Australia

After Mining, Tourism may be Australia’s Next Best Thing

Australia’s economy is struggling as it grapples with the imminent end to its commodities boom, but one industry is flourishing thanks to China: tourism. “As the mining boom enters the final cyclical phase, a rebalancing in favor of the non-mining sector is critical. The declining Australian dollar is facilitating this transition, and one sector that …

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Australian Home Prices Rise Again

Home prices across Australia’s capital cities rose in March led by a blistering pace in the Sydney market, complicating policy considerations for the central bank which is under pressure to cut interest rates again amid falling commodity prices. Figures from property consultant CoreLogic RP Data showed dwelling prices across all of Australia’s major cities climbed …

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Australian Equities Fall on Commodities Decline

Australian shares fell sharply on Monday as resources stocks followed oil and metals prices lower, while investors failed to take inspiration from late Wall St gains on Friday. United States energy giant Chevron Corp’s $3.7 billion sale of its half stake in fuel firm Caltex Australia , Australia’s biggest block trade ever, also pushed the …

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Australia Signals Readiness to Join China-Led Infrastructure Bank

Australia has signaled its readiness to join the new China-led Asian Infrastructure Investment Bank, despite strong objections from the U.S., with a final decision expected Monday. Treasurer Joe Hockey said that the bank was a positive development that could help address a worrying backlog of unfunded infrastructure in Australia’s immediate region, including in neighboring Indonesia. …

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