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Tips for Staying Positive in a Down Economy

Economic downturns are especially hard on small businesses, especially considering many are family based, but there are things you can do to improve your chances of success. The most important one is arguably to stay focused on your long term strategy. If you are able to successfully navigate your way through tough economic times with that focus in mind, you may very well emerge from the 'bad times' stronger than before. A good technique is to step back and create some distance between yourself and your situation to get a clear understanding of the market, your strengths and weaknesses, and possible competitive advantages, at that point in time. Use this enforced slower pace to deliberately and purposefully revisit these fundamental things about your business.

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By Cary Rossetti, Managing Director at HirePulse on 09 October, 2013

Economy Shows Sign of Improvement - Oct 2012

In lots of way Australia remains the 'lucky country'. Whilst economic outlooks for Europe and America remain poor, Australia is still showing growth albeit at a slower rate, and the outlook is looking brighter for us according to a number of the major bank economists and indexes.

The Westpac-Melbourne Institute Leading Index released 17th October 2012 is forecasting that in the next six to nine months we will see growth of 2.5% in 2012, and then 3.25% 2013 in Australia. The current forecast is marginally below the existing long term growth of 2.7%. This is significant because in August 2012 the index actually rose to 3%, which is the first time the index has been above the long term trend. The mining sector remains a key factor in the growth going forward, despite the recent fall in some commodity prices.

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By Cary Rossetti, Managing Director at HirePulse on 21 October, 2012

Economic Outlook October 2012 - What do the Leading Indexes Say?

The ANZ Job Index issued 8th October 2012 shows job adverts felling 2.8% in September, which was higher than the 2.3% fall in August, and it also shows the job advertising index down 10.8% since this time last year. Whilst the decline is across all states, figures show a growing weakness in the mining states of QLD (fell by 5.3%) and WA (fell by 10%). This index is generally a leading market indicator and, with slumps in the index now occurring for 6 months in a row, the outlook is looking glum! However, for those watching the news, this is to be expected and is consistent with various project cancellations in the mining sector on the back of poor company performance and forecasts due to reduced commodity prices.

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By Cary Rossetti, Managing Director at HirePulse on 11 October, 2012

Mining Boom Could be History

This week's news in Western Australia is certainly indicating that the mining boom is in contraction, if not necessarily history. Our politicians continue to remind us how lucky we are as compared to the rest of the world, but with all the economic data pointing to lower than anticipated growth in China, there is likely to be continued pressure on the Australian economy, and the question on everyone's lips will be "to when?". Added to this, the quarterly economic growth figures showed that the mining industry actually contracted during the last quarter (coming in at 0.6% against a forecasted 1.4%). However, we are yet to see the Reserve Bank reduce interest rates as it continues to hold steady for this month.

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By Cary Rossetti, Managing Director at HirePulse on 19 September, 2012

Has the Mining Boom Gone Bang?

If you have been watching the news you would have seen that there are stories looming that the mining boom in Australia has gone bang, but has it really? There are a number of sources that are indicating that this may not be the case, the question is whether you are an optimist or a pessimist?

When you look at the press releases by BHP Billiton over the last week there has been the bad news around Olympic which followed the company's announcement that there had been a 35% slide in net profit. Within days BHP Billiton also announced the cancellation of its Outer Harbor project in WA which collectively results in more than US$30m in reduced expenditure on expansion projects. Their reasoning being the fall in commodity prices globally. For example the global price of iron ore slipped below US$100 per tonne for the first time since 2009. In this environment they are taking the view of keeping the status quo whilst keeping the Olympic dam on the back burner until December 2012 when they will again review the project timing. This is consistent with the company's agreement with the South Australian state government where agreement was reached to have the project substantially approved by December 15th 2012.

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By Cary Rossetti, Managing Director at HirePulse on 02 September, 2012

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