According to the Westpac-Melbourne Institute leading index, Australia’s economy grew at a rate of 6.8% in July, a slowdown from previous months. However, such a growth rate remains more than twice that of the long-term trend of 3.2%, an indication the economy is still in a post-recession boom.

July’s economic slowdown is the fourth month in a row the pace of expansion has decreased. June’s growth rate was significantly higher at 7.4%. read more..

New banking regulations and policies may increase the cost of borrowing for consumers worldwide.

Central bankers and regulators from 30 countries, including representatives from the Reserve Bank of Australia, are gathered in Switzerland to finalise regulations to be imposed on banks. read more..

Australia’s four major banks appear likely to raise rates on mortgages, independent of the Reserve Bank of Australia (RBA). The RBA, Australia’s central bank from which all interest rate are derived, does not look likely to increase the cash rate to at least November. read more..

The Reserve Bank of Australia looks almost certain to raise rates as the Australian economy steadily improves. According to the RBA Governor, Glenn Stevens, the primary factor possibly preventing future rate increases is the uncertain outlook of the global economy, although there’s also the conflicting possibility of a surge in household and business spending. read more..

Australia’s biggest banks have reached out to the victims of the floods in the south-eastern region of the nation. Each bank is offering its own distinctive set of assistance in hope of providing relief for the victims.
Most generous of the group, the National Australia Bank will authorise home-owners to hold off on mortgage repayments for some months, and even offer the same treatment for credit card repayments in some cases. The company also stated they will work with their own retail banking customers and business customers to see what type of relief will work best.  read more..