Stephen Walters News
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Reserve Bank of Australia Governor Glenn Stevens endorsed the current level of interest rates and said he’d need to be confident the currency is “seriously overvalued” before considering intervention to weaken it.
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Australian Prime Minister Julia Gillard should hold off on announcing the next head of the central bank until after the election, opposition finance spokesman Andrew Robb said.
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Australian house prices rose last quarter by the most since June 2010 as lower interest rates lured buyers back into the market.
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Floodwaters in eastern Australia retreated and cleanup crews moved in after ex-tropical cyclone Oswald forced thousands of people to flee their homes and caused millions of dollars of damage.
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Australia has little fiscal room to cushion a downturn should the global economy retrench, said Stephen Walters of JPMorgan Chase & Co., the only economist to predict the nation’s first interest-rate increase in 2009.
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Australia’s Treasurer Wayne Swan, speaking ahead of the release of a major review of the nation’s tax system today, said profits from the mining industry should be “fairly” shared.
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Dewey & LeBoeuf LLP, which has lost more than a third of its partners in recent weeks, saw its merger and acquisition chief and a team of London litigators depart as the price of its bonds slumped in private trades.
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Australia’s A$249 billion ($258 billion) retail industry will see its best-ever month of sales in December as the cutting of interest rates to record lows revives flagging consumer sentiment, an industry group said.
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Australia’s trade deficit widened less than economists predicted in October as exports withstood a slower global economy and capital goods purchases increased.
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Labor disputes are on the rise at Australian construction companies such as Grocon Pty and Lend Lease Group’s Abigroup, putting added financial strain on an industry already struggling with cuts in bank lending.
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