Saturday, 20 October, 2018

Reserve Bank governor says Australia's high immigration levels boosted economy

GBP to AUD 4 Hour Reserve Bank governor says Australia's high immigration levels boosted economy
Rhonda Young | 10 August, 2018, 11:13

"With no cash rate movements for two years now, and funding requirements for the larger banks becoming more stringent, the pressure on lenders to increase home loan interest rates is real", he said.

Overall housing finance volumes dropped by 4.8 per cent in NSW, 0.7 per cent in Victoria and 5 per cent in Queensland and South Australia.

The Australian Dollar edged cautiously higher as RBA's Governor Philip Lowespoke.

Reserve Bank of Australia Governor Philip Lowe heralded Australia's population surpassing the 25 million mark at a lunch in the Grand Ballroom of the Westin Hotel in Sydney on Wednesday, which high-powered business guests paid $225 to attend.

U.S. to impose sanctions on Russian Federation over nerve attack in UK
The new USA sanctions would cover sensitive national-security controlled goods, a senior State Department official told reporters. The announcement of U.S. sanctions caused the value of the rouble to plunge early on Thursday and Russian stock markets to fall.

The deterioration of the outlook for Aussie interest rates, at a time when the US Federal Reserve and other central banks are raising their own rates, has incentivised investors to sell the Australian Dollar in favour of buying Pounds, US Dollars and other currencies.

Equities were collectively higher in both Europe and North America, with the FTSE100 rallying 0.7 per cent, and the Dow Jones leading U.S. indices to climb 0.5 per cent. It "suggested that interest rates won't rise for a while yet". Globally, inflation remains low, although it has increased in some economies and further increases are expected given the tight labour markets.

'GDP growth is expected to average a bit above 3% in 2018 and 2019.

Lowe and the RBA team upgraded their forecast for unemployment Tuesday, with the unemployment rate now expected to fall as low as 5% during the next two years, down from the previous projection of around 5.5%. "This is likely to continue for a while yet, although the improvement in the economy should see some lift in wages growth over time". Lowe amended his language on China's economy in the statement, shifting from continuing to grow solidly to saying growth "has slowed a little".

Lawyer: OSU hasn't contacted Courtney Smith
Meyer added that there were "more questions to be answered" and he pledged to "cooperate fully" with investigators hired by OSU. In the meantime, a "Save Urban Meyer " petition posted Thursday at Change.org has almost reached its goal of 25,000 signatures.

'The central forecast is for inflation to be higher in 2019 and 2020 than it is now'. The local market closed the day's trading at 6253, registering a 0.3 per cent loss - within once more the sideways channel that has defined trade for several weeks. This is largely due to reduced demand by investors as the dynamics of the housing market have changed.

The Australian Dollar (AUD) has firmed against the US Dollar (USD) today, rising to a level of $0.74 on the interbank exchange rate.

The RBA maintains its next move is more likely to be up than down; Lowe, since taking the helm in September 2016, has consistently said that an increase will only come once the economy is near full employment and inflation closer to the central bank's 2-3 percent target midpoint.

Lowe said the outlook for the labor market "remains positive" and predicted a further gradual decline in unemployment "over the next couple of years to around" 5 per cent. However, the country continues to face the challenge of falling housing prices in Sydney and Melbourne.

Ryanair pilots strike grounds 400 flights across Europe
A spokesman said that despite the walkouts, 85% of Ryanair's scheduled flights, more than 2,000, would operate as normal. A total of 400 flights have been cancelled in the action, causing disruption for 55,000 passengers.

"Our relative youth and higher fertility rates mean that the dependency ratio is expected to remain lower than elsewhere over the next generation", he said.

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