by Alan Thornhill
We should get a better picture of the Australian economy this week.
The June quarter national accounts, which the Statistician is planning to release on Wednesday, will be particularly important.
Americans learnt last week that the US economy shrank by 1 per cent, in that quarter.
Even that figure was welcomed, as most economists had expected an even worse result.
Australia’s growth is expected to be stronger than that.
However, Wayne Swan is still urging caution.
The Australian Treasurer warns that the nation’s road to recovery will still be “long and very bumpy.”
In his weekly economic note (www.treasurer.gov.au) Mr Swan describes the June quarter national accounts as “all important.”
There is no risk, though, of these figures tipping Australia into a technical recession.
That requires two successive quarters of negative growth.
And the March quarter National Accounts showed that the Australian economy grew by an admittedly glacial 0.4 per cent earlier this year.
The national accounts, though, won’t be the only important figures to be released this week.
The Bureau is also planning to release its business indicators for the June quarter today and its balance of payments figures, for the same period tomorrow, along with its building approval statistics for July.
It will also publish its international trade figures for July on Thursday.
Meanwhile, Wayne Swan will be travelling to London this week, for a G20 Finance Ministers’ meeting.
He said those attending that meeting would be working to ensure they are doing all they can to keep the world out of global recession.
Alan Thornhill is a parliamentary press gallery journalist.
Private Briefing is updated daily with Australian personal finance news, analysis, and commentary.
Wednesday June 19
The Dow Jones index rose 138.38 points to 15,318.20
Rudd supporter Joel Fitzgibbon says Labor “Leadership is no longer an issue, it’s all behind us.”
Former Tasmanian Federal MP, Michael Hodgman, affectionately known as “the mouth from the south” dies at 74
US and the Taliban plan peace talks
Holden chief asks his Adelaide workforce to take a pay cut to help its assembly plant remain viable.
- car service from san francisco airport on Car servicing:How you get stung
- Ms Cash Flow on Super fund investment strategies must change:report
- Queensland Builders on Builders still confident, although…
- Sharon Coulton on Proposed family tax benefit scrapped
- Pete on Rudd government had entered “paralysis:” Gillard
|Aud To Usd||0.954||N/A||N/A|
|Bhp Blt Fpo||32.990||+0.300||+0.92%|
|Anz Bank Fpo||28.350||-0.030||-0.11%|
|Qbe Insur. Fpo||15.380||+0.430||+2.88%|
|Nat. Bank Fpo||30.040||+0.300||+1.01%|
The News This Week
- Rich tax dodgers to face bigger risks
- Prospects brighten, but…
- Warning on trade issued ahead of the Brisbane G20 summit
- Small business owners:A word from the Treasurer
- Increase Newstart now:ACOSS
- Mistakes with money:how to avoid them
- Rates could fall further
- Abbott quiet on polls
- SUV sales rise
- Pressures rise as Parliament resumes
- Tony Abbott promises a crackdown on foreign criminals
- Family benefits to rise
- Rudd brushes off “clutter and noise”
- South Australia accepts Gonski
- Part time jobs surge, but…..
- Airlines (63)
- Banking (2215)
- Business (2320)
- Communications (51)
- crime (12)
- Disaster (103)
- Economics (2285)
- Environment (100)
- Financial advice (2068)
- Health (82)
- Housing (636)
- Inflation (512)
- Insurance (91)
- Investment (1912)
- Markets (1678)
- Media (121)
- medical (22)
- mining (180)
- pay (71)
- Politics (2271)
- population (82)
- Regulation (929)
- retirement (65)
- Rural australia (101)
- Security (19)
- Social security (234)
- Superannuation (214)
- Tax (356)
- The latest (9)
- Trade (570)
- Uncategorized (335)