Hang Seng Set to Open down 0.2 Pct
Chinese Cppcc Advisers in Favor of Keeping Speculation Curbs on Housing
News: 2012-06-21 01:53:00 UTC+00

Non-Mining Austria in Tight Spot Reveals Industry Survey

  • The quarterly survey from Westpac and the Australian Chamber of Commerce and Industry (ACCI) reported contractionary picture of overall Australian industry with survey index reported at 47.9
  • This is 5th consecutive reading in contraction territory, however composite index was better at 51.7 from 51.5
  • Strong Aussie dollar on perceived strength of commodities the country posses in abundance has put manufacturing sectors on back foot but housing also faces strains
  • RBA has taken measures by cutting rates by 75 bps and urging consumer to get optimistic showing  the brighter side of the economy

Quotes

"While we expect the mining boom to remain a robust support for growth, we continue to believe the non-mining sector will remain weak,"

   "Clearly the strong Australian Dollar is having a material impact on manufacturers, other sectors, such as the housing construction industry, are also facing extremely tough conditions."

Westpac economist Elliot Clarke.

Published: 2012-06-21 01:53:00 UTC+00 10 months, 4 weeks, 10 hours, 51 min. ago
 
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