Tough picture painted for 2009

Now that 2008 has gone there wont be too many people sorry to see the back of it. It has been an awful year for investors, as well as the world economy.

When one tries to predict what the future will hold, there are no certainties. One can only assume that the economy will probably get worse before it gets better.

Unemployment is set to rise and history has shown fairly convincingly that when unemployment rises, it either goes up by a little or it goes up by a lot.

Prime Minister Kevin Rudd has urged Australians to go into 2009 with optimism and energy, but has said it will be a tough year. Mr. Rudd stated in his new year's message that the government was determined to do all it could to protect Australian families, jobs, businesses and retirement savings against the economic meltdown. He urged Australians to stick together and stated that hard times brought out the best in Australians.

As for predicting what the property market holds for 2009, you only need to open the papers and you will find that everyone seems to have an opinion on what will happen.

New South Wales Institute president Chris Egan said that it was predicted that there would be a pick up in 2009, continuing through to 2010 in Melbourne and in Sydney. In the residential market, Sydney is seen as having the best prospects for future growth. Respondents felt that it was currently nearing the bottom of the cycle and that there was potential for growth in 2009 continuing into 2010.

Whatever the future holds for 2009 we here at Rate Detective would like to take this opportunity to wish you all a very happy and successful 2009.

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Published on January 1-nd, 2009 in Home Loans
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

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