BUSINESS

Australian banks would probably not to be affected by the European debt crisis, said a representative of a bank and life insurance regulation authority, adding that most institutions and organizations have had little exposure to trouble continental lenders.

Ray White, the country’s largest real estate and property group, says that there is still a shortage in properties and housing in Australia. But the group also marked positive sales. Ray White recorded an eight per cent sales increase on May.

Small businesses are still suffering from the economic blow of the global financial crisis, noted one of the largest banks in the country.

The Housing Industry Association (HIA) has affirmed concerns earlier by Western Australia’s Chamber of Commerce and Industry (CCI) that the state government would need to release more land and increase urban density in order to encourage more affordable housing availability.

Qantas has announced today that it will be adding seven supplementary services between Melbourne and Queenstown, New Zealand to support demand over the peak summer periods and to coincide with the upcoming ski season.

High prices of housing will slow down the growth of the country’s next boom since this will push labor shortages, says an economist.

Australians appeared to be taking a fancy on premium European wines amidst its stumbling prices as official statistics showed that imported table wine declined by at least more than a dollar per litre or 13 percent in the year leading to March.

Foxtel has requested the competition regulator to approve its deal that wants its pay-TV's operator services be made available only to Telstra broadband users.

Aluminum vessel designer and manufacturer Austal has signed a $35 million unconditional contract with Guadeloupe-based ferry operator L'Express des Iles.

A communiqué draft released by the Group of 20 economic world powers yesterday has cautioned that the ongoing global recovery is still fragile as showcased by recent volatility in the financial markets.

Queensland Premier Anna Bligh expressed her concerns and worries after mining giant Xtrata announced it will shelve its two projects in Queensland.

Encouraged by positive indicators coming from the US market and other major worldwide markets, oil prices surged yesterday with New York’s light sweet crude delivery for July hitting $US73.28 per barrel and London’s Brent North Sea steadying at $US74.18 per barrel.

Cazaly Resources announced it has selected Pacific National Bulk rail to provide rail haulage services for its Parker Range iron ore project.

Negotiations for a takeover bid continues between National Australia Bank and AXA Asia Pacific Holdings with the competition regulator over a possible divestment of AXA's north investment platform.

Cape Alumina Ltd. has placed its Pisolite Hills bauxite mine and port project in western Cape York under review as a result of the Queensland Government's declaration of the Wenlock River basin as a wild river area under the state's Wild River legislation.

If purchasing a house in Australia is a bit challenging decision to make, the Federal Government has released its research data revealing places that are likely to have affordable houses for sale.

Aquila Resources Ltd. issued a statement to the Australian Stock Exchange (ASX) confirming earlier reports that Brazilian mining giant Vale S.A. will acquire Aquila's stake in Belvedere hard coking coal project.

Australia’s trade balance has posted a surplus in April, the first trade surplus in 13 months. Expectations of better outcome on exports are floating anew as Asia’s demand for mineral resources is surging up.

Woodside Petroleum asserted its decision that a floating platform is the best development concept for the Greater Sunrise liquefied natural gas project in the Timor Sea citing economics reasons.

Property investor and developer Stockland Group Ltd has acquired a 54 hectare residential land parcel in Holmview Queensland for $23.5 million.

Alumina Ltd said Thursday that the current alumina pricing system is out of sync with industry fundamentals and contract pricing would eventually transition to spot pricing, which poised to deliver further benefits both to the company and the industry.

Perth-based National Hire expands its business operations by acquiring Victoria-based Monash Hire for an undisclosed amount.

Tiger Airways is set to expand its services in Australia following a mutual deal from the Victorian Government. The airline company announced flights would commence on November 10 in Victoria's second main airport, Avalon. Its first destination would be the Gold Coast with a flight cost of $45.

Australia's national economy is showing signs of growth which is largely attributed to the commodity boom. Government stimulus spending, however, still drives the economic growth.

Iron Mountain Mining Ltd announced it has entered into a Heads of Agreement with United Orogen Ltd to acquire outstanding available interests in three United Orogen exploration licences in the Northern Territory.

Budget carrier Tiger Airways has announced Thursday that it will start servicing routes to and from Avalon Airport in November, making the Gold Coast as the budget carrier’s inaugural destination from Melbourne’s second gateway.

Conquest Mining Ltd has announced its plan to acquire North Queensland Metals (NQM) through an off-market takeover offer worth $58 million.

Finance Minister Wayne Swan is hoping to entice world financial leaders on the country's resource super profits tax during this week's G20 summit.

Tata Motors of India has announced on Wednesday that the world’s cheapest car, the Nano, would again started rolling out from its new western India plant following the company’s forced desertion of its near-completed factory in Singur, West Bengal which was marred by violent land ownership dispute in 2008.