Australia Economic Report

By: EconomyWatch   Date: 30 June 2010

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Latest Australia economic report suggests that number of building approvals in Australia have witnessed sharp decline in January 2009. This is seventh consecutive month that this has happened.

Information from Australian economic report has also shown that exports have fallen at a startling rate and this rate is highest in last three fiscals. All these factors point to fact that Australia may be in throes of recession for first time after 1991.

Australia’s economic report shows that rate of depreciation in case of permits for renovation of houses and apartments has been 3.7 percent compared to December 2008. This information has been provided by Bureau of Statistics in Australia.

It has also been learnt from economic report of Australia that rate of decline in case of exports has been 5 percent and rate of depreciation of imports has been 7 percent. In case of imports this has been worst rate of depreciation in 17 years.

Economic report in Australia has confirmed that demand in consumers in Australia for cars made abroad as well as homes has been on a downward slope for sometime. On top of this, levels of unemployment have been going up and demand for goods and services, exported from Australia, has decreased as well.

As per economic report at Australia national economy depreciated in final quarter of 2008 fiscal. This was not expected and was a major blow to Australian economy.

Economic report in Australia has confirmed that demand in consumers in Australia for cars made abroad as well as homes has been on a downward slope for sometime. On top of this, levels of unemployment have been going up and demand for goods and services, exported from Australia, has decreased as well.

It has been learnt from economic report from Australia of RBC Capital Markets that levels of consumption in Australia have been far from impressive. Levels of business investment have been rather moderate.

Australia economic report has revealed that there are possibilities of deduction in rates of interest in April 2009. Recently value of Australian dollar fell to 64.07 US cents from 64.80 US cents in 2009.

It has also been revealed by Australia economic report that confidence levels of business establishments as well as consumers in Australia have been affected by concerns regarding impact that global economic downturn would have on economy of Australia.


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