Post by conwaycaine
AIG posts major losses
The US moves to take a share in AIG by converting their preferred stocks
The Dow crashes.
Stock markets across the world plunge.
[except in Australia]
Post by conwaycaine
Emergency meetings in Yurp.
Am I going to have to admit that Adam is right?
You should be used ot it by now.
But there there Conway - don't you fret.
I just had a quick look at today's papers and here's some GOOD news for you.
The Reserve Bank of Australia has held interest rates steady at 3.25 per
The RBA says while the world economy is still very weak, the Australian
financial system remains strong.
In a statement, Reserve Bank Governor Glenn Stevens says demand has not
weakened as much as in other countries.
"On the basis of currently available information, the Australian economy has
not experienced the sort of large contraction seen elsewhere," he said.
Yesterday's interest rate decision came as trade figures surprised on the
upside and indicated Australia's economy has avoided a contraction
in the December quarter.
Australia's current account deficit narrowed to an almost seven-year low of
$6.499 billion in the December quarter, shrinking from $9.498 billion in the
September quarter and coming in ahead of the $7.5 billion figure economists
had been expecting.
Economists now believe GDP may have lifted by between 0.1 per cent and 0.5
per cent in the last three months of 2008, while economies overseas
New home sales surge
New home sales jumped in January as buyers responded to interest rate cuts
and the Federal Government's stimulus plan.
Sales of new homes, including multi-unit dwellings, gained by nationally by
8% in January, the Housing Industry Association said, reversing a 1.1% fall
Australian credit growth rebounds on deep rate cuts
SYDNEY, Feb 27 (Reuters) - Australian private sector credit rebounded in
January, helped by robust demand for loans from businesses and home buyers,
adding to the case for a pause in the pace of interest rate cuts
Rise in spending points to positive Q4
A strong rise in new capital spending by business at the end of 2008 helped
keep the economy expanding.
The surprise increase in expenditure on new capital works points to a
positive gross domestic product (GDP) growth outcome for the fourth quarter,
when the data are release next week.
New private capital expenditure rose 6.0 per cent in real terms, seasonally
adjusted, in the December quarter, the Australian Bureau of Statistics (ABS)
said on Thursday.
The result was in sharp contrast to market expectations for a three per cent
decline and was underpinned by a 11.5 per cent jump in expenditure in the
building and structures category, which includes work done in the mining
[lost cite - sorry]
Housing rental squeeze relaxes in Sydney
SYDNEY'S suburban rental squeeze is easing thanks to first-home buyers and
investors returning to the city's property market.
NSW Real Estate Institute president Steve Martin said yesterday a
combination of first-home buyers and investors had lifted the number of
"At last it seems we are seeing some return to the market by investors, at
least in the key population belt of Sydney," Mr Martin said.
What a pity you're just too decrepit and impoverished to emigrate over here.