November International Data Comparison 5 November 2009 IDC provides an easy-to-read comparison of Australia’s performance and position across a range of key economic and financial related indicators. This IDC has been updated to include data and information effective to 3 November 2009. Download the November 2009 International Data Comparison (PDF) Points of interest in November 2009 IDC include: - At its meeting yesterday, the RBA decided to raise the cash rate by 25 basis points to 3.5 percent, effective 4 November 2009. The rate rise was the second in four weeks, with Australia becoming the first nation to increase borrowing costs twice this year.
- The World Economic Forum’s (WEF) The Financial Development Report 2009 has ranked Australia the 2nd among 55 of the world's leading financial systems and capital markets, ahead of the US, Singapore and Hong Kong. In the Financial Development Index, Australia ranked 1st in terms of financial access, and performed very well in both banking (5th) and non-banking (3rd) financial services. The report also confirms the strength of Australia's financial services sector in the face of the global economic recession: 'The efficiency of its banks, where it earns 1st place in the rankings, is a key strength; the stability of its banking system (10th) and a low risk of sovereign debt crisis (1st) underpins its relatively high degree of financial stability through the current crisis.'
- Australia rose three places in the world Economic Forum's Global Competitiveness Index to be ranked 15th out of 133 countries, receiving high marks for the strength of its financial system, sound institutional framework and flexibility of the labour market.
- In September, Australia’s jobless rate fell for the first time in five months as employment unexpectedly surged. The employment number jumped 40,600 from the previous month, the biggest gain in almost two years, and the jobless rate was cut from 5.8 per cent to 5.7 per cent. In addition, there was a gain of 35,400 full-time jobs in September, while part-time employment increased 5,200.
- Australia’s economic growth unexpectedly accelerated in the second quarter. Real GDP rose 0.6 per cent, the biggest gain in more than a year - in the previous three months the gain had only been 0.4 per cent. In its October 2009 World Economic Outlook Report, the IMF forecast Australia’s real GDP to grow by 0.7 per cent in 2009, compared to a decline of 1.1 per cent for the world and 3.4 per cent for advanced economies. The IMF is projecting that Australia’s output growth will gradually strengthen to 2 per cent next year. These figures predict a better expected outcome for Australia than for most of the world's other advanced economies.
Other monthly economic and financial statistics, such as exports and imports, stock market performance and exchange rate changes have also been updated. More information |