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)