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CBA: 1 4% GDP hit from Sydney s lockdown

MacroBusiness Access Subscriber Only Content By Gareth Aird, head of Australian economics at CBA Key Points The lockdown of Greater Sydney has significantly increased the level of uncertainty over economic outcomes in the near term. There will be a negative hit to GDP and employment over Q3 21 because of the lockdown, but income for impacted workers and businesses will remain supported through the entirety of the lockdown due to payments from the Commonwealth and NSW Governments. Support payments and industry assistance will keep the economic furniture intact so that when restrictions are eased economic activity should rebound swiftly, as has previously been the case.

Jobless rate hits 10-year low, but lockdowns set to bite

Jobless rate hits 10-year low, but lockdowns set to bite
afr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from afr.com Daily Mail and Mail on Sunday newspapers.

New Zealand dollar jumps as RBNZ puts early end to bond buying

3 Min Read SYDNEY, July 14 (Reuters) - The New Zealand dollar jumped on Wednesday when the country’s central bank struck a surprisingly hawkish note by halting its bond buying stimulus programme, spurring speculation it might raise interest rates before the year is out. The kiwi climbed 1% to $0.7017 after the Reserve Bank of New Zealand ended its monetary policy meeting by saying the strength of the economy meant the current level of stimulus could be reduced. As a result, it decided to cease buying bonds by July 23, well ahead of what most analysts had assumed. Market reaction was swift, with yields on two-year bonds surging 9 basis points to its high for this year at 1.668%. Investors had already been wagering a hike could come as early as November given strength in consumer demand, house prices and inflation.

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