ECONOMY

Premier David Bartlett formally unveiled on Wednesday the $32 million Saffire Resort, Tasmania’s first boutique luxurious resort which boasts of 20 premium suites that command a panoramic view of the Coles Bay area.

New figures published by the Australian Bureau of Statistics (ABS) on Wednesday showed that the country’s trade surplus registered at $3.539 billion in June, pointing to a gain of $1.714 million when compared to a previous corresponding period.

Private buyers raised up the ante on motor vehicle hunting in July as new vehicle sales soared by ten percent in the month compared to the sales figures posted in 2009 on the same month, with most customers taking a preference on the now-ubiquitous SUVs.

The latest Retail Trade figures from the Australian Bureau of Statistics indicate retail sales edged up 0.2 per cent in June, seasonally adjusted, compared with an increase of 0.2 per cent the previous month.

The Australian Beef Association chided the New South Wales government on its apparent soft stand in labelling disputes with the country’s supermarkets as it urged the state to implement much stricter regulations in its beef labelling management.

Saturday is now the most economical time to buy petrol although it is not likely to stay that way for long, said Australia's National Roads and Motorists' Association.

A transport group said on Thursday that enabling trucking companies to implement the dual-run system would lead to better profits, slashed costs and less travel time for the freight industry as the Australian Competition and Consumer Commission (ACCC) instructed DP World Australia and Patrick to set up a blue print on the trucking scheme.

Small and medium-sized enterprises must be given greater aid to develop their financial management skills for the sake of the sector and the nation's economic health, CPA Australia said today.

The consumer price index, the key measure of inflation in the economy, rose by 0.6 per cent in the three months to June from 0.9 per cent in the March quarter, according to the Australian Bureau of Statistics.

Robust growth is predicted in Melbourne's retail and industrial markets, according to BIS Shrapnel chief economist Frank Gelber.

The consumer price index (CPI), the key measure of inflation, is believed to have increased in the June quarter by 1 per cent for an annual rate of 3.4 per cent, an AAP survey of 11 economists shows.

Access Economics reported on Monday that the Northern Territory’s economic growth rate should experience a resurgence this financial year following the region’s output decline of one percent as private sector projects started winding down.

The cost of conducting business in Australia nudged a bit higher in the last three months leading to June, according to the latest figures furnished on Monday by the Australian Bureau of Statistics (ABS), suggesting as well that consumer prices are poised to absorb minimal impacts in the next few months.

Fuelled by spiking demands from China and India for its resources and equally boasting of a steady growing labour market, Western Australia proved itself as the country’s strongest performing economy, soaring past the ACT as it slid to second spot on the latest CommSec state and territory economic rankings.

Further hikes in interest rates are expected as Australia's export prices hit a record increase last quarter fuelled by Asian demand for iron ore and coal.

The latest National Australia Bank’s (NAB) quarterly index of business confidence released on Thursday showed that belief on economic conditions retreated by 14 points to three index points in the June quarter as mounting worries on financial markets turbulence applied heavy burden on Australian firms.

Australia's average superannuation fund generated a profit of 10.4 per cent for the year to June, the first gain in three years.

Australia's economy is likely to grow quickly in the coming months, according to a leading index of activity, which reflected an acceleration in growth in the recent quarter.

The central bank has warned that macro-regulation proposals under the new Basel III bank rules could hit economic growth, although not as bad as some banks fear.

The Reserve Bank of Australia will wait for key inflation data before it gives a ruling on its benchmark interest rate next month, according to the minutes of the central bank's July board meeting.

Australian Securities and Investments Commission chief economist Alex Erskine says the oversight of the housing market by the securities regulator is the "next logical step'', arguing that this would increase transparency while lowering sharp distortions in home prices.

The median expected inflation rate in July edged down to 3.3 per cent, from 3.4 per cent in June, less than two weeks before Australia's crucial second-quarter consumer price index report is scheduled for release, according to the Melbourne Institute Survey of Consumer Inflationary Expectations.

Australians are now seeing a brighter economic outlook, having looked past global market gloom and recent interest rate hikes.

A new survey showed that an estimated 50 percent of Australian households were worrying that interest rates would further increase while only 20 percent were holding expectations that household debt levels would spike in the next few months.

Robust sales and encouraging profits resulted to better business conditions in the month of June as companies gained steadier outlook in the same month, that according to the latest survey of the National Australia Bank (NAB) released on Wednesday.

Remarkably high interest rates on savings accounts could end thanks to the Reserve Bank of Australia's ruling to put the cash rate on hold for the second straight month, an analyst has warned.

Australia's housing finance commitments have marked their first increase in eight months, showing a renascent housing market amid higher rates and falling confidence.

The auction clearance rate in Sydney nosedived at the weekend with just 49 per cent of properties selling, the poorest record in 18 months.

A shortage of skilled employees could impede Australia's economic growth, a new report says.