The Money Web

Australia’s big four banks have decided to reduce their variable home loan interest rates. ANZ, Westpac and NAB(National Australian Bank) announced cuts on Wednesday. While, Commonwealth Bank of Australia announced its rate reduction on Tuesday. But still, not any of the banks are ready to pass completely, this week’s 75 basis point cut in the [...]

Renewed global recession fears made the share market close at a new four-year low, falling just above one and a half percent. At the 4:15 (AEDT) close, the benchmark S&P/ASX200 index went down by 60.2 points to 3809.2, while the broader All Ordinaries index lost 1.65 percent at 3768.3. With the All Ords closing at its [...]

ECONOMISTS said that interest rate cuts and the Federal Government’s economic stimulus package  have increased consumer confidence in the past month regardless of the global finance crisis. Westpac – Melbourne Institute did the survey that shows that consumer sentiment has increased from 82 points in October to 85.5 points in November, however the confidence level remains [...]

Federal Treasurer Wayne Swan Expects Inflation has Peaked Australia’s Federal Treasurer Wayne Swan says he expects inflation to moderate over the year ahead, after its surge to five percent in the September quarter. The Australian Bureau of Statistics (ABS) released statistics that showed the headline consumer price index (CPI) increased 1.2 percent in the quarter for an [...]

Minister Lindsay Tanner said that the unrest in the global financial market is making it difficult to predict whether next year’ s budget would stay in surplus. The minister said the economy of Australia was unassailable, unemployment still low and banks and regulators solid, but that the turmoil in the contemporary world economy made it complicated [...]