#Recession
Australia facing its worst economic contraction in history
The ABS confirmed Australia’s first recession since 1990 after recording two consecutive quarters of economic decline. After being hammered by the pandemic, bushfires and drought, Australia’s GDP plunged by 7 per cent in the April-June quarter. This follows a 0.3 per cent fall in the previous quarter. The 7 per cent fall is also the […]
Two actions SME owners must master as end of JobKeeper approaches
As end of JobKeeper approaches, here’s two essential actions small business owners must master to survive 2020. This July sees one of the toughest starts to a new financial year in decades, with small business owners bearing the brunt of the impact. Scottish Pacific CEO Peter Langham said as business owners put together new contingency […]
Don’t panic: now’s the time to double down on your marketing efforts
Sabri Suby of King Kong agency discusses how businesses can rebound from recessions and, perhaps controversially, how important marketing is during times of economic difficulty. As businesses around the world wake up to the challenges of the ongoing global health emergency, it’s easy to feel overwhelmed by the situation. But don’t let fear get the […]
Brace for a potential business downturn now because WHEN (not if) one hits, it’ll be too late
Would your business survive if a recession hit? While I don’t believe Australia is facing an impending recession in the immediate future, it’s not a question of “if” but “when” and there’s no better time to start planning than right now. Small business owners are often too busy to think about contingency planning, but to […]
How SMEs can survive an economic downturn
Is Australia heading towards a recession? A combination of factors including rising Australian household debt, the state of the energy market and the fact that Australia hasn’t experienced a recession for 25 years, have led many commentators to speculate that a recession or slow down may be imminent. The good news is that SMEs can […]
How will the economy Impact SMEs in 2017?
September 2016 was a mixed month for the Australian economy, and one that brought both incredible milestones and sudden, unexpected troughs. To begin with, the end of the month saw Australia complete its 100th consecutive quarter without a recession, continuing a 25-year growth streak that is the second highest in history. Given that this period […]
Global recession will be deep says IMF
The International Monetary Fund has released its bi-annual World Economic Outlook report with the dire summary that the world will undergo a deep recession that will affect every country. The report also predicted that “the current recession is likely to be unusually long and severe and the recovery sluggish”. Analysis included: Recessions brought on by […]
Global trade is victim, not cause, of recession
Global trade will fall by nine percent this year, according to World Trade Organization (WTO) forecasts, the biggest decline since World War II. Considering that in 2007 trade grew by six percent, the 2009 figures represent a significant fall and have sparked fears of protectionism, initially brought on by the possibility that the US stimulus […]
Remodelling your business finances to survive the downturn
Staring down the barrel of an almost inevitable recession following a period of economic prosperity, many business owners are wrestling with an uneasy feeling that their businesses are not prepared to weather the challenges ahead. So how can you improve your cash flow situation and secure the financial support you need in order for your […]
Economic outlook deteriorates
The latest Dun and Bradstreet Business Expectations Survey has revealed that the economy will continue to slide into recession, with the worst yet to come. Expectations for the June 09 quarter are less than promising, with 57 percent of businesses anticipating declining sales and 65 percent expecting declining profits. The sliding Aussie dollar has also […]
Online job ads fall
The number of trade jobs advertised online fell in February, according to the Olivier Group. The Olivier Job Index fell by 9.08 percent in February, with the biggest falls coming from the trades, services, transport, engineering, building and construction sectors. Online advertisements for trades and services jobs slumped by 20.33 percent during February, while building […]
Wayne Swan predicts recession not far off
Treasurer Wayne Swan has predicted that the economy is set to nosedive even further in the next few months as the backlash of the failing US and Asian economies hits Australia. Swan warned that the collapse of output amongst Australia’s major trading partners will have a dramatic impact on our economic growth. Growth in the […]
$42 billion stimulus package to fight recession
A second stimulus package, worth $42 billion, announced yesterday by the Federal Government will push the budget into deficit but will assist in the fight against recession says Prime Minister Kevin Rudd. “I don’t like being in deficit at all. This is not a question of choice. This is what we are required to do,” […]
The value of marketing in an economic downturn
There is one outstanding insight driving the proposition that taking a positive approach to marketing in an economic downturn is an opportunity too good to miss: doing so intelligently will lead to a stronger bottom line, as well as increase the profile and credibility of your brand. Just look at successful brands like Apple’s iPod, […]
Reinventing your business
Recession doesn’t have to be a bad thing; it can actually encourage business owners to think and work smarter. In the first of a monthly sales and marketing series, expert Sharon Williams puts a positive spin on tough economic times and shows you how to reinvent your business to stay ahead of the game. So […]
Planning for the financial year
The start of a new financial year is always a good time to look at financial plans and activities that will help grow your business over the next 12 months. Planning the financial year is even more important now, as businesses deal with economic challenges, high interest rates, and low consumer confidence. Commentators and economists have varying […]
What is recession?
Australia has been benefiting from an economic boom for so long that we seem to have forgotten the low plateaus of economic downturn and recession. But does economic downturn necessarily mean recession? The generally accepted definition of recession is a period of negative growth over three successive quarters in an economy. Often tied to gross […]