We are in recession – RBA chief

The Australian economy is in recession and maintaining confidence is key to a local recovery, the governor of the Reserve Bank said today.

“Whether or not the next GDP (gross domestic product) statistic, due in early June, shows another decline, I think the reasonable person, looking at all the information available now, would come to the conclusion that the Australian economy, too, is in recession,” said Mr Stevens. Continue reading

Aussie business fear next 3 months will be the worst

AUSTRALIAN businesses fear the next three months will be their toughest quarter yet – they fear the financial crisis will keep driving down sales, profits and employment levels.

A nationwide survey of 1200 companies revealed more than 50% were preparing for a drop in sales, while 59 per cent expected lesser profits. Continue reading