimulus Expansion Clues Bank of England Rate Decision Likely to be a Non-Event for the British Pound Australian Dollar Fell After Soft Jobs Data Undermined RBA Rate Hike Bets A monetary policy announcement from the European Central Bank headlines the calendar in European hours. The addition of anything new into the policy mix seem ...
Source: Forex News   Full article at: Forex News
 

 
Update
4

1 week ago

RBA cuts inflation, growth forecasts

Aug 7 2014 10:40pm CDT | Source: The Australian

THE RBA has lowered its forecasts for both inflation and GDP growth while saying it sees no imminent change to the record low cash ra ...
Source: The Australian   Full article at: The Australian
 

 
Update
3

1 week ago

Rates steady for economy in transition

Aug 7 2014 7:59pm CDT | Source: The Australian

INTEREST rates aren’t likely to be moving for the foreseeable future as the RBA waits to see how the economy copes w ...
Source: The Australian   Full article at: The Australian
 

 
Update
2

1 week ago

Unemployment And Commodity Prices Are Working Against The Australian Dollar

Aug 7 2014 8:13am CDT | Source: SeekingAlpha

By Dr. Duru: It is probably only a matter of time before the next deep swoon in the Australian dollar (NYSEARCA:FXA).On August 7th (Australian time), the Australian Bureau of Statistics (ABS) reported a spike higher in Australia's employment rate from 6.0% in June to 6.4% in July. This changes what looked like stabilization to an ominous 12-year high in Australia's unemployment rat ...
Source: SeekingAlpha   Full article at: SeekingAlpha
 

 
Update
1

1 week ago

Top Trade Idea For August 7th, 2014 – GBPAUD

Aug 7 2014 5:10am CDT | Source: Forex News

After the terrible employment data in Australia I am saying that the market has just ended a contracting triangle on the gbpaud pair that is about to break higher. Like any contracting triangle, this one travels between the a-c and b-d trend lines and by the time the b-d trend line is broken we should head for the thrust of the triangle, namely the blue line in the chart above. However, as you c ...
Source: Forex News   Full article at: Forex News
 

 

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<a href="/latest_stories/all/all/8" rel="author">Luigi Lugmayr</a>
Luigi is the founding Chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com. Luigi posts regularly on LuigiMe.com about his experience running I4U.

 

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