The International Monetary Fund (IMF) has slashed Australia’s economic growth forecast by 0.4% to 1.7% in 2019, warning of a ‘synchronised global slowdown’ comparable to the 2008-09 global financial crisis. The latest IMF World Economic Outlook report predicted that growth in Australia would recover to 2.3%...
Australia’s economy has been ranked 14th globally in a study which measures the capacity and readiness of 63 economies to adopt and explore digital technologies as a key driver for economic transformation. IMD’s World Digital Competitiveness Ranking highlighted weaknesses in business agility, technology skills and communications...
Around AUS$60 billion in value was knocked off the Australian Stock Market (ASX) today in the wake of a major recession warning in the US, which prompted the worst one day fall at Wall Street in 2019. The benchmark ASX 200 index mirrored the Wall Street...
The Australian dollar has plummeted to its lowest level since the height of the Global Financial Crisis in 2009, after the Reserve Bank of New Zealand (RBNZ) surprised the market by cutting interest rates by 0.5%. While several economists foresaw an interest rate cute, most expected...
Australia will experience another two years of sub-par economic growth, but lower interest rates and tax handouts should see it avoid a recession, according to economists polled by Reuters. Economists in the poll forecasted that Australia’s AUS$1.9 trillion annual gross domestic product (GDP) would expand 2.1%...
The Australian gold price has surged beyond the AUS$2,000 per ounce mark for the first time, boosting a number of Australian-listed mining companies. Newcrest Mining’s stock rose by 4.1% to $31.78 after the gold price peaked at $2,013 per ounce on Thursday, while St Barbara rocketed...
Australia’s economic growth continued to slow in the December quarter, falling into a per capita recession for the first time since the mid-2000s. Latest figures from the Australian Bureau of Statistics (ABS) revealed that the economy grew by 0.2% in seasonally adjusted chain volume terms during...
Australian business conditions experienced their steepest monthly fall since the global financial crisis in December, according to National Australia Bank’s (NAB) latest monthly survey. NAB’s measure of conditions plunged by 82%, going from +13 in November to +2 in December, while business confidence remained flat at...
Following a profit warning, Apple’s share price closed 9.96% down on Thursday, generating a wave of panic across global markets with several sectors of the Australian Stock Exchange (ASX) shaken by the news. The benchmark ASX 200 finished 0.4% lower at 5,613, after correcting a steeper...
Latest figures from the Australian Annual National Accounts have revealed that the size of the economy has reached over AUS$1.8 trillion, a 2.8% increase in the 2017-18 financial year. The largest industries in the Australian economy in 2017-18 were financial and insurance services, mining, construction and...