Chief executive officer of the Federal Chamber of Automotive Industries, Ian Chalmers, Lachlan Smirl - Talking Business 2012 - Ep06

Summary: Interview with Ian Chalmers, chief executive officer of the Federal Chamber of Automotive Industries. Interview with Lachlan Smirl, economist at Deloitte Access Economics Leon and Garry discuss issues including: . Greece making the biggest debt writedown in history, providing much-needed breathing room for European nations living beyond their means and paving the way for Greece to receive an enormous second bailout in the hopes of containing the crisis before it drags the entire continent further into chaos. . The RBA keeping interest rates on hold with the Bank of Queensland raising its rates anyway but the ANZ keeps theirs on hold while Westpac Banking Corp chief executive Gail Kelly says Australian banks will continue their efforts to break the link between their lending rates and the RBA. . ANZ Job Ads gave a positive read for February, but this was countered by a fall in the SEEK new internet job advertisement series. The monthly labour market data continues to show next to no growth in employment and a contracting labour force. Meanwhile, GDP grew by only 0.4 per cent the last quarter, well below expectations of around 0.7%. . Australia's current account deficit has widened due to a fall in the value of exports, Australia has posted a surprise trade deficit in January with data showing Australia's terms of trade fell to a seasonally adjusted deficit of $673 million in the month, swinging from a surplus in the last month but farm exports will surge by more than $3 billion to $35.54 billion this year as the industry reaps the benefits of its most prosperous time in 30 years. . Australian construction activity has declined for the past 21 months. . Fruit and vegetables push up consumer prices. . Activity in the Australian services sector has contracted by the most in more than two and a half years last month showing the mining boom is not filtering through to rest of the economy. . Work days lost from strikes and lockouts nearly doubled last year to its highest annual level since 2004 in the first significant rise under Labor's Fair Work laws with nearly a quarter of a million working days were lost in 2011 to industrial action. . Deloitte Access Economics predicts a modest recovery for the retail sector in 2012. . BIS Shrapnel says the pain of the high Australian dollar will continue for at least another two or three years even though the pace of economic growth is expected to pick up. . Gross operating profits at Australian companies fell 6.5 per cent to a seasonally adjusted $66.35 billion in the fourth quarter of 2011, compared with the previous quarter, according to the Australian Bureau of Statistics. . We are witnessing the outbreak of class warfare in the lead up to next year’s election with Treasurer Wayne Swan attacking billionaires. . This coincides with Australians Gina Rinehart, Andrew Forrest and James Packer making the latest edition of Forbes magazine's global rich list.