Think Australia is safe from global financial turmoil? Think again...
Sunday, 13 October 2013
Everything is going to be alright - JP Morgan
See the below and attached link to judge for yourself the pronouncement from JP Morgan. Let's all hope their right (but see the next post):
THE major banks are well placed to endure the end of the mining investment boom, with a new report finding no smoking gun from the hit caused by Western Australia's cooling mining market on small businesses.
The report by JPMorgan and Digital Finance Analytics (DFA) also says the economy's transition away from mining investment growth will be "bumpy" but less painful than expected.
The findings, which downplay fears of a big spike in bad debts for the banks, came as business confidence last month surged to a more than three-year high, reducing the chances of interest rate cuts by the Reserve Bank this year (here).