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Economy
Australian GDP growth smashes 60-year record, economy picking up steam
March 03, 2021 07:06 PM AEDT| By Team Kalkine MediaSource: patpitchaya, Shutterstock Summary Australian GDP rose by 3.1% during the December quarter, beating previous expectations by a large margin. The ABS reports that it was for the first time in 60 years that see GDP growth exceeded 3% for tw...
Payroll jobs fall in Victoria, Western Australia;Frydenberg bats for high GDP numbers
March 03, 2021 04:16 PM AEDT| By AshishSource:Wright Studio ,Shutterstock Summary The payroll jobs increased in all states except Victoria and Western Australia in the fortnight to 13 February 2021 due to the coronavirus-induced restrictions. While the payroll jobs fell by 0....
Housing prices in Australia highest in 13 years
March 03, 2021 02:48 PM AEDT| By Team Kalkine Mediahe HomeBuilder grant, as well as record-low interest rates, led to the housing sector boom. The Australian housing market hit the headlines Wednesday as it saw the highest monthly price surge since 2003. House prices went up 2.1% in February aft...
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What ABS data shows about long-term rates in Australia?
March 02, 2021 07:43 PM AEDT| By TribhuwanSource: wutzkohphoto, Shutterstock Long term rates are now well above short term rates, indicating that long term economic prospects are promising. Economic activities are resuming in the country as evident by rising government tax revenues. Austr...
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Strong Demand Lifts Factory Activity Across the Globe in February
March 02, 2021 06:13 PM AEDT| By Daminiis further expected to push demand and factory activity over the near term. Without a doubt, COVID-19-driven lockdown restrictions initially weighed heavily on the services sector, interrupting factory activity worldwide. However, the recent pi....
RBA continues with quantitative easing, leaves interest rates unchanged
March 02, 2021 04:08 PM AEDT| By AshishSource: EyeofPaul,Shutterstock Summary The Reserve Bank of Australia (RBA) on Tuesday kept the interest rates unchanged at 0.1 per cent and maintained its commitment towards the quantitative easing programme. The decision to persist...
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Lens on the AUD Amid Rising Commodity Prices
March 01, 2021 06:32 PM AEDT| By Team Kalkine Mediait retreated 3.5% over the week on account of a bearish commodities and equities market. The previous week saw the Australian dollar on a roll, surging on the back of increasing commodity prices. On the 24th of February, the Australian dollar t....
Australian house prices record steepest hike since 2003; what’s driving the boom?
March 01, 2021 04:11 PM AEDT| By AshishSource:sommart sombutwanitkul,Shutterstock Summary Australian house prices reported their sharpest monthly rise since 2003 amid record low interest rates and government’s support. House prices soared 2 per cent across the major cap...
Chinese investments in Australia hit a 6-year low amid frayed relations
March 01, 2021 01:22 PM AEDT| By Ashishmed that Australia had blocked 10 Chinese investments on national security grounds. Amid the ongoing diplomatic tensions, Chinese investment in Australia plunged significantly in 2020. Even though global investments were negatively impacted due...
Australians’ average earnings decline as low-wage jobs recover
February 25, 2021 03:53 PM AEDT| By Ashisho put downward pressure on the average, said Bjorn Jarvis, head of Labour Statistics, ABS. The average earnings for full-time adults declined marginally in November 2020 amid a recovery in low-paid jobs, hours and wages. The average weekly ordin...
Why Australian wages grew at slowest pace in December quarter
February 24, 2021 03:18 PM AEDT| By Ashishate sector outpaced the public sector in wage growth during the period under review. The Australian wages grew at the slowest pace on record in the December quarter even as the economy recovered from the coronavirus-induced restrictions. The slo...
What drove the decline in Australia’s January exports
February 23, 2021 02:56 PM AEDT| By AshishThe global car manufacturing resulted in shortage of supplies. Australia recorded a goods trade surplus, even as import and export of goods fell in January 2021. While the goods trade surplus stood at A$8.8 billion, imports and exports dec....
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How COVID-19 hit private health insurance industry’s performance in 2020
February 23, 2021 12:56 PM AEDT| By Ashishrlier part of the year negatively impacted the investment earnings. Australia’s private health insurance sector was significantly impacted by the coronavirus pandemic last year as profit plunged due to negligible premium growth and muted i...
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Glimmer of hope amid pandemic: Australian retail sales rise in January
February 19, 2021 03:02 PM AEDT| By AshishThe Australian retail sales surged as coronavirus-induced restrictions in different states eased in January 2021. The national retail turnover recorded a 0.6 per cent rise (seasonally adjusted), up 10.7 per cent from the corresponding period of las.....
January Jobless Rate lurches lower than expected
February 18, 2021 07:11 PM AEDT| By Hina ChowdharyThe Australian Bureau of Statistics (ABS) today released its latest data on Labour Force for the month of January 2021. The unemployment rate decreased to 6.4% in January 2021, down from its December value of 6.6%, going lower than the expected rat.....
Vaccines to inject optimism in world economy, IMF pegs US growth at 5.1%
February 17, 2021 10:20 PM AEDT| By Team Kalkine Mediaed to show staggering improvement due to potential structural changes in the economy. Nations across the globe are on the mend as they have begun neutralizing the devastating effects of the pandemic left behind on the economy as well as on finan...
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Why Australians’ overseas travel hit a 24-year low in 2020
February 17, 2021 03:33 PM AEDT| By Team Kalkine MediaThe COVID-19 pandemic played spoilsports with Australians’ overseas travel plans in 2020, with the numbers hitting a 24-year low. As revealed by the latest Australian Bureau of Statistics (ABS) data, there was a 75% decline in the number of A.....
US Dollar drops to 3-week low as vaccine optimism abounds
February 16, 2021 12:16 AM AEDT| By Team Kalkine Mediasignificantly as it rose to its highest level in about three years pushing past USD1.39. Tuesday marked a three-week low for US Dollar and a three-year high for Sterling as news surrounding the vaccine injected optimism into investors. The Brit....
Why is Mastercard supporting cryptocurrencies on its network?
February 11, 2021 09:13 PM AEDT| By Team Kalkine MediaCredit card payments company Mastercard (NYSE: MA) announced that it would allow cardholders to transact using some cryptocurrencies on its platform starting later this year. The financial services giant is the latest in various other companies to .....
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Business confidence improves in January, conditions worsen: NAB survey
February 09, 2021 03:14 PM AEDT| By Team Kalkine MediaBusiness confidence picked up in January even as business conditions declined from record highs in December, according to a survey. The fall in business conditions was on account of the COVID-19-related breakouts in a few cities, which were ultimat.....
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