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Wednesday, November 05, 2008

Australia's RBA Introduces New Liquidity-boosting Measures

Chris Oliver

MarketWatch Pulse

HONG KONG -- In a move to boost liquidity, the Reserve Bank of Australia Thursday said it will accept a wider range of securities as collateral for repurchase agreements. From Monday the RBA will accept Australian-dollar commercial paper and asset-backed commercial paper rated P-1 or equivalent. The RBA will also accept AAA-rated Australian-denominated debt securities. Highly-structured debt securities will not be eligible, the central bank said in a statement Thursday. The new measures will remain in place until June 30, 2009.

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Same-Store Sales

Most folks judge the health of a business by the revenue that comes in through sales. But not all revenue is equal. Companies can grow their sales by buying other companies, which means you don't get a clear view of how the real sales trends are moving.

So, many analysts, particularly those who look at retail, try to gauge what¿s known as "organic" growth, by looking at same-store sales. These are sales only at outlets open more than a year, so the metric can exclude any sales jump that comes from opening new locations. Retailers release same-store sales (which are frequently called "comps" since they're a true comparison from the previous period) every month.

Retail, incidentally, isn't the only industry to look at same-store sales. Hospital companies, also use the metric, to gauge how existing hospitals are performing compared to ones they just built or acquired.