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The coming Aussie Ression will send you broke.
The coming Aussie Ression will send you broke.
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mrben mrben...please answer your own statement !!....why now state you didnt say the economy will collaspe...pleaseeeeee i need the date it will happen
 until then....shhhhhhhhh |
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As the Iran/US /Israel war looms large .....suggest you be short in your positions like MrBen , Megsy
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Good point AP.I had not even considered factoring that in. Imagine if that does occur or Iran blocks the helmuz straight .Oil goes to 200 and the world economy goes to hell in a hand basket.
megsy's issue is- he is'nt listening. |
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repeats.
has a mrben like prediction  in the year 2297 theres a real chance of a recession....sell sell sell |
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ford and holden manufacturing in trouble.Need govt support to continue.
Its the recession.  Building approvals down 18.9% for the year. November approvals up 9% but value down 2.6% Its the recession.  |
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Pacific Brands posted a $132 million loss in the 2010/11 financial year, and has forecast a weaker performance for the current year amid challenging trading conditions.
The owner of brands such as Bonds, King Gee and Sheridan has confirmed it has received an unsolicited approach from United States-based investment firm KKR regarding a possible acquisition of all of Pacific Brands' issued capital. http://au.finance.yahoo.com/news/Pacific-Brands-considers-aap-289178875.html |
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cant educate mugs  |
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your certainly right about that mugsy[sic}
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hmmm, let me get this right
 since this thread started the ASX WAS 3930 Points and is now currently higher at 4187.5 since this thread started the Australian dollar was 96.6 and is currently much higher at $1.0278 since this thread started the new homes being built increased by 9% since this thread started inflation was 3.5% and is currently 3.3% since this thread started the interest rate was 4.75% and currently 4.25% since this thread started the cunsumer confidence was 0.4% and is currently at a high of 6.3% what am i missing??.....you must have lost some serious money if you have sold up already Soooooooo, mrben mrben, comon, you declared the Australian economy will collapse and now say you never said that at all.....( read ya own head lines sonny) |
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one for the head in the sand types.
 All is not well in the land down under. Australia appears to be ready to join the US and UK in recession. The Herald Sun is reporting Melbourne recession fear as property hit. PROPERTY values in Melbourne and every state have slumped, with more than 50 per cent of Australian homes losing value last month. New figures obtained by the Sunday Herald Sun from property analyst Residex prompted recession warnings. The last time all the states fell at the same time was just before the Great Depression and Residex chief executive John Edwards warned of tough times ahead. “It looks as if we’re moving into a one-in-100-year event,” Mr Edwards said. “To see an adjustment on a wholesale basis across the whole of the nation is incredibly unusual. Never in my life have I seen so many converging negative events.” “There is no Australian family that isn’t hurting,” Mr Edwards said. “If you have a mortgage, you’re hurting. If you’re renting, you’re also hurting.” The Federal Government and the Reserve Bank had “dismally failed” Australians by focusing on inflation while failing to control credit. “I think they need to let inflation run a little. That means adjusting interest rates down and they need to control credit,” Mr Edwards said. “It’s too late to control it by interest rates. “You control it by interest rates and you’ll send us into depression.” Edwards Wants Cake And Eat It Too Edwards is calling on the central bank to control credit while lowering interest rates? How does he propose to do that? The problem is fractional reserve lending that feeds on itself with ever increasing amounts of leverage before it finally blows up. The US and UK have already reached Peak Credit. Perhaps Australia has joined the club. If so, credit will take care of itself. At any rate, it is far too late to do anything about this except sit back and watch the inevitable credit implosion. |
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It's the recession we had to have imo
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what, again ???
