Commodities and the resource boom to save Australia? The prices of aluminium, copper and nickel slumped as investors feared the ongoing global financial crisis would sap demand for the base metals, analysts say. On the London Metal Exchange, copper for delivery in three months fell as low as $US6,229 ($A7,828) …
NEW Zealand’s economy has slipped into a recession for the first time in a decade, official data shows. » Official: New Zealand economy in recession – The Australian, 26th September 2008.
Lehman Brothers Australia has appointed administrations to dispose of its assets just three days after the Australian arm of the collapsed US investment bank was sold to Japanese investment bank Nomura Holdings. » Lehman Australia in administration – The Sydney Morning Herald, 26th September 2008.
Well, it had to come to an end at some stage. Clearly it was not sustainable. The Sydney Morning Herald writes : Reserve Bank governor Glenn Stevens says there is a good chance the massive run-up of household debt of recent years could be coming to an end, perhaps to …
It seems Houses are not the only thing in soft demand in a dwindling economy and not the only falls setting records. New vehicle prices are falling at the fastest rate ever recorded, a team of analysts have said, squeezing automakers’ profit margins at a time of slumping sales but …
House prices in Britain fell by 10.9 per cent in August compared with the corresponding month a year earlier, the biggest drop in 25 years, home loan provider Halifax said in its monthly report. Halifax, part of British banking group HBOS, said it was the sharpest 12-month drop since the …
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 …
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 …
First the U.S., then the U.K.; Now the International spot light is on Australia : Gabriel Stein, from Lombard Street Research, said Australia could prove vulnerable once the global commodity cycle turns down. It has racked up a current account deficit of 6.2pc of GDP despite enjoying a coal, wheat, …
The risk of a Great Depression-style global debt-deflation cycle is one in three, according to an investment bank economist. “I think that for many Anglo economies the risk of a pronounced deleveraging-deflation cycle is higher now than it has been since the Great Depression,” Mr Minack said in a note …
DOMESTIC commercial property rather than the US sub-prime crisis is emerging as the greatest threat to bank profits. Clime Asset Management managing director Roger Montgomery predicted tougher times ahead for the banks on a number of fronts. “What I think needs to be understood is that the consumers have only …
THE high cost of housing is being blamed for more than half of Generation Y still living at home with their parents, as shown in a new survey. The proportion of 17-to-32-year-olds living at home hit 50.2 per cent in 2006, the Housing Industry Association survey shows. » Housing costs …
PLUMMETING property values have prompted warnings Australia is heading for a one-in-a-100-year real estate slump. New figures from property analyst Residex showed house and unit prices in nearly every city and country centre fell last month. The last time all states fell at the same time was just before the …
A new report shows Australian house prices fell in every capital city last month. It’s the first time it’s happened since the Great Depression, and housing experts say we’d better get used to further falls in the market. » Aus house price fall – Sky News, 12th July 2008.
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