Moody’s Investors Service has given Australian banks some not so good news, cutting it’s ratings outlook to negative as a result of a slowing economy and mounting debts. In the first time since the 1991 recession, Australia’s big four banks have had a negative outlook on their AA ratings. The ANZ, Commonwealth Bank, Westpac and […]
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 […]
On the back of news that Pacific Brands will axe 1,850 jobs, phone companies Nokia and Vodafone and property developer Lend Lease have announced plans to shelve thousands of jobs, the latest companies to fall victim to the economic crisis. Lend Lease yesterday announced plans to cut 2,000 jobs worldwide, with 20 percent of the […]
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