The fastest manufacturing expansion since 1992 | Manning River Hours

0

news, national

Australia’s manufacturing sector is growing at its fastest pace in nearly 30 years, despite headwinds caused by the COVID-19 outbreaks and associated lockdowns. The Australian Industry Group manufacturing performance index rose another 1.4 points in June to 63.2, the highest monthly result since the index began in 1992. Innes said Willox. A record rate of expansion was observed in the food and beverage, machinery and equipment, building materials and chemicals sectors. “Production, employment and exports were higher than in May, although the rate of acceleration generally slowed,” said Willox. “Exports of manufactures surged in June and new orders were also higher, indicating the likelihood of further expansion in the coming months.” Separate figures show the housing market saw strong price increases in fiscal year 2020/21, although there are early signs of slowing momentum, which could reassure financial regulators Australian. Residential real estate prices rose 13.5% over the year, the highest annual growth rate since 2004, when the market was unfolding after the real estate boom of the early 2000s. The value index CoreLogic homes rose 1.9% in June, with prices rising in all capitals. But CoreLogic’s head of research, Eliza Owen, said lower growth rates are emerging in the high end of the market, as well as in Perth and Darwin. “The rest of the market tends to follow high-end movements, and this is the first time in nine months that the high-end growth rate has not accelerated,” Ms. Owen said. Australian financial regulators have been monitoring developments in the real estate market in recent months. The Reserve Bank of Australia has always said its role is not to target house prices, but only to ensure lending standards don’t deteriorate. At a meeting of the Board of Financial Regulators last month, the central bank agreed that Australia’s overall lending standards remain sound. The board is made up of the RBA, the Treasury, the Australian Prudential Regulation Authority and the Australian Securities and Investments Commission. Figures released by the RBA on Wednesday showed that home loans rose 0.6% in May, the largest increase since June 2017. However, the growth was largely driven by homeowner loans, rather than by which are considered to be riskier investor mortgage loans. The Australian Bureau of Statistics is preparing to release the latest international trade figures and job vacancies. Economists expect the goods and services trade balance to climb to a record surplus of $ 10.5 billion in May, supported by commodity exports, especially iron ore shipments to China. The previous record surplus was $ 9.7 billion in March 2020. Australian Associated Press

/images/transform/v1/crop/frm/silverstone-feed-data/3d1baaf2-3f2a-426e-8ebf-3536f07bd2df.jpg/r0_74_800_526_w1200_h678_fmax.jpg

Share.

About Author

Comments are closed.