Friday, Dec 19, 2008
AUSTRALIAN households have lost a quarter of their wealth since the global financial crisis began la
smh: Household wealth crashes
Business confidence fell to its lowest level since the 1990 recession. "We believe there is enough information available which points to the need for further interest rate reductions," said the chamber's Greg Evans.
Posted by chris @ 03:22 AM (204 views) Add Comment
1 Comment
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1. lierbag said...
I'm glad you posted this, because Australia has always fitted neatly into many people's fantasies as the carefree place to escape to whenever things get tough. They have problems of their own. True, they've been savvy enough not to rack up a huge national debt, but their wealth derives largely from raw materials and, as with oil, demand has collapsed - and with it, the usual profits. They also have to contend with what is now acknowledged as almost permanent drought conditions, and the main Murray-Darling river system drying out to a trickle in some places. In South Australia, they've even had to start buying water in from overseas suppliers. It's grim up't north, but it's not too much fun in the south either.