Author
Tom joined NAB in 1996 after working for the Australian government within both the Federal Treasury and the Department of Foreign Affairs and Trade. Prior to this, Tom gained experience within the wool industry.
At NAB, Tom heads up the international economics team and is responsible for forming the banks views on economic conditions in the global economy. He manages the monitoring and forecasting of numerous economies around the world, with a particular focus on the US, China, emerging Asia, UK, Euro-zone and New Zealand.
Tom studied economics at the University of Wales, where he also completed his PhD.
Moderate sub-trend growth continues across the emerging market economies of East Asia (S Korea, Thailand, Taiwan, Malaysia, Indonesia, Singapore, HK and Philippines). Growth in the region to increase gradually through the next couple of years.
The rise in the consumption tax rate has had the expected impact on the economy. Spending was pulled into the pre-tax months and has fallen sharply since the rate rose from 5% to 8% on April 1st. Although Japanese firms have told the central bank that the consequences of the tax rise
Moderate sub-trend growth continues across the emerging market economies of East Asia (S Korea, Thailand, Taiwan, Malaysia, Indonesia, Singapore, HK and Philippines). Lack-lustre growth in world trade has dampened activity in this export-oriented region.
Moderate economic growth continues across the emerging market economies of East Asia (ASEAN, HK, South Korea and Taiwan) with the pace of regional growth quickening from just under 4% yoy in September quarter to 4.3% yoy in December.
Behind the volatility in the monthly data, the trend pace of growth in the emerging market economies of East Asia (which stretch from S Korea to Indonesia) remains weak. Industrial output and export volumes are barely above year-earlier levels, reflecting sluggish growth in world trade.
Exports from Australia to the emerging economies of Asia (ASEAN, S Korea, Taiwan, HK) remain below their 2011 peak, largely because of lower commodity prices. Dairy is 40% of New Zealand exports to these economies and higher dairy prices have driven a rebound in its earnings from the region
Exports from both Australia and New Zealand to the Asian Tiger economies (ASEAN, S Korea, HK and Taiwan) remain below their previous peaks, largely reflecting lower prices for key export commodities.
India accounts for around 5% of exports from Australia and 2% from New Zealand, mainly comprising a narrow range of commodities. After growing strongly since 2000, shipment values from Australia fell in 2011. India is one of the biggest Asian locations for Australian bank lending with around $US6½ Billion outstanding in the latter half of […]
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