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Debt Consolidation

Unemployment Projected to Rise

The continuing interest rate squeeze and falling share markets, are expected to slice consumer spending habits, which in turn will slow the economy and force an extra 75,000 Australians into unemployment by the middle of next year.

While there has been a small concession for Australian households last week with the Reserve Bank’s first rate cut in 7 years, we are not out of the dark yet it seems. David Uren, the Economics correspondent for The Australian cautions the “Treasury expects the unemployment rate to rise from its recent historic low of 4 per cent to reach 4.75 per cent by the middle of next year.”

Categories
News

Further Job Losses Loom Ahead for 2009

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.