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INDUSTRY MARKET WRAP FROM RP DATA

03/07/2009

The 2008-09 financial year is finally behind us and will surely go down as one of the worst (in fiscal terms) for a very long time. The S&P/ASX 200 finished 24% lower over the year and the unemployment rate has increased to 5.7% from 4.3% over the 12 months to May 2009. We have also seen consumer and business confidence remain at low levels through most of the year and the number of jobs advertised also slump.

The bright spot in the economy has certainly been the property market, over the 12 months to May 2009 Australian property values have increased by 1.6%. Keeping this in perspective, at the time of their largest falls property values declined by -3.9% from their peak meanwhile, the S&P/ASX 200 was down as much as 50.5% from its peak and as at the end of June is still 41.4% below its peak level. Australian residential property has well and truly proven to be the most resilient and least volatile asset class during the Global Financial Crisis.

Rate cuts promise $1000 in pockets

31/01/2009

Author: Jessica Irvine and Phillip Coorey
Date: January 29, 2009
Publication: Sydney Morning Herald

Mortgage holders will be about $1000 a month better off in total next week, as the Reserve Bank resumes its most aggressive interest rate-cutting campaign in decades against the most bleak global economic backdrop since World War II.

RBA tipped to slice its key rate

31/01/2009

Author: Vanessa O'Shaughnessy
Date: January 29, 2009
Publication: The Age

The Reserve Bank has been freed from the threat of inflation, allowing it to cut interest rates dramatically next week as it works to keep the economy out of recession.

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