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RESERVE Bank boss Glenn Stevens has issued a chilling warning to workers: job losses are not only a sign of the times, but a signal of worse still to come.
Reeling from a massive unemployment carve up in the manufacturing industry, the RBA governor gave cold comfort to families whose loved ones are now out of work, declaring: "I'm sorry, but that is just the reality."
BlueScope Steel devastated more than 1000 workers when it announced a restructure after posting losses of more than $1 billion. The news followed similar announcements by Qantas, OneSteel and Westpac, and brought the official number of job losses for the month to 9000, although the true figure is likely to be higher.
Mr Stevens warned the global economy had significantly worsened in recent months and that restructuring in various sectors couldn't be helped.
"Some parts of the economy will shrink while others grow. I wish I could say we had a way of avoiding that; I don't think we do . . . We don't have an instrument that can prevent these shifts in the structure of the economy from occurring. I'm sorry but that is just the reality," he said.
Economists claim job losses already announced are just the tip of the iceberg and that the figure could jump drastically - reaching 100,000 by Christmas.
Originally posted by Chadwickus
reply to post by backinblack
You'll shoot me for saying it but if they wanna spend it...print it.
Another way to devalue the dollar!
Originally posted by Chadwickus
Want to save jobs?
Devalue the dollar.
Australia's economy is based almost entirely on exports, no one wants to buy products from us at a ridiculously high price when it can be bought elsewhere for a much lower price.
The boss of the RBA is right, many more jobs will be lost whilst the dollar is high.
The question is, will the government take the steps to drop the dollar to save jobs?