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Fairfax Wins Confidential Source Case

Posted: April 18th, 2013 | Author: | Filed under: Media, Print Media, World of the News | Tags: , , , , | Comments Off on Fairfax Wins Confidential Source Case

FAIRFAXThe Victorian Court of Appeal has ruled two Fairfax journalists will not be ordered to reveal their sources. Last year a magistrate summoned The Age journalists Nick McKenzie and Richard Baker to appear in the committal hearing of eight former directors of the Reserve Bank subsidiaries, Securency and Note Printing Australia.

The former executives are accused of bribing foreign officials in Indonesia, Malaysia and Vietnam to gain contracts to print banknotes between 1999 and 2004.

The journalists’ reports on the scandal triggered a police investigation into the allegations. Subpoenas were issued for Mr McKenzie and Mr Baker after a newspaper article in December 2012 reported an allegedly corrupt businessman was prepared to testify against the former directors in exchange for a leniency :: Read the full article »»»»

HIA Gloomy Despite Solid Sales

Posted: May 29th, 2012 | Author: | Filed under: Business News | Tags: , , , , , , | Comments Off on HIA Gloomy Despite Solid Sales

HIA Gloomy In-spite of Solid SalesThe Housing Industry Association – HIA – New Home Sales Report found that sales of new detached houses jumped 6.4 per cent around the country, with a stronger rise of 10.3 per cent in sales of new units pushing the average for all new home sales higher to 6.9 per cent.

Cripes, theres just no pleasing some people!? Sales of new homes rose significantly in April as buyers in Victoria rushed into the market before the axing of that state’s first home owner bonus. In Victoria, the number of new homes purchased surged by 17 per cent before the first-buyer bonus expired.

While Victoria basked in the sunshine news, South Australia didn’t fare so well, April 2012 saw a further decline in the number of new home sales in the crow eating state, down 5.9 per cent. The HIA report says that the May decision by the Australian Federal Reserve to cut interest rates by half of 1 per cent should encourage prospective buyers, but given the extent of the declines in new homes, interest rate cuts can’t be expected to do the heavy lifting :: Read the full article »»»»

Australian Property: All-round Good Market News

Posted: January 11th, 2012 | Author: | Filed under: Business News | Tags: , , , , , , , , | Comments Off on Australian Property: All-round Good Market News

Home Building Approvals SoarHome Building Approvals Soar – New home sales jump in November: The Housing Industry Association says the Reserve Bank’s decision to cut interest rates in November helped boost sales of new homes that month. The association says the number of contracts signed for new homes rose 6.8 per cent in the month to almost 7,000. The survey of 100 builders looks at contracts for new houses, apartments and townhouses. The Reserve Bank’s recent interest rate cuts may be helping to drive a recovery in the building industry. Figures from the Australian Bureau of Statistics show the number of homes approved for construction rebounded in November, rising 8.4 per cent in seasonally adjusted terms. The bounce surpassed economists’ expectations of a 6 per cent rise but comes after falls of almost 11 per cent in October and 15 per cent in September. Despite this result, approvals were still down 18.9 per cent compared with the same time last year. Victoria saw by far the largest rise, up 39.9 per cent, while approvals also jumped in Queensland (6.6 per cent) and New South Wales (2 per cent). But new home approvals dropped in Western Australia by 16.9 per cent, Tasmania saw a fall of 7.9 per cent while South Australia lost 1.9 per cent. Westpac senior economist Matthew Hassan says approvals will likely stabilise by around mid-year and begin to rise again by the end of the year, as widely-expected additional interest rate cuts restore demand. Read the full article »»»»