Northern Territory Treasury Corporation annual report 2011-2012
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16 April June 2012 Global economic conditions have remained highly fragile with ongoing weakness in Europe, easing in the pace of growth in China and a slowdown in the US recovery. China lowered the oneyear Renminbi (RMB) benchmark deposit and loan interest rates by 0.25 percentage points to 3.25percent and 6.31percent, respectively for the first time since 2008 amid concerns about the global economy and a slowdown in domestic demand. Consumer price index (CPI) data published for the March quarter was lower than expected, with a fall of 0.2percent on a seasonally adjusted basis, to be 1.6percent over the year to March. Due to global uncertainty the RBA lowered the cash rate by 75 basis points in the June quarter to 3.50percent. Spanish Government bond yields rose above 6percent. While a bail out for the Spanish banking system has been agreed to, details of exactly how much is needed and how it will be distributed are still being negotiated. Reflecting the increased risk aversion across global financial markets, bond yields in the US, Germany and the United Kingdom (UK) fell markedly with 10year bond yields reaching historic lows during the quarter. The AUD depreciated by 5percent in May, which was in contrast to past resilience shown during volatile periods earlier in the year. The Australian Government has forecast a shift from a budget deficit of 3percent of GDP in 201112 to a 0.1percent surplus in 201213.
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