Australia told to 'batten down the hatches'

With a recession looking increasingly likely, the Herald Sun has advised Australians to “batten down the hatches” and prepare for the worst.

According to the paper, The Reserve Bank is now estimating that as many as 100,000 jobs will go in the coming year, with New South Wales set for a particularly rough ride because of its dependence on an ailing retail sector.

Savanth Sebastian, Commsec economist, told the paper that Victoria is likely to be similarly hard hit.

“We recently saw the worst retail sales data in 12 years and it’s the country’s biggest employer, so it doesn’t look good,” he explained.

In an effort to protect themselves against the oncoming financial storm, consumers were urged to pay off all high-interest debts owed on items such as personal loans and credit cards.

Elsewhere, an earlier article from the Herald Sun has advised those looking to secure a mortgage during the credit crunch to make sure all credit card debts are cleared and outstanding payments made on time to avoid damaging credit ratings.ADNFCR-1761-ID-18758112-ADNFCR