Mytilineos and Australia’s national broadband network have agreed to build a solar farm in Australia with a power sale agreement. In particular, in a special ceremony in the presence of the Minister of Communications of Australia, Michelle Rowland, Mytilineos through the Renewable Sources & Energy Storage Development Division (RSD) announced the start of the construction […]
Tag: Australia
Australia: Trade surplus at record level in May
Australia’s seasonally adjusted trade surplus widened to a record A$15.97 billion ($10.83 billion) in May, thanks to a big rise in the value of exports during the month. The value of exports jumped 9.5% month-on-month to A$58.40 billion, driven by higher prices for coal and other fossil fuels, the Australian Bureau of Statistics said. Imports […]
Another interest rate hike by Australia’s central bank
Australia’s central bank raised interest rates for the second time in a row by 50 basis points at Tuesday’s meeting, signaling that inflation risks remain high and that further action to contain prices is likely in the coming months. Central bank governor Philip Lowe announced an interest rate hike from 0.85% to 1.35%, following a […]
Australia: Flooding in Sydney continues for a third day
Thousands of Sydney residents were ordered to evacuate their homes today as heavy rain lashed the city for a third day, causing rivers to swallow swathes of land and overflowing a dam in Australia’s biggest city. About 32,000 people have been told to evacuate their homes or be prepared to do so in the state […]
Australia: Retail sales increase 0.9% in May, above the 0.4% expected
The Australian retail sales grew 0.9% in May, matching the percentage increase in April and exceeding the 0.4% estimated by the market consensus. This is the fifth consecutive month in which the indicator shows positive. Annual retail sales increased by 10.4% compared to the same month in 2021, according to the Australian Bureau of Statistics […]
Australia: S&P cuts 2022 GDP forecast to 3.6% from 4% previously
In its latest economic assessment for the Asia-Pacific region, S&P Global offers dire growth prospects. The global rating agency has cut Australia’s GDP forecast for 2022while also revising the RBA’s monetary policy expectations. Featured Comments “Growth is slowing in the region as demand for exports softens in line with an expected slowdown among the world’s […]
Australia: Treasury Bond Yields Set for Biggest Weekly Fall in Decade
Aussie bond buyers hold the reins as investors await RBA Governor Lowe’s speech. 10-year coupons pull back from eight-year highs and break a four-week uptrend. The 3-year Treasury yield reverses from highs in late 2011, on track for biggest weekly loss in 11 years. Australian data and the RBA’s assertive stance fail to support bond […]
Central Bank of Australia: No recession expected in the coming years
Australian central bank governor Philip Lowe said today he did not expect a recession in Australia in the coming years. “I do not see a recession on the horizon,” he said. Unemployment is at a 50-year low, and labor market participation is at an all-time high, Lowe told a business group. “The number of Australians […]
The Prime Minister of Australia at the NATO Summit
New Australian Prime Minister Anthony Albanese has said he will attend a “significant” NATO summit in Madrid later this month as the US-led military alliance seeks to further strengthen ties following Russia’s military invasion of Ukraine. on February. Australia, one of Ukraine’s main non-NATO supporters, has sent humanitarian aid and military equipment to Kyiv and […]
Australia announces new, more ambitious targets for reducing greenhouse gases
Australia’s new Prime Minister Anthony Albanese announced on Thursday that he had officially sent a letter to the UN announcing a major increase in the country’s greenhouse gas reduction targets, confirming the change in the country’s climate policy. Albanezi clarified that Australia will reduce greenhouse gas emissions by 43% (from 26 to 28% in the […]
