ECONOMY

A report from the National Water Commission about its water trading in the Murray-Darling Basin showed that the practice enabled farmers to survive the drought, however, certain restrictions have prevented irrigators from utilizing the full value of their water allocations.

Reserve Bank Governor Glenn Stevens warned local households yesterday that debt level increase should not be excessive, but Australia's economy may be able to pull through if Europe's debt problems worsens.

Nearly 2,000 people joined the rally in Perth yesterday to protest against the Federal Government's proposed resource super profits tax.

Australian citizens are now cautious in their borrowing behavior, according to the Reserve Bank of Australia.

International visits to Australia peaked up over the first three months of 2010, according to a survey released on Wednesday.

A survey shows that almost one third of Australian banks employees are worried about their customers' ability to repay loans while half admitted they are pressured to force on customers for more credit even when they were not requested.

Prime Minister Kevin Rudd will formally discuss his proposed resource super profit tax on Wednesday in resource-rich Western Australia today.

Commuters in Sydney’s Inner-West area will have more options of public transport within two years. The Government has budgeted $55 million to fast-track its light rail project which is expected to commence within this year.

Business confidence in the country dropped for three straight months in May. Survey results suggested major factors affecting the economy like high interest rates and a lower Australian dollar with the European debt crisis, giving doubts of a global growth outlook.

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.

The Queensland Government and the Opposition argued in a Parliament meeting today on a discussion with the State budget.

Agribusiness Elders Limited disclosed on Tuesday it failed to finalize its bank finance from the Rural Bank to lure in potential investors in their Forestry 2010 managed investment scheme project.

The Australian Securities and Investments Commission has responded to media claims on clearing its public information with a “technical oversight” despite that the documents were dated for more than a decade ago.

The National Australian Bank brushed off claims that it feels under pressure to participate in the consolidation of the banking sector in Britain. A representative for NAB said the bank is comfortable with its position in a foreign country.

A Labor representative comments that Prime Minister Kevin Rudd will negotiate the “muddy waters” surrounding his proposed super profits tax the same way he handled Australian's response to the global financial crisis.

Most of the nation’s farmers have doubts over the progress of agribusiness in the country; losing confidence as commodity prices dropped. Quarterly survey conducted by Rabobank Australia showed that Australian farmers have expressed worries on falling commodity prices.

The New South Wales government plans to have two cuts to payroll tax for next year to urge business expansions and growth in the region.

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.

Governor Glenn Stevens of Reserve Bank of Australia is advised to inform a rate rise halt when he speaks later this Wednesday at Castle Hill, in the heart of north-western Sydney's mortgage belt.

In a recent poll, nine out of 10 working Australians favor the Government's proposal to increase the superannuation guarantee (SG) to 12 per cent.

This year, the average tax refund is anticipated to drop by 13 per cent to $2,344 while a recent survey showed that nearly half of tax payers are planning to use their tax refunds to pay off debt.

Federal Treasurer Wayne Swan said he is listening to several “legitimate” concerns about the proposed resources super profit tax from the miners.

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.

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

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.

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.