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Reserve Bank governor Glenn Stevens has signalled interest rates are on their way back up with mortgage rates likely to edge up between half and a full percentage point.

Giving evidence to the House of Representatives economics committee in Canberra, Mr Stevens said the RBA’s focus continued to be on what mortgage rates were offered by commercial banks rather than on the Reserve’s official cash rate.

He said given the commercial banks had lifted rates over and above what the RBA had done, there was still about a half and a full percentage point to go before mortgage rates were back to what the Reserve would consider close to their long term average.

“There’s a little distance to go yet before I think you could characterise the setting of interest rates as normal or average,” he said.

The RBA surprised markets by leaving official rates on hold at its February meeting.

Mr Stevens said on top of the Reserve’s own lift in official rates, the commercial banks actions had effectively delivered three and a half interest rate rises to mortgages cases, and in the case of Westpac customers, four rate hikes.

He said one of the advantages of lifting rates as the RBA did in the last three months of 2009 was that it could hold rates in February and get a clearer picture of how the economy was travelling.

“You get that luxury when you can wait a little a bit further down the line,” he said.

Mr Stevens said Australia had performed much better than even the RBA had expected out of the global recession.

But he warned that meant the economy was now heading into an upswing stronger than otherwise would have been the case.

“With the economy having had only a mild downturn with begin the upswing with less spare capacity than would typically be the case after a recession,” he said.

“There’s less scope for robust demand growth without inflation starting to rise again down the track.

“Monetary policy must be careful not to overstay a very expansionary setting.”

Mr Stevens said the resources sector in particular was looking to grow quickly, with the terms of trade likely to head back to the record highs seen in 2008 this year.

He also highlighted the strength of Australia’s sovereign debt position, hosing down fears the country was carrying too much debt.

“Australia’s position is by any measure very strong indeed,” he said.

The governor also played down fears raised by Opposition finance spokesman Barnaby Joyce that Australia could default on its debts.

Mr Stevens said Australia had never defaulted before and there were no signs it would now.

“I very much doubt there ever will be,” he said. 

“Monetary policy must be careful not to overstay a very expansionary setting.”

Mr Stevens said the resources sector in particular was looking to grow quickly, with the terms of trade likely to head back to the record highs seen in 2008 this year.

He also highlighted the strength of Australia’s sovereign debt position, hosing down fears the country was carrying too much debt.

“Australia’s position is by any measure very strong indeed,” he said.

The governor also played down fears raised by Opposition finance spokesman Barnaby Joyce that Australia could default on its debts.

Mr Stevens said Australia had never defaulted before and there were no signs it would now.

“I very much doubt there ever will be,” he said.

Source www.thewest.com.au

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Skytrax World’s Best Low Cost airline, AirAsia welcomes 2010 with a BIG Regional Sale! The leading airline makes flying more affordable by offering airfares from as low as *RM19 for its domestic and international routes (excluding Thailand domestic routes and London).

The sale will run from 19 – 25 October 2009 for the travel period from 11 January 2010 – 30 April 2010. The incredible low fares offered by AirAsia are available to all of its Asia destinations including the Middle East departing from its hub from Kuala Lumpur, Kota Kinabalu, Bangkok, Bandung, Jakarta, Surabaya and Bali including Penang and Johor.

To make the deal sweeter, Go Holiday, AirAsia’s own online travel portal is also offering attractive holiday packages in conjunction with the 2010 Sale Campaign. Guests can book their packages via http://goholiday.airasia.com, from as low as RM112 per person for domestic packages (with flight, 3 days 2 nights hotel stay inclusive of breakfast) and from as low as RM199 per person for international packages (with flight, 3 days 2 nights hotel stay).

Exciting holiday packages on offer under the heritage sights include destinations to Seam Reap, Hanoi, Guilin, Yogyakarta, and Hangzhou. Those opting for a domestic vacation may book holiday packages to Langkawi, Penang, Kuching, Kota Kinabalu and Johor Bahru. For our shopaholic enthusiast, guests may opt for a shopping spree holiday package deals in Bandung, Bangkok, Singapore, Hong Kong and Taipei and those who are all for city sights, Dhaka, Tianjin, Perth, Melbourne and Abu Dhabi package deals are on offer.

For the Sun-Sand-Sea lovers, dream no more as holiday packages to Bali, Phuket, Krabi and Colombo are also available. Check out our online travel portal as there are more exciting holiday packages to many exciting destinations available.

Promotional seats are limited and available on first-come, first-served basis and made exclusively available online via www.airasia.com and mobile.airasia.com.

Source  :  www.etravelblackboardasia.com

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AIRASIA recently launched its Big Sale promotion by offering three million seats for both domestic and international destinations.

The booking period for both sectors during the Big Sale campaign is only until Sunday.

Bookings are for the travel period from Jan 11 to July 31 next year. The flights are available from its eight hubs – Kuala Lumpur, Johor Baru, Penang, Kota Kinabalu, Bangkok, Jakarta, Bali and Bandung.

Guests can fly from Kuala Lumpur to domestic destinations such as Penang, Johor Baru from as low as RM9. Popular international destinations such as Jakarta, Yogyakarta, Bangkok, Phuket are offered from as low as RM49.

