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Australian Economy

Hurry : Only days to go to get a big mortgage

The Sunday Telegraph reports banks are urging first home buyers to take out mortgage applications prior to the Melbourne Cup rate rise next week, so they can secure the biggest possible loans. A mortgage advisor at NAB’s Surry Hills branch told a Sunday Telegraph Journalist “you will need to hurry

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Australian Economy

Australian Housing Bubble hits new Heights

The Australian housing bubble, one of the last in the world to pop is bucking world trends to hit new heights. Today, The Sydney Daily Telegraph reports data from Residex suggesting Sydney’s median house price is now $610,500 in September, up $11,000 for the month after breaking through the $600,000

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Australian Economy

Strong Jobs locks in November Rates Rise

Unemployment in Australia has bucked the trend, coming in at a better than expected 5.7%. The Aggregate monthly hours worked increased 13.4 million hours to 1,522.4 million hours, after 13 months of declines. The strength of jobs, comes just days after the RBA increased the official cash rate to 3.25%.

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Australian Economy

Cash rate rises to 3.25%

The RBA today has increased the official cash rate by 25 basis points to 3.25% on the back of a strong Australian economy. Interest rates have been at emergency 3.00% levels since April. Today’s rise makes Australia the first developed nation to increase rates since the start of the GFC.

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United States Economy

U.S. Youth Unemployment hits 53.4%

While U.S. unemployment has hit a 26 year high of 9.8%, spare a thought for young Americans aged between 16 and 24 who are not studying – more than half are unemployed. The New York Times reports for this group, getting a job and moving out of the family home

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United States Economy

U.S. unemployment rate worst in 26 years

While economists were only expecting the lost of 180,000 jobs in the U.S., figures just released show in September 263,000 payroll jobs were axed, pushing U.S. unemployment up to a 26 year high of 9.8%. » U.S. job losses accelerate to 263,000 in September – Market Watch, 2nd October 2009.