Business confidence surged to its highest level in almost 6 years in August, sending a strong signal the economy continued to grow solidly in the third quarter while cementing the case for a rise in interest rates before the end of the year.
Business confidence jumped 8 points in August from July to an index reading of +18 points, its highest reading since October 2003 and well above its long run average levels, according to a monthly survey of businesses by National Australia Bank.
The total number of job advertisements in Australian newspapers and on the Internet rose 4.1% in seasonally adjusted terms in August from the previous month, to an average of 130,326 ads per week. It was the first rise in job ads since April 2008.
Total job ads were 48.1% down from a year, Australia & New Zealand Banking Group, which compiles the data from major newspapers, said.
The number of Internet job advertisements rose 4.0% in August from July, contributing to an annual decline of 48.4% in seasonally adjusted terms.
Australia's economy grew stronger-than-expected in the second quarter, pulling it clear of any lingering threat of recession and pressuring the Reserve Bank of Australia to raise interest rates within the next few months.
The economy grew a seasonally-adjusted 0.6% from the first quarter, the Bureau of Statistics said, the fastest pace of quarterly growth since the start of 2008.
Australia's current account deficit widened massively in the second quarter of 2009 as the impact of sharp cuts to iron ore and coal export prices with Asian buyers lashed the trade accounts.
Australia's current account deficit widened to a seasonally adjusted $13.35bn in the second quarter of 2009 from the first quarter, the bureau said. Economists had expected a current account deficit of $10.6bn in the quarter.
The first quarter deficit was revised to $6.35bn from the $4.61bn initially reported.
The total number of houses and apartments approved for construction rose a seasonally adjusted 7.7% in July from June, the ABS said. Economists had expected on average that total residential building approvals rose 3.5% from the month before.
Economists said increasing demand for housing likely reflects 49-year lows in interest rates at 3% and ongoing government financial support for first home buyers.
By now, most of us are aware of the recent turmoil in financial markets.
For the last financial year superannuation funds have returned their biggest losses since the introduction of compulsory superannuation, 17 years ago! The average “balanced” fund is expected to return a loss of approximately 13%.
Australian housing affordability conditions deteriorated in the second quarter on the back of a rise in prices paid for established dwellings, according to a private-sector report.
The Housing Industry Association-Commonwealth Bank of Australia's first home buyer affordability index fell 5.3% to 152.5 in the June quarter from 161.0 in the first quarter but was 41% higher than the previous corresponding period.
Australian consumer confidence surged to near two-year highs in August as vivid evidence the global slump has largely bypassed Australia encourages hopes for a quick economic rebound.
An index of consumer sentiment in Australia rose 3.7% in August from July to its highest levels since October 2007, compilers Westpac and the Melbourne Institute said in a statement.
Westpac said the index rose to 113.4 points in August in seasonally adjusted terms from 109.4 points in July, and in annual terms the consumer sentiment index rose a seasonally adjusted 31.6%.
Australian business confidence rose to its highest levels in almost two years in July.
According to a monthly survey by National Australia Bank released Tuesday, overall business conditions also firmed in July, consolidating recent higher levels.
NAB's business confidence index rose 6 points in July from June to +10 points, the highest reading since August 2007 and approaching long run average levels.NAB's business conditions index rose 3 points in July from June, to +1 point.
Australian housing finance grew in June, albeit at a slower pace than expected, as low interest rates and government stimulus continued to support the sector.
The number of housing-finance approvals in Australia rose a seasonally adjusted 1.1% in June from May, the Australian Bureau of Statistics said. Economists surveyed ahead of the announcement on average had expected a rise of 2.0%.
Finance for construction of new homes rose 2.8% in June, while finance for the purchase of new dwellings fell 0.2%, the ABS said.