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Average family home has fallen in value by 1.4pc
But Residex report says the worst is almost over Predicts 5pc per annum rise over eight years. one example.....RELIEF is in sight for Sydney's bruised property market, where the average family home has fallen in value by 1.4 per cent over the past year. Western Sydney homes are leading the recovery, according to latest hotspot reports that identified nine of the top 10 boom towns as being more than 30km west of the CBD. An RP Data Rismark report yesterday found Sydney's home prices fell 1.4 per cent in 12 months, while a separate Residex report predicted values would rise a boom 5 per cent a year over eight years. http://www.heraldsun.com.au/money/boom-times-loom-for-property-prices/story-e6frfh5f-1226210850432 your a fcuking **** mrben, still scare mongering |
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RELIEF is in sight for Sydney's bruised property market, where the average family home has fallen in value by 1.4 per cent over the past year.
Western Sydney homes are leading the recovery, according to latest hotspot reports that identified nine of the top 10 boom towns as being more than 30km west of the CBD. An RP Data Rismark report yesterday found Sydney's home prices fell 1.4 per cent in 12 months while a separate Residex report predicted values would rise a boom 5 per cent a year over eight years. The downward spiral had shifted the market to "very welcome boost in overall housing affordability", RP Data found. "The combination of lower interest rates, cheaper homes, and rising incomes is generating a welcome boost to housing affordability, particularly in those markets where value falls have been more significant," RP Data economist Tim Lawless said. Residex CEO John Edwards said in the latest Residex Predictions report that the worst was nearly over, predicting a better year for home and unit prices across NSW in 2012. The report predicted Sydney house prices would eclipse all other states, rising 3 per cent per annum over the next five years and 5 per cent per annum over eight years. http://www.dailytelegraph.com.au/news/sydney-nsw/boom-times-loom-for-property-prices/story-e6freuzi-1226210703959 tell me mrben, ive copied the URL for anyone to read the article, wheres your URL address???????????????? or did you make it up or is it from 2008-9 you dipshyt Soooooooo, mrben mrben, comon, you declared the Australian economy will collapse and now say you never said that at all.....( read ya own head lines sonny)...you are looking sillier every post, zero credit |
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Central Petroleum (ASX: CTP) has increased the sustained flow rate of the Surprise-1 Re-entry H well by 20% in further flow testing.
In the most recent flow test, the well flowed at 380 barrels per day, up from the 300 barrels per day announced yesterday. This had a low 4.4% drilling fluid and/or water cut, down from 8% yesterday. Flow testing at Surprise-1 has returned the first significant onshore oil flow in the Northern Territory in nearly 50 years. It is also central Australia’s first ever horizontal well completion to produce oil. The well has been temporarily shut in for pressure build analysis. So far the well has reached more than 520 pounds per square inch (PSI) and is increasing at 1.5PSI per hour. Oil flowed to date will be analysed and an interim reservoir analysis conducted to determine the best flow regime to extend the current well test program. Importantly, the oil flowed from Surprise-1 is a light sweet crude with an API Gravity averaging 40 degrees and no evidence of hydrogen sulphide. We are saved |
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Halleluia for that
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Spreading the Christmas Cheer
By MarketWrap with John Edwards, CEO of Residex and FindMeaHome.com.au At Christmas time we could all do with a good dose of something positive. Despite the significant and ongoing press about the economic concerns in Europe, our housing markets have turned in one of the best monthly performances since March/April this year. The Reserve Bank’s (RBA) reduction of the cash rate and the welcomed similar adjustments in home loan interest rates by lenders appears to have had a positive impact. Both the monthly and quarterly growth rates for Australian housing are positive in nominal terms and just negative (-0.7 per cent estimate) in real terms.[1] The table ‘Australian Housing Growth’ presents housing market results for the year to-date, November 30 2011. http://blog.residex.com.au/category/jedwards/ mrben mrben, your creditabilty ( if you had any) has gone out the window with false claims. |
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lol.... it is around 1975 and the aussie media, in particular Michael Willesee via "A Current Affair" is SHOCKING the public with the sensational story ... that Bass Strait will be finished producing oil and gas by... wait for it...... 1980 .... and the oil companies are predicting the middle east will be finished only 5 years later.
