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Australia: No Dividend from Its Reserve Bank
Source: silobreaker.com
Source Date: Thursday, October 28, 2010
Focus: Institution and HR Management
Country: Australia
Created: Oct 31, 2010

For the first time since the 1970s, Australia's Reserve Bank will not be paying out a dividend.

The bank says its earnings have slumped to $AU866 million, the lowest level since 1983.

It's annual statement shows a decline in foreign interest rates and the strong Australian dollar is to blame.

The last time it was unable to pass on a dividend was in 1975.

It's a big loss for the government which was handed a $6 billion windfall from the Reserve Bank the previous year.
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