The Westpac-Melbourne Institute Leading Index suggests the economy is on the rebound as commodity and equity prices rally.
The index grew by 4.2 per cent in February up from 2.7 per cent recorded in September and much higher than the long term trend rate of 2.8 per cent.
The index estimates the pace of economic activity for the next one to three quarters.
Matthew Hassan senior economist at Westpac says the results suggest economic momentum has clearly lifted since June 2012.
Mark Butler, Minister for Housing and Homelessness says housing affordability is a key concern for many Australian families.
Recently Mr. Butler met with some Adelaide tenants who are part of a government backed scheme that provides affordable rents.
The scheme provides incentives to build an additional 1000 homes across the country by next June.
A new report from Deutsche Bank has confirmed what many people have long suspected, Australians are paying some of the highest prices on the planet.
The report takes prices for a number of goods and services and compares them across many cities and countries around the world. People who live in Melbourne and Sydney pay nearly 40 per cent more to go the movies compared with people living in Paris or Manhattan.
A two litre bottle of Coke bought in one of Australia’s two major cities costs more than 50 per cent more than if it is bought in Auckland or Berlin.
ANZ has released its first half results and reported a 10 per cent increase in first half cash earnings and will pay a dividend in excess of forecasts.
ANZ earned $3.18 billion which came in ahead of an expected $3.13 billion analysts estimate. ANZ cited solid performance across its institutional, retail and international business units.
The lender says it will increase its dividend by 11 per cent and would seek to increase its dividend payouts as part of a drive to become more efficient.
Despite the recovery in house prices nationally, the Australian property market is paradoxically witnessing a decline in new home sales for the first time in four months,
According to data from the Housing Industry Association, new home sales across the country fell by 5.3 per cent in February driven by steep declines in South Australia and Victoria.
The New Home Sales report polls Australia’s largest builders and found that unit sales had fallen by 11 per cent whilst sales of detached homes had declined by 4 per cent.
Property prices in Sydney have regained all their losses since the property slump in 2010 making it the first Australian city to do so whilst Melbourne has maintained steady prices despite predictions that prices would fall further.
According to RP Data Rismark, property prices in Sydney rose 1.5 per cent in March making it the first city in Australia to regain all the ground lost over the last three years.
The Australian residential property market had a strong month in general with nearly every major Australian city recording growth.
The national house price rose by 1.3 per cent during March which was the second strongest month since property prices fell.
Westpac has poured cold water on the idea that the battle for retail deposits is easing by saying it intends to aggressively chase consumer savings as banks increasingly prefer stable sources of funding.
Over the last few months term deposits have fallen which led many to predict that the fierce battle to attract retail funding is fading.
Wholesale borrowing costs for banks have also hit their lowest level since 2009 as financial markets around the world become increasingly more optimistic about the outlook for the global economy.
Consumers should be aware if they decide to choose a cheaper health insurance policy they are likely to be left out of pocket in the future. The Federal Government recently approved an increase in health insurance premiums which will take effect shortly. The 5.6 per cent increase will mean that individuals will pay an addition [...]
The financial situation of many Australian households now seems to be improving according to the results of a survey which says that 45 per cent of all Australians are managing to put money aside for the future. HOUSEHOLD finances are improving, and more than 45 per cent of Australians are managing to save money, according [...]
New research suggests that Australia is being gripped by an epidemic of underemployment, with as many as 784,000 people seeking to earn more pay by working more hours but being unable to do so.
The disparity between the sexes has also grown with mean seeing their incomes rise by 5.3 per cent in contrast to just 3.9 per cent for women.
The average man makes $1,323 a week with the amount increasing to $1,576 when full time employees are counted. In contrast women make $839 and $1,243 respectively.
The disparity in pay between the sexes reduces when full time employees are considered.
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