Australia could face a rough ride over the next few months after the financial meltdown in the United States, with local banks less likely to pass on in full any cuts to official interest rates and those nearing retirement age facing a devaluation of their nest eggs.
The local sharemarket closed 4.3 per cent lower yesterday, after falling to its worst level in almost three years and losing about $55billion in value.
AMP Capital Investors chief economist Shane Oliver said, ''For investors generally I think it is going to remain a fairly rough ride for some time to come.''
Australian stocks fell after US President George W. Bush failed to get approval from the US House of Representatives for a $US700billion ($A866 billion) Wall Street bail-out plan to support the nation's financial system.
The volatility in financial markets is expected to put pressure on the Reserve Bank of Australia to cut its official interest rate when it meets next Tuesday with markets now mulling over the chance of a 50 basis point cut.
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I think sometimes looking at all the media including the alternative media sources that no problems exist outside the US, The EU and the middle east! It's just as bad around the world and the Illuminatis Plans encompass whole world slavery and not just the Northern Hemisphere.
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