Australia 02 (Jan 11 - Dec 25)

Re: Australia 02 (Jan 11 - Oct 11)

Postby Muhajir » Thu Jun 02, 2011 4:28 am

Read this in bloomberg today and I thought I would post this here.

Australia’s Economy Shrinks Most in 20 Years as Floods Hurt Coal Exports
By Michael Heath - Jun 1, 2011 11:43 AM GMT+0500

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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.

Gross domestic product fell 1.2 percent from the previous three months, when it rose a revised 0.8 percent, the Bureau of Statistics said in Sydney today. Exports slumped 8.7 percent, subtracting 2.1 percentage points from GDP growth, today’s report showed, while machinery and equipment spending jumped 6 percent, adding 0.4 point.

The nation’s dollar rose after the report showed the contraction was smaller than a drop of as much as 2 percent that economists including Goldman Sachs & Partners Australia Pty had forecast. While Reserve Bank of Australia Governor Glenn Stevens has held interest rates at 4.75 percent for the past five meetings to help Queensland state recover, investors today boosted bets he’ll raise borrowing costs by August.

“The market was braced for a really big negative so it’s a bit of a relief,” said Su-Lin Ong, senior economist at RBC Capital Markets in Sydney. “The report looks mostly to be reflecting the impact of the Queensland floods on exports; outside of exports, domestic demand is actually pretty resilient.”

Read more....

Still there will be the people who claim that Global Warming is not effecting us at all :roll:
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Re: Australia 02 (Jan 11 - Oct 11)

Postby winston » Sun Jul 03, 2011 8:22 pm

Charges in Australian banknote scandal

Two banknote firms linked to Australia's central bank and six of their former employees were charged Friday over the bribing of Asian officials to secure contracts to print their currencies.

As arrests were being made in Australia, a former top Malaysian central banker and a businessman were charged with corruption over their involvement with the polymer note companies accused of providing kickbacks.

Australian Federal Police (AFP) said the charges related to currency companies Securency International and Note Printing Australia (NPA) allegedly bribing officials in Indonesia, Malaysia and Vietnam.

http://news.malaysia.msn.com/regional/a ... id=4988472
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Re: Australia 02 (Jan 11 - Oct 11)

Postby winston » Wed Jul 13, 2011 7:23 am

One Country In Asia Offers Shelter From the Storm

A Greek default, should it happen, would cause billions of write-offs by European and American banks. Sounds bad but it shouldn’t put those banks in any real danger.

The excerpt below makes a good point: Greece is no Lehman.

If it weren’t for the ECB’s huge exposure to Greek debt, Greece would NOT be too big to fail. As it is, the ECB won’t let Greece go down the tubes, at least not in the next couple of years.

But if Greece is making you nervous, the best place to seek shelter is not in the US…or China…or Germany. It’s in Australia.

Read below to find out why. From Australia’s Sydney Morning Herald…

Australian banks have become less vulnerable to international financial shocks, a central bank official says.

While Australian banks still need foreign funds to on-lend to local borrowers, the amount has declined significantly since the global financial crisis that started almost four years ago.

Additionally, the banks have protected themselves from the risks posed by their overseas borrowing by converting the interest payments into Australian dollars, using a process known as hedging.

That meant the Reserve Bank of Australia could bail them out more easily in a financial crisis, assistant governor Guy Debelle said today.

‘‘The RBA would be able to meet a temporary liquidity shortfall by lending in Australian dollars against a stressed bank’s assets,’’ Dr Debelle told a financial stability conference in Sydney.

This was in contrast to European banks that funded lending in the US with money borrowed in the US.

When the European banks couldn’t access money for their day-to-day activities, the European Central Bank was limited in what it could do to help them.

Dr Debelle’s reassurance comes as the Greek parliament prepares to vote on new austerity, or cost-cutting and tax-raising, measures to save the debt-ridden country from defaulting.

There are fears that if Greece does default, the problem could spread to other European countries such as Portugal and Spain. That would mean even more money would be needed to bail out countries and banks.

Dr Debelle said a default by Greece would be different to the collapse of Lehman Brothers and Bear Sterns, which deepened the global financial crisis in 2008.

