Daily Archives: 04.11.08

Dramatic rate cut may signal more financial heartache

The Reserve Bank of Australia’s (RBA) latest dramatic official interest rate cut has signalled to many that the Australian economy is in worse shape than first thought. The cut of 0.75 of a percentage point follows a full percentage point cut last month. The action has many people worried, although Treasurer Wayne Swan is citing…

$40b hole in Budget revenue: Swan

Treasurer Wayne Swan says a massive drop in expected revenue has caused the Government to slash its forecast Budget surplus from over $21 billion to around $5b. Unemployment figures have also been revised up, with the jobless rate expected to hit 5 per cent by the middle of next year, while growth is expected to…