Moral of the story benny ....... believe nothing you read in a newspaper or see on the telly and now see on the sillynet, cos the faceless men are inclined to pull your strings whichever way they feel like at the time. |
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Posted on Tradefair & Financials
Edited version of an interesting exchange. 20 Oct 11 05:15Mrben 21 Oct 11 04:05 Joined: | Topic/replies: 4,473 | Blogger: Mrben's blog just a quick check in here. I sold all my holdings to invest in the property project i'm currently in.brilliant timing.All out b4 the big falls. I'm kinda watching from the sidelines a bit, not involved everyday. However today it was announced that iron ore prices have fallen for the first time in 3 years. China is going to have a hard fall from grace sooner or later. Demand has fallen. The world can no longer ride chinas coat tails. Add this to the european and US situations. My advice is sell everything you've got bar the roof over your head.Everything is going to fall, gold, silver, shares, commodities etc. The rush for the lifeboats has begun. Add this to superfast trading and you will see 500 point fluctuations become the norm. Perversely the USD will rise as the world falls backwards into the US 's lap. The AUD will slid back under parity and then back into the 80's if not lower during 2012/13. Don't buy the line from politicians that they can fix it.They will just keep sitting an their hands adding to the problems. Asset inflation is over my friends,for the foreseeable future. Dont buy a business, house or any other kind of "asset' hold onto your cash and job if you can. Avoid falling for the currency debasement argument that says gold will rise.Its going to plummet as investors simply bail out for ca**** already fallen from 2000$. Sell now and buy back at rock bottom prices later on. SELL SELL SELL Menelaus 20 Oct 11 13:09 Joined: 03 Feb 05 | Topic/replies: 1,426 | Blogger: Menelaus's blog It's pretty hard to read benny's drivel and keep quiet. I think the orphanage he's now working at doesn't have access to the internet. China has shown weakness for months, global economic data has been pointing at a recession for months, equities have done nothing but puke for months, gold had plunged a $300+ from its high, copper has been getting decimated but benny *TODAY* wakes up that "asset inflation is over" because *TODAY* it was "announced iron ore prices have fallen". You can't make this stuff up. This is akin to deciding where to drive on the road ahead by looking at objects in the rear view mirror that are fast disappearing in the horizon. (Even at that he gets it wrong as to how events will unfold because he assumes policy makers and central banks will sit on their hands while deflation sets in. I'll say no more though, I've decided to stop being in the business of opening eyes that are firmly shut) Mrben 21 Oct 11 04:05 Joined: 25 Oct 03 | Topic/replies: 4,473 | Blogger: Mrben's blog your problem is melly, apart from being a complete dropkick is that despite banging on for 2 years about doom and gloom, you have been unable to make a single buck. Was'nt it you who a few threads ago was recommending those who bought gold at 2000$ and now its 1600$ to hold?.What a turkey. The penguins have virtually all lined up now. This is the time to GET SET if you want to trade the downside. The caveat is that it still may take many months to creep down.Or it may happen overnight.I don't know. But I favour the latter. My main sells are gold, silver, copper,any metal really.My biggest sell is the AUD, and the dow. I'm not going to pretend I know by how much or when.BUT, they will all be much much lower at sometimes in the next 2 years. The aussie economy is totally dependant on China, via resources.Our economy is currently turning down big time.The statistics wont show it for months, but believe me, we are headed into a big time recession.BIG. The reserve bank is tipped to cut interest rates on the first tuesday in november and I'm betting the "language" will hint at more cuts.Watch the AUD plummet that day or within a few days. Likely the AUD will rise in the days prior to that tuesday in a manipulation scenario.Thats when I'm looking to get set. The AUD is a massive sell. But you may have to hold the position for a while with a wide stop.On a personal basis I'm girding my loins for a humungous position. Selling above parity and looking to exit in the low 80's sometime in the next 2 years. As for the Dow, its still over 11,000 , hard to believe , given their economy. Menelaus 21 Oct 11 12:37 Joined: 03 Feb 05 | Topic/replies: 1,426 | Blogger: Menelaus's blog Well Benny, given your outstanding record of predictions on here, who's to argue with you. A flash from the past: Mrben Joined: 25 Oct 03 Replies: 2828 25 Jan 11 03:09 I have a long range bet based on gold going under 1000 in the last 3 mths of 2011 and the first 3 mths of 2012. Mrben Joined: 25 Oct 03 Replies: 2936 14 Feb 11 02:00 Im betting that ALL markets are headed higher.Maybe shanghai excepted. Too hard to pick day to day but I'm betting that 18 months from now the DOW will be around 16,000.Thats about 25% higher from here. The footsie could go up say 20%, pushing it beyond 7000. "My main sells are gold, silver, copper,any metal really." [Will please someone tell this fool that this bus left the platform about two months ago.] As for the Dow, its still over 11,000 , hard to believe , given their economy. [Will please also someone tell this fool that the DOW has disconnected from the US economy over two years ago now. Evidently news travels very slow to Australia.] Menelaus 21 Oct 11 15:40 Joined: 03 Feb 05 | Topic/replies: 1,426 | Blogger: Menelaus's blog [Mrben - "My main sells are gold, silver, copper,any metal really."] Gold UP nearly 2pc Silver UP nearly 4pc Copper UP nearly 6pc DOW UP over 200 points Great timing again Benny, I hope you never lose your job at the orphanage, you'll end-up panhandling in the streets. Mrben 22 Oct 11 02:03 Joined: 25 Oct 03 | Topic/replies: 4,473 | Blogger: Mrben's blog thanks melly, your right, it is great timing. Love it to go higher before getting set.You really don't understand how to make a buck do you. Make sure next week when the market has a corresponding down day you make a suitable post as to why. Makes no difference, 6 months from now all will be lower. Mrben 24 Oct 11 06:12 Joined: 25 Oct 03 | Topic/replies: 4,473 | Blogger: Mrben's blog Huge rally on european hopes for wednesday. Hope it all goes thru the roof. I will be posting my 2 year shorts after this sucker rally concludes. melly, you little banker , you. which side of bed did yu get out of this morning? Inflation or deflation? rally or depression? Which side are you on today? come on melly- make a conclusive statement plz.EAch way! each way !each way!- I hear you say. Menelaus 24 Oct 11 10:17 Joined: 03 Feb 05 | Topic/replies: 1,426 | Blogger: Menelaus's blog You should have started a new thread titled "today's joke" "I will be posting my 2 year shorts after this sucker rally concludes." I thought you posted SELL SELL SELL *BEFORE* this rally started. Now it's *after* it concludes, how nice. And when that might be I ask. Most metals are up 5-6pc and copper 10pc since you posted you mug. Also, you are the only self-proclaimed trader in the history of the markets who trades with a 2 year planning horizon. Most of us trade the 5 minute chart. "come on melly- make a conclusive statement plz" I already have, numerous times, it's just that you are too dumb to understand it. Oh wait, no need to start a new thread......YOU.ARE.THE.JOKE Menelaus 24 Oct 11 21:18 Joined: 03 Feb 05 | Topic/replies: 1,426 | Blogger: Menelaus's blog Way to go Benny, copper up more than 12pc since your SELL SELL SELL all metals post went up you clueless mug !! Benny = the ultimate counter indicator Menelaus 26 Oct 11 15:27 Joined: 03 Feb 05 | Topic/replies: 1,426 | Blogger: Menelaus's blog How's this for "informative"? Gold UP nearly $100 Silver UP nearly $3 Copper UP over 15pc other metals up 5-10pc since this went up: "My main sells are gold, silver, copper,any metal really." There's probably Pandas with more brains than this chap where he lives Mrben 27 Oct 11 04:31 Joined: 25 Oct 03 | Topic/replies: 4,473 | Blogger: Mrben's blog Things are setting up beautifully for the coming short position.Especially in the AUD.I'm hoping it can get above 106 very shortly. As usual melly fails to understand how to make a buck. I will posting a new thread containing my 2 year trade soon. Menelaus 27 Oct 11 13:41 Joined: 03 Feb 05 | Topic/replies: 1,426 | Blogger: Menelaus's blog "Things are setting up beautifully for the coming short position" Just wondering, will you book the the 25pc losses you took since your post went up, or will you put it in a SIV and pretend they are not there? "my 2 year trade" How do you short metals for 2 years? Anyone know? Epic stupidity but does anyone expect anything different from this clueless mug by now? Menelaus 27 Oct 11 16:54 Joined: 03 Feb 05 | Topic/replies: 