While economists were only expecting the lost of 180,000 jobs in the U.S., figures just released show in September 263,000 payroll jobs were axed, pushing U.S. unemployment up to a 26 year high of 9.8%. » U.S. job losses accelerate to 263,000 in September – Market Watch, 2nd October 2009.
ABC Radio program PM reveals the house price con. Housing prices are no real benefit to homeowners. To listen to the story, or read the transcript, click here » PM with Mark Colvin, ABC Radio 29th September 2009.
In a talk to the CEDA Housing Forum today, Tony Richards, Head of Economic Analysis Depart at the Reserve Bank of Australia said : It is looking increasingly clear that Australia has avoided the large falls in housing prices seen in some other countries over the past two years or …
The International Monetary Fund is now recommending to central banks, such as the Reserve Bank of Australia to use interest rates to take pre-emptive action to control asset price bubbles such as the bubble in Australian house prices. The IMF’s senior economist, Alasdair Scott said “There might be times even …
You can’t get safer than Bricks and Mortar, unless of course, Bricks and Mortar is caught up in one massive asset bubble. Then, it’s no different than any other investment – it can go up, and it can go down – big time. WA Today reports of the disaster in …
On Tuesday this week, the Rudd Government took the lead. Against the many voting baby-boomer Mums & Dads that own Telstra shares, they announced major changes to Telecommunications laws which will see Telstra split into infrastructure and retail arms. Communications Minister Stephen Conroy said “Today we are delivering historic reforms …
Despite the best efforts of the government to encourage Australian’s to build new homes, June housing start commencements released today show continued falls. While private sector housing starts is down 15.7% over the course of the past year, other residential building starts which include units and apartments are down 41.4%. …
Australia’s let to burst housing bubble has today been labeled “a very dangerous and unstable situation” by researchers from Flinders University, lead by Professor Joe Flood. Professor Joe Flood is a housing economist holding a PHD in mathematics, plus a science degree and has 17 years experience in the housing …
On Thursday the ABS released another set of rosy employment figures. Once again the unemployment rate in Australia is steady at 5.8%, despite the lost of 30,000 full time jobs. The number of part time jobs increased 3,800 positions further supporting the case that the trend among employers is to …
The worst reporting season has closed with 14 ASX listed companies reporting loses over $1 billion dollars. Contrary to the saying, Safe as houses, 10 of those 14 companies had a core business of . . you guessed it – property. Centro Properties Group: $3.54 billion Centro Retail: $2.68 billion …
This week saw GDP figures released showing the Australian economy is the fourth-best performing in the world behind China, India and Korea according to analysis by Royal Bank of Scotland. But is the Australian economy just extremely resilient, or have we not begun to see the start of the crisis …
Exclusive : The Rudd government will tomorrow announce the spending of 200 million dollars over two years on the development a world first money tree. The grant will see the CSIRO expand its Clayton R&D labs in Victoria and the appointment of 100 new scientists. In a leaked press release, …
Australia’s largest mortgage insurer, Genworth, says it will raise prices on Lenders Mortgage Insurance (LMI) by 20% this quarter on increased risk due to rising unemployment. “There is economic uncertainty and unemployment is expected to rise and with that one expects to see some increases in people not being able …
On Sunday, Federal Treasurer Wayne Swan indicated the federal government had no intention of pulling the first home owners grant after suggestion it was fueling a new bubble. “To pull that stimulus out now would be to pull the rug from underneath recovery,” said Wayne Swan. Today, the Reserve Bank …
The warning tone has been sounding since 2002. Beep-Beep-Beep-Beep. In an interview titled “Mixed feeling on the real estate bubble” featured on Inside Business in October 2002, reporter Zoe Daniel said “Residential property, the most lucrative asset market in Australia worth a trillion dollars – and rising and ringing warning …
While on informal leave at Kirribilli House last week, Prime Minister Kevin Rudd crafted his essay titled “The Building Decade: The Long, Hard Road to Sustainable Economic Recovery” due to be published in the Herald today. While it impressively demonstrates a solid understanding of the causes, it does raise some …
Last night, any hope of a recovery was dashed in the U.S. with the latest release of unemployment data. June saw 467,000 jobs axed and the unemployment rate hitting 9.5%. The New York Times wrote it was “a sobering indication that the longest recession since the 1930s had yet to …
The Standard & Poor’s/Case-Shiller Home Price Index show house prices in the U.S. are continuing to fall. Prices for the 12 months to April ’09 fell 18.1%, only slightly slower than the 18.7% year on year fall to March ’09. From the dizzy peak three years ago, U.S. house prices …
AUSTRALIAN households have lost an extraordinary 36 per cent of their financial wealth since the economic crisis began. Estimates from the Australian Bureau of Statistics put combined household wealth at just short of $787 billion at the end of March, down from a peak of $1246 billion in September 2007. …
The ABC has been airing a six part series titled “The Ascent of Money”. This series is presented by Professor Niall Ferguson and follows the evolution of Money. Last night’s episode was called “Safe as Houses” and is worth a watch.
Copyright 2006 - 2022