Australia central bank sees growth momentum

Sydney: Australia’s central bank kept borrowing costs unchanged this month as domestic job growth and previous interest-rate reductions help the local economy weather global disruptions, minutes of its July 3 policy meeting showed.

Australia grew at the fastest annual pace in the developed world in the first quarter, and government reports since RBA governor Glenn Stevens’s latest policy decision have painted a mixed picture of the economy.

China’s prospects

Resources bonanza

The latest bonanza — for iron ore, coal and natural gas — is bringing investment projects the government estimates to be worth A$500 billion (Dh1.89 trillion). The nation’s unemployment rate, at 5.2 per cent last month, is lower than 8.2 per cent in the US and 11.1 per cent in the Euro-area.