Sydney/Hong Kong CNN Business — Australia’s economy is suffering its first recession in nearly three decades as the nation grapples with the impact of the coronavirus pandemic. The country’s economy shrank 0.3% in the first three months of the year from the previous quarter, according to the Australia Bureau of Statistics. Despite the recession, Frydenberg said Australia has “avoided the …
The Reserve Bank of Australia knows part of its job is to keep confidence high. For evidence, he cited RBA governor Philip Lowe, who said in September last year that Australia's economy seemed to have reached a "gentle turning point" after a soft patch in 2018. They say household consumption — which makes up 56 per cent of the economy …
Despite better than expected March sales figures, the retail sector continues to drag down the economy. Key points: Retail sale turnover grew by a better than expected 0.3pc in March, but over the quarter volumes fell and are likely to be a drag on GDP The household sector was the hardest hit as wealth effects from falling house prices bite …
"So far, not too bad" is about where Australia's corporate reporting season stands, but this week is the big test. This week in finance: Wage Price Index and jobs data are key determinants in the RBA's interest rate thinking BHP, Woolworths and Qantas and Wesfarmers are among the blue-chips reporting Manufacturing surveys in the US and Europe will be watched …
