There is a perfect storm brewing in Australia, the results of which mean more and more borrowers are turning away – or being forced away – from traditional lenders. Rising interest rates, a spiralling cost of living crisis and a tightening in lending criteria across many of the major banksContinue Reading
The Australian sharemarket has had a surprisingly bad day as a result of Fitch cutting its US credit rating coupled with the Australian dollar dropping. The ASX200 saw all sectors ending in the red, losing 96 points or 1.3 per cent to 7355 on Wednesday. CommSec said all 11 industryContinue Reading
Project blowouts, tough decisions and budget black holes have been flagged for Australia’s biggest state economy, with NSW Treasurer Daniel Mookhey saying it will be “very, very difficult” for the government to achieve a surplus by 2024-25. Delivering the June Economic Statement, ahead of the official 2023-24 budget in September,Continue Reading
New data has put Victoria’s alarming debt crisis into perspective, with the state currently owing the most out of 17 similar vicinities across the world. An analysis by credit rating agency Standard and Poor (S&P) revealed Victoria outranks not only all Australian states but has acquired more debt than 10Continue Reading
Time is running out for the US to resolve its debt crisis, with the nation now set to run out of cash within days. Tense negotiations are currently under way in Congress regarding the debt ceiling – the legislated amount of debt the US Federal Government can have outstanding –Continue Reading
Experts are growing increasingly frantic amid fears America could default for the first time ever – which would send major shockwaves across the globe. The nation is running out of cash, and tense negotiations are currently underway in Congress regarding the US debt ceiling, which currently sits at $US31.4 trillionContinue Reading
A builder that specialises in educational facility upgrades and associated works has become the latest casualty in Australia’s construction industry crisis. Proclaimed “industry-leading” Melbourne construction company Interface Constructions Victoria Pty Ltd has entered external administration after a string of credit inquiries last month. Administrators Richard Lawrence and Richard Albarran fromContinue Reading