Australia Economic Conditions

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As far as latest information on Australia economic conditions is concerned economy of Australia has depreciated in final quarter of 2008 fiscal. This has been indicated by slump of an important economic indicator of Australia.

It has been predicted by economists that Australian economic conditions are likely to get far worse. Reserve Bank is trying its absolute best to do away with any possibilities of recession by providing more deductions in its rates of interest.


As far as latest information on Australia economic conditions is concerned economy of Australia has depreciated in final quarter of 2008 fiscal. This has been indicated by slump of an important economic indicator of Australia.

It has been predicted by economists that Australian economic conditions are likely to get far worse. Reserve Bank is trying its absolute best to do away with any possibilities of recession by providing more deductions in its rates of interest.

As per fresh updates on economic conditions of Australia it has been seen that all major business establishments down under are sacking their employees. This is being done so that they can cope up with decrease in levels of consumer demand across Australia.

In news on economic conditions in Australia Pacific Brands ha declared that as many as 1850 people would be laid off. Robert Bosch, a maker of automobile parts, based in Melbourne, has said that 170 people would be released.

Stephen Koukoulas who is chief economist for TD Securities has expressed that 300,000 people would be losing their jobs in Australia in 2009 fiscal. This is an ominous sign for economic conditions at Australia.

Katie Dean, who is an economist with ANZ, has reiterated that Australia economic conditions are not going to be any better as according to her opinion Australia has already undergone recession from a technical point of view in final two quarters of 2008 fiscal.

A new report on Australia economic conditions confirms that Reserve Bank of Australia has already stated that it is considering cutting its rates of interest further but these deductions would be on basis of amount of success achieved by couple of economic stimulus packages announced in Australia. Aggregate worth of these two packages is $52 billion.

In encouraging news on Australia economic conditions sales of homes have been doing well. Much of this has to do with several benefits, like first home buyer, that are being provided to home owners in Australia. However, on flipside factories in Australia have not performed to their potential in February 2009. This was indicated by Australian Industry Group performance of manufacturing index, which went down to 31.7, an equivalent of 4.9 index points.

 

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