Australia’s economy would have contracted sharply in the third quarter had it not been for a wave of state and federal government spending keeping it afloat, Treasurer Jim Chalmers said on Wednesday, the Wall Street Journal reported. The commodity-rich economy grew 0.3% sequentially in the quarter and 0.8% from a year earlier, the Australian Bureau of Statistics said, with government spending adding 0.6 percentage points to growth. “Without the contribution from public final demand the economy would have gone backwards,” Chalmers told reporters.
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Anglo American Plc agreed to sell its steelmaking coal business to Peabody Energy Corp. for a fee that could rise to as much as $3.78 billion, as the miner’s restructuring gathers pace, Bloomberg News reported. Anglo is looking to dramatically simplify — and shrink — its business in a move that was announced during a successful rebuttal of a $49 billion approach from BHP Group earlier this year. For Peabody, the deal will significantly shift its product mix as the U.S. miner seeks to focus on metallurgical coal.
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The Reserve Bank of Australia remains jittery about the risks of higher inflation and will have little tolerance for any data that point to further delays in taming price pressures, according to the minutes of its latest policy meeting, the Wall Street Journal reported. “Given the already lengthy period in which inflation had been above (2% to 3%) target, the board will have minimal tolerance to accommodate a more prolonged period of high inflation, even if this occurred because of factors that constrained the economy’s supply capacity,” minutes of the meeting held on Nov. 4-5 said.
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The Australian government said on Tuesday it would provide up to A$80 million ($52.6 million) to airline Regional Express Holdings to keep its regional routes running during an extended voluntary administration process, Reuters reported. Terms of the financing package were not disclosed.
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Australia’s central bank held its key interest rate at a 13-year high on Tuesday, aiming to keep up the pressure on stubbornly sticky inflation while joining much of the world in waiting for the outcome of US elections, Bloomberg reported. As expected, the Reserve Bank left its cash rate at 4.35%, marking a year at that level, and restated that it isn’t “ruling anything in or out” on policy. The RBA’s board highlighted the “high level of uncertainty” about the international outlook. Underlying inflation “remains too high,” the rate-setting board said in a statement.
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