Danny Gorog, head of app development company Outwear - Talking Business 2013 - Ep 14

Summary: Interview with Danny Gorog, head of app development company Outwear Interview with economist Nicholas Gruen Leon and Garry discuss issues including: · The Eurozone's private sector shrinking for the 15th consecutive month in April – suggesting the single currency area will fall deeper into recession but Portugal receives a boost from investors with its bond sale · The shortfall in forecast budget revenue will be between $60 billion and $80 billion from now to 2016, forcing the Gillard government to dump spending pledges, including $1.8 billion in family assistance. The Labor government expects next week to report a $17 billion revenue write-down in the current financial year. · The Treasury Department halving revenue forecasts for the sale of carbon permits, forcing Labor to dump or defer $1.4 billion worth of carbon scheme-related tax cuts · The independent Parliamentary Budget Office (PBO) calculating that the mining tax will add just $800 million to government coffers in the current financial year. · The Reserve Bank of Australia cutting the official cash rate to a new low at its May board meeting, against analyst expectations. The board reduced the official cash rate by 25 basis points to 2.75 per cent, after holding it for three consecutive months. It’s the lowest it’s been in 50 years. · Opposition Leader Tony Abbott facing an internal revolt over his paid parental leave scheme, with one Liberal MP describing it is an "albatross around the neck" of the party. · The TD Securities Melbourne Institute Monthly Inflation Gauge increasing by 0.3 per cent in April, after a 0.2 per cent rise in March and a flat result in February. · The ANZ Banking Group Ltd Job Ads survey showing the total number of advertisements fell 1.3 per cent in April, after an upwardly revised fall of 0.5 per cent in March. The number of job ads on the internet fell 1.1 per cent in March, in seasonally-adjusted terms, while those placed in newspapers fell by 6.5 per cent. · Australian retail sales sliding in March against analyst expectations of a modest rise, according to data from the Australian Bureau of Statistics. The data showed retail spending dropped 0.4 per cent to a seasonally adjusted $21.872.3 billion in the month. · Australia's construction sector shrinking for the 35th consecutive month in April, with home and apartment building continuing to decline, according to the Performance of Construction Index (PCI) by the Australian Industry Group and Housing Industry Association · Australia's trade balance swung into surplus in March, a turnaround of $418 million on the deficit posted the previous month, according to data from the Australian Bureau of Statistics · Dun and Bradstreet’s National Business Expectations Survey showing that Australian businesses will keep cutting their spending this year, with expectations for capital investment, employment and new credit set to fall further. · Profit reports from Leighton and Orica, profit outlooks from Boral, Seven West and Coca-Cola Amatil · Australia’s banks conforming to a key new regulation on liquidity by 2015, earlier than required under the new Basel III global banking rules.