Now back to the real economy...oh...
Things are not looking bright for corporate bellweather Telstra (the monopoly domestic telecommunications provider):
Telstra is poised to make deep cuts to its 30,000 strong Australian
workforce, amid a slump in consumer confidence and falling mining
investment.
The telecommunications giant unveiled a sweeping overhaul of the divisions
that contain half its staff on Wednesday, in a move that could lead to
substantial job losses.
The announcement came as federal Treasury and the new Parliamentary Budget
Office blamed both sides of politics for Australia's slide into a structural
budget deficit - a deficit Treasury warns is now likely to remain for another
six years.
The news was a blow to government hopes that jobs growth would pick up outside
the mining sector. Record low interest rates have so far failed to reignite the
economy and the latest data will add to pressure for further rate cuts.(here)
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