Australia Home Loans Rise 3.3% In March The total value of owner-occupied home loans in Australia was up a seasonally adjusted 3.3 percent on month in March, the Australian Bureau of Statistics said on Tuesday – coming in at A$22.4 billion.
That follows the 1.8 percent decline in February.
Overall home loans rose 5.5 percent to A$30.2 billion, while the value of investment lending jumped 12.7 percent on month.
On a yearly basis, owner-occupied home loans surged 55.6 percent and investment lending spiked 54.3 percent.
The value of owner occupier loan commitments for the construction of new dwellings fell 14.5 percent.
The material has been provided by InstaForex Company – www.instaforex.com
Resilient Chinese demand for Australian iron ore to support construction industry
By GlobalData 04 May 2021 (Last Updated May 4th, 2021 15:29)
Australia’s trade surplus grew to A$8.5bn (US$6.55bn) in March 2021, driven primarily by an increase in demand for iron ore.
Chinese dependence on Australian iron ore will continue to support the growth of the Australian construction industry. Credit: Adwo on Shutterstock.
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Australia’s trade surplus grew to A$8.5bn (US$6.55bn) in March 2021, driven primarily by an increase in demand for iron ore. Global demand for Australian metalliferous ores has surged since a brief lull in July of last year, where exports of the good contracted by 6.5% YoY. The growth in demand for iron ore, however, stands in stark contrast with the fall in demand for Australian coal. In March 2021, exports of metalliferous ores increased by 40.5% YoY, while exports of coal, coke an
Employment in Australia Now Exceeds Pre-COVID Levels
Reserve Bank of Australia (RBA) has forecasted that Australia will reach full employment in two years following better than expected unemployment figures and 12-year high levels of job ads.
In today’s board meeting, the RBA upgraded its economic forecast while keeping the cash rate at near zero percent which will remain at current levels until “2024 at the earliest.”
“The economic recovery in Australia has been stronger than expected and is forecast to continue,” Lowe said. “This recovery is especially evident in the strong growth in employment, with… the number of people with a job now exceeding the pre-pandemic level.”
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In the six months before the last federal election, the government awarded more than $630m worth of grants from programs like the better regions fund, which faced significant criticism for its distribution of cash to Coalition electorates.
Ahead of what is shaping up to be a big-spending budget, with initiatives in mental health, aged care, and childcare, the Reserve Bank of Australia revised its economic growth projections upwards on Tuesday. The central bank is now predicting the Australian economy will grow by 4.75% in 2021 and 3.5% in 2022.
The reserve bank cited a pickup in business investment and household spending âsupported by the strengthening in balance sheets over the past yearâ as reasons for the more optimistic growth forecast. The bank predicts Australiaâs unemployment rate will hit 5% by the end of 2021 and 4.5% by the end of 2022.