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Australia
The Reserve Bank of Australia is preparing to deal with the fallout resulting from a major international trade war in the coming years, but the central bank’s deputy governor, Andrew Hauser, said it’s best to avoid prejudging the consequences for Australia, the Wall Street Journal reported. The impact that higher tariffs around the world will have on Australia’s inflation is “ambiguous,” in large part because it depends on a far wider set of considerations than the imposition of U.S. trade restrictions alone, Hauser told a meeting of economists on Wednesday.
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The Reserve Bank of Australia kept interest rates on hold as expected on Tuesday, but said it is gaining confidence that inflation is on track to sustainably return to the target band, the Wall Street Journal reported. The official cash rate was kept at 4.35%, where it has stood for over a year. “Some of the upside risks to inflation appear to have eased and while the level of aggregate demand still appears to be above the economy’s supply capacity, that gap continues to close,” the RBA’s policy-setting board said in a statement.
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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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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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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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