On Thursday, Treasurer Wayne Swan was forced to dump plans for a surplus and realign fiscal policy towards “jobs and growth” as collapsing tax revenues caused the budget to miss target estimates. Cash receipts to the end of October are now 3.9 billion behind budget estimates. With a fragile economy, …
Credit Suisse has expressed concerns about the Australian Banking Sector in its latest research report. It fears job cuts, payment shocks and declining house prices could cause downside risks to earnings and dividends as Australia’s households continue to de-leverage. According to the research, leveraged investors are struggling to make money …
Papers published today from the Property Market and Financial Stability conference held in August reveal Reserve Bank Governor Glenn Stevens opened the conference with remarks on if central banks should lean on asset bubbles before they get too big and out of control. Using momentary policy to put downwards pressure …
Gina Rinehart, the richest woman in the world, has over the past few years become concerned about the direction of Australia according to her latest article in the Australian Resources & Investment Magazine. “It goes back to something Australian’s used to understand well: almost every home understood that you had …
Woolworth’s & Fletcher Building Chairman, Ralph Waters is not surprised either that we have hit a bad patch. Yesterday, I expressed my view the current downturn was inevitable following a stimulus package designed to temporarily prop up an unsustainable, household-debt ridden economy. Mr Water’s told the Australian Financial Review the …
Treasurer Wayne Swan describes today’s 25 basis point cut to the official cash rate as “the early Christmas present that hard working Aussies deserve.” In a press conference after the Reserve Bank announcement, Swan told Australian’s “We’ve now had the equivalent of seven rate cuts over the past year and …
Only hope remains from the phantom housing recovery after the RBA released credit growth aggregates for October. Growth for housing credit has fallen to a positive 0.3 per cent, down from 0.4 per cent the month earlier. Over the 12 month period, housing credit is growing at just 4.7 per …
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