Australia Wednesday hailed as "remarkable" the 1.3 percent growth in its mining-driven economy in the first three months of 2012, as consumer spending rallied and business investment boomed.
Showing posts with label Australian dollar. Show all posts
Showing posts with label Australian dollar. Show all posts
Thursday, June 7, 2012
Wednesday, July 6, 2011
Reserve Bank of Australia holds interest rates fire as growth stalls
THE Australian economy is slowing rapidly as inflation moderates and cautious consumers save rather than spend.
As the Reserve Bank yesterday kept interest rates on hold at 4.75 per cent for the seventh consecutive board meeting, governor Glenn Stevens signalled that the bank would lower its forecast for growth in its quarterly monetary policy statement next month, citing subdued household spending, the high Australian dollar and a slower than expected recovery from the summer floods.
As the Reserve Bank yesterday kept interest rates on hold at 4.75 per cent for the seventh consecutive board meeting, governor Glenn Stevens signalled that the bank would lower its forecast for growth in its quarterly monetary policy statement next month, citing subdued household spending, the high Australian dollar and a slower than expected recovery from the summer floods.
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