Sydney - Construction worker Aaron Neiswander, who lives at his parents' Adelaide home, is out of work and on welfare.
He's been idle since January despite an unemployment rate at a 30-year low and companies so desperate for staff that even some McDonald's restaurants are staffed with guest workers from abroad.
Neiswander, 26, blames picky employers. "I'm just out of the age group," he said. "People are looking for juniors - they want cheap labour."
As Australia moves from boom to doom, Neiswander's chances of leaving the dole queue grow bleaker by the day. Economists say the unemployment rate is already surging and that the run of
16 straight years of heady growth that made Neiswander so choosey is over.
Wellington - The New Zealand stock market fell by more than 3 per cent Thursday, following the downward trend on markets worldwide, despite an unprecedented 1-percentage-point cut in the central bank's benchmark interest rate.
The NZX50 index ended the day down 92 points to 2,807, a fall of 3.18 per cent from Wednesday's close.
Earlier, the Reserve Bank slashed its benchmark interest rate by 1 percentage point to 6.5 per cent, the third cut in 13 weeks after five years with no reductions.
Tokyo - Japan's trade surplus in the six months from April to September hit the lowest mark in more than 26 years as high energy prices pushed up import costs and slowed exports amid the global financial crisis, the Finance Ministry said Thursday.
Budapest - Hungary's national bank sharply raised interest rates Wednesday in an emergency bid to defend the country's currency, which has slumped as a result of the global financial crisis.
The bank's policy-making council boosted the key rate to 11.5 per cent from 8.5 per cent at an unscheduled meeting in Budapest, a central bank statement said.
The forint has plunged in recent days as concern about the liquidity of Hungarian banks soured investors on the Central European nation's already ailing economy.
Sao Paulo/Buenos Aires - Trading at the Sao Paulo stock exchange was again suspended Wednesday, for the sixth time in three weeks, after the fall in its leading index Bovespa went beyond the 10 per cent mark that activates the circuit breaker.
The half-an-hour suspension was launched at 5:17 pm (1917 GMT), less than 45 minutes before the scheduled closing time. The Bovespa was losing 10.03 per cent at the time.
Brazilian markets were again influenced by the market drops in the United States, Europe and Asia.
Wellington - New Zealand's central bank cut its benchmark interest rate by an unprecedented 1 per cent to 6.5 per cent on Thursday, its third cut in 13 weeks after making no reductions for five years.
Governor of the Reserve Bank Alan Bollard cited "ongoing financial market turmoil and a deteriorating outlook for global growth" as main reasons for the record cut, which had been widely predicted.
Wellington - The New Zealand stock market fell by more than 3 per cent Thursday, following the downward trend on markets worldwide, despite an unprecedented 1-percentage-point cut in the central bank's benchmark interest rate.
Tokyo - Japan's trade surplus in the six months from April to September hit the lowest mark in more than 26 years as high energy prices pushed up import costs and slowed exports amid the global financial crisis, the Finance Ministry said Thursday.
Budapest - Hungary's national bank sharply raised interest rates Wednesday in an emergency bid to defend the country's currency, which has slumped as a result of the global financial crisis.
Sao Paulo/Buenos Aires - Trading at the Sao Paulo stock exchange was again suspended Wednesday, for the sixth time in three weeks, after the fall in its leading index Bovespa went beyond the 10 per cent mark that activates the circuit breaker.
Wellington - New Zealand's central bank cut its benchmark interest rate by an unprecedented 1 per cent to 6.5 per cent on Thursday, its third cut in 13 weeks after making no reductions for five years.
