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No pressure agencies could decide on aaa rating before christmas




THE fate of Australia’s AAA credit rating could be know before Christmas — or even as soon as Monday afternoon.

Spokesmen for credit ratings agencies Moodys and S&P Global Ratings told The Australian Financial Review they could make a decision soon after the Federal Treasurer delivers the midyear budget update on Monday.

Speculation about a potential ratings drop flared last week when the national accounts figures showed Australia has just come through its worst quarter of economic growth since the Global Financial Crisis.

Deutsche Bank Australia chief economist Adam Boyton told Fairfax Media the Federal Government might never make it back to surplus.

Mr Boyton said Treasury had over-estimated its forecasts for nominal GDP growth and even a minor shortfall it its average 5 per cent a year estimate could mean the budget would never get back to surplus.

Meanwhile, the Coalition and Labor are locked in a battle over which savings measures should be used to repair the budget, with this financial years deficit currently expected to be $37 billion.

Shadow Finance Minister Jim Chalmers has accused the Government of playing political games, saying Labor had compromised on the so-called omnibus savings bill but would stand firm on cuts to education or Medicare.

The Opposition is pushing for the government to make changes to negative gearing and capital gains rather than go ahead with its proposed $48 billion company tax cut package.

At the end of the day, the Government can keep is big business tax cut or Australia can keep its AAA credit rating but we cant keep both, he told Sky News.

Credit ratings agencies had sounded the alarm bells over and over again but Treasurer Scott Morrison refused to listen, he said.

Yesterday, it was Mr Morrison accusing the Opposition of sabotaging the budget.

The Turnbull Government has a clear fiscal plan to return the budget to balance and it is important that this plan continue to be legislated, he told a banking and finance conference in Sydney.

S&P downgraded its long-term outlook for Australia from stable to negative in July, warning there was a one-in-three chance the country could lose its coveted AAA rating within two years if it failed to pass budget repair measures.

The sydney manufacturing business that is crying out for fulltime employees




AUSTRALIA’S biggest motorhome and caravan manufacturer says it is crying out for 30 new fulltime employees to fill even the most basic of roles.

Avida managing director Ben Bimms said the Emu Plains company needs everything from metalworkers, cabinet makers, plumbers, electricians, upholsterers, CNC (computer numerical control) machinists to unskilled labourers.

We will take anyone. We are willing to invest time and energy in people as long as they have the right attitude, he said.

Mr Bimms said they had been looking for more than a month to fill positions to help them assemble motorhomes and caravans. Despite door knocking and dropping flyers off at high schools, TAFEs and universities, they had not been able to find any candidates.

It has not been easy to find people and I cant say exactly why that is, because we are right on the train line, we are only a five-minute walk from Emu Plains station, so transport is not an issue, he said.

Trade Minister and Penrith MP Stuart Ayres said Avida was just one of many Western Sydney businesses struggling to fill roles.

Living in Western Sydney, you dont have to look far to find great companies crying out for employees to help build the next success story, he said.

Avida are Australias largest manufacturer of motorhomes and have been manufacturing RVs for more than 50 years, producing motorhomes, campervans and caravans, which are sold through a large network of dealers throughout Australia and New Zealand.

Avida offer trainees a strong start in the manufacturing trade and I encourage anyone looking for a break to get in touch.

CommSec chief economist Craig James said the new figures for August showed there was a lift in available jobs pointing to further job growth and lower employment with NSW experiencing a 0.6 per cent rise in job vacancies.

Job vacancies have risen in five of the last six months with vacancies having risen over the past year, he said.

In raw terms, there are more than 800 extra positions available for child carers than a year ago and more than 500 positions for registered nurses.

But interestingly there has been a lift of construction/mining job vacancies compared with a year ago including civil engineering professionals, construction managers and forklift drivers.

A Department of Employment spokeswoman said the government was working hard to get people job-ready and could tailor services to each individual jobseeker through their jobactive providers and 1700 locations across Australia.

Job seekers can apply for a job at Avida by visiting avidarv.com.au or calling 02 4735 8116.