So writes Michael J Knox, Chief Economist of RBS Morgans (Economic Update 19th June 2013), as it happens concurrently with my reporting yesterday of the unemployment and underemployment statistics from Roy Morgan Research (19th June 2013).
He continues: "Unemployment in trend terms continues to steadily drift up. Unemployment is rising and jobs are getting harder to get going into a Federal election. Most people are not economists. But everybody looking for a job knows that the economy feels worse".
"The last growth recession that Australia encountered where fiscal stimulus was not an option was back in 2002". Fiscal contraction is happening across Australia.
Michael is one of Australia's most prescient economists and his reporting is reflecting what you see in the suburbs, and, I understand, the increasing number of professionals visiting Australia's Centrelink social support network.
It probably means a reduction in Australian short term interest rates. Whether the exchange rate follows depends on the international money printers.
David Millhouse is an international entrepreneur with over 30 years in venture capital and private equity internationally. Based in Brisbane, Australia he is a specialist in venture financing and capitalisation, as well as the management of high growth companies, many of which proceed to IPO. He has conducted business in the UK, Germany, Switzerland, USA, Canada, Singapore, Hong Kong, Australia and New Zealand. A scientist by original profession, with an MBA and LLM from Bond University in Australia. He is a trustee of Bond University, Australia’s premier private University, and was formerly a trustee of the Queensland Art Gallery/Gallery of Modern Art. There are 30 years of publications and media on his professional activities and he has had a stellar career at CEO level since 1983.
For personalised solutions to the issues raised in the blog, please contact CORPbuilders TM at www.corpbuilders.com.au
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