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RBA: Investors are Inflating House Prices

There is “no disputing” housing is expensive, says the Reserve Bank of Australia’s head of financial stability, but loosening lending standards to help first home buyers enter the property market would be “counterproductive”.  RBA head of financial stability Luci Ellis said today it was helpful — from a stability point of view — that there …

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Australia’s Unemployment Jumps to 6.3% in July

Australia’s unemployment rate jumped last month to the highest rate since January, rising faster than economists had expected after an increase in the participation rate during the month.  The unemployment figure rose to 6.3 per cent in July, according to official data from the Australian Bureau of Statistics, up from an upwardly revised rate of …

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AUD/USD surges to 0.7370 as RBA Seems Content

Australia left its key interest rate unchanged and omitted a reference to the need for the local dollar to fall further. The currency jumped more than half a U.S. cent in response.  Central bank Governor Glenn Stevens and his board kept the cash rate at a record-low 2 percent, as predicted by markets and economists …

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