Australia's manufacturing weakens in Sept. quarter

15:20, September 16, 2010      

Email | Print | Subscribe | Comments | Forum 

Australia's manufacturing weakened in the September quarter against the backdrop of international economic uncertainty and a drawn-out federal election, a new business survey suggested on Thursday.

The Westpac-Australian Chamber of Commerce and Industry survey of industrial trends, released on Thursday, showed its actual composite index falling 7.1 points to 49.5 in the September quarter.

It was the lowest level in a year and below the 54.8 predicted in the June quarter survey.

At near 50, the index implied a stalling in manufacturing expansion, after signalling above trend growth in the first half of the year.

"We were surprised by the degree of deceleration ... the second half of the year is going to be basically flat in the manufacturing sector," Westpac senior economic Huw Mckay told reporters in Canberra on Thursday.

The September quarter outcome was largely in sync with global trends, as all economies struggled with the transition from government-led economic growth to private sector-led growth as respective stimulus packages are unwound.

Aug. 21 inconclusive election uncertainty also clearly played a role in the latest result, Mckay said that 80 percent of responses to the survey were taken after polling day.

According to the survey released, the expected composite index also fell 4.6 points to 50.2.

The chamber's director of economics and industry policy, Greg Evans, said expectations had moderated across the survey, including those for selling prices, suggesting little threat to the inflation outlook.

"There would be no need, certainly in the short to medium term, and indeed this side of Christmas, for any intervention by the Reserve Bank (through higher interest rates)," Evans told reporters in Canberra.

Source: Xinhua

(Editor:赵晨雁)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Photo taken on Sept. 29, 2011 shows a cargo ship in danger on the sea near Zhuhai City, south China's Guangdong Province. Cargo ship Fangzhou 6 of Qingzhou of southwest China's Guangxi Zhuang Autonomous Region lost control after water stormed into its cabin due to Typhoon Nesat on the sea near Zhuhai Thursday, leaving 12 crew members in danger. Rescuers rushed to the ship and saved them by using a helicopter. (Xinhua)
  • Actress Gong Li poses for L'Officiel Magazine. (Xinhua Photo)
  • Demonstrators from the Occupy Wall Street campaign hold placards as they march in the financial district of New York September 29, 2011. After hundreds of protesters were denied access to some areas outside the New York Stock Exchange on September 17, demonstrators set up a rag-tag camp three blocks away. Zuccotti Park is a campground festooned with placards and anti-Wall Street slogans. The group is adding complaints of excessive police force against protesters and police treatment of ethnic minorities and Muslims to its grievances list, which includes bank bailouts, foreclosures and high unemployment. (Xinhua/Reuters Photo)
  • The romantic myth of the Aegean 
The Aegean Sea is between the Greece Peninsula and Asia Minor Peninsula, dotted with many beautiful scenery islands, like a paradise on earth.  The ancient city of Troy in the east coast of Aegean, Turkey, and Mycenaean sites in the west bank of Greece, which have been archaeological discoveries, now are the must visit places in journey of the Aegean Sea. Above, these desolate dilapidated stone, the sunny blue sky and white clouds and vessels roaming at sea, arriving and departing travellers, add more romantic to the sea and the islands.
  • Chinese Permanent Representative to the United Nations Li Baodong (R) welcomes UN Secretary-General Ban Ki-moon in New York, the United States. Sept. 29, 2011. The Chinese permanent delegation to the UN held a reception on Thursday to celebrate the 62nd anniversary of the founding of the People's Republic of China and the 40th anniversary of China's returning to the UN. (Xinhua/Shen Hong)
  • Chinese ambassador to Bulgaria Guo Yezhou delivers a speech during the reception in Sofia, capital of Bulgaria, on Sept. 29, 2011. The Chinese Embassy in Bulgaria held a grand reception here on Thursday to celebrate the 62nd anniversary of the founding of the People's Republic of China. (Xinhua/Wang Meng)
Hot Forum Discussion