Car sales hit record highs; New home sales lift

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New home sales; Performance of Services; New vehicle sales New home sales rise: New home sales rose by 3.3 per cent in August after slumping by 5.7 per cent in July. Sales of detached houses rose by 0.5 per cent in August and multi-unit sales rose by 19.8 per cent. Car sales hit record highs.

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Dwelling approvals hit record highs

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Dwelling Approvals; International Trade; RBA Senate Testimony Dwelling approvals: Dwelling approvals rose by 3.0 per cent in August and are up 14.5 per cent over the year. Over past 12 months a record 197,571 dwellings were approved – marking the highest result on record. Trade deficit narrows: Australia’s trade deficit narrowed by $288 million to a

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Record Wealth! RBA open to “macroprudential” tools

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Financial Accounts; Population; Job Vacancies; Final Budget Outcome Household wealth stood at a record $7,780.6 billion at the end of June, up $97.4 billion or 1.3 per cent over the quarter. In per capita terms, wealth rose to a record $330,841 in the June quarter, up $2,860 over the quarter Population: Australia’s population grew by 111,500 people over the

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Spending growth extends into the fourth year

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Commonwealth Bank Business Sales Index Economy-wide spending grew at “normal” pace in August, moving the sales expansion into the fourth year. The Commonwealth Bank Business Sales Indicator (BSI) – a measure of economy-wide spending – rose by 0.5 per cent in trend terms in August – in line with the long-term average growth pace. Sales

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Petrol prices drift higher; Asian shares slide

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Weekly Petrol Prices; Sharemarket trends Petrol prices rise: According to the Australian Institute of Petroleum, the national average Australian price of petrol rose by 2.8 cents per litre to 147.6 cents a litre in the week to September 21. Asian shares slide: Asian sharemarkets fell by over 1 per cent on Monday. What does it all

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Jobs up most in a decade, but record fall in mining

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Employment by Industry Industry employment: Employment rose by 119,800 over the three months to August – the biggest quarterly increase in over almost a decade (since November 2004). Mining jobs fall: Mining employment fell by a record 27,100 jobs in the August quarter. More jobs in Education than Manufacturing. The number of people employed in the Education

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Jitters ahead of US rate decision

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Economic & financial events; Imports Volatility ahead of key events: Currency and share markets have exhibited volatility in recent days ahead the Scottish referendum and the US Federal Reserve meeting to decide interest rate settings. Less volatile Aussie shares over time: While the sharemarket has proved weaker and a little more volatile in recent days,

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Shock slump in Chinese production growth

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Chinese Economic data Chinese economic data: Industrial production rose at a 6.9 per cent annual rate in August, the slowest growth in 5½ years (December 2008) and below forecasts. Retail sales rose at an 11.9 per cent annual rate in August, mildly below forecasts (+12.1 per cent). Real annual growth was estimated at 10.6 per cent –

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Largest jobs gains on record… apparently

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Labour force; Chinese inflation Jobs gains: Employment rose by a record high 121,000 in August after falling by a revised 4,100 in July (previously reported as a 300 fall in jobs). Full-time jobs rose by 14,300 in August after rising by 15,400 in July. Part-time jobs rose by 106,700 in August after falling by 4,100 in

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Home loans lift but first home buyer share at record lows

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Housing Finance; NAB Business Survey; Weekly Consumer Confidence The number of new owner-occupier housing loans (commitments) was up by 0.3 per cent in July but the value was unchanged. Excluding the refinancing of dwellings, the number of loans was down by 0.7 per cent. The value of all investment and owner-occupier loans rose by 2.7 per

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