Australian shoppers spends $37b last christmas

Last Christmas, Australian shoppers splurged $37 billion according to a top Retailers Association Executive. Australian consumers took advantage of the cheaper oil, low interest rates with the help of Christmas bonuses they received.


The retail sales trend series increased 0.1% in November from October, when it advanced by 0.2%, the Bureau of Statistics said in Sydney on Jan. 7.

Australia's economy expanded at the weakest pace in eight years in the three months through September as spending by households stalled. Consumer spending accounts for about 60% of the economy.

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On Bad Global Outlook, Aussie dollars continue to slide

The worsening global financial outlook has its equivalent worst effect to the economic situation of Australia. Australian dollar, including that of New Zealand's dollar has continue to slide still due to global economic slowdown and commodity prices.

Australian government bonds advanced, pushing the two-year yield down 11 basis points, or 0.11 percentage point, to 2.64 percent, according to data compiled by Bloomberg. The price of the 5.25 percent note due August 2010 rose 0.170, or A$1.70 per A$1,000 face amount, to 104.011.

New Zealand’s two-year swap rate, a fixed payment made to receive floating rates, declined to 4.06 percent from 4.23 percent late in Asia yesterday.

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Job Ads sharply fall; at recession level ANZ job survey says

Job advertisement in major media outlets , including internet had sharply fall for eight consecutive months according to a survey. In fact, the demand for new jobs deteriorated to almost recession level.

The severity of the fall in job advertisements means the Federal Government's forecast of a 5 per cent unemployment rate by June by "too optimistic".

ANZ expects the Government to revise unemployment predictions higher in the May Budget, and tips a jobless rate of 6 per cent this year.

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Australian local market expected to open weaker

Due to the falling prices of commodities and weak stocks on Wall Street, the local stock market of Australia is likewise expected to open weaker.

On Wednesday, the Australian stock market closed higher, after the local resources sector strengthened on the back of improved commodity prices.

The benchmark S&P/ASX200 index was up 37.0 points, or 0.99 per cent, at 3,779.7, and the broader All Ordinaries index added 39.0 points, or 1.06 per cent, to 3,728.2.

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Aussie dollar hits three months high

Australian dollar was getting a god comeback this new year but its performance was recorded even two months before the year end. The firmed dollar was due to the a positive signed and improved sentiment on Wall Street.

"The Aussie dollar is still considered a riskier-asset, but has that higher yield.''

Firmer prices for commodities also lifted the commodities-driven currency, Mr Richardson said.

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After a strong trading day, Aussie local market down again

The local market of Australia traded a strong gains during the new year's trading. But the gains seemed to be superficial as it stumbled again led by the banking sector. On the other hand, the resources sector remained strong.

The banks were the biggest losers, dragging the market down with them.

Commonwealth Bank fell 60 cents to $28.60, Westpac declined 12 cents to $16.64, and ANZ retreated 11 cents to $15.07.

NAB fell 17 cents to $20.23 as it hosed down speculation that new chief executive Cameron Clyne may offload the bank's UK assets.

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Resources Sector Pushes Sharemarket Up

The year 2009 seems to be a lucky year for the local share market of Australia. Its first day of trading business recorded a higher returns on its share market led by the resources sector.

"The resources sector is leading the way and stocks like Woodside and Rio are doing very well," Mr Heffernan said. It was a good start to the new year.

Woodside Petroleum was up 96 cents, or 2.62%, at $37.66, Santos advanced eleven cents, or 0.74%, to $14.98 but Oil Search fell four cents to $4.61.

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