The Australian reported today : THOUSANDS of Melbourne construction jobs are on the line, with major building projects in and around the CBD under severe threat. Unions are bracing themselves for steep job losses, estimated by some to be as high as 10,000, as major commercial project and high-rise apartment …
China has received more evidence that its economic growth is slowing drastically. The growth in China’s industrial output slowed to 8.2 per cent in October, compared to 11.4 per cent a month earlier. » China facing rapid economic slowdown – Yahoo 7 Finance, 13th November 2008.
On the 14th of last month we reported that the Australian Government announced increased grants to encourage people to take on more excessive debt. The Federal Government increased the FHOG to $14,000 for first home owner buying established dwellings and to $21,000 for first home owners that were building. The …
TREASURER Kevin Foley is cutting short his overseas fact-finding mission on the global financial crisis as he warns South Australians to prepare for “heartache”. Speaking to The Advertiser after arriving in London from the U.S. yesterday, Mr Foley says he is “terrified” after five days of meetings with banks, fund …
THE collapse of Allco Finance Group into receivership is in danger of creating a domino effect among its listed real estate and investment offshoots, after a flurry of statements yesterday warned of likely defaults on their debt repayment deals. Allco’s demise has already taken with it the group’s subsidiary which …
ABC Learning : Safe as houses. After delaying the release of its annual results for the third time, ABC learning centers was yesterday placed in the hands of voluntary administrator, Ferrier Hodgson. The company has 1,200 child care centers in Australia and New Zealand, and another 1000 in the United …
Empty homes built by Mirvac litter Newbury Estate Mirvac, NSW’s largest home builder has dramatically revised its earnings estimates down almost 50% as confidence continues to slide in the new home market. Managing director Nicholas Collishaw told investors the revision reflected “a conservative assessment of forecast residential settlements and sales …
The Federal Government is calling on the major banks to have a good look at their hardship provisions as more Australians default on their mortgages. One option under serious consideration in Australia, the United Kingdom and the United States is for banks to become landlords. With the global financial crisis …
First, Tao Shoulong burned his company’s financial books. He then sold his private golf club memberships and disposed of his Mercedes S-600 sedan. And then he was gone. And just like that, China’s biggest textile dye operation — with four factories, a campus the size of 31 football fields, 4,000 …
In a sign that the state of the economy is far worse than initially expected, the RBA has once again surprised the market with a 75 basis point cut to official interest rates. Market consensus today was for a cut of only 50 basis points. This follows the RBA’s surprise …
The Official House Price Index released by the Australian Bureau of Statistics today show Australian house prices have fallen 1.8% for the September quarter 2008. The biggest fall was experienced in the Brisbane, with prices heading south by 3.3%. Canberra was just behind at -2.5%, followed by Melbourne -1.9, Sydney …
National Australia Bank economists predicted growth would drop to 1.25 per cent by the middle of next year, with an interest rate cut to 4.5 per cent and unemployment at about 6 per cent by the end of the year, meaning the loss of 200,000 jobs, Fairfax newspapers report today. …
The weekend emergency briefing about the actual state of the economy must have come as quite a shock to Prime Minister Kevin Rudd and the Government. Just as big was the shock to see both the Government and Opposition united in what ever decisive action was needed to safe guard …
The Perth medium house price is now 10 percent lower at $426,000, down from $472,000 in December, the Real Estate Institute of Western Australia (REIWA) reported today. With falls of this magnitude, the increased capital contribution from the FHOG announced by the government will disappear in a month and a …
"Golden Opportunity" : The increased FHOG. Among the backdrop of a global “systemic meltdown” caused by irresponsible lending and fueling the biggest housing bubble built on spiraling household debt, the Rudd Government has today announced a new $10.4 billion economic stimulus plan. Ironically, as part of the package, first home …
BBC news has an story on Australia’s Housing Bubble and concerns have been raised that it could be about to burst. The story is centered around Sydney’s Western Suburbs which has the Highest Repossession Rates in the country and where they claim prices have already fallen 30%. It interviews two …
Prime Minister Kevin Rudd has warned that economic growth and job security could be in jeopardy as the global financial crisis entered a “new and dangerous” phase. As he equated the current financial turmoil to a national security crisis, Mr Rudd signalled the jobless rate for next year was likely …
In an Interview for 60 minutes, Prime Minister Mr Rudd has indicated the current downturn will effect the Housing Market. With Australian Housing costing 7.5x the average wage, one of the highest multiples in the world, a downturn in the Housing Market is probably something Rudd doesn’t need to guarantee, …
Australian’s should be able to sleep better tonight, knowing that PM Rudd has today decided to guarantee all deposits (of any size) in ADIs (Authorised Deposit-taking Institutions) for three years. Rudd has also gone further to guarantee all money Australian banks borrow internationally and instructing the Australian Office of Financial …
THE government’s cabinet budget committee will meet later today to take any action deemed necessary from key meetings of the International Monetary Fund and Group of 20 finance ministers in Washington today. Foreign Minister Stephen Smith said there was a growing realisation that the international financial crisis was worse than …
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