Britain’s Treasury chief has told a newspaper that the country is suffering its worst economic crisis for 60 years, and more pain is yet to come. » UK economy in ‘worst crisis’ in 60 years – The Sydney Morning Herald, 30th August 2008. » UK in ‘worst downturn since WWII’ …
And here come the job loses : A survey has found that four out of every 10 businesses have cut their workforce since May because of the deteriorating economy. » 40pc of companies cutting jobs: Sensis – The ABC, 28th August 2008.
A senior banker in the UK says the economic turmoil gripping the world is at least as bad as that seen in the 1970s, and will drag on for considerable time. Charles Bean, the BoE Deputy Governor said “the downturn was at least as bad as the 1970s oil shock …
HOUSE values are bleeding up to $7500 a week as a downturn in the property market hits home. Top-end properties are selling for $200,000 less than they achieved late last year, while the average $400,000 home has lost about $40,000. » Boon for buyers as house prices tumble – The …
Britain’s economy saw zero growth in the second quarter compared with the first three months of 2008, official data showed Friday, leaving the country on the brink of recession, analysts said. » Britain’s economy stops growing in second quarter – The Age, 22nd August 2008.
News Limited Journalists have crafted up an article today which originally was titled Housing bubble ‘set to burst’. HOUSE prices could fall sharply if a global slowdown continues to hit the domestic economy, forcing up unemployment and causing repossessions to soar. However in continuing with their Reserve Bank bashing, the …
Something must be done! This is something. Therefore it must be done. Following such logic, governments have blundered into all sorts of interventions which they have subsequently lived to regret. … But don’t prop up house prices. They have got wildly out of line with the economic fundamentals. They can …
Yesterday, the Australian Bureau of Statistics released stats indicating Australian retail trade fell 1 percent in June. This was a surprise to financial markets who expected a 0.1% rise instead. The Sydney Morning Herald reported sensibly that Retail sales have fallen in four of the first six months of calendar …
There has been some smug remarks in the media, that Generation Y wouldn’t know what a recession is; They have always experienced boom times. I hate these generalisations. How can every Generation Y, Generation X or Baby Boomer be the same? Everyone is an individual, some are lazy, some outgoing. …
Well what a week it has been. You could be mistaken for thinking every single Australian is pessimistic about housing. We have now got to the stage there is so much bad news it’s impossible to reference even a small subset of it all. It’s now interesting to look beyond …
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