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Thread: Australian Economy goes Down Under

  1. #1
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    kaya'08's Avatar
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    Australian Economy goes Down Under

    Looks like our great, friendly Australian folk on the other side of the world are experiencing difficult times too.

    BBC NEWS | Business | Australian economy shrinks 0.5%

    Australia's economy has shrunk for the first time in eight years, raising fears that the country may be heading for a recession.

    The economy contracted by 0.5% in the last three months of 2008 from the previous quarter, the government said.

    Economists had been expecting it to grow by 0.2%.
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    Re: Australian Economy goes Down Under

    From what I read elsewhere, Australia is still well placed to survive - the banks have been tightly regulated so there are few horror stories about bailing any banks out and they had a national debt of A$~0000.00 for a fair few years.

    I think many countries (especially places like Iceland) would happily trade positions with Australia

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