Summary: Interview with economist Steven Koukoulas Leon and Garry talk about issues including: More pressure on Greece with a senior member of Chancellor Angela Merkel's governing coalition saying that Germany's parliament is unlikely to approve a third financial rescue package for Greece. At the same time, Athens is close to sealing a deal with its international lenders on fresh austerity measures in exchange for billions of euros in aid funds The Federal Reserve unveiling QE3 and possibly opening the door for QE4, as well but it doesn’t seem to be helping the American economy with an index covering New York manufacturing activity unexpectedly falling further into contraction this month. Signs continuing to point to the Chinese government's reluctance to release further stimulus or ease credit conditions, despite the country's slowing economy, offering little hope for Australian export markets while a downbeat reading of the Chinese economy from one of Royal Dutch Shell's top executives suggests the country's economy could be worse than indicated by official figures and spell trouble for Australia's resources sector and Rio Tinto chief executive Tom Albanese dampening hopes of any fast rebound in the Chinese economy, following meetings with pessimistic Chinese business and economic policy leaders Resources minister Martin Ferguson revising down Australia's resource and energy exports forecast by $19 billion while the Bureau of Resources and Energy Economics says export earnings for the year to June 30, 2013, are expected to fall 2 per cent on-year to $189 billion. Ferguson blames companies and unions for failing to manage cost inflation, saying the two sides mismanaged the resources boom and that wage claims must be revised downward at the same pace as commodity prices decline. ABS figures showing that imports of goods fell $373 million, or two per cent, to $21.244 billion, seasonally-adjusted, in August. ABS data also shows that sales of new motor vehicles in Australia rose in the month of August, beating analyst expectations Australia's central bank saying it has room to cut interest rates further to support the national economy in the face of falling commodity prices, the high Australian dollar and weaker global growth. Ratings agency Moody’s saying that Australia's big four banks – ANZ, Commonwealth Bank, National Australia Bank and Westpac – are well placed to withstand any unexpected economic downturn that could result in significant losses on loans. But the country's regional banks would likely suffer from higher credit losses if Australia's economy was to experience such a downturn. The federal government's “two strikes” rule governing executive remuneration prompting nearly a quarter of Australia's top 100 companies to overhaul their executive pay plans, as businesses scramble to satisfy investors and avoid having their boards dismissed. The Australian dollar being propped up with up to 23 central banks from around the globe including Australian dollar assets in their foreign exchange reserves. Analysts downgrading forecasts for Myer after it books a 12.7 per cent lower profit.