1,426 | Blogger: Menelaus's blog "SELL SELL SELL" " My advice is sell everything you've got bar the roof over your head.Everything is going to fall, gold, silver, shares, commodities etc" "The AUD will slid back under parity and then back into the 80's if not lower during 2012/13." "My main sells are gold, silver, copper,any metal really." When Benny as usual put those abortion of predictions up, equities were mostly 10pc lower, most metals over 10pc lower, copper about 20pc lower and the AUD at 1.03. At least you didn't post "I'm following" 300bps ago........... in the wrong direction. It would have blown whatever little money you had left in your trading account from waiting until the middle of this week to close those shorts you were taking a beating on. Menelaus 27 Oct 11 17:07 Joined: 03 Feb 05 | Topic/replies: 1,426 | Blogger: Menelaus's blog Seriously though, can someone post how you short metals for 2 years? Menelaus 27 Oct 11 20:42 Joined: 03 Feb 05 | Topic/replies: 1,426 | Blogger: Menelaus's blog The point is I don't care what sort of investment vehicle your are using to trade a particular conviction, in order to profit you have to be on the right side of the trade. Period. Benny posted "SELL SELL SELL" precisely at the wrong time, based on a lagging indicator that the market had priced in weeks ago and in complete ignorance of how "policy response" affects the markets.....and made an arse of himself again. All the tap dancing that came after ("it's setting up nicely fro my 2 year shorts" etc.) just simply made him look even more ridiculous. Comedy at it's best. |
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MrB..Just a question regarding your prediction..which I agree with..Your saying that Gold will fall..is there a reason for that?...I thought it would go through roof.
Also can you explain in laymans terms why the $ is so high..is it because other currency's have no value anymore?...I was of the opinion that our $ should be around 50-60 cents? |
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I was of the opinion that our $ should be around 50-60 cents?
yes one persons opinion>>>>> mrben |
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last "real" recession Australia had was 1991-92
exports 529 billion ....compare to today 27,247 billion Aus domestic growth 325 billion......compare to today 925 billion inflation 8.4%......compare to today 3.2% interest rate 17.5%...... compare to today 4.25% stock market 1358.50 points....compare to today 4,187 points un employment rate 10.7%..... compare to today 5.5% |
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There are Countries out there Megs that can't pay their debt mate...Not much good having broke customers lol...it has to rub off on us sooner or later imo
P.S Take a chill pill mans you seem a bit flustered imo |
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Hi lazza, I'll send yu a PM soon. Im busy doing some AUD trading ATM
ps....don't be too concerned over mugsy- the guy is a bit of a half wit. |
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Get your travel in.The aussie dollars will be below 90 cents soon and may go to 60 cents ultimatly.
Hi lazza, I'll send yu a PM soon. Im busy doing some AUD trading ATM Fcukin hypocriteFW !! = FCUK WIT |
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...it has to rub off on us sooner or later imo
of cause it will rub off, its part of life, recessions, next one will be way way later. best past mrben the chill pill, the made up lies he posts like yesterday takes the cake and when his caught out he never replies  |
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Why is he a hypocrite for trading the AUD?
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joel...read the thread mate. my arguement from the start, i trade in dollars and blue chip...he found it laughable saying i was throwing away my money.
and read his prediction. also anyone who falsly posts like yesterday regarding what Residex CEO John Edwards suppose to have said has no creditablity in my book. |
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i think everyone would agree the aus share market has been lousy at best over the last 10years
and a complete disaster over the last 5 hats off to anyone that has made money in these periods... |
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yes the stock market has been a rollercoaster, cant understand the negative posts when it goes down because it only goes up again, then down again, then up again.
