Australian banks are finding they’re not immune to the debt crisis engulfing Europe as a gauge of funding costs reached the highest in almost a year and bond risk surged to the most since July.
BusinessWeek.com — Finance
Australia’s economy shrank in the first quarter by the most in 20 years as floods hurt exports, even as stronger business investment underscored the central bank’s forecast for a rebound in the second half of the year.
BusinessWeek.com — Finance
The Reserve Bank of Australia may resume lifting the developed world’s highest borrowing costs in July or August to counter inflation fueled by the biggest surge in demand since 2009, rates in money markets show.
BusinessWeek.com — Finance
Australia’s government will end 23 years of spending growth to ease inflation from a mining boom and support the return to a budget surplus, even as it plans measures to help companies hurt by a record-high currency.
BusinessWeek.com — Finance
Australia will make “substantial” spending cuts in the budget after a rising currency, the nation’s costliest natural disasters and Japan’s earthquake crimped revenue, Treasurer Wayne Swan said.
BusinessWeek.com — Finance
National Australia Bank Ltd., the nation’s best-performing bank stock this year, said first-half profit rose 16 percent as it won mortgage customers and boosted fees from business banking.
BusinessWeek.com — Finance
Australia’s sovereign wealth fund dumped holdings in mine and cluster bomb makers as the nation prepares to ratify a treaty banning the weapons.
BusinessWeek.com — Finance
Australia needs to curb spending and make “difficult budget decisions” because tax revenue won’t grow as quickly as it did between 2004 and 2007 during the mining industry’s previous boom, Treasurer Wayne Swan said.
BusinessWeek.com — Finance
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