You have still not explained how it will send us broke Benjamin.

joel whoopi - the coalition of dumbos

i predict a recession in 2050's...mark my word, sell now,


sell,sell,sell,sell,sell.......................

sell, SELL...SELLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL

once all the lib govt and multi billionares have dug up the whole country..we'll be in a ression..imo
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Metcash to cut 478 jobs and close 15 campbells CC


FRANKLINS owner and grocery wholesaler Metcash will shed 478 jobs as it restructures its business in response to difficult trading conditions.

The company yesterday said it would merge several of its operations into one business to end duplication and improve efficiency.

That would lead to 478 redundancies from its Campbells, merchandising and fresh food businesses.

Chief executive Andrew Reitzer said the job losses were regrettable, but the reality of the trading environment meant Metcash had to focus on ensuring the business was structured for the future.

"These difficult conditions result from continued deflation which is pushing prices and margins down, and a value-conscious consumer who increasingly purchases on discount," Mr Reitzer said in a statement.

The business restructure would result in a one-off charge of $34 million to $43 million, to be included in Metcash's results for fiscal 2012, which ends on April 30.

http://www.adelaidenow.com.au/business/metcash-to-cut-478-jobs-in-restructure/story-e6frede3-1226317815940


AUD down to 102.70

ASX struggles at the 4300/4350 level

the recession

megsy- check the "wealth destruction" thread.You should love it, its full of statistics.

the recession  now bites into employment numbers

March's unemployment rate is expected to be higher as the non-mining sectors of the economy stay weak, economists say.

JP Morgan economist Ben Jarman says employment growth has been quite volatile in the past few months and the volatility is expected to continue.

"You've got the sense that quite a lot of corporates are pretty hesitant to hire at the moment because things are still pretty unsure, particularly globally," he said.

"We think that's going to keep overall jobs growth pretty subdued in the near term."

The Australian Bureau of Statistics' (ABS) labour force figures, due on Thursday, are expected to show the unemployment rate has risen to 5.3 per cent, according to the median of 12 economists surveyed by AAP.

Total employment is expected to have risen by 5,000 in March.

In February, the unemployment rate was 5.2 per cent and total employment fell 15,400, ABS data showed.


http://au.finance.yahoo.com/news/weak-employment-picture-continue-010705131.html


consumer confidence smashed


Australia Consumer Confidence
In Australia, the consumer confidence declined 5% in March of 2011. The Westpac Melbourne Institute Index of Consumer Sentiment is an average of five component indexes which reflect consumers' evaluations of their household financial situation over the past year and the coming year, anticipated economic conditions over the coming year and the next five years, and buying conditions for major household items. Compiled from a survey of 1,200 Australians, index scores below 100 indicate that pessimists outweigh optimists. This page includes: Australia Consumer Confidence chart, historical data and news.

http://www.tradingeconomics.com/australia/consumer-confidence

and now calls for interest rate cuts to be bigger

Calls grow for May rate cut

Date: April 11 2012

Pressure is growing on the Reserve Bank of Australia (RBA) to cut the official cash rate, with business and unions calling for a reduction to offset the pain of a high Australian dollar.

The central bank has already indicated a rate cut may be on the cards should key inflation data on April 24 show tame price pressures.

The Australian Chamber of Commerce and Industry says the RBA should substantially ease monetary policy in an effort to arrest declining competitiveness and break through the barrier of low business and consumer confidence.

Such action is needed before new taxes and costs hit business and consumers in July.

"The time has come for Australia's central bank to move decisively to cut rates by a full half a per cent and for the retail banks to immediately pass it on," the chamber's chief executive Peter Anderson said in a statement.

"A quarter of a per cent cut would not be enough to do what is required."

The RBA cut the cash rate in November and December last year but retail banks independently increased their lending rates in February due to their increased funding costs.

Australian Workers' Union national secretary Paul Howes said manufacturers were suffering under the weight of a high dollar and interest rates.

While Mr Howes supports the RBA's independence, he says its charter needs to be urgently reviewed as it needs to take a more active approach to the currency.

He explained that when the local unit was floated in 1983, all the world's major currencies were traded freely on the open market.

The Chinese yuan, which wasn't a major currency when the Australian dollar was floated, is not traded freely today and is "criminally undervalued" by the Chinese government.


http://www.smh.com.au/business/calls-grow-for-may-rate-cut-20120411-1wpic.html?skin=text-only

the recessions unfolds

thats the whole point womble.The top level of aust( mining sector in particular} is creaming it.The rest of the country is in recession. The huge success of the top level is distorting the reality that working families face.

I would think you of all people would be appauled at  2.6 million spent by  the elite?

get off the crack womble

the "reality working families face" is more about perceptions imo

try telling that to those about to be hammered by the carbon tax led price hikes.

consumer confidence smashed in todays survey.Its about facts, not perceptions.

F**k, this country is sh*te hey Mr Ben. I think we should leave together. Me , you & Tony. Maybe we can find an island paraside & create our own Utopia, but Tony has to be the biatch. Or you can be if you like.
I love you Ben, this country is terrible. I can't take it anymore. Pls help me

it's not a fact YET Mr Ben - it comes in 1 July

Unemployment 5.2%.  Aust Dollar $1.03.  Prizemoney for Victoria and NSW racing ready to soar.  Income tax down.    People compaining about our Country are obviously greedy and self centred.   We'll look back in 20 to 30 years and realise what a great period we have just been through.

agree Mike. but they also whinged at the end of Howard era when we had a boom for about 10 years.

makes you wonder if we actually had a recession & 10% unemployment how much the punters would complain

That tracksuit he used to wear was another

apparently 2 years ago Aust were spending 1.04 for every dollar they earnt.

they now spend 90cents in very dollar.

the system revolves around consumption, the more we consume the better the system works,
the less we consume the less we have to spend the less we consume.

we had a recession a few years back, no one really knows why, the cure was every west gov spent every penny they had saved for a rainy day.


Guess WHAT??

IT IS ABOUT TO POUR

I'm so glad betting is basically recession proof. No matter how bad it gets, people always find money to gamble with, and often gamble more than they have in desperation.
The politicians attempt to save people from themselves. That is why our economy is in the sh!tter. The burden on taxpayers is more than they can carry.
Anyway, enough doom and gloom for one day. I have sporting futures to calculate

unemployment steady at 5.2% - 42,000 new jobs last month, recession - what recession???

interest rates cut by  50 BPS!!!!!!!!!!!!

The reserve bank today stated that " the economy is much weaker than expected"

they also stated " output has been below trend for more than one year"



NOW- for all my knockers YOU WERE WRONG AND I WAS RIGHT.once again--- I WAS RIGHT AND YOU WERE WRONG.yet again.

I  will accept apologies from those who claimed I did not know what I was talking about.

Especially  from the absolute simpleton and totally clueless --megsy. A moron if ever there was one.

Those idiots who  I have to endure their low IQ's and endless barbs have now been proved to be just that- total morons,tools,economically ignorant. Bow down before me.

You would do well to listen to me in the future.


I told you last november the economy was headed this way.

btw-  home sales at 17 year lows.

Get your travel in.The aussie dollars will be   below 90 cents soon and may go to 60 cents ultimatly.


yeah you was right ****....NOT !!!!!!!!!!!

if your holding stocks sell asap and buy back in down the track at heavily reduced prices......ASX  was 3906 when you started this thread, now 4438.5 ....WRONG AGAIN !!!

go spend your imaginary 10 years wages ****

megsy- your a simpleton.Low IQ and too gutless to admit I WAS RIGHT ALL ALONG.

do yourself a favour feral boy stop posting-your an emabarrassment to forum standards.