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 …
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 …
Eariler in May we reported US house prices were falling at the fastest rate since records began. Now it’s the UK’s turn : House prices are falling at a rate not witnessed since records began in the 1950s, according to the latest report from banking giant Halifax. Its figures show …
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.
What a difference a couple of weeks can make. On the 17th June, The Perth Sunday Times ran an article titled “Relief ‘within decade” predicting falls of 10 to 15% over a year or two. The artcle quoted REIWA president Rob Druitt saying “though Mr Ruthven’s logic was correct, he …
AUSTRALIA lost almost 90,000 full-time jobs in the June quarter – a worrying sign for families struggling to pay bills, according to pollster Gary Morgan. » Full-time jobs shrink by 90,000 – The Australian, 8th July 2008.
AUSTRALIA’S residential property prices are among the highest in the world. But most of us still think that prices can’t fall. It’s time to put that fallacy to the knife, according to Intelligent Investor research director Greg Hoffman. “The US property market meltdown should dispel this myth immediately,” Hoffman says. …
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