Sky News Political Editor Andrew Clennell says Tasmania and the Northern Territory are “on the way” to a recession followed closely by South Australia.
“At a time the Reserve Bank Governor says we need to get productivity going quick smart, to accommodate wage rises without interest rate hikes – we’ve in fact seen productivity go backwards in the March quarter by 0.3 per cent, leading to a decline of 4.6 per cent over the past year.”…(read more)
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Tasmania and Northern Territory (NT) are facing tough economic times, with signs pointing towards a possible recession. This worrying trend is also showing up in South Australia as well.
Tasmania, known for its stunning natural landscapes and diverse wildlife, has been experiencing a slowdown in its economy. The state’s unemployment rate is edging closer to the national average, and disposable incomes have stagnated. These indicators are usually seen as precursors to a recession, with businesses feeling the pinch and consumers tightening their belts.
Similarly, the Northern Territory is also experiencing economic challenges. Over the past few years, the NT has seen a decline in population growth and business investment. This has put pressure on its job market and state finances. While mining and natural gas industries have historically played a key role in the NT’s economy, they have struggled amidst falling commodity prices.
The situation is not much better in South Australia. The state has been grappling with high levels of youth unemployment and a struggling manufacturing sector. As a result, the South Australian economy is also showing signs of weakness, raising concerns of an impending recession.
These economic difficulties are concerning not only for the residents of Tasmania, NT, and South Australia but also for the country as a whole. A recession in these states could have ripple effects across the entire Australian economy, affecting industries, businesses, and households.
The Australian government and state authorities are working to address these challenges and stimulate economic growth. Measures such as infrastructure spending, industry diversification, and support for small businesses are being discussed and implemented to boost the economies in these regions.
It’s important for citizens and businesses in these states to stay informed and be proactive in finding solutions to weather the economic storm. Diversifying income sources, seeking new business opportunities, and fostering innovation and entrepreneurship are some strategies that individuals and businesses can adopt to navigate through tough economic times.
Despite the current economic challenges, Tasmania, NT, and South Australia have much to offer. From pristine wilderness to vibrant cultural scenes, these states are known for their unique attractions and opportunities. With effective measures and collective efforts, it is hoped that these states will be able to overcome their economic woes and emerge stronger in the long run.
Its clear everone wants to call a recession so the RBA starts to cut interest rates. The RBA is not stupid. They will keep rates high so we dont have another surge in inflation!
The slaves can give no more productivity 100% is 100% there is no more to give❗The slave owners instead will now have to invest in less wasteful systems and better infrastructure.
We have a whole generation of precious Australians that have never lived through the hell of deep recession. I've enjoyed keatings recession we had because he was an imbecile and I've enjoyed the dark age that wHITLAms nineteen percent inflation gave us which sent me and all my mates into unemployment travelling around Australia picking fruit to make ends meet. I've never stopped hating the Labor imbeciles ever since.
If they had experienced recession the unemployment and bankruptcy the homelessness that comes from it they wouldn't have elected imbeciles that have spent billions on climate religion Bs
Australia voted for this mob!!!!! so Australia deserves what it gets.
Is anyone surprised, given the fools they voted in?
Indeed it another Labour government when we have the “Recession we need”
The financial sector and derivatives may have a Hindenburg moment if the US Treasury market collapses. Rising market illiquidity in the $14.8 trillion U.S. Treasury market, according to Bank of America, might affect other financial markets.
He's the Problem, All B.S and Spin, No Credebility At All !
So it makes perfect sense then to build a $750M plus stadium in Hobart.
Jimbo would make a better abc reporter then a treasurer
In the face of Government refusal to reign in Fiscal policy and its efforts to hamper Productivity improvement the Reserve Bank had no alternative but to continue to proceed with it's Monetary policy.
What the WEF wants WEF gets , you will own nothing and be happy .
All these Green Energy Crusaders especially Chris Bowen and the Labor party and a few in the Former Federal Liberal Government have Absolutely Screwed over Australia , Were all in the Deep Stuff because of these #####
Victoria: "Hold my beer…"
The typical BS blame game, incompetence breads incompetence and it all starts on the top line. If all you have is ideology it's all downhill!!!
Its got to be a good thing remeber ozies you voted for this don't complain just pay God damat
Serves the Republic of the Northern Territory right. They hate Australians!!!
FULLY ENGINEERED. BEHAVIOUR BASED DIGITAL FOODSTAMPS ARE COMING. CBDC / UBI
I was working in the NT in the 90’s recession, it wrecked the territory. Absolutely fk’d it.