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Australia could owe $1 trillion in two decades

Many of us have some debt, but hopefully not as much as the Australian Federal Government, which is predicted to be owe $1 trillion by 2037.

PricewaterhouseCoopers predicts that Australia’s debt, as a proportion to the size of its economy, is due to rise above 50% within two decades, whereas it currently sits at between 12-15% of GDP. The current level of the country’s borrowing is seen as perfectly acceptable. But if we don’t start to manage the upwards trajectory, it could reach a crisis point.

Add to this the decade-high unemployment figures and warnings about unsustainable house prices and there seems to be a lot for our government to feel gloomy about. Much of the increasing debt has been attributed to our ageing popula .....

20 Feb 2015 by

Richard Catlin

 in 

Credit Crunch

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Insolvency of small companies leads to more job losses

More than 74,000 people were put out of work during 2012-2013 due to small businesses going bankrupt, in comparison to only 6,250 jobs lost from large companies going bust.

The analysis of insolvency data by insolvency and business recovery experts Jones Partners has found that whilst small business failures are largely ignored by the media, they have a much greater impact on job losses than more high-profile companies going bankrupt.

Small businesses are those with less than 19 workers, whereas large companies employ more than 200, so these figures show how many small companies have suffered during the economic downturn.

There has been a gradual rise in insolvencies in Australia and company bankruptcies are concentrate .....

2 Sep 2014 by

Kelly Luff

 in 

Credit Crunch

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Big four bank reveals massive rise in profits

Both Commonwealth and ANZ announce significant growth in profits, but if the big banks aren’t working for you maybe it’s time to look elsewhere.

19 Feb 2014 by

Ian Carpenter

 in 

Credit Crunch

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Unemployment at its highest for 10 years

The unemployment rate is at its highest level for over 10 years, but the Reserve Bank isn’t surprised. Is it time to be concerned?

19 Feb 2014 by

Ian Carpenter

 in 

Credit Crunch

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The multi-billion dollar spending spree

Online retails sales for 2013 are set to increase to $15bn when official figures are released this month, with further growth predicted this year.

5 Feb 2014 by

Ian Carpenter

 in 

Credit Crunch

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