Mike Baird, a 45-year-old former banker, was elected premier of Australia’s most-populous state, replacing Barry O’Farrell who resigned for misleading a corruption inquiry.
Malcolm Young, a founding member and guitarist in Scottish-Australian rock band AC/DC, will take a break from playing due to ill health, while the group has pledged to keep making music.
Barry O’Farrell said he will resign as premier of Australia’s most-populous state after misleading a corruption inquiry over a A$3,000 ($2,800) bottle of wine he received as a gift.
New Zealand inflation unexpectedly slowed and dairy prices extended a decline, sending the nation’s currency lower as traders pared bets on the scale of future interest-rate increases.
Australia’s central bank reiterated the most prudent course is likely to be a period of steady interest rates as it noted low borrowing costs are helping boost domestic growth.
Australia’s unemployment rate unexpectedly fell in March, sending the Aussie to a 4 1/2 month high as traders added to bets on an interest-rate increase.
Developing East Asian economies will grow slower than forecast this year as China’s expansion moderates and political upheaval weighs on Thailand’s outlook, the World Bank said.
Reserve Bank of Australia Governor Glenn Stevens said it’s too early to be sure a handover from mining investment to domestic-led growth will occur smoothly.
Australia’s central bank left its key interest rate unchanged at a record low and said the currency’s recent climb will reduce support for the economy.
Daniel Klinge is helping Australia shrug off a slowdown in its biggest trading partner China.