Economy

The Reserve Bank governor Philip Lowe says the Australian economy is heading towards its first real growth phase since the mining boom.

Millennials number over 5.5 million people in Australia – that’s nearly a quarter of our population.

The latest data has shown that the housing market across the country has risen ever so slightly over the December quarter:

There are fresh hopes Australia’s recently hard-hit export and manufacturing industries might get relief with the recent slide in the Aussie dollar, and further falls predicted.

Expectations of a near-term reduction in interest rates remain low despite full-time job losses in the labour market being at their highest level in 16 months.

With the extended period of interest rate cuts slowly putting positive effects of the economy’s growth, massive job cuts in Australia’s motor vehicle and manufacturing industries have shaken the nation’s consumer confidence.

The Australian dollar rose, albeit briefly, to a four-month high off the back of this week’s RBA announcement of no change to interest rates.

Amazingly, the Australian dollar continues to show strength, trading today at a four-week high of 93.74 US cents.

The high Australian dollar is making life tough for people with savings deposits.

In a failed attempt to bring the dollar down with low cash rates, the RBA is coming under increasing pressure for its stance on record low interest rates.

It may be time for the RBA to throw in the towel and call off the fight it has been having with the Australian dollar.