‘‘Lehmans was sitting there with a whole bunch of financial linkages all over the financial system,’’ he said.

He said the financial linkages of Greece to the rest of the world were a lot less and were better known.

The banks in Australia are well protected from any default event that could (but won’t) take place in Europe. The Australian economy could see a blip but no more. And Australia has several strong mining companies to choose from. You should consider making the country from “Down Under” a part of your defensive investing strategy.

http://www.thetradingreport.com/2011/07 ... e-storm-2/
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Re: Australia 02 (Jan 11 - Dec 11)

Postby winston » Tue Nov 01, 2011 11:33 am

RBA cut interest by 25 bp to 4.5%
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Re: Australia 02 (Jan 11 - Dec 12)

Postby iam802 » Thu Jan 19, 2012 11:05 am

Australian Job Losses Cap Worst Year Since 1992

http://www.bloomberg.com/news/2012-01-1 ... -bets.html

Australian employers unexpectedly cut jobs in December, capping the labor market’s worst year in almost two decades, as investors raised bets on interest-rate reductions. The local currency declined.

The number of people employed fell by 29,300 last month after a revised 7,500 drop in November, the statistics bureau said in Sydney today. The median estimate in a Bloomberg News survey of 23 economists was for a 10,000 increase. The year ended with a revised 5.2 percent jobless rate and little change in payrolls from December 2010, their worst annual performance since 1992.

The data validate Reserve Bank of Australia Governor Glenn Stevens’s decision to cut rates at back-to-back meetings for the first time since 2009 as Europe’s sovereign debt crisis weakens prospects for global growth. Housing has slumped, retail sales stalled in November, and manufacturing and services are struggling with a stronger local dollar.

“The clear message is that the labor market has slowed materially in the second half of 2011 and that’s going to be one of the major concerns for the Reserve Bank as we move through 2012,” said Brian Redican, senior economist in Sydney at Macquarie Group Ltd. (MQG), Australia’s biggest investment bank.

Australia’s dollar weakened after the report, trading at $1.0397 at 12:05 p.m. in Sydney from $1.0423 before the release and $1.0437 yesterday in New York. Investors are pricing in 107 basis points of rate cuts over the next 12 months, up from 103 points, a Credit Suisse Group AG Index showed at 12:02 p.m. in Sydney today.

Full-Time Jobs

The number of full-time jobs advanced by 24,500 in December, and part-time employment plunged by 53,700, today’s report showed.

Australia’s participation rate, a measure of the working- age population, dropped to 65.2 percent in December, the lowest level since May 2010, from 65.5 percent a month earlier, it showed.
Leading indicators of employment have been weaker as pessimism about the global economic outlook deepens.

A closely watched government measure of job vacancies dropped 3.3 percent in the three months to November, retracing all of the gains in the prior period.

Help-wanted notices fell in December for the fifth time in six months as the bout of global financial turmoil worsened, an Australia & New Zealand Banking Group Ltd. report released three days ago showed.

Bank Firings

UBS AG analysts said in a Jan. 13 report that Australian banks may scrap 7,000 jobs in the next two years as the nation’s lenders cut costs that account for 58 percent of expenses to offset the weakest credit growth since World War II.

The focus on employment costs at banks, which are among major employers in the biggest cities of Sydney and Melbourne, mirror the challenge faced around the world by lenders battling slower revenue growth amid weak household and business confidence. ANZ Bank, the third biggest in Australia by market value, is preparing to cut as many as 900 jobs in coming months, the union that represents bank workers said last week.

The World Bank this week lowered its global growth forecast by the most in three years, saying that a recession in the euro region threatens to exacerbate a slowdown in emerging markets such as India and Mexico.

The global economy will grow 2.5 percent this year, down from a June estimate of 3.6 percent, the Washington-based institution said. The euro area may contract 0.3 percent, compared with a previous estimate of a 1.8 percent gain.

Stevens reduced the overnight cash rate target to 4.25 percent from 4.5 percent on Dec. 6, citing “considerable turbulence” in financial markets and an increased chance of a “further material slowing in global growth.”

“The fact that the unemployment rate is still broadly steady tells you that we’re still in reasonable shape,” said Paul Bloxham, chief economist for HSBC Holdings Plc in Sydney and a former central bank official. “This is consistent with the idea that the RBA will be cutting rates next.”

