BlackRock positive on Australia
The latest BlackRock Sovereign Risk Index (BSRI) has treated the Australian economy positively, but it was an assessment based on the presumption of the Government delivering a Budget surplus.
Australia, in fact, moved up the BSRI rankings along with both China and New Zealand, with the BlackRock analysis noting that this country appeared to have weathered the slow-down in Chinese economic growth.
"When China sneezes, its raw materials supplier Australia catches a cold, investors say these days," the analysis said. However it said that in BSRI terms, "the lucky country appears to be taking its flu shots".
"It has remained largely immune to China's slowdown in economic growth last year," it said.
The analysis said Australia's steady march up the index accelerated in the most recent quarter when it jumped three notches to seventh place, mainly thanks to an improved primary balance.
"Increases in government receipts have more than offset an uptick in spending, and the country is expecting a surplus this fiscal year," the BlackRock analysis said.
The Treasurer, Wayne Swan, announced recently that the Government was no longer confident a surplus could be delivered.
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.