Ho Chi Minh, Phnom Penh, Bali and Bandung are offered from RM69 and the highly in demand “Kangaroo Routes” in Australia such as Gold Coast, Melbourne and Perth are offered from RM149.

The airline is also extending the promotion to its recently launched routes such as Colombo, Taipei, and London from RM89, RM99 and RM479 respectively.

“This ‘Big Sale’ promises to be the sale of the year for AirAsia,” said AirAsia Group regional head of commercial Kathleen Tan.

“I dare say that it is even better than the free seats offered in the past as guests now save on administration fees and fuel surcharges as we have abolished both charges,” she said, adding that guests can now enjoy greater savings of up to 70% from the Big Sale.

“For example, with the past free seat offer, guests paid RM53.50 for Penang now they only pay RM9, Kuching was RM78.50, now RM29.  For international sectors, guests paid RM142.50 for Bali, now RM69. Singapore used to be RM122.50, now it’s RM29, Gold Coast was RM354, now RM149,” said Tan.

Promotional seats are limited and available exclusively online via www.airasia.com and mobile.airasia.com.

Source  :  www.thesundaily.com

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500_cabrio1FIAT HAS ANNOUNCED that the convertible version of its ever-so-fashionable 500 will be landing on Australian shores in the middle of next year; roughly a year after the car’s   European sales debut.

Exact specifications and pricing won’t be announced until the car’s local launch, but given the convertible packs the same mechanical hardware as its be-roofed stablemate, odds are high engine choices will be shared with the tin-top Fiat 500.

That means a 55kW 1.3 litre diesel, 51kW 1.2 litre petrol and 74kW 1.4 litre petrol should be offered, while a fuel-saving start-stop system will also feature on the 500C’s spec sheet.

But for many buyers it won’t be the engine line-up or economy rating that will be the 500C’s real drawcard. It’s all about looks, and in that department the diminutive Fiat ragtop doesn’t disappoint.

Source  :  www.themotorreport.com.au

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Australia is still open for business

Despite the current financial troubles plaguing the world, the Australian government continues to welcome business migrants who want to move to Australia to estab1201173161413australia-flaglish and operate a new business or purchase and operate an existing business.Migration opportunities also exist for people who wish to invest in Government bonds. Australia’s states and territories are competing in a bid to sponsor business people from around the world in an effort to attract investment and suitable migrants to their cities and towns. At the same time the Australian government has been at pains to stress the importance it places on small business in Australia and has rewarded the sector with significant tax relief. On March 28 2009, the Australian government announced more than AUD720 million (SLR 23 billion) of cash-flow relief and further initiatives to support small business are expected in the May budget.

Although the business world has been pessimistic about the impact of the global financial crisis, Australia has been better positioned than most countries to weather the storm. A survey conducted by the Small Business Development Corporation of small business sentiment in Western Australia has found that “there is more optimism within the small business sector than media reports would have us believe”, SBDC Managing Director Mr Stephen Moir said when the survey was released. This may make it a good time for potential business migrants to consider a move to Australia.

Many business people from around the world have already taken advantage of the opportunities offered under Australia’s business migration programme. A total of 6565 business visas were granted in 2008, a 12.5% increase on the 2007 figure. This is about equal to the number of business visas that can be granted before July 2009 under the recently announced cap. New business visa applications are still being accepted and processed as normal and no limits have been announced for 2010. It is not clear what effect the global downturn will have on demand for these visas and whether the caps for 2009 will have an effect on processing times in the future. There would appear to be little reason for the Australian Government to place significant limits on the number of business visas in the future – business migrants create job opportunities in Australia rather than reduce them.

Historically the Australian business visa programme has attracted mostly small to medium business people who are seeking better opportunities for themselves and their families in Australia. In recent years the program has attracted many applicants from countries such as the PRC, Indonesia and South Africa where there has been some political or economic instability and concern for the future.

Australia’s business visa program is targeted at small business owners and senior managers who have a proven track-record of successful business in their country and who have accumulated wealth through their entrepreneurship, which can be invested in Australia. Successful business applicants need to show that their business has recorded sales of more than AUD$300,000 (LSR 27,000,000) in at least two of the past four fiscal years or that they are a senior manager in a significant business, and that they have at least AUD$250,000 (LSR 22,000,000) in personal and business assets which they are willing and able to transfer to Australia. Business migrants who are over 45 or who do not have a good command of English must be sponsored by a state or territory of Australia.

Despite the global downturn, there are good business opportunities in Australia in many sectors and Australia remains very much open for business. In order to encourage business migrants to establish themselves in their area, some Australian states and territories, including Western Australia, offer incentives and assistance packages to qualifying new migrants and small business owners. Many states and territories offer discounted education for children of business migrants.

A successful business visa applicant will first be granted a temporary visa for four years within which time they must relocate themselves and their families to Australia and establish their business in the sponsoring state. Provided the relevant requirements are satisfied during this time, the person can apply for a permanent visa allowing them and their family to remain in Australia indefinitely. After a time, business visa holder can apply for Australian Citizenship should they want Australian nationality.
If you are thinking about migrating to Australia, the time might be now!

Source  :  www.sundaytimes.lk

 
         
 

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