1. Always wait for the setup. NO SETUP; NO TRADE

2. The trend will END but I don't know WHEN.

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Re: Australia 02 (Jan 11 - Dec 12)

Postby winston » Mon Jan 23, 2012 10:12 am

House prices drop, but we're still up on global list by Chris Zappone

"Australia exhibited the worst housing affordability of any national market outside Hong Kong" ... Demographia International Housing Affordability Survey.

Housing affordability improved in Australia last year, according to an annual international ranking, but local real estate still remains some of the least affordable in the world.

Australia's national unaffordability ratio sank from 6.1 times in 2010 to the still ''severely unaffordable'' ratio of 5.6 times, helped by sinking home prices, according to analysis by a US research group.

''Australia exhibited the worst housing affordability of any national market outside Hong Kong,'' the eighth annual Demographia International Housing Affordability survey of 325 markets concluded. The unaffordability ratio is derived from dividing the median house price by the median household income.

Housing markets with a median multiple of 3.1 to 4 times are dubbed ''moderately unaffordable''. The ratio of 4.1 to 5 times is ''seriously unaffordable'' while ''severely unaffordable'' markets have ratios of 5.1 times or above.

''There were no affordable markets in Australia in 2011 and the overwhelming majority of markets were severely unaffordable,'' the report said.

Hong Kong's national median multiple of 12.6 times topped the list for unaffordability, followed by Australia, New Zealand (5.2), Britain, (5.1), Canada (3.5), Ireland (3.3) and the US (3).

Britain, Ireland and the US have suffered crippling house price collapses, while Australian prices, after falling in 2008, rose through the September quarter of 2010, helped by rate cuts and cash stimulus. Capital city home prices have slipped 3.7 per cent in the 11 months to November, according to RP-Rismark data.

The Housing Industry Association-Commonwealth Bank housing affordability index, released last month, showed a 1.2 per cent rise in September quarter affordability. The median home price in November was $450,000, RP data showed.

Australia's property has been characterised as the most overvalued in the world by The Economist magazine and the bubble-watching investor Jeremy Grantham, from the US investment fund GMO.

In the Demographia survey, Sydney was the 323rd most affordable with a house price-to-income ratio of 9.2. Melbourne was 320 with a ratio of 8.4. Coffs Harbour was 319, the Gold Coast 318, and the Sunshine Coast 317.

http://smh.domain.com.au/real-estate-ne ... 1qcr5.html
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Can U believe this ? 05 (Oct 11 - Dec 12)

Postby behappyalways » Fri Jan 27, 2012 7:58 am

Julia Gillard Attacked in Riot 2012.01.26
http://www.youtube.com/watch?feature=pl ... MdVPQH1Eig
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Re: Can U believe this ? 05 (Oct 11 - Dec 12)

Postby kennynah » Fri Jan 27, 2012 10:31 am

duno whether you had the chance to see how these kangeroo police dealt with the aborigines... thugs in uniform...

i still cannot understand why people are so steam to retire in such a racist country :?

watch till the end..and you will see it

http://www.youtube.com/watch?v=MbdlHRveHnI

behappyalways wrote:Julia Gillard Attacked in Riot 2012.01.26
http://www.youtube.com/watch?feature=pl ... MdVPQH1Eig
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Re: Australia 02 (Jan 11 - Dec 12)

Postby iam802 » Fri Jan 27, 2012 10:43 am

I have the opportunity to discuss about racism in Australia with my cousins who have been staying there for a number of years just a couple of days back.

Their comments is that racism is much higher in Sydney. Outside of Sydney,, it isn't as bad.

Why do people look at the 'greener pasture' overseas? The reasons may be...

Hidden Content:
1. Home is not what it used to be.

2. They have their Tertiary education, establish and grow their network of friends there.

3. The jobs are there.
1. Always wait for the setup. NO SETUP; NO TRADE

2. The trend will END but I don't know WHEN.

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Re: Australia 02 (Jan 11 - Dec 12)

Postby kennynah » Fri Jan 27, 2012 10:52 am

your hidden comment is very valid...

i miss the 80s...honestly...
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