'Buggered' is a new economic term

[buzzlightyear]

I must have missed that economics class at school, but Access Economics says our economy is buggered.

 

[MarkB]

They said the budget is buggered.

I'm not saying break open the champagne and beer, for sure the economy is going through a tough time atm.

But does it bother me to think the budget is "buggered" and that a (large) deficit may be handed down? Not in the slightest. Ignore the headline balances which have shown healthy surpluses, the Australian Government has been running structural deficits for years, most notably via massive tax cuts.

Expansionary fiscal policy is well entrenched in Australia.

 

[redwing]

And NSW Officially in Recession


This is not just a recession. It will be the sharpest deceleration Australia's economy has ever seen," said a director at Access Economics, Chris Richardson.

NSW already in recession, Access Economics report finds

By Siobhan Ryan The Australian January 19, 2009 12:00am

THE NSW economy is already in recession, shrinking at speeds seen during the US financial meltdown.
Access Economics' latest quarterly Business Outlook report has predicted a long and painful year for the country's biggest state economy, and warned that NSW's mini-budget had only made things worse, The Australian reported.

"NSW is drowning, not waving, with its economy contracting at US-style rates," it says.

The report predicts gross state product will shift into reverse this financial year, dramatically underperforming the nation by contracting 1.6 per cent.

By comparison, the national economy is projected to grow by 0.8 per cent the same year.

Access Economics expects 10,000 jobs to be lost in NSW in 2008-09, with the unemployment rate taking two more years to peak, at 7.6 per cent.

Or has it been there for a while?

 

[islandgirl]

So does Sam Kekovich in his latest Australia Day eat more Lamb ad. So must be true!

 

[yorke]

I must have missed that economics class at school, but Access Economics says our economy is buggered.

Must be just another term they use for being " in rude health" .

http://www.news.com.au/heraldsun/story/0,21985,23569684-664,00.html

Economy boom deems Victoria in good health says forecasters
Article from: Herald Sun

Fleur Leyden

April 21, 2008 12:00am

VICTORIA'S economy has been dubbed by Access Economics as "the most impressive" in Australia as the country gears up for a successful 2008 but less certain 2009.

The economic forecasters said the 'sunbelt states' of Western Australia and Queensland were the strongest performing states, thanks to the mining boom and infrastructure growth, however many economic indicators in Victoria remained "in rude health".

"It continues to churn out respectable results despite sharing many of the negatives that have hurt NSW, leaving it the 'best of the rest' among the non-resource States," said the forecasters in their Business Outlook report for the March quarter.

The report, which projects out to the 2012 financial year, said population growth in Victoria had pulled back just below the national average, however it was still the fastest seen since 1990 and gains in migration continued "to sparkle".

Both factors have been the driving force behind Melbourne's housing boom.

The report contends that jobs growth has been strong with business and the State Government investing in a pipeline of infrastructure and commercial construction.

"Victoria has done a great job of holding its own as a share of Australia's economy and population across a period when NSW lost out big time on both," said the report.

"The State may lose a little ground over the next year or two as the current commodity boom keeps the 'sunbelt states' at the front of the growth league ladder.

"Yet the longer term outlook is solid, and Victoria's economy won't always have to battle with an Australian dollar near US90 and mortgage interest rates within spitting distance of double digits."

The upbeat forecast for the state compares to a slightly more measured outlook for the country's economic growth.

 

[josko]

And NSW Officially in Recession


This is not just a recession. It will be the sharpest deceleration Australia's economy has ever seen," said a director at Access Economics, Chris Richardson.

NSW already in recession, Access Economics report finds



Or has it been there for a while?

I for one have been telling friends we are in a recession for months.

In business we are preparing to lay off staff in the future months. Although work is consistant, it seems to be "dribbling in." Unfortunately bad media will cause a snowball effect, causing many businesses to lay off staff in wake of the coming months, not because they actually HAVE to. Thereby making things worse.

Preparation is the answer.

Regards JO