A little window, or a lot of it, of opportunity is coming to a close, after more than two years of a massive global price crash.
While it was a wild ride for the world’s major currencies, Australia’s economy has been hit hard by the global currency crash.
But with the Australian dollar now trading at more than 80 US cents, it has become clear that the global crash is not going to be as big as some of the analysts predicted.
It’s not just the Australian economy which has been battered.
The Australian dollar has lost almost $300 billion since the crash, and the country is in a bit of a market crash of its own.
As a result of the market crash, Australian stocks have been in a tailspin.
The country has lost nearly 30 per cent of its market capitalisation in just a year, with major Australian companies like Coles and Woolworths being in the red.
In the past year, Australia has been left with a $4 billion hole in its budget, and a huge amount of uncertainty over its future in the long-term.
“The Australian market is just completely in chaos.
And the global economy has taken a massive hit as well,” said Andrew Kavanagh, the chief economist at ANZ.
There are a few factors behind the collapse, but the biggest is the huge impact of the global financial crisis.
Australia is currently in the midst of a sovereign debt crisis, and many of the problems have been exacerbated by the currency crash, which has caused a global economic downturn that has left the country in a state of limbo.
Australian Treasurer Scott Morrison said he was concerned about the economic situation in Australia, but he said he had no concerns about the economy.
But the global economic slowdown has also hit Australian exports.
Export orders have fallen by a staggering 60 per cent, and Australia’s biggest companies have had to lay off hundreds of thousands of people.
Some of the companies that have been hit hardest by the market meltdown include: Coles, Woolworth’s, Westpac, CBA, Coles & Beers, the Woolworth group and the National Bank of Australia.
Woolworths chief executive John Hodge said the company had been hit by the collapse of the Australian currency and was facing a shortfall of $2 billion in its capital budget.
Mr Hodge described the global slump as the worst that he has seen since the global recession of 2007-08.
He said the industry had lost half of its capacity and about $400 million in annual revenue.
“[The] major retailers have lost over $1 billion,” Mr Hodge told reporters.
Westpac chief executive Paul Tucker told the ABC the company was facing financial problems.
”We’ve had a huge drop in our cash flow, which is a concern because we’re trying to get through this,” Mr Tucker said.
‘We’re not going anywhere’Australia’s largest business, Colese, which employs about 5,000 people in Melbourne, has also been hit badly by the crash.
The company is now looking at cutting its workforce by 1,000, which would have a huge impact on the workforce.
Earlier this week, Colesse announced that it would close more than a quarter of its stores in Australia.
It has also cut back on its supply chain and is laying off about 500 staff.
Hang on to your seat: Global crash could bring a global crash in Australia too, say analysts “There is a real risk that it’s not going away and it’s a real concern,” said Dr Kavanag.
A global crash could hit Australia as soon as the end of the year.
Analysts have predicted that a global recession could hit the country by the end to the year, as the global trade bubble burst, leaving a massive hole in the economy, which will likely lead to another global financial collapse.
Professor Kavanah said he believed that the Australian government was trying to hold off a global financial crash, because it has an economic interest in staying in a “globalised” global economy.
“There’s not a lot we can do about the globalisation of the economy in the short term, but in the medium term, it’s really important that the government gets into the business of trying to stay in the globalised economy,” he said.
“We’re trying not to be the next China.
We’re trying, in the same way that China has been trying to keep itself globalised, to try and stay in a globalised global economy.”