Australia News
Jobs Vacancies in Australia Stabilise
Last month’s internet job ads averaged 136,457 per week, down from 268,000 a year ago. While the number of job ads is no longer falling, numbers remain at recessionary levels. It is, therefore, likely that Australia’s total number of jobs will decline in the second half of the year.
Australian Economy in Leading Position?
Although recent newspaper headlines might lead you to think otherwise, Australian and international businesspeople think Australia’s economy is best placed to survive the international crisis.
Good News/Bad News for the Economy
Despite the downturn, Australia’s retailers are enjoying better times and the country’s trade surplus with the rest of the world is increasing. It’s not all good news though, as banks’ bad loans rise to a 16-year high.
Unemployment Rising as Job Ads Fall
Last month’s internet job ads averaged 128,567 per week, down from over 260,000 a year ago. The ongoing weakness in job ads suggests that falling employment levels will be the key driver of rising unemployment over the year ahead.
Australian House Prices Mostly Easing Down
Australian property prices in most areas have been holding steady in the teeth of the financial storm enveloping much of the world. Rising unemployment and a weakening economy still pose the greatest risk to housing.
So, Will There be a Recession or Not?
As other economies have fallen prey to recession, Australia’s has continued to grow, albeit at an ever decreasing pace. Last week, finance minister Wayne Swan said the economy’s prospects had taken a turn for the worse.
Central Bank Upbeat on House Prices in Australia
The housing market in Australia has held up pretty well compared with countries such as the US and the UK, and the Australian market hasn’t fallen prey to the deterioration in lending standards that occurred elsewhere.