Manoj Wanzare, an Indian fund manager with a master’s in business administration, personifies Australia’s best bet to address the risk of a slump in income growth as the nation’s once-in-a-century mining boom fades.
Australian banks are set for a lending boost as Prime Minister Tony Abbott champions ventures to revitalize the economy, accelerating some of the more than A$80 billion ($72 billion) of infrastructure projects.
Currency traders are starting to price in a greater chance of the Australian dollar plunging to parity against its New Zealand counterpart for the first time as interest rates diverge in the two nations.
Australia’s economy expanded slower than economists forecast last quarter after households boosted savings, suggesting the central bank may need to do more to spur spending as a mining investment boom wanes. The Aussie fell.
Asian stocks fell, with the equity gauge excluding Japan posting its first drop in eight days, as signs the U.S. economy is strengthening fueled speculation that the Federal Reserve will soon start tapering stimulus.
Australia’s dollar was 0.2 percent from a five-year low versus New Zealand’s currency before the larger nation’s Reserve Bank meets amid repeated calls from its policy makers for a lower exchange rate.
The yen fell to a six-month low versus the dollar after reports showed manufacturing in China, Europe and the U.K. expanded last month, driving demand for risk and underscoring Japan’s currency’s role in the carry trade.