AU ECONOMY

Agents in Sydney, as well as in other parts of Australia, are of the opinion that expats and overseas buyers are helping to lift the market for luxury properties in the country.

A recent survey reveals that migrants in Australia prefer starting their own businesses than getting employed.

China’s central bank has indicated over the weekend that the yuan would be more flexible in the coming days, though it gave clarification that significant changes should not be expected and at the last check, the Chinese currency still stands at about 6.8 against the US dollar.

Australia is nearing the height of its V-shaped recovery from the global financial crisis, said the longest-serving current board member of the Reserve Bank of Australia (RBA), who added that Europe would eventually give up on euro over the long term.

US Treasury Secretary Timothy Geithner has called on China to allow its currency to appreciate and take its true form, integrating the policy to a much wider economic reform that would free up Beijing from too much dependence on exports and encourage domestic demands for its products.

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.

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.

US Federal Reserve Chairman Ben Bernanke urged on Monday members of the Group of 20 world powers to closely coordinate financial reforms in its aim to strengthen the global economy as he leaves note that governments’ international cooperation is a must in overhauling market rules following the global financial crisis.

Following some pick ups early this year, luxury may be back in style as consultancy firm Bain & Company said Sunday that the luxury goods industry sales in 2010 would grow by four percent to 158 billion Euros or $A229.78 billion with much of the sales spikes to be seen within the first half of the year.

A new United Nations (UN) report published on Wednesday said that the world economy is poised to recover from last year’s crunch with up to three percent growth this year and 3.2 percent improvement by next year, while warning at the same time that only a solid recovery could recoup job losses and fill the production backlog created by the deep recession.

The annually published World Competitiveness Yearbook study has listed Australia as the fifth most competitive economy in the world along with Singapore, Hong Kong, the USA and Switzerland topping the list respectively.

China maintained its hard-line stand against revaluing the Yuan amidst longstanding pressures from the US and Europe and instead pointed fingers on the soaring American debt levels, which Beijing described as possible source of more and graver economic concerns.

A fund analyst said on Tuesday that gold will most likely see a temporary correction soon as its spot prices saw a record high of $US1,249.70 last week, which experts attributed to the economic uncertainties spawned by the Greek sovereign debt crisis.

An ANZ Banking Group Ltd executive has declared that the worst is pretty much over for the Australian economy as it has survived the downturn almost unscathed, though warning at the same time that the country must stay cautious on the worsening debt crisis in Europe which could restrict local banks’ access to credit facilities.