Tag: australian economy
-
House prices surge through end of 2016
Last year finished with a sharp increase in house prices in capital cities around Australia. Although the growth in prices had been modest for November, December saw an 1.4% rise in residential property prices on average. Melbourne and Hobart led the gain, although prices Melbourne and Sydney surged the most throughout the year. In 2016,…
-
Nurofen fined millions for misleading consumers
The manufacturers of the popular painkiller range Nurofen will be fined $6 million for misleading customers. Today the Australian Competition and Consumer Commission (ACCC) won the court case against pharmaceutical giant Reckitt Benckiser over the targeted pain range. The Federal Court found that the Nurofen targeted pain relief range was misleading because they all had…
-
Millennials are cereal killers for Kellogg’s
The breakfast food choices of Millennials have been a hot topic this year, so the revelation that almost half of the generation of young Americans don’t like cereal is fitting. It is, however, surprising that the reason most Americans don’t like cereal is due to the inconvenience of cleaning up afterwards. This disinterest has deeply damaged…
-
Australian tourism industry booming
The Australian Bureau of Statistics has reported that Australia received more short-term visitors than ever in October. The Australian tourism industry recorded over 713,300 more visitors than the previous year, an improvement of 12.7%. That increase in short-term visitors takes the year’s total to over 8 million visitors, with an increase of 819,800 arrivals (or 11.2%)…
-
Hopeful market as AUD and ASX rise
Australian traders will be feeling positive this morning as the Australian dollar climbs in early trade. The AUD now buys 0.7437 US cents, which represents a 0.09% increase on Friday’s closing price. The stronger performance of Australia’s key export commodities has helped to augment this rise, in particular iron ore. This week Australia’s largest export…
-
Goldman Sachs upgrades Australian economy
Goldman Sachs has released an upgraded forecast for Australia’s economy that reflects much higher predicted economic growth and a higher Australian dollar. The Australian economics team at Goldman Sachs, which consists of Tim Toohey, Andrew Boak and Bill Zu, also expect that the RBA will lift interest rates as soon as late 2017. The team believe that…
-
No drought insurance for farmers
A government report has rejected the feasibility of drought assistance for struggling farmers. The report was commissioned by the government to investigate whether the provision of drought assistance would benefit Australia’s significant agricultural sector. The report found that the move would be uneconomical, as 80% of government aid after droughts is allocated to livestock producers.…
-
Brexit may make it easier to work in the UK
If you’re looking for a change of scene, and looking toward the UK to work and live in a different country, then Brexit may have helped your cause. Currently, there are quite stringent conditions on working and living in the UK for an extended period of time. However, Australian high commissioner to the UK, Alexander…
-
Australia’s GDP exceeds expectations
Australia has experienced unexpectedly high growth in its Gross Domestic Product in the first quarter. The GDP rose 1.1% in the March quarter, elevating the annual rate to 3.1% overall. This is much higher than the 0.8% quarterly and 2.8% annual growth that had been projected by economists. The Australian Bureau of Statistics says the…