Sauer-Thompson.com
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Public Opinion
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the market mood darkens
The Australian stock market has plunged almost 10 per cent in the past month, wiping out almost all of the gains of the past year. As they say in the financial press, the market mood is darkening, due to global inflation fears and the possibility of the Federal Reserve Bank lifting US interests. A downturn beckons. Doesn' that place speed limits on Australia's economic growth.
The head of the International Monetary Fund, Rodrigo de Rato, said in Canberra yesterday that Australia has positioned itself well for a potential economic downturn by paying off its debt, and for utilising the current account deficit for investment rather than consumption, as is the case in the US:
Australia's external deficit reflects high investment, rather than inadequate domestic saving, and investment is especially strong in the resources sector--which boosts propects for future exports which boosts prospects for future exports.
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