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It hasn't gone up for a few years
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negative gearing and the housing boom pulled a lot of money out of the stock market imo - i think it's undervalued at present though - will be over 5000 by 1 July
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recession claims more jobs
 BY GILLIAN TAN SYDNEY—Australia and New Zealand Banking Group Ltd. is set to cut hundreds of jobs, the Finance Sector Union said, the latest large bank to seek to reduce costs at its Australian operations. "ANZ said that due to the difficult environment particularly relating to funding costs and revenue generation, they'll need to go through an aggressive cost-reduction process," FSU National Secretary Leon Carter said. |
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$36 billion natural gas deal signed today - second biggest ever
it's not all bad news |
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How much a litre Womby ...$0.02 Yeah they are real worried about the environment lol
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JP Morgan warns Australia vulnerable to recession.
Shorten denies{ what else can he say?} Acting Treasurer Bill Shorten dismisses JP Morgan report on risk of recession by: Scott Murdoch, Lanai Vasek From: The Australian January 13, 2012 3:49PM Increase Text SizeDecrease Bill Shorten says "Australia walks tall" because of the economy's relative strength under Julia Gillard's government. Source: News Limited THE Australian economy is at risk of slipping into recession this year, after being one of the world's best performing nations during the global financial crisis, an investment bank report said today. A new research report by JP Morgan found that Australia is "vulnerable" to recession in 2012 as the global economy deals with the potential ramifications of the worsening European sovereign debt crisis. JPMorgan chief economist Stephen Walters said the Australian economy was not as well placed now compared to the start of the downturn, given the nation's fiscal position. However, Acting Treasurer Bill Shorten brushed off the suggestion of a recession, saying Australia’s economic fundamentals were "rock solid". "We’ve got strong growth, low inflation, contained unemployment and very low debt," he told The Australian Online. ...Start of sidebar. Skip to end of sidebar. Recommended Coverage..Recession 09 . .China to slow sharply: Citi CHINA'S economy is likely to slow sharply this year due to unstable growth, says a senior Citigroup private bank executive. . .ECB more upbeat as holds rates THE ECB left its key interest rate on hold, suggesting officials aren't overly concerned about the severity of the eurozone downturn. ...End of sidebar. Return to start of sidebar. . "By global comparison, Australia walks tall because of the relative strength of our economy under the Gillard government's strong economic management." Mr Shorten said the country could not afford to be complacent. "That is why the government is investing heavily in skills, infrastructure and productivity - and is tackling the patchwork pressures in our economy with tax cuts for small business," he said. During the global financial crisis, Australia skirted recession and recorded just one period of negative growth, the fourth quarter of 2008. JP Morgan's Mr Walters said: "The country's good fortune three years ago means Australia has not undergone the adjustments observed elsewhere…abrupt or otherwise, voluntary or not. "It remains vulnerable to shocks." http://www.theaustralian.com.au/business/economics/acting-treasurer-dismisses-jpmorgan-report-on-risk-of-recession/story-e6frg926-1226243718042 Those in the know- they "know". Others keep swallowing the propaganda spewed forth by politicians world wide. Hang on. The recession- its on.! |
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Australia ranks 3rd for economic freedom
From: AAP January 13, 2012 2:08PM 0THE Federal Government says Australia's strong ranking on a global economic index shows the nation is punching above its weight. But acting Treasurer Bill Shorten said the country can't afford to be complacent. "We can't be complacent - the world does not owe Australia a living," Mr Shorten said in Melbourne today. "What we need to do is not rest on our laurels." The US-based think tank Heritage Foundation's 2012 index of economic freedom shows Australia in the third spot, after Singapore (2) and Hong Kong (1), and ahead of New Zealand and Switzerland. Australia's overall score was 83.1 index points, up 0.6 points since 2011, reflecting better scores in trade freedom, government spending and fiscal freedom. The US was ranked tenth. The index, which is prepared in partnership with The Wall Street Journal, has been published each ear since 1995. It measures the economic success of 184 countries around the world against 10 benchmarks, including property rights and entrepreneurship. http://www.heraldsun.com.au/news/breaking-news/australia-ranks-3rd-for-economic-freedom/story-e6frf7ko-1226243590332 |
