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If you are interested in placing or being placed as an Executive Contractor, in Australia, Asia or elsewhere, simply click here. |
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The new reality
In an unsure world, Australia is making impressive economic moves to help lessen the impact of a global recession. The Reserve Bank and Government have acted swiftly and in unison to bolster confidence in spite of an ever worsening situation in the USA and Europe.
Recent unemployment figures show an expected increase to 5% this fiscal and a further 1% the following. GDP growth has been reduced to around 2% with mineral exports expected to decline in line with China’s slip from GDP growth of 11% in ’08 to less than 8% in ’09. {OECD}
The low Australian dollar on the other hand will see Australia’s exports become more competitive.
Financial Services have been hit hard, but Australia’s stringent regulatory requirements have curbed many of the excesses of banks elsewhere and hence are not threatened by closure or bail out. CBA and Westpac have taken advantage of depressed prices to buy and build for the future.
The Reserve Bank has lowered the cash rate to 4.25% pa importantly reducing home mortgage payments allowing additional funds into the consumer market. The Government has committed to release $AU10.3 billion of an estimated $AU20 billion surplus, to support the community and provide a stimulus to retailers, provide relief to cash strapped pensioners and other community groups and selected large employers e.g. the Auto Industry.
Superannuation funds are being encouraged by Government to unleash their huge cash reserves into infrastructure development in either joint partnerships with Government or in private partnerships, under Government auspices. Benefits flow to all concerned through added employment and ancillary support goods and services. Roads, dams, hospitals, schools and transport head the list where these funds will be allocated.
So, Australia appears to be in a better economic situation than many other global economies and far more likely to weather whatever storm is ahead better than most. Of all countries, arguably Australia is the one most would like to live and work in, as the fiscal storm blows itself out.
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T+O+M launches in Melbourne
Following on from six highly successful years in Sydney delivering executive search mandates for Financial Institutions, T+O+M’s Partners Ben Tallentire, Richard O’Flynn and Grant Movsowitz have announced the opening of an office in Melbourne, Victoria.
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T+O+M Singapore expands
Two new staff have been added to help the rapidly expanding office. Partner Ben Tallentire said targets for the first operating year were met and that the growth in the Singaporean middle and back office markets would continue because of a range of Investment Banks making Singapore their regional hub.
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Australian banks lending responsibily throughout GFC
The Australian banks have emerged from the GFC as beacons of responsible lending at a time when European and US banks pulled back to focus on their home markets.
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Asian office begins with a bang!
T+O+M's Singapore office opened its trading with two above-target months in October and November and featured placements in major international banks.
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Australia on top
The recently relased Mid-year Economic and Fiscal outlook has confirmed the Australian Federal budget in May was too pessimistic.
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Australian job figures for August
Employment fell by 27,000 in the month and comes after a 34,000 rise in July, reflecting volatility in these numbers which show little underlining trends. The unemployment rate has held steady at around 5% for the past six months.
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Upside Surprises
The global recovery is looking decidedly V shaped. The initial phase of the recovery is being driven by an inventory rebuild, but the evidence for a pick-up in final demand is mounting: just look at global car sales and the turn in the US housing cycle now starting to get underway.
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T+O+M opens office in Singapore
Announcing the opening of their Singapore office, the Partners of T+O+M foreshadow the emergence of the successful Australian Financial Services Recruitment Company to a broader role in the Asian region.
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T+O+M Partner returns from Asia.
Ben Tallentire returned from a visit to Singapore last week having spent time assessing the impact of the financial crisis in the Republic.
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Future brighter for Aussie Banks.
The reporting season is now well underway and of the twenty eight major companies reported, ten of them have exceeded expectations – the largest surprise came from CBA – Commonwealth Bank of Australia – which predicted a first half profit for ’09 of aud $2billion
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T+O+M bullish about the future.
T+O+M see early signs of a Financial sector recruitment stirring. Arguably, more closely linked to Aussie banks than most other recruiters, T+O+M sees early signs of recruitment activity.
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The new reality
In an unsure world, Australia is making impressive economic moves to help lessen the impact of a global recession...
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