Wayne Swan News
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The Reserve Bank of Australia cut its benchmark interest rate to a record low this month to boost businesses weakened by the currency’s sustained strength, even as households reacted to earlier reductions.
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Australia’s benchmark bond yield is offering the smallest premium over U.S. notes in 11 months as the sharpest predicted growth slowdown in four years spurs bets on further interest rate cuts.
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Shadow Treasurer Joe Hockey overtook incumbent Wayne Swan in a poll on who is more capable of managing Australia’s economy, as the government failed to gain a boost from its last budget before a Sept. 14 election.
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Australia’s growing economy will put a floor under the nation’s currency, sparking a rebound from its steepest decline in a year, trading patterns suggest.
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Australian Treasurer Wayne Swan will eschew European-style austerity as a stronger currency slows growth, wagering the government can win a Sept. 14 election fought on jobs and absorb the pain of a broken surplus promise.
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Australia’s government is wooing voters with increased infrastructure, health and education spending while charting a path to a budget surplus as it seeks to restore economic credibility four months before an election.
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The euro-area economy shrank more than economists forecast in the three months through March, extending a recession to a record sixth quarter and increasing pressure on the currency bloc’s leaders to spur growth.
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Asian shares rose as the Nikkei 225 Stock Average closed above 15,000 for the first time since 2007 after the yen touched a 4 1/2-year low against the dollar, boosting the earnings outlook for Japanese exporters.
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Australia will sell a new 2025 bond next week and slow the pace of gross debt offerings in the fiscal year starting July 1 as the government seeks to rein in budget deficits.
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Australian Prime Minister Julia Gillard’s government announced plans to upgrade infrastructure as it boosts health and education spending, in a budget seeking to woo back voters while restoring economic credibility four months before an election.
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