The Australian government has assured on Friday that the announced defence spending cuts in the upcoming 2012-2013 budget will not weaken the ability of the military to safeguard the country's interest in the Asia-Pacific region.
Westpac Banking Corporation reported on Thursday first-half net profit of $3.07 billion for the six months to March 31. While it is a 25 per cent decline compared to the same period a year ago, the slump was mainly due to a one-off tax consolidation following Westpac's purchase of St George.
Bell FX Currency Outlook: Weaker commodity prices pushed the Australian dollar lower overnight with commodity currencies under immense pressure as gold, copper and oil all ended the session significantly lower.
International credit rating agencies are expected to maintain Australia's AAA status following the anticipated budget surplus that the federal government is set to present on May 8, likely pulling down banks and consumers borrowing costs for much of the current year.
The Australian sharemarket lost ground today for the first time in four sessions, with the All Ordinaries Index (XAO) easing by 0.2 pct or 10.3 pts to 4494.5. The mining, energy and industrial sectors all ended lower which put downward pressure on the broader market. Those three sectors make up around 37 pct of the Australian sharemarket.
The Australian share market rose for the third consecutive day yesterday, with the All Ordinaries Index (XAO) edging higher by 7 points to 4,504 points. Overnight the markets were held back by the news that 11 European countries had now fallen back into recession, and the Eurozone unemployment rate had hit a record high of 10.9 pct.
Unlike their US and Western counterparts whose economies have been largely saddled by the global fiscal uncertainty, China and India, along with members of the ASEAN (Association of Southeast Asian Nations) group, have been forecast to continue their growth of momentum well beyond year 2030.
Prime Minister Julia Gillard vowed on Thursday to beef up Australia's defence capabilities amidst pressures to reduce government spending in the May 8 budget presentation.
1st Fleet, an Australian trucking company that operates in Queensland, New South Wales, Victoria and South Australia, locked out about 1,000 workers and ceased trading overnight without any warning on Wednesday night.
Two of Australia's big 4 banks have yielded to pressure from Treasurer Wayne Swan for them to reduce their mortgage interest rates following the May 1 decision by the Reserve Bank of Australia (RBA) to cut the overnight cash rate by 50 basis points to 3.75 per cent.
Bell FX Currency Outlook: The Australian dollar continues to hold up relatively well as buying interest emerges just below USD1.0300.
U.S. stocks finished mostly lower Wednesday after a weak reading on U.S. private-sector hiring added to concerns over a worsening European economy. The Dow Jones Industrial Average lost 10.75 points, or 0.08%, to 13268.57 after declining as many as 87 points in early trading. The Standard Poor's 500-stock index gave up 3.51 points, or 0.25%, to 1402.31, while the Nasdaq Composite edged up 9.41 points, or 0.31%, to 3059.85.
The Australian sharemarket rose for the third consecutive day today, with the All Ordinaries Index (XAO) edging higher by 0.2 pct or 7.5 pts to 4504.8. The XAO is one of the most popular ways to measure Aussie market performance. The index is comprised of the 500 largest listed companies locally, which make up over 95 pct of the Australian market. We hit the high of the day around the open, with shares up more 0.35 pct and shares were at their worst at midday.
The New South Wales (NSW) Business Chamber is pushing to limit weekend penalties for employees who work on Saturdays and Sundays which ups the rates of workers higher than ordinary employees.
The Australian share market improved for the second straight day yesterday, with the All Ordinaries Index (XAO) up 30 points to 4,497 points. The market held up well after the bigger than expected rate cut from the Reserve Bank of Australia's (RBA), cutting the cash rate by 50 basis points to 3.75 pct.
Australian borrowers need to profit too from the significant interest rate reduction implemented on Tuesday by the country's central bank, according to Federal Treasurer Wayne Swan, as he called on the Big Four to pass on the cut to their customers.
Former Prime Minister Kevin Rudd could be resurrected as the new headliner for the beleaguered Labor Party, according to emerging reports, following the release of an exit poll that all but confirmed voters' disdain for Prime Minister Julia Gillard.
Australia would commit serious mistakes in anchoring its future to boxed policies, according to former Prime Minister John Howard, stressing that the country's economic programs and international relations must be attuned to reality.
Former Australian Prime Minister John Howard questioned the too much premium given by Australia to China.
A day after the Reserve Bank of Australia (RBA) unexpectedly cut the overnight cash rate by half a percentage point to 3.75 per cent. Treasurer Wayne Swan prodded on Wednesday Australian banks to pass to customers the rate cut in full.
A surprisingly strong reading on domestic manufacturing fueled a rally in stocks and drove Dow industrials to their highest level in more than four years. The Dow Jones Industrial Average rose 65.69 points, or 0.5%, to 13279.32, its best close since Dec. 28, 2007. The Standard Poor's 500-stock index tacked on 7.91 points, or 0.6%, to 1405.82 and the Nasdaq Composite gained 4.08 points, or 0.1%, to 3050.44.
Bell FX Currency Outlook: The Australian Dollar managed to respect the recent support level of USD1.0300 overnight following yesterday's interest rate decision to lower the cash rate by 0.50% to 3.75%.
A proposal by the U.S. Department of Labor (DoL) that would have restricted children under the age of 16 from performing certain routine chores on family farms has been officially revoked. According to The Daily Caller, which originally broke the story, a groundswell of public outcry that occurred after the story went "viral" ultimately led to the decision, which was announced late Thursday evening.
The Australian sharemarket improved for the second straight day today, with the All Ordinaries Index (XAO) up 0.7 pct or 30.1 pts to 4497.3 and is now trading around nine month highs. The local market outperformed the majority of our peers last month and edged higher by 1 pct in April.
Low income earners will not be able to find affordable housing in Canberra, according to Anglicare Australia's annual Rental Affordability Snapshot. The snapshot, released Tuesday, shows less than 140 listed properties in Canberra and Queanbeyan match some classifications of minimum-wage earners.
Amidst the fiscal uncertainty that continues to affect the world, China's manufacturing activity continued to rally for the fifth straight month in April, hinting economic movement in factories of the world's second-largest economy is recovering and stabilizing.
Prime Minister Julia Gillard has taken the 'necessary' steps that eased out the nagging distractions from her government but latest polls still suggested she would never secure a new mandate next year.
A Department of Treasury study found that mining companies continue their aggressive recruitment to meet labour shortages suffered by the sector. Among their measures are the downgrade of selection criteria and allocation of a large amount of money to train new recruits.
Apparently irked to the brim over the misplaced information and emotional blackmail being fed to the locals where its Lynas Advance Materials Plant (LAMP) is located, Australian rare earths miner Lynas Corp. had upped its arms and taken legal action against a protest group as well as a number of media outlets in Malaysia.
To further expand bilateral strategic cooperation through trade and investment links between their nations, China and Russia over the weekend inked some 27 agreements worth $15 billion that mostly includes partnerships on energy, equipment, IT and finance.
