Summary: Interview with Gary Swart from oDesk, the largest online workplace for freelancers Interview with economist Stephen Koukoulas Leon and Garry talk about issues including: · China being stuck in low growth with activity in China's services continuing to expand modestly in July · Signs that the Eurozone might be emerging from the recession with key growth indicators giving a surprisingly strong showing although the IMF says Spain will be stuck with an unemployment rate above 25 per cent for at least five more years · Signs of recovery in the United States with activity in the US economy's crucial services sector growing solidly in July on a jump in business activity and new orders and the US trade deficit shrinking by an unexpectedly large margin in June to $US34.2 billion ($A38.42 billion), down from a revised $US44.1 billion in May · In Australia, retail spending falling to its slowest growth rate since July 2000, the ANZ job advertisement series shows that job advertisements declined 1.1 per cent in July after falling 1.6 per cent in June, new car sales for July were lower than the automotive industry expected, and activity in the services sector reached its lowest level since the global financial crisis and inflation is tracking at 2.7 per cent. · The Reserve Bank of Australia cutting the official cash rate to a record low of 2.5 per cent. · Australian Bureau of Statistics data showing that Australian capital city house prices rose 2.4 per cent in the June quarter, official data shows. That followed a rise of 0.8 per cent in the March quarter. In the year to June, the house price index rose 5.1 per cent, · ABS data showing that Australia's trade surplus widened in June to $602 million · The Federal Government announcing a $200 million package to help boost Australia's car industry. · Toyota investing $123 million in its Australian manufacturing operations. The federal and Victorian governments will contribute to the package · The Coalition refusing commit to a final budget bottom line when it releases policy costings because it does not believe the Treasury figures released in last Friday’s economic statement which warned of lower economic growth and higher unemployment this year as it reveals a much deeper budget deficit of $30.1 billion, but promised to stay on track for a surplus in 2016-17. · The Coalition announcing that an Abbott government would cut the company 30 per cent tax rate by 1.5 per cent. · The stoush over Labor's bank-deposit levy heating up, with Treasurer Chris Bowen suggesting big lenders absorb the cost after benefiting from taxpayer guarantees since the global financial crisis. · Tensions between Rupert Murdoch and the Rudd government over the NBN shaping the coverage the government is receiving in the election campaign · Virgin Australia expecting a statutory loss after tax in the range of $95 million to $110 million. · iiNet paying $60 million cash for South Australian budget internet services provider, Adam Internet, less than two weeks after Telstra pulled a bid for the group.
