Kaneez

Hi all
Just to update, as per aussi channels today, the experts are saying that the financial crises is over, in australia. AUD has increased to 0.889USD, interest rate increase to 3.25% as announced by aus reserve bank...

Luke Brown

Well that should in turn means that they can start expanding the migration programs again then?! Seeing as the reason for the recent changes and cut backs have been the economic situation.

We'll see.

moneypenny20

As there's no way they can 'know' it's over for sure and whilst the changes brought in recently will be in part due to the GFC, they are not the full reasons, it'll also be down to many other factors. They have always made changes to the rules and regulations so don't expect any changes to automatically happen just because of the comments made yesterday.

Dorothy

Fabulous news for the 420 people being laid off this week at my work.

aliash

I dont know how it is over....!! I am in melbourne on student visa.. and from 7 month i am jobless.. I am a professional engineer and doing my masters from here and applying for jobs like cleaning and car wash aswell but still not getting response from any where...!! I don't know how come they came into such conclusion..Huh..

Mayur

some times these news feels me that it may be forecast of problems in future...govt had borrowed money when the AUD was 0.65 - 0.75 USD on average to pump into country to stay off recession, but if it becomes stronger and stronger, govt will be in great spot to pay back those debts as per today’s rate....it is predicted AUD will be .94 USd by March 2010 !! and these interest rates hike, hike in taxes (in future?) all are just one of the cover ups for that...

Some times i feel it would have been good if Aus had went into recession

Its just my understanding...hope any finance guy will put some more light

Cheers...

supriyag123

Not really. There is a substantial time lag between economic upturn/downturn and its consequences on job market. Ever since the recession began, employment market started taking a nosedive at a steady and increasingly growing pace. Now that by and large the bottom of the crisis has been reached and only way from here is upward (i would like to believe so), brakes are being applied on the unemployment car, and it would certainly take quite some time to bring it to complete hault!

Thereafter, a positive growth in employment will begin. Dont forget 100s of 1000s of people who have lost their job along this rollercoaster ride will be first on the roll to consume a good part of the new employment opportunities that come through. Only after that there will be a really really booming market (if we are to go by the past recession examples where an economic boom has followed the recession) when DIAC will possibly consider broadening/restrucuring immigration plan. But then again, as pointed out by a previous poster, DIAC immigration policies are not solely dependent on job market, there are lot more active considerations to it.

In nutshell, I dont see economy making any major impact on DIAC policy for at least next 1 yr. But yes, it would make a major positive impact on the life of the people who are already in Oz, or in the process of migrating to Oz soon

freebo

Its not over by a long way, and a small increase in interest rates is not a sign that it is. The AUD/USD price reflects the weakness of the USD as well as Australia's wealth of natural resources, and the relative levels of interest rates in the two countries (0%(!!!) vs 3.25%). The main thing that will influence any increase in the immigration numbers is substantially lower unemployment/shortage of workers, and no sign of that anywhere in the western world for the foreseeable future.

Ozwanderer

You really do wonder where these Reserve Bank bods have their heads some times.
Like:
We're only about a year from the outpouring of grief that we would be led to believe that commenced with Freddie Mac and Fannie May in the US and has seen
Iceland financially broke
The UK in to get what they could back.
UK and EU ain't too rosy
China's growth has dropped from double digit into single digit and haven't checked but hardly think it is resurging or will when........
State of California, eighth largest global economy is on its knees.
US unemployment is about 10% and still ascending
Australia's has only plateaued because the Government has hocked itself to the eyeballs - call them incompetent if you like for I do.

Yes, we have had this GFC and I don't know that it has really left us yet, perhaps a much larger storm front on the way, but then it is the job of politicians supported by fancy analysis and wanting to stay in power to hoodwink us into believing all is fine and dandy

freebo

And that could be the real reason for raising rates, for a govt to borrow it must issue bonds, and if no-one will buy them you must make them more attractive by raising interest rates (unless you are the USA when you just buy your own )

upyerfud

That would be the same "experts" who didn't see, or who had a vested interest in not broadcasting the financial mess of the last 2 years.
Unemployment is still rising, Aus exports are becoming more expensive due to strong dollar, house prices at unsustainable levels in relation to average earnings, hugely increased government debt, falling demand from China for raw materials.
I would never ever believe what "experts" in the media say, they are too much in hock with the people who pay their papers and TV stations millions of dollars in advertising revenue every year. Banks, credit card companies, real estate agencies etc. And they are too far up the arses of the politicains in Canberra to dare say a word against them. They are not going to bite the hand that feeds them are they?
Australia's property market is 1 of the few bubbles that hasn't burst yet, its not a matter of if but when. Once Fudds homebuyers bribe ends and interest rates go up another 1-2% then we'll see what the experts have to say then. When thousands of people who were suckered into investing in property at a time of high prices and low interest rates start defaulting thats when you will see how useless these experts really are.

Financial crisis over? More like it hasn't really begun yet here.

mohogony

There never was a financial crisis in OZ, that why interest rate are going up in OZ, the OZ economy is the best in the developed world

Grayling

Australia isn't in the developed world.

upyerfud

Your probably a bit premature to use past tense.
Try replacing 'never was' with 'hasn't yet been'.

slippery30

Maybe u cant find a job because you are on a student visa and do not have right to work. Very few employers are sponsoring employees in current times..