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Even though Australia is the only developed economy that has avoided the recession in the international financial crisis， the country is in the blaze now as the economic recession is apparently waiting for this southern semispherical country and has become one of the biggest challenges for Glenn Stevens， the governor of Australian central bank.
The misery index in Australia， which refers to the total of unemployment rate and inflation rate， was 9.0， the highest level since 2008. At that time， the collapse of Lehman Brothers caused the freezing of the global credit market and then led to the Great Recession in the U.S. and ultimately the global financial crisis.
The decision-makers in the U.S. Federal Reserve and European Central Bank are still implementing the economic stimulus measures with the goal to solve the problem in the labor force market. But the CPI stress in Australia deprived Australian central bank of choices in that field. The enterprises and consumers in this country have to face the fate that there is little hope for Glenn Stevens， 56， to lower the credit cost.
Su-Lin Ong， business director of Economic and Constant Return Strategy of Royal Bank of Canada in Sydney， Australia， says： “There is a big hurdle to further lower the interest rate. Without the driving force from the outside， the Australian central bank might be still reluctant to take actions. There must be convincing reasons to lower the interest rate from the already lowest point in the history.”
Australia is said to be able to avoid the economic recession since the 1990s. Someone says that this country is ruled by genius. However， the current recession tells us that even “genius” could make mistakes too.
The misery index in July was the result of 6.4% unemployment rate and the 2.6% inlation there. The unemploy- ment rate was the highest point as of 2002. This also made the unemployment rate in Australia surpass the one in the U.S.
The continuous success of Australian economy is widely believed to be related to the fast economic growth of China， which has brought the super prosperity period of bulk commodities. Nowadays， the slowdown of Chinese economic development and its reduced demand for bulk commodities are stripping Australia of these auras. Since the end of 2011， the imports volume of iron ores of Australia fluctuated greatly with any actual increase， a sharp contrast to the explosive growth it witnessed in the previous ten years. Australia’s shattered dream of world’s largest solar power plant
The huge cost has killed Australia’s dream to build the world’s largest solar power plant， which is also attributed to the uncertain outlook of renewable energy target （RET）.
The RET is going to cost 75 million pounds. When the project was initiated， there were disputes about whether this project can win the support of the government or end with the failure. The first question has been answered since Australian premier Tony Abbott said on August 18 that the plan for RET is finished.
Silex Systems， a company involved in this project， said that the end of the plan means that both the commonwealth government of Australia and the Victorian government will stop funding the project.
The project in Mildura， Victoria has fixed its operating pattern as the wholesale of electric power at a low price. Because of that decision， there were a lot of disputes about RET， but the power plant operators still held onto that pattern， at least in some places.
Dick Warburton， a businessman in Mildura， quoted a report from the government， saying that the delay of the project will affect 40，000 households in Victoria that were expected to enjoy the benefits.
According to the data from the organization of renewable energy， Australia has the potential to have 20% of its electric power come from renewable energy like wind power and solar power. However， Tony Abbott’s previous blaming the involvement of new energy for the increase of electric power price has become one reason for the government to take back the investment.
The supporters of renewable energy also published a research report， stating that the division of the renewable energy project will not reduce the electric power price but increase it. The report also said that re-initiation of RET can bring about the US$10-billion windfall for the coal and gas companies.
A big oilfield found in Australia
Australia-based Carnarvon Petroleum and its American partner Apache found a new oilfield in the northwestern continental shelf of Australia. This is the biggest oilfield that has ever been found in Australia in 20 years. Now the exploration is going on there.
Apache submitted a report to the Australian Stock Exchanges on August 18， stating that the further exploration and review will confirm the initial estimation. If it turns out to be true， it is possible to turn the No. 1 drilling area in South Phoenix into a new oilfield in Australia. As reported， Carnarvon Petroleum and Apache were originally exploring the natural gas in the sea area， but unexpectedly found the light crude oil 4.5 kilometers under the seabed. The exploration took four months in total and the location is 180 kilometers north of Port Headland in Australia.
Adrian Cook， president of Carnarvon Petroleum， says that the sea area that sports No. 1 drilling area of South Phoenix is a virgin land for oil exploration. “Now there is a small-scale exploration going on there， but actually there is an area about 20 thousand square kilometers left unexplored，” he says.
Carnarvon Petroleum estimated the oil reservation in this area to be between 30 million and 300 million barrels. In recent years， the average annual output of other oilfields in Australia is less than 30 million barrels. Therefore， the new oilfield is expected to possess great potentials.