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mainstream media now begins to mention"recession" more frequently
Australia now on the cusp of a white collar recession- SMH sat 14 Jan AUSTRALIA is on the cusp of a white collar recession with insiders warning that thousands of jobs are at risk in the finance sector, after it emerged yesterday that ANZ planned to cut 700 jobs. But the Herald has established the job cuts will total as many as 1000 by the end of this year, which will be more than the bank shed at the height of the global financial crisis. They come a day after the Royal Bank of Scotland announced plans to close its investment banking business, leading to the loss of more than 200 jobs in Australia. Advertisement: Story continues below Economists have warned Australia is vulnerable to a recession this year with a wholesale funding squeeze in Europe raising debt costs for banks such as ANZ. Experts say thousands of jobs will be lost from the industry this year as banks scramble to adjust to an era of low credit growth and higher funding costs. This comes on top of cuts of 2150 jobs between March 2009 and last September in ANZ's Australian division. ''We have run a policy of shedding jobs through attrition since October last year,'' an executive said. ''Temps have not been rehired once their contract has expired. Secondments have been stopped. We have outsourced two whole floors of operations staff from a [Melbourne] office to Manila [in the Philippines]. If you count all those jobs since October, along with what will be announced in the next week … we will lose more staff than we did as a result of the GFC.'' The national secretary of the Finance Services Union, Leon Carter, criticised the bank for shedding jobs when it had record profitability. ''Yet again the first time anything gets tough in finance the only trick in their locker is to put jobs on the line,'' he said. ''It continues to be a highly profitable organisation that is making multibillion-dollar profits. They have an obligation to keep everybody employed.'' The Financial Services Minister, Bill Shorten, said: ''We haven't been briefed specifically on any decisions of the ANZ in terms of jobs. We regard any job losses as unfortunate.'' At the start of 2007 Australia's banks, excluding ANZ Asia, employed 155,000. Four years later that figure had grown to 178,000. In ANZ alone, the number of employees in the group's global operations increased by 12,000 since September 2008, from 36,900 to 48,900. But ANZ's Australian division has shed more than 2100 jobs in the past two years - from 19,922 to 17,768 - as it sends more jobs offshore. Experts say banks will be forced to cut staff for the next few years to protect profit margins. The high levels of consumption and lending they enjoyed in recent years will not continue. The job losses could exacerbate conditions in Australia - already vulnerable to recession. The chief economist at JP Morgan, Stephen Walters, said: Australia has not undergone adjustments observed elsewhere … it remains vulnerable to shocks. Economists also say we might expect a further upheaval in the retail industry, which employs 1.2 million people, following the job losses last year. The Grattan Institute's Saul Eslake said: "How long can the level of retail employment remain so resilient and unchanged in the face of the mounting difficulties that so many retailers are experiencing? I think there will be a shake-out in employment in retailing this Read more: http://www.smh.com.au/business/year-of-job-pain-to-hit-banks-shops-20120114-1q01m.html#ixzz1jODZCmWo |
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Wow, what stunning analysis !!!
A cut & paste article from the SMH, amazing stuff really.  What a tool. |
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and so it gets closer
http://au.news.yahoo.com/latest/a/-/latest/12645871/economy-strong-despite-world-bank-report/ Australia is in for a tough economic year after the World Bank slashed its global growth forecasts and warned there could be a worldwide recession worse than three years ago. In its latest Global Economic Prospects report, the World Bank downgraded its forecasts for 2012 and 2013 by almost half due to a deterioration in the world economy over the past six months. The Washington-based institution now forecasts global growth at 2.5 per cent in 2012 and 3.1 per cent in 2013, down from its June 2011 forecast of 3.6 per cent for both years. "The world has entered a very difficult phase characterised by significant downside risks and fragility," the bank said on Wednesday (AEDT). The report warned capital markets could freeze up, leading to a crisis similar in size to that caused by the collapse of US investment bank Lehman Brothers in September 2008, which marked the start of the global financial crisis. "The world could be thrown into a recession as large or even larger than that of 2008-09," it said. |