Australia economy

Jobless rate in Australia hits 10-year high

Net Australian job losses in December and January meant that no jobs were created at all in the past 12 months. Photo: Bloomberg

Australia's jobless rate unexpectedly jumped to a decade high last month, intensifying concerns about the future of the manufacturing sector as global carmakers prepare to pull out.

Friday, 14 February, 2014, 4:22am

Boost in Australian jobs eases pressure for rate cut

Glenn Stevens, governor of the Reserve Bank of Australia. Photo: Bloomberg

Australia unexpectedly boosted payrolls last month and unemployment declined as the job market withstood a weaker domestic outlook, prompting traders to push back bets on an interest-rate cut.

14 Jun 2013 - 3:49am

Australia's housing investment 'won't fill' GDP gap from mining slowdown

Home prices in Australia are expected to grow less than 5 per cent this year. Photo: Bloomberg

Australian housing investment is unlikely to fill the void left in the nation's economic growth by a slowdown in the mining industry, says JPMorgan Chase.

1 May 2013 - 3:44am

Chinese police say missing tycoon helped fugitive

Liu Han. SCMP pictures

Police disclosed on Friday that a Chinese tycoon whose disappearance threatened to disrupt deals with mining companies in the United States and Australia is being held on suspicion he helped hide a brother who is a murder suspect.

23 Mar 2013 - 10:14am

Virgin Australia feels pinch from competition and tax

Virgin Australia's net income slumped 56pc in the six months to December. Photo: EPA

Virgin Australia, the country's second-largest carrier, posted first-half profit that missed analyst estimates amid a fight with Qantas Airways for passengers and the impact of a carbon tax.

27 Feb 2013 - 4:37am

Building approvals in surprise decline

Fewer people are renovating their homes. Photo: Bloomberg

The number of permits granted to build or renovate houses and apartments fell 4.4 per cent from November, when they rose a revised 3.4 per cent, the Bureau of Statistics said in Sydney on Monday. Job advertisements dropped for an 11th month in January, capping the worst skid since the 2009 global recession.

6 Feb 2013 - 4:59am

More Chinese say g'day to Australia

Chinese visitors are giving the Australian tourism industry a boost as arrivals from Britain and the US stagnate. Photo: AFP

Yin Qiang, a technology manager from Beijing, travelled from Australia's Gold Coast to Melbourne before climbing the Sydney Harbour Bridge with his wife. Next time, they might see a show at the city's iconic Opera House.

28 Dec 2012 - 4:14am

Slowing China drags on Australia

Wayne Swan, Australian Deputy Prime Minister and Treasurer. Photo: SCMP

Slowing momentum in China curbed Australia's economic growth to 0.5 per cent in the three months to September and 3.1 per cent from a year earlier, official data showed yesterday.

The Australian Bureau of Statistics (ABS) said gross domestic product grew a seasonally adjusted 0.5 per cent in the quarter, in line with expectations, driven by mining and manufacturing.

8 May 2015 - 9:46am

Business Digest, December 3, 2012

Australia is the world's biggest exporter of iron ore and coal.

Cooling moves take edge off home prices

8 May 2015 - 4:41pm

IMF says Australia has room to lower interest rates

Reserve Bank of Australia governor Glenn Stevens kept the key rate unchanged at 3.25 per cent on November 6 as inflation accelerates and the global outlook stabilises.

Australia has scope to lower its benchmark interest rate further and delay a return to budget surpluses this year should the global outlook deteriorate, the International Monetary Fund's executive board said.

17 Nov 2012 - 4:13am

Australia home-loan approvals gain in September after rate cuts

Housing loans for buyers and builders rose. Photo: Bloomberg

Australian home-loan approvals rose in September for a second month as buyers responded to the central bank's interest-rate cuts.

14 Nov 2012 - 3:22am

Australia needs to heed advice on engaging China

Ross Garnaut

Australia's economy has been doing so well out of mining for China it may come as a surprise to hear the good times won't last forever without fuller engagement with Asia. That's the message of a government white paper called "The Asian century".

4 Nov 2012 - 3:36am 1 comment

Asia will power Australian economy into top 10, says Gillard

By 2025, one-third of Australia's economy would be underpinned by trade with Asia, says Australian PM Julia Gillard. Photo: AFP

An ambitious plan aimed at maximising links with booming China and other soaring Asian economies will push Australia into the world's top 10 wealthiest nations by 2025, the government says.

29 Oct 2012 - 3:55am