The Reserve Bank of Australia left its cash rate target unchanged at a 49-year low of 3.00% and signalled it may remain on the sidelines for a substantial period, allowing time for stimulus already announced to flow through to the battered economy.
The decision leaves rates in <?xml:namespace prefix = st1??> Australia well above those in other major economies, and well short of any threshold that would require the central bank to consider extreme policy measures like quantitative easing.
The Australian government delayed the start date for a proposed carbon trading scheme by a year, to July 1, 2011, in a move designed to help it negotiate the policy through a finely-balanced upper house, or Senate.
It comes amid mounting pressure from business groups and the main opposition Liberal-National coalition party to delay the planned legislation, which they say would impose significant additional costs on firms already reeling from the impact of the global economic crisis.
The weighted average price of established houses in Australian capital cities fell 2.2% in the first quarter of 2009 from the fourth quarter of 2008, the Australian Bureau of Statistics said.
The bureau's house price index also showed the weighted average price of established houses in Australia's eight capital cities was down 6.7% from the year earlier quarter.
The house price index for Sydney fell 2.9% in the first quarter, and fell 7.3% from a year earlier. Perth city had the largest quarterly decrease of 3.6%.
Australian employment advertising fell for the 12th month in succession in April, signalling more pain ahead in the job market as unemployment likely races higher over coming months.
Total job advertisements in newspapers and on the internet fell a seasonally-adjusted 7.5% in April, contributing to a 49.9% annual decline, its largest decline on record, according to a survey by ANZ Bank.
The good times continued in April for the Australian sharemarket.
The All Ordinaries Index closed April 6.0% higher at 3,744.7 points. While global shares experienced the best monthly result for two decades.
Stabilising, and in some cases, improving economic data, led by consumer sentiment, housing and business sentiment, were the major economic drivers of Australian and global markets over the month.
Australian Prime Minister Kevin Rudd has confirmed that the government won't extend a temporary hike to federal grants for first-time home buyers beyond the middle of 2009, despite signs the measure has led to an uptick in housing activity.
The decision withdraws a key lifeline underpinning new housing development in <?xml:namespace prefix = st1??> Australia, likely disappointing some industry commentators who had hoped it would be extended.
Australia's core inflation rate remained stubbornly high in the March quarter but is unlikely to sway the central bank from any plans to continue easing monetary policy as it looks to head off the effects slowing global growth.
Australia has joined its global peers in recession but the long-term prospects for growth remain sound as the economy should emerge from the contraction in better shape than most, Reserve Bank of Australia Governor Glenn Stevens said.
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Unemployment in Australia rose to its highest level in five years in March as the full force of the global financial crisis hit home, prompting employers to rapidly accelerate job shedding. Unemployment rose to a seasonally adjusted 5.7% in March from 5.2% in February, its highest level since February 2004. The number of employed fell 34,700, the Australian Bureau of Statistics said. It was the biggest one-month rise in unemployment in eight years. Economists on average had expected an unemployment rate of 5.4% in March, with the number of employed down 25,000.