Sir Richard Branson’s second launch of his consumer finance business into Australia appears to have got a better reception than his first which stalled a couple of years ago. Business analysts say this time his backing is better so his Virgin credit card and home lending business have a reasonable chance of success.

For all those doom-sayers who are quick to claim our minerals boom cannot last due to its limitations with any future Chinese problems, is the news that the next Asian giant economy is coming on stream. KPMG’s latest research shows the rapidly expanding Indian economy has huge needs in many of our resources in addition to coal. The report insists the demand should deliver a long-running economic boost to Australia.

A little-publicised recent report by the International Labou Organisation points out that China will have a reduced number of new workers joining its workforce at just 15 million over the next decade. However, India is set to have over 100 million additional workers over the same period.

The Australian Industry Group’s latest index of Manufacturing health shows July not only to have been a good month but this year’s continued growth to be proving our economy has come out of the recent downturn. So far, 2010 has seen seven months of expansion for manufacturing.

The golden west has got another monetary gong. This time from CommSec which in its latest grading of the various states’ economies found the state in the west to have totally shrugged off the downturn of two years ago. Curiously, CommSec’s research found Queensland and New South Wales tied for last place.

The peak body of the house building industry, the Housing Industry Association (HIA), is now aggressively lobbying with all its power to have the agenda of the federal election widened from what it describes as far too narrow a current debate. The HIA is pushing its concerns that far too few houses and apartments are being built and the continued shortage will retain the pressure on pricing. The body is disgusted the situation has so far been ignored in the election campaign.

Respected analyst BIS Schrapnel has come out in the media insisting it represents the vast majority of economists who are disappointed with the lack of serious home building program by both major political policies. The company says unless big federal backing is quickly given to the industry, domestic construction will slow over the next few years.

Economics forecaster BIS Schrapnel is convinced the normal time-lag of rents not keeping pace with property price rises, is about to be completed with rent levels tipped to lift in both commercial and residential markets. The company’s Chief Economist insists yields will begin to improve after a long period of low returns on investments.

The news that city house prices fell for the first time in 18 months has been widely welcomed by the wider business sectors. Most see it as overdue as previous rates of increases were unsustainable and unless checked could have resulted in a much featured prices bubble burst. Certainly, retail groups have long been complaining how huge mortgages were substantially reducing consumer spending.

The Reserve Bank of Australia again held the official cash rate at 4.5 percent. This has been for the third consecutive time giving homeowners much needed reprieve. The reason for the Reserve Bank’s decision was based on growth and inflation continuing to be close to target, as well as the uncertainty in the global outlook. It is uncertain as to when the next interest rate rise will be, but economists are expecting that another one will occur before the end of this year.