Daily FNArena News - Australia

Job ads for September fell once again indicating the Australian labour market is turning weaker.

Poor conditions in key markets has led Crane Group to lower earnings guidance for FY09 and risk still remains to the downside.

The move by the government to guarantee deposits and wholesale bank funding was necessary given similar global moves.

The Australian government has moved to guarantee all bank deposits, and all attempts by Australian banks to secure funding, following similar and decisive announcements from Europe.

Given the likelihood of a deeper and longer slowdown in global growth Standard Chartered has revised down its growth forecasts for both Australia and New Zealand.

Brokers found the Bank of Queensland result very solid under the circumstances. But the circumstances have changed.

The IMF has cut its projections significantly for global economic growth this year and next, but Australia should be ok.

Consumer Confidence in Australia has fallen sharply in October as the constant stream of bad financial news takes its toll.

A trading update from JB Hi-Fi shows the company continues to meet expectations for the early part of FY09.

Don’t expect this to happen again, says the RBA, as it blows economists out of the water with a full one percent rate cut.