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| Is A Recession Looming? |
| 08.25.05 (8:21 pm) [edit] |
Qantas recently laid off staff due to rising world oil prices. In NSW, another period of negative economic growth when the September 9 figures come out will put them into a recession. And now I find this item on today's Australian Broadcasting Corporation news site. This is just a snippet - the main news can be found on: http://www.abc.net.au/news/ne...
The next recession will come after 10 years of cutbacks in social services and education. Here in Australia the Hawke government repeatedly denied Australia was in recession until the growth figures came out. Doubtless there will be a "hide and seek" game with the Canberra bureacrats soon enough. I think though it has taken a fair while to hit, in NSW at least, given that a recession is due roughly every 11.5 years. I was surprised the Asian Economic Crisis didn't hit Australia in the late 90's. Of course, successive Labor and Liberal Party governments have been basking in "economic growth" - which is measured in corporate trading and profit - instead of doing something about the enormous growth in low-paying service sector jobs, mostly casual, or the impact of the GST on beer, books, CD's. That's why each recession that hits us in the next decade or two will impact harder than the last one. That should make people realise how little power the executive suited politicians in Canberra have over our lives, compared to corporations.
I also heard on the notorious Ch 9 news this morning that the government will be using new "national security laws" to sack thousands of waterside workers as "security risks". The Maritime Union Of Australia denies any such problem. Perhaps we will be hearing more of this later.
Holden cuts 1,400 assembly jobs
Holden is to cut 1,400 jobs at its Elizabeth assembly plant in Adelaide's north.
The jobs will go after the company's board decided to cut production due to slowing local sales and exports.
Holden says the move was influenced by increased competition from imported vehicles and changes to local and export sales forecasts in the coming years, with demand predicted to fall short of expectations.
It has reported that the third shift of 1,000 positions will be wound down at the end of the year, with another 400 jobs to go in the middle of next year.
Employees are being asked to consider voluntary separation packages and were notified late last night.
Prime Minister John Howard says the federal and South Australian governments will offer an assistance package to the workers who will be displaced.
Mr Howard is expected to join South Australian Treasurer Kevin Foley to announce a $10 million joint package.
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