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Australia Budget Turns Boom on Its Head
Keywords:
The new Australian budget is designed to generate a slight surplus from the A$44 billion deficit for the fiscal year ending June 30. This prepares the Australian government of Julia Gillard for elections in 2013. The budget depends on the mining boom to generate the tax revenues for planned economic growth of over 3% in 2012-2013. This is based on the large number of projects planned for investments in oil, gas and other energy projects, valued at US$456 billion. GE as supplier of turbines and other products to the Chevron-Total gas project and other projects in Australia, has sales in Australia match its sales level in China in 2012-2013. This gives an idea of the extent of the boom in the mining and energy sector. Even the widening trade deficit to A$1.59 in March 2012 reflects large imports for the mining sector. The weakness of this approach is that too much is dependent on the mining and offshore gas boom. Retail spending is weak and Australia is increasingly looking like a two tier economy, subject to the boom and bust cycles that its mining companies have experienced in the past. A bubble in Australia's housing markets and uncertainties in the global economy pose other risks.
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Global property markets: Boom and gloom
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Australian Property, Long an Outlier, Joins Decline
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In China, Sobering Signs of Slower Growth
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Australia politics and government- 2010-2014
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Rudd Returns for Australian Act 2
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New Australian Prime Minister Tony Abbott Vows to Save Economy
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Rumors Grow of a Party Coup to Oust Australian Leader
New York Times 02/21/2012
Australia's Gillard Wins Party Challenge
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New York Times 02/27/2012
Australia's New Budget Hits Defense Spending
Wall Street Journal 05/09/2012
Australia's limited economic policy options with a mining boom and a slower economy outside of mining- 2009-2013
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The impact of a higher valued currency- as a result of the mining boom- on manufacturing, tourism and other economic sectors.
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Wall Street Journal 05/01/2013
U.S. Stocks Shrug at China's Woes
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The Deal Is Simple. Australia Gets Money, China Gets Australia
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An Australian Boom Town Feels Chill of Commodity Price Decline
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Wall Street Journal 11/13/2014
Australia Faces Painful Choices in Economic Slowdown
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Chevron and the Wheatstone gas export project in Australia
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Chevron, Partners Approve $29 Billion LNG Project
Wall Street Journal 09/26/2011
China Speeds Economic 'Transformation'
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Australia Budget Turns Boom on Its Head
Wall Street Journal 05/09/2012
Commodity prices drop on economic woes in Europe, China, U.S. - The Washington Post
Washington Post 06/11/2012
Chevron's Australian Currency Hedge Is Looking Ironclad
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Chevron, Shell Swap Gas Assets
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The Australian dollar- 2010-2015
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Grouped Articles
Wall Street Journal 05/01/2013
Aussie Dollar Falls on Budget Plan
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Wall Street Journal 07/13/2013
Australia's Central Bank Cuts Rates Ahead of Election
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Talking Down the Australian Dollar
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Aussie Dollar Parity Talk Resumes
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Australian Central Bank's Rates Reality: All Cut but No Run
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Australia's Central Bank Cuts Rates Ahead of Election
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Central Banks in India and Australia Take Steps to Lift Growth
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Western Australia's Oakajee iron-ore project
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China’s Slowdown Hits Price of Iron Ore
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BHP Looks Past Travails, Remains Upbeat on China
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Australia Invites Chinese Investment In $6 Billion Iron-Ore Mining Project
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Market for Iron Ore Likely to Soften
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Weaker Prices Push BHP's Net Down 30%
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BHP to Acquire Petrohawk Energy in $12 Billion Deal
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Wall Street Journal 08/24/2011
BHP Billiton performance
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Grouped Articles
Wall Street Journal 05/30/2013
After Going All In During Mining Boom BHP Cuts its Ambitions
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Weaker Prices Push BHP's Net Down 30%
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Hard Labor Needed for Mining Renaissance
Wall Street Journal 01/22/2014
Wall Street Journal 04/02/2014
BHP Aims to Boost Iron-Ore Output Even as Prices Fall
Wall Street Journal 07/24/2014
Australia's housing market on shaky foundations in 2012-2015
11/02/2010
The surging prices in Australia's real estate market with investor speculation, low interest rates in 2015, and low yields, fueling the market upward. Australia is in uncertain territory as household debt reaches 200% of annual income compared to about 100% in the U.S. and Europe, and 150% in the UK., and keeps going up just as it is declining in Europe, the U.S. and UK. Sydney and Melbourne are now pricier than London, according to a Demographia think tank survey in 2015.
