SYDNEY Australia’s central bank on Tuesday cut its key cash rate by a quarter of a percentage point to 3%, as widely expected. Reserve Bank of Australia Gov. Glenn Stevens said in a statement alongside the decision that “the board judged at today’s meeting that a further easing in the stance of monetary policy was appropriate now. This will help to foster sustainable growth in demand and inflation outcomes consistent with the target over time.” The Australian dollar traded at $ 1.0444 after the decision, up from $ 1.0419 around 10 minutes before the rate call. The benchmark S&P/ASX 200 [...]
An Australian Parliamentary committee is looking at potential reforms of national security legislation to battle cyber crime.”Operation Lino” involved 14 countries and uncovered credit card transactions worth $ 31MVictims were small businesses and retailers, who often have less-secure payment gateways65% of bank card fraud cases reported in Australia in 2011 were perpetrated overseasGheorghe “the Carpathian Bear” Ignat, a Greco-Roman heavyweight wrestler also detainedHong Kong — Australian police say seven people have been arrested in Romania as part of a joint international criminal investigation into the largest credit card data theft in Australia’s history.Among those detained by the Romanian investigative agency [...]
MEXICO CITY China will continue to buoy the global economy even if the Asian giant’s growth stabilizes at current levels of 7-8 percent a year, Australian Treasurer Wayne Swan said on Sunday. Swan, in Mexico to attend meetings of Group of 20 finance ministers and central bankers, said a lack of growth was weighing on the global outlook and urged policymakers to act swiftly to fix problems. But he said China’s slowdown from breakneck growth rates of more than 14 percent in mid-2007 to an expected 7.5 percent this year had been misrepresented. “Much of the discussion about the growth [...]
SYDNEY The minutes of the latest interest rate meeting of the Reserve Bank of Australia, out Tuesday, showed that members believed a more accommodative stance would provide some additional support to demand, given that data suggested there was an increased likelihood of weaker growth due to lower resource investment. The RBA committee members also noted that indicators suggested that the pace of global growth had edged down. The RBA cut its cash rate by a quarter point to 3.25%, its third cut this year.
SYDNEY Australia’s central bank interest-rate-setting committee said at its August meeting that the Australian economy grew near its trend level in the June quarter, according to minutes of the committee’s last meeting, released Tuesday. Activity continued to vary significantly across industries, the Rerserve Bank of Australia members said, as resource investment evolved as forecast, and as the high Australian dollar and weak housing-market conditions weighed on other areas of the economy. “Members were informed that additional large resource projects had commenced or received approval in recent months, thereby sustaining the very large stock of work in the pipeline,” the minutes [...]