Alan Oster News
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Australians selling properties are increasingly turning to auctions as interest rates matching the lowest in 50 years fuel demand for homes in the country’s largest cities.
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Australian home prices will see a modest improvement as consumers remain conservative about their level of indebtedness, Westpac Banking Corp. and National Australia Bank Ltd. forecast.
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From skyrocketing rents in remote mining towns to the decline of the auto industry, Australia is grappling with the downside of world-beating economic growth that has driven the nation’s currency to record highs.
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For 117 years, Australians poured Rosella tomato sauce on their meat pies as the company endured world wars, the Great Depression and an end to tariff protection.
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Australia’s online spending is showing a “clear slowdown” as fears over the Greek economy and a lull between new models of Apple Inc.’s iPad choke off the appetites of consumers, National Australia Bank Ltd. said.
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Australian business confidence fell for a third straight month in November, weighed down by employment, inventories and export sales measures.
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Australian business confidence slipped in July to the lowest level in more than a year, adding to signs higher interest rates are eroding domestic demand and driving the local dollar down by the most in almost two weeks.
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Australian business confidence maintained gains in January as a better outlook in China and central bank interest-rate reductions at home helped boost sentiment, a private survey showed.
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Australian business confidence jumped in August to the highest level in four months, suggesting the economy is avoiding fallout from weaker global growth and increasing the central bank’s scope to resume rate increases.
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Australian business confidence strengthened to a five-month high in October as businesses bet correctly the Reserve Bank would lower interest rates, a private survey showed.
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