It is still too early to talk about the drilling. Carnarvon Petroleum and Apache will publish the information at the end of this year after a thorough exploration and analysis of core data.
The misery index in Australia， which refers to the total of unemployment rate and inflation rate， was 9.0， the highest level since 2008. At that time， the collapse of Lehman Brothers caused the freezing of the global credit market and then led to the Great Recession in the U.S. and ultimately the global financial crisis.
The decision-makers in the U.S. Federal Reserve and European Central Bank are still implementing the economic stimulus measures with the goal to solve the problem in the labor force market. But the CPI stress in Australia deprived Australian central bank of choices in that field. The enterprises and consumers in this country have to face the fate that there is little hope for Glenn Stevens， 56， to lower the credit cost.
Su-Lin Ong， business director of Economic and Constant Return Strategy of Royal Bank of Canada in Sydney， Australia， says： “There is a big hurdle to further lower the interest rate. Without the driving force from the outside， the Australian central bank might be still reluctant to take actions. There must be convincing reasons to lower the interest rate from the already lowest point in the history.”
Australia is said to be able to avoid the economic recession since the 1990s. Someone says that this country is ruled by genius. However， the current recession tells us that even “genius” could make mistakes too.
The misery index in July was the result of 6.4% unemployment rate and the 2.6% inlation there. The unemploy- ment rate was the highest point as of 2002. This also made the unemployment rate in Australia surpass the one in the U.S.
The continuous success of Australian economy is widely believed to be related to the fast economic growth of China， which has brought the super prosperity period of bulk commodities. Nowadays， the slowdown of Chinese economic development and its reduced demand for bulk commodities are stripping Australia of these auras. Since the end of 2011， the imports volume of iron ores of Australia fluctuated greatly with any actual increase， a sharp contrast to the explosive growth it witnessed in the previous ten years. Australia’s shattered dream of world’s largest solar power plant
The huge cost has killed Australia’s dream to build the world’s largest solar power plant， which is also attributed to the uncertain outlook of renewable energy target （RET）.
The RET is going to cost 75 million pounds. When the project was initiated， there were disputes about whether this project can win the support of the government or end with the failure. The first question has been answered since Australian premier Tony Abbott said on August 18 that the plan for RET is finished.
Silex Systems， a company involved in this project， said that the end of the plan means that both the commonwealth government of Australia and the Victorian government will stop funding the project.
The project in Mildura， Victoria has fixed its operating pattern as the wholesale of electric power at a low price. Because of that decision， there were a lot of disputes about RET， but the power plant operators still held onto that pattern， at least in some places.
Dick Warburton， a businessman in Mildura， quoted a report from the government， saying that the delay of the project will affect 40，000 households in Victoria that were expected to enjoy the benefits.
According to the data from the organization of renewable energy， Australia has the potential to have 20% of its electric power come from renewable energy like wind power and solar power. However， Tony Abbott’s previous blaming the involvement of new energy for the increase of electric power price has become one reason for the government to take back the investment.
The supporters of renewable energy also published a research report， stating that the division of the renewable energy project will not reduce the electric power price but increase it. The report also said that re-initiation of RET can bring about the US$10-billion windfall for the coal and gas companies.
A big oilfield found in Australia
Australia-based Carnarvon Petroleum and its American partner Apache found a new oilfield in the northwestern continental shelf of Australia. This is the biggest oilfield that has ever been found in Australia in 20 years. Now the exploration is going on there.
Apache submitted a report to the Australian Stock Exchanges on August 18， stating that the further exploration and review will confirm the initial estimation. If it turns out to be true， it is possible to turn the No. 1 drilling area in South Phoenix into a new oilfield in Australia. As reported， Carnarvon Petroleum and Apache were originally exploring the natural gas in the sea area， but unexpectedly found the light crude oil 4.5 kilometers under the seabed. The exploration took four months in total and the location is 180 kilometers north of Port Headland in Australia.
Adrian Cook， president of Carnarvon Petroleum， says that the sea area that sports No. 1 drilling area of South Phoenix is a virgin land for oil exploration. “Now there is a small-scale exploration going on there， but actually there is an area about 20 thousand square kilometers left unexplored，” he says.
Carnarvon Petroleum estimated the oil reservation in this area to be between 30 million and 300 million barrels. In recent years， the average annual output of other oilfields in Australia is less than 30 million barrels. Therefore， the new oilfield is expected to possess great potentials.
It is still too early to talk about the drilling. Carnarvon Petroleum and Apache will publish the information at the end of this year after a thorough exploration and analysis of core data.