Grouped Articles
U.S. Stocks Shrug at China's Woes
Wall Street Journal 07/10/2013
In Australia, Signs of Overheating in the Housing Market
Wall Street Journal 11/02/2010
Australia Budget Turns Boom on Its Head
Wall Street Journal 05/09/2012
Think New York Housing Is Expensive? Try Wollongong
Wall Street Journal 04/28/2015
Australian Property Lending Gets Aggressive, Sparking Fears of Banking Crisis
Wall Street Journal 06/26/2015
Australia's Housing Market Creaks
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Australia as an investment destination better than China and India for companies like GE (General Electric)
04/30/2012
Grouped Articles
‘Fragile Five’ Is the Latest Club of Emerging Nations in Turmoil
New York Times 01/28/2014
Australia Faces Painful Choices in Economic Slowdown
Wall Street Journal 12/08/2014
GE’s Oil and Gas Gambit Falters
Wall Street Journal 12/16/2014
China Crackdown Set to Benefit GE
Wall Street Journal 12/29/2014
Frustrated With China, GE Turns Its Eye to Australia
Wall Street Journal 04/30/2012
Australia Budget Turns Boom on Its Head
Wall Street Journal 05/09/2012
Australian LNG projects of Chevron , Conoco Phillips, Shell and labor shortages in 2011-2012
10/13/2011
Grouped Articles
Shell Makes Big Bet on Boom in Natural Gas
New York Times 05/01/2013
Australian Coal-Seam Gas Projects Blow Past Budgets
Wall Street Journal 07/23/2014
Energy Quakes as OPEC Stands Pat
Wall Street Journal 11/28/2014
Royal Dutch Shell in Talks for BG Group, a Gas Producer
New York Times 04/07/2015
Big Gas Projects Face Tight Australia Labor Pool
Wall Street Journal 10/13/2011
China Speeds Economic 'Transformation'
Wall Street Journal 03/06/2012
Australia's mining boom
09/02/2010
Grouped Articles
Wall Street Journal 05/01/2013
U.S. Stocks Shrug at China's Woes
Wall Street Journal 07/10/2013
The Deal Is Simple. Australia Gets Money, China Gets Australia
BusinessWeek 09/02/2010
An Australian Boom Town Feels Chill of Commodity Price Decline
Wall Street Journal 06/09/2014
Australia Faces Painful Choices in Economic Slowdown
Wall Street Journal 12/08/2014
Australia Seeks Cure for Its Mining Hangover
Wall Street Journal 05/05/2015
Commodities and Avoiding Boom Bust cycles
04/13/2006
BHP Broken Hill Proprietary, big Australian mining company and how its working the commodity business a different way from the past. Comparison to oil Companies and similar issues faced by oil companies though more complex in the case of oil.
Grouped Articles
Wall Street Journal 05/01/2013
Wall Street Journal 05/30/2013
After Going All In During Mining Boom BHP Cuts its Ambitions
New York Times 08/08/2013
The Deal Is Simple. Australia Gets Money, China Gets Australia
BusinessWeek 09/02/2010
An Australian Boom Town Feels Chill of Commodity Price Decline
Wall Street Journal 06/09/2014
China’s Slowdown Hits Price of Iron Ore
Wall Street Journal 12/01/2014
The Australian economy in 2010-2014
09/02/2010
Higher risks as Australia is dangerously overdependent on China for economic growth.
Grouped Articles
Wall Street Journal 05/01/2013
Rudd Returns for Australian Act 2
Wall Street Journal 06/27/2013
U.S. Stocks Shrug at China's Woes
Wall Street Journal 07/10/2013
Australia's Central Bank Cuts Rates Ahead of Election
Wall Street Journal 08/07/2013
Wall Street Journal 11/13/2014
The Deal Is Simple. Australia Gets Money, China Gets Australia
BusinessWeek 09/02/2010
Bubbles developing in many countries in 2010-2013
01/17/2009
China being the largest bubble developing in mid 2010. The other bubbles developing in Brazil, Canada, India, and Australia.
Grouped Articles
Central Bankers Hone Tools to Pop Bubbles
Wall Street Journal 07/08/2013
Mom-and-Pop Investors Bolt Emerging Markets
Wall Street Journal 08/22/2013
New York Times 08/22/2013
Recognizing Bubbles But Still Cautious About Deflating Them
New York Times 09/10/2014
Canada Grapples With Housing Bubble Risk
Wall Street Journal 01/20/2016
Where Will the Next Financial Bubble Be?
BusinessWeek 05/06/2010
BHP Billiton
04/13/2006
Australia's largest mining company.
Grouped Articles
Wall Street Journal 05/01/2013
After Going All In During Mining Boom BHP Cuts its Ambitions
New York Times 08/08/2013
Weaker Prices Push BHP's Net Down 30%
Wall Street Journal 08/21/2013
BHP Aims to Boost Iron-Ore Output Even as Prices Fall
Wall Street Journal 07/24/2014
Rio Tinto Digs In as Rival Spins Off
Wall Street Journal 05/07/2015
Overheard: South32’s Not-So-Fond Farewell to BHP Billiton
Wall Street Journal 07/23/2015
BHP Billiton management
08/24/2011
Grouped Articles
After Going All In During Mining Boom BHP Cuts its Ambitions
New York Times 08/08/2013
Weaker Prices Push BHP's Net Down 30%
Wall Street Journal 08/21/2013
Wall Street Journal 04/02/2014
BHP Aims to Boost Iron-Ore Output Even as Prices Fall
Wall Street Journal 07/24/2014
Rio Tinto Digs In as Rival Spins Off
Wall Street Journal 05/07/2015
Overheard: South32’s Not-So-Fond Farewell to BHP Billiton
Wall Street Journal 07/23/2015
BHP Billiton strategies
08/24/2011
Grouped Articles
Wall Street Journal 05/30/2013
After Going All In During Mining Boom BHP Cuts its Ambitions
New York Times 08/08/2013
Weaker Prices Push BHP's Net Down 30%
Wall Street Journal 08/21/2013
Wall Street Journal 04/02/2014
BHP Aims to Boost Iron-Ore Output Even as Prices Fall
Wall Street Journal 07/24/2014
Rio Tinto Digs In as Rival Spins Off
Wall Street Journal 05/07/2015
Uncertain future for Australia's mining and commodities powered boom in 2012-2014
03/06/2012
The shift in China's economy towards consumption led growth from infrastructure development led growth is likely to affect mining commodity producing economies such as Australia, Brazil and Chile. The rapid appreciation of the Australian dollar and the real is also affecting the competitiveness of manufacturing in these countries.
Linked Articles
Australia Budget Turns Boom on Its Head
Wall Street Journal 05/09/2012
China Speeds Economic 'Transformation'
Wall Street Journal 03/06/2012
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