ECONOMIC FORECASTING – AUSTRALIA

75,000 jobs to go in mining’s new phase

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Original article by Barry FitzGerald
The Australian – Page: 21-22 : 2-Jul-14

Justin Fabo, senior economist corporate and commercial at ANZ Banking, predicts the Australian resources and related services sector to shed up to 75,000 jobs by 2016. This would be a decline of 28%, and result from the transition from the construction to production phase at many mining and energy projects. Already, over-capacity in the market has brought redundancies at coal and iron ore operation. Fabo stresses that out of the 75,000 workers affected, a large share will be temporary migrants, and that these will simply return home rather than add to the nation’s unemployment rate

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN WORKFORCE AND PRODUCTIVITY AGENCY

A fresh take on what we’re calling a crisis

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Original article by Laura Tingle
The Australian Financial Review – Page: 10 : 24-Jun-14

Forecasts of economic crisis after the investment phase of the mining boom could prove ill-founded, and the boom could prove less significant than thought. Reserve Bank of Australia board member John Edwards claims that other forces have often surmounted the impact of higher commodity prices on the domestic economy. Edwards notes that output grew faster in the decade preceding the resources boom than it has in the aftermath. He adds that rather than being complacent, Australians have been saving, investing, learning and working more

CORPORATES
RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE, AUSTRALIAN LABOR PARTY