The loss of jobs in a number of Industry sectors continues to intensify into 2009.
The Tourism and Transport forum have released their quarterly tourism industry sentiment survey which indicates that ‘Major job cuts are a frightening but realistic prospect with up to 63% of the current tourism businesses expecting to make moderate cuts to their workforce in the coming year.
On top of this, sales in the automotive industry are down with a significantly decreased domestic demand for new cars, this will see a likely cut in manufacturer production and a number of layoffs in this sector.
Economic Activity Down
House prices are continually plummeting which will result in the elimination of jobs for thousands of people, from those in the financial sector and real estate business to construction and home furnishing manufacturers.
In the self- employed sector the rate of job loss is also estimated to be a significant one.
Banks have imposed tighter lending standards in this environment which is making it harder for Australians to secure credit for both home and personal loans.
The general consensus among economists is that this year will be a stubborn one, with a combination of fewer job opportunities and a lessening availability of credit.
If you find yourself being hit by this current economic downturn and you are in financial difficulty or can not secure credit or you need to talk to someone about your financial situation or debts, The Australian Lending Centre offers a suite of products to assist you during this difficult time.
Please call us now on 1300 138 188 or fill out an express enquiry and we will get back to you. Our team of friendly and experienced staff are waiting to help you work towards a brighter financial future today.