Australia imposed provisional anti- dumping duties of 16 percent on some aluminum extrusion products from China, joining the U.S. and the European Union in taking trade actions against the world's third-largest economy.

Australian Trade Minister Simon Crean on Tuesday defended the strength of the country's currency, saying it played a major role in bolstering the economy during the global slowdown.

Withdrawing Australia's government stimulus now would interrupt the recovery underway, Treasurer Wayne Swan said Sunday as he warned the country was not immune to the risks to the global economy.

Australia said Thursday it had approved a bid by China's Wuhan Iron and Steel Co to take a A$271 million (US$246 million) stake in an iron ore project of miner Centrex.

Australia's central bank raised its key interest rate Tuesday by a quarter percentage point for the second month in a row, declaring the global downturn over and warning that inflation was set to rise.

Australia sharply upgraded its growth and jobs forecasts on Monday after bouncing back from the downturn but warned it was still on course for a record budget deficit.

Australia's government revised down forecast revenue from the future sale of carbon permits on Monday, and said there was now little room to offer more compensation in order to secure political support for the scheme.

Former Australian Treasurer Peter Costello will be appointed to the board of the nation's US$59 billion sovereign wealth fund.

Australia will revise forecasts for growth and unemployment with figures “better” than those published in May, Treasurer Wayne Swan said.

Singapore's Oversea-Chinese Banking Corp (OCBC) said Wednesday its third quarter net profit rose 12 percent year on year, boosted by trading gains and lower bad debt charges.