Wayne Swan should be lapping-up the news heralded by the RBA rate hike that the economy is back on track, says Michael Stutchbury. But the rest of the world’s finance ministers are still battling recession, and Swan would rather fit in with the cool crowd.
Australian economy
Colebatch: Good news for the economy (if not your mortgage)
Many Australians have become too used to artificially low interest rates and government gifts to see that the RBA’s rate hike is actually good news for the economy.
How the RBA stole Christmas
The RBA raised interest rates to 3.25%, and business isn’t happy, despite indications the economy is back on track. With Christmas just around the corner, will the hike put a damper on consumer spending splurges?
Rates up, more to come
The rate rises have begun, with RBA today lifting its cash rate 0.25% up to 3.25%. Is the Australian economy officially back on track?
Your Say: Daily Mail readers' feedback: Disaster and the media
Crikey readers weigh in on how the media copes with the natural disasters besetting our Pacific and Asian neighbours and the messy climate change debate continues.
Crikey Says: The tongue twisting tales of the RBA
What the Reserve Bank of Australia Governor Glenn Stevens said yesterday about interest rates and the economy and what others heard him say are two very different things.
Why Swan was right on stimulus
It made sense for policy makers everywhere to use all available counter-cyclical tools in an urgent attempt to lessen the serious risk of economic disaster, says Rory Robertson. But the economy story is not all good.
Swan: Budget deficit $5 billion lower than expected
Treasurer Wayne Swan says that Australia’s underlying cash deficit is $27.1 billion, which is significantly lower than the $32.9 billion blowout forecast in May. As Peter Martin explained recently, the RBA’s currency windfall has been a big help.
Glenn Stevens alert but not alarmed
The RBA Governor basically reckons the economy is in good shape, the banks are fine, and rates will rise when we think the economy is good and ready.
RBA gets ready to jack up rates
It’s now clear the Reserve Bank’s priorities have shifted from the health and strength of the financial system, towards the first rate rise to come.
Foreign buyers blow out the housing bubble
The causes of Australia’s ever-inflating housing bubble are many but one hasn’t received a lot of attention: the influence of overseas buyers since the government relaxed its foreign property investment rules.
Political economy: the ‘two-speed’ economy is back
Although Australia appears to have dodged a bullet in the global financial meltdown, the economic situation across the country is far from even, writes Henry Thornton.
How Kevin Rudd saved 200,000 Australian jobs
The OECD has released a glowing report for the Federal Government’s stimulus package, estimating the economy will benefit for another decade and up to 200,000 jobs have been saved from the axe.
Political economy: happy Christmas Australia!
Yesterday, there were two important pieces of economic news that were overshadowed by the Telstra story. The release of the Reserve Bank’s board meeting notes — and the margin creep of the banks.
It’s (still) hard being a bear: good economic theory
While the financial rescue has worked, the expected recovery afterward can’t happen — because there’s almost no-one left who will willingly take on any more debt, writes Steve Keen.
Chris Bowen is very, very wrong on executive pay
Part of the reason that executives are paid so much is because of their ability to make their jobs sound far more complicated and difficult than they actually are.
Political economy: underemployment — what does it mean?
Now its official — a staggering 14% (or so) of Australia’s workforce are unemployed or underemployed, writes Henry Thornton. What a huge waste of resources.
VIDEO: Keating the reason we’ve avoided recession, says Abbott
The fight to take responsibility for Australia’s good economic fortune continues. In today’s Australian, John Howard tells off Kevin Rudd for his bipartisanship on the issue. Here, Tony Abbott credits Paul Keating … and Howard’s support role.
Rudd agenda backed by jobless stats
The Australian economy has again shown its resilience with the unemployment rate last month steady on 5.8%, where it has been since June.
GFC: Australia’s chance to shine
The GFC has meant a new global hierarchy is emerging and Australia’s relationships with emerging economies, such as Brazil and India, should not be underestimated for future negotiating power, writes Dennis Shanahan.
Political economy: skepticism wanes
Crisis, what crisis, asks Henry Thornton? Risks remain, but the Australian economy is looking positive, even if international investors are often sceptical about it.
Retail sales slip, Rudd gets stimulus reprieve
Opposition leader Malcolm Turnbull has gone on a “cut back stimulus” sortie in the past couple of days, urging the Government to act on his demands. Not great timing given new retail and housing finance figures.
Cheap money fuels takeover splurge
The past week has seen two big takeover attempts that tell us that the financial alchemists and spin doctors are out peddling their wares again: last week it was Disney and Marvel, overnight it was Kraft bidding for Cadbury.
Rudd’s stimulus package is far from perfect
Our resilient economy has fared well due to 25 years of economic reform beginning with the Hawke government, and not simply due to recent governmental quick fixes, writes Sinclair Davidson.
