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NSW employment crisis looms: 20,000 more job losses coming; NSW unemployment rate is 5.9%, up from 5.1% a year ago
Topic Started: 13 Dec 2013, 04:16 PM (761 Views)
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New crisis looms: 20,000 more jobless

December 13, 2013
Matt Wade, Anna Patty

The NSW government has pared back its expectations for economic growth and forecast the state's unemployment rate will climb to its highest level since the global financial crisis.

The half-yearly budget update released on Thursday predicts the jobless rate will hit 6.25 per cent next financial year, well up on the previous forecast of 5.5. That could mean about 20,000 more unemployed workers than there are now.

Separate Bureau of Statistics figures on Thursday showed the NSW rate was 5.9 per cent in November, up from 5.1 per cent a year earlier.

Treasurer Mike Baird said the forecasts showed the economy continued to confront challenges, including an uncertain global economic outlook.
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"I hope that we are wrong on the unemployment forecasts," Mr Baird said. "This is not the time to be complacent. The economic outlook remains uncertain, suggesting there are more challenges coming our way."

The unemployment rate has been below 6.25 per cent since late 2001 except for a brief period in mid-2009 when the economy was shaken by the global financial crisis.

Mr Baird blamed the weaker-than-expected economy for a deterioration in the budget position.

Even though the hot property market in Sydney delivered a stamp duty windfall, the budget result for 2013-14 is forecast to be $656 million weaker than expected in June. Across the budget "forward estimates", which extend to 2016-17, the results are forecast to worsen by about $1.2 billion in total. The government has made substantial cuts to the public sector since coming to power in 2011 but Mr Baird refused to rule out further savings.

Read more: http://www.smh.com.au/national/new-crisis-looms-20000-more-jobless-20131212-2zacm.html
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Timo
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Not just NSW.....
After a bubble has burst, no one denies that it existed. But before it does, the popular refrain is that though bubbles existed elsewhere in the world, “there’s no bubble here”. So housing bubbles are admitted to have existed in Japan, the USA, Spain and Ireland – because they’ve already burst.
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goldbug
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Could be good news for SYD real estate buyers as this will no doubt bring on new supply as the result of foreclosures.
Shadow was hopelessly wrong about the Gold Bull Market.
What else is he wrong about?
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