Australian Value: May 2013
June 12, 2013
Weak domestic economic data, particularly regarding consumer confidence and building approvals and a continued pullback in mining investments, drove the Australian market down by 4.5%, as measured by the S&P/ASX 300 Index. The RBA cut rates by 25 basis points, taking the cash rate down to a record low of 2.75%. This, along with the possibility of a tapering in the quantitative-easing program in the US, drove down the Australian dollar to $0.96, a 20-month low.