Treasury stands by budget forecasts

Treasury secretary Martin Parkinson says the economic and revenue forecasts included in the federal budget are his department's best professional estimates, though numbers are likely to change by the time of the September election.Treasury is legally required to release its Pre-election Economic and Fiscal Outlook (PEFO) during the election campaign in August.The federal opposition has said ...

Mine output lift wont match investment Treasury

The resources sector's contribution to economic growth will fall because increased production won't be enough to offset the decline in mining investment, Treasury Secretary Martin Parkinson warns.Dr Parkinson says the economy faces two major transitions over the next few years, which while supported by lower interest rates, will be challenged by continued weakness in the global economy ...

Low inflation high $A prompted rate cut

The central bank has given no clues whether more reductions are on the cards after low inflation allowed it to cut the cash rate to a record low at its May board meeting.The Reserve Bank of Australia said that inflation was expected to remain within its target range of two to three per cent for the next few years."The board decided that some of that scope to ease policy should be used at ...

Boarts earnings hit by mining downturn

Drilling services company Boart Longyear says its earnings will fall in 2013 because mining companies are scaling back on exploration."The downturn in capital and exploration spending in the mining sector globally has clearly reduced the demand for drilling services and products," chief executive Richard O'Brien told Boart Longyear's annual general meeting in Adelaide.He said ...

Gap stance on Bangladesh draws protest

"I own Gap clothing and I don't think it's acceptable that this is the cost," Mandavilli said. Protesters like Mandavilli are being galvanized into action by labor and socially conscious groups in the wake of the deadly ...