Unemployment up!
Australian unemployment in August, went from 5.1% to 5.3%, 9700 jobs lost. But the economy still grew 1.2% in the June quarter, higher than expected. And hence the two speed economy, mining and finance are doing great. Manufacturing, tourism and retail are in severe trouble. According to a survey, 25% of people are living on the edge and struggle to pay their bills. It feels like a recession to many businesses and families but the economy is still growing.
Housing prices have started to drop in all cities except Sydney. Is the bubble over? I just don’t know what’s in store for Australia in the next few months.
Morn's blog 