Credit rating of Queensland and Tasmania now rated at AA+

lionnoisy SG

Credit rating of Queensland and Tasmania now rated at AA+!

I cant understand why a resourceful state like QLDS is rated as

low as Tasmania.

Gold Coast,Brisbane ,Cairns etc are there.

The economy looks very promising.

http://www.brisbanetimes.com.au/news/queensland/200m-hit-for-downgraded-qld/2009/02/21/1234633126488.html

''Queensland will have to pay an extra $200 million per year in interest after it joined Tasmania in losing a AAA credit rating.

The slip to a AA+ credit rating comes after Queensland Treasurer Andrew Fraser yesterday revealed the outlook for a $1.573 billion budget deficit for the current year, just two months after the government predicted a modest surplus.

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YOUR SAY: Queensland credit rating downgrade
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The new 2008-09 forecast came on the back of falling revenues amid the global financial downturn.

Just one month ago, major ratings agency Moody's affirmed the state's AAA credit rating, a development greeted warmly by Treasurer Andrew Fraser at the time.

"The confirmation of our AAA credit rating is important - in a world where frightened markets are searching for sound, safe investment opportunities," Mr Fraser said in January.

But another ratings agency, Standard and Poor's (S&P), has revised down the credit rating of Queensland Treasury Corporation, the Queensland government's debt borrowing agency, from AAA to AA+...........''

http://en.wikipedia.org/wiki/Queensland

sss

Worldlybusinessman SG

aus is going down the drain.

angel7030 SG

their welfare system is better go thru a hell of revolution/reform, if not, they will go under the downunder further.

Worldlybusinessman SG

its the bloody howard and rudd who make immigration so hard for people . if they can get more foreigner to pay tax,

Dont know what the fark they trying to prove. First have welfare system, 2nd need tax to pay for that, 3rd making it so hard for immigrant to gain residency , find work ect. So where are they going to get the tax money to support welfare systems?

btw the tax system in aus is actually taking money from rich corporations to give to poor.

and that needs people to work for them.

fishbuff1 SG

why get so upset?

for my friends and i including forumers like Genie99a, mid9sun, reddustt etc.. all have migrated to oz easily and it was under PM Howard's or in Rudd's era. I dont understand how you can bomb out on the emigration process. Did u try to migrate on business visa? that could have explained your difficulty in getting a PR here in oz.

lionnoisy SG

fff

While some pepole are saying MV Singapore is sinking,

can i share with u a rumor told by a aussie.

Oz will be going to cut public servants!!

WAF!! The sinking SG are crazy in recruiting public servants,

incl stat boards ,like mediacl servcies etc.

Of course,they get budget then recruit lah!!

Read carefuly ,mates.Dunt judge a book bt its cover.

Can u remember some hospitals in heavy debts and run out of

basic stuff,like cotton etc?

search in Google...

hospitals + debts + Australia

Any ship sink get its own reason and it shall not be sinking overnight.

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In the Public Service, when management issues a general call for voluntary redundancies, it’s pretty certain large cuts are on the way, writes Bernard Keane.

Monday, 2 March 2009

Canberra correspondent Bernard Keane writes:

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''There was some movement at Immigration following our story last week on rumours of impending large staff cuts. Secretary Andrew Metcalfe sent out an email to staff on Friday explaining the financial pressures his Department was under and that he had established two separate reviews to identify savings.

While the rumoured figures of 10-15% reductions were not mentioned, Metcalfe said executives would be seeking ideas from staff “on where savings could be made. I encourage you to discuss with your managers any ideas or queries you may have, including the possibility of voluntary redundancies or flexible work practices such as part-time work or extended leave.”

In the Public Service, when management issues a general call for voluntary redundancies, it’s pretty certain large cuts are on the way. Canberra’s restaurants and builders might think about preparing for another 1996-style boom.

The Community and Public Sector Union has pro-actively launched a campaign against public sector job cuts. The CPSU is particularly focussing on the efficiency dividend, which cuts departmental allocations by 1.25% annually. Last year, the new Government upped it to 3.25%, which made for hard times for small agencies with no fat and limited capacity to reallocate staff.

The efficiency dividend is part of the Public Service furniture, having been introduced by the Hawke Government. The theory is that it maintains pressures on agencies to continually seek efficiencies, rather than having the Department of Finance spend its time hunting through other departments counting paper clips, conducting headcounts and checking travel budgets. It became redundant in the last term of the Howard Government when departments had more money than they could spend and recruitment and retention of staff became difficult. Now it is biting again........''.

Mid9Sun SG

why get so upset?

Indeed it was pretty painless for me for the visa application. It took about 6 mths before I they approved and I did all the paper work without going thru those immigration agents.

In addition, the officer in charge, Ms Patsy was very helpful and understanding despite the fact that I been calling her often with various questions and concerns lol..

lionnoisy SG

The economic data of oz look very odd.

The default rate in banks are very low,depsite the low doc and even

no doc loans are not uncommon in oz.

Currently,u can borrow 100% loan or more for paying insurance

for your risky profile.CBA boss is very frank to say that the first home

buyer grant may pose a threat.

If one cannnot save a 10 to 20% deposit for a home,do u think

he can pay instalment every month for 15 to 25 years?

The current stimulus package for first home buyer to boost

economy may become a road to hell with good intention.

A home buyer without a 10 to 20 % deposit most likely indicate

he is not capable or not willing or not displine enough to set aside a sum to

save or to pay instalment.

Further,the return of high interest rate may make them

not capable to pay instalment.

It is very rare for a bank boss to say so.

''COMMONWEALTH Bank chief Ralph Norris yesterday warned that the Rudd Government's first home-buyer grant could lead to a residential property bubble if it became a permanent fixture in the housing market.

Most home lenders and brokers are pushing for an extension to the incentives, which include grants of $21,000 for new dwellings, beyond June when they are due to end.

Mr Norris warns that such a move could tempt borrowers with little capacity to repay debt to enter the market.

"I think the first home buyer grant has provided quite a stimulus to the market," he said.

"But we've got to be careful this doesn't become an open-ended offer.

"If you look back to the sub-prime issues earlier in this decade they were largely brought about by people being encouraged to borrow who couldn't afford to borrow."

CBA has enjoyed record mortgage volumes in January and February mainly because of the incentives.''

http://www.news.com.au/business/money/story/0,28323,25204270-5013951,00.html

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