Exports of crude oil and condensates fell by 18% to 3,788m litres in the first quarter of this year, the Australian Bureau of Agricultural and Resource Economics said.
The decline in volume was moderated by higher prices, with value falling by 15% to $2bn. Thermal coal export volumes slipped 13% to 30.8m tonnes, with value falling 10% to $2.6bn, while the value of liquefied natural gas exports rose 21% to $2.2bn on steady production levels.
The labour market remained a story of strength in May, with a further 26,900 jobs created over the month, enough to push the unemployment rate to its lowest since January.
The increase in employment takes total job creation since August 2009 to 283,600, the Australian Bureau of Statistics said. Unemployment fell to a seasonally adjusted 5.2% in May from 5.4% in April. The number of people in full-time work rose 36,400, while the number in part-time work fell 9,400.
US stocks fell Wednesday, with Bank of America, JP Morgan Chase and Exxon Mobil among the decliners after worries about global growth re-emerged.
The Dow Jones Industrial Average dropped 40.73 (0.41%) to 9,899.25. The measure's financial components were among its weakest, as Bank of America declined 32 cents (2.1%) to $15.01, and JP Morgan Chase slipped 66 cents (1.8%) to $37.12. Exxon Mobil was also among the Dow's top decliners, with a drop of $1.21 (2%) to $60.03.
RBA Governor Glenn Stevens said strong commodity prices would push the country's terms of trade back to 50-year highs in 2010, adding recent sovereign debt woes in Europe would have a limited direct impact on the commodity-rich economy.
He forecast the global economy grew by around 1% in the first quarter, which is much stronger than the central bank had expected a year ago and remained upbeat on the outlook for Asia.
A stress test of Australia's 20 largest banks under a scenario of a severe economic downturn shows the banking system would remain resilient with no banks failing, Australian Prudential Regulatory Authority Chairman John Laker said.
Consumer sentiment dropped significantly for a second straight month in June, providing more evidence the RBA may remain on hold for the time being.
For June, an index of consumer sentiment fell 5.7% from May, following a 7% drop the month before. The index fell to 101.9 points in June in seasonally adjusted terms from 108.0 points in May, compilers Westpac and the Melbourne Institute said.
Standing out in the report were concerns about international economic conditions, which registered the worst reading since the end of the global financial crisis.
A wide range of US stocks, including DuPont, Bank of America and Exxon Mobil, climbed on Tuesday, indicating increased confidence in the US economy, although continued worries about the European economy kept the gains in check.
Sales and profit expectations among businesses for the third quarter 2010 declined slightly in the past month, according to an industry survey.
In the second round of its third-quarter survey of 1,200 business owners, the Dun & Bradstreet National Business Expectations Survey had a sales expectations index of 23, down from a preliminary index reading of 28 given early last month. For the second quarter, the index reading was 33.
US stocks fell on Monday, with Bank of America, Caterpillar and Alcoa among the decliners as investors continued to worry about European sovereign debt while data on US consumer spending also sparked concerns about the economic recovery.
The Dow Jones Industrial Average fell 115.48 points (1.16%) to 9,816.49, its lowest close since Nov. 4. The Dow is now below the intraday low it hit during the May 5 "flash crash."
Construction activity expanded for the third straight month in May, albeit at a slower pace as operating conditions became more difficult, according to a survey of the sector.
The Australian Industry Group/Housing Industry Association Performance of construction Index was 53.2 in May, down 2.6 points from April, but still above the 50-point level indicating an expansion in activity. House building experienced the strongest conditions, with a rise in new orders and increased investor activity.