Near the site where the first bomb landed on Australia in World War II, Il Lido restaurant serves watermelon cubes with aged balsamic vinegar at A$3 ($3.12) each to diners overlooking a swimming lagoon and artificial wave pool.
Home prices in Australia’s eight capital cities slid 3.7 percent in the first 11 months of 2011, extending the biggest drop in at least 12 years on concerns Europe’s debt crisis may damp the nation’s economic growth.
Australia’s benchmark interest rate is “about right for the moment” as economic growth is close to trend as concerns ease that Europe’s debt crisis will disrupt global output, Reserve Bank Governor Glenn Stevens said.
Australia’s economy expanded at more than twice the pace economists forecast, sending the local currency, bond yields and stocks higher and prompting traders to pare bets on a half-point interest-rate cut next month.
Oil traded near a two-day low in New York after the biggest monthly drop since May as investors bet rising U.S. crude stockpiles indicate that fuel demand is faltering in the world’s biggest consumer of the commodity.
Australian Prime Minister Julia Gillard, beset by political scandals and near-record low polls, will seek to win back disgruntled voters by delivering a federal budget tomorrow that ends four years of deficits.