Has Australia been insulated from the global economic slowdown?
There were quite a sizeable number of business leaders who were propagating the view point not too long back that the economy of Australia was not really dependent on the United States and Europe as much as it used to. So soon, these expert analyst have been proved wrong and today we see that the current financial crunch that first affected America has spread its wing all through the world, and it is not an over rated statement that it will take years to overcome from it and rebuild confidence in the market.
The top business leaders of world like Lehman Brothers and many other reputed financial institutions have seen a complete collapse of a kind that was never imagined a few years ago. With the downfall of such top leaders, things in Australia are in a total mess as unemployment and pay cuts have become order of the day. Shopping malls that used to be crowded only recently in Australia are no more the same places witnessing shrinking queues at the cash counters; basically people are spending less everywhere with Australia being no exception.