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January 26, 2005Australia Impression
The first impression of big city Australia that you get is how similar it is to US. Most of the TV programs, ads, newspaper editorial seem very similar to one you would see in United states. The only redeeming point really is Australians play cricket and they absolutely love it. The current Australian team seems to be amazing bunch of guys were out of top five batsmans atleast two guys give solid performance in every innings and team is not built on just 1 or 2 guys. Watching television and reading newspapers its clear that Australian society is much similar to American, driven by credit. This is far more evident in big cities where news papers have pages and pages of auto ads with car dealers offering no money down 5 year loans on BMWs and Audis. Australians have debt of about 720 billion, 608 billion in mortgages, $112 of person debt. Average credit card debt is 2248.14 up from 794.14 10 years ago. Households in Australia spend A$225 more than they earn per quarter compared to net savings of A$500 per quarter, 10 years ago. Most of the M&A activity in Australia is centered around mining companies and supermarkets. Not many high tech job ads in the newspapers. Most of the engineering jobs in the newspapers were related to construction, structural engineering type jobs. Of course there are usual IT related jobs. Most Australian companies seem to be migrating call center jobs to India. Overall just like US dollar Aussie dollar and stock market appears to be overvalued, moment China's economy actually slows down it will be time to short Aussie market and currency.
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