Australia Economy Slow Recovery and Seeking to Develop Power

In the global financial turmoil, Australia, as members of the Group of Twenty the first country to raise interest rates, now 4.75% benchmark interest rate, the interest rates so high that other countries economy has yet to catch up a full recovery.

The central bank to raise interest rates seven times

Federal Reserve Bank of Australia on December 7, announced after a meeting, the benchmark interest rates unchanged at 4.75%. Because the inflation rate remained stable over the past few quarters, no need for further rate hikes. Australia is the current benchmark interest rate decision on Nov. 2, the benchmark interest rate from the original 4.5% to 4.75%. At that time, the Federal Reserve Bank Glenn Stevens said the rate hike is mainly the situation in response to rising inflationary pressures. The central banks of Australia since October last year, the seventh rate hike since last 6 months is also the first interest rate increase.

Australia's central bank last rate hike in April 6 this year, the benchmark interest rate by 0.25 percentage point to 4.25%. The central bank said the Australian economy has been through a serious financial crisis of the Australian central bank's monetary policy committee agreed that "further easing of monetary policy on economic stimulus efforts to raise the benchmark interest rate is appropriate. Although interest rates on Australian families may constitute a effect, but consistent with the actual development of the Australian economy and the law. "

Australia's benchmark interest rate is currently at its highest level in nearly two years, interest rates will make many SMEs face more difficulties in housing loan interest rates loans to home buyers will bring new pressures.

Good recovery trend

Australia's political and economic suffering of frequent financial crises. Former Prime Minister Kevin Rudd came to power in December 2007 more than six months to a crisis, the Government had to a huge deficit, the economic downturn, high unemployment, caused popular discontent. In order not to lose the election, the Labour Party can only enable new Girard.

June 24 this year, the Australian party elections held in the ruling Labour Party, Girard was elected party chairman, replacing Kevin Rudd became Australia's first female prime minister. She also followed the election in a second term, and took office in September 14. Girard said the Labor government's success in the performance of the financial crisis better future for Australia laid the foundation for the development and implementation of improved pensions, and other policies to support small businesses.

The government's economic stimulus plan to control the unemployment rate continued to soar this year, the unemployment rate in January fell to 5.3% in Australia, for Australia the lowest level in 11 months. Economists said the Australian unemployment rate shows a continuous decline in the overall economic recovery is in good shape, but also room for further growth. Timely and effective government economic stimulus measures to protect jobs and support the Australian economy an important factor in a strong recovery. However, the Australians are also very helpless, and many Australian companies to keep their jobs the workers had declined to accept the conditions of pay, some companies pay reduced by 20%.

Seeking to develop power

Since the global financial crisis, the Australian economy and financial industry and the outstanding performance of other developed countries, has not an Australian bank failures. In addition, the Australian agricultural and livestock development, agricultural production and export of an important position in the national economy, which also makes the country's economy to remain stable. The Government also encouraged the development of SMEs, the establishment of the National Export Award SME Award, which is an important driving force to promote economic development one.

The current global economic conditions, the U.S. economy is still difficult, a spike in the debt crisis in Europe, these factors determine the Australian economy in the short term there will be no major improvement.

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