Its no surprise - everyone is losing their jobs - not just in...

Its no surprise - everyone is losing their jobs - not just in the mines.

BP said earlier in the week, Australia was "uncompetitive"

http://www.afr.com/p/national/house_prices_labour_costs_leave_rLTHLNS6Su0Hi7OyOmeVxO

OECD warns labour costs in Australia are too high, "Australia’s relative unit labour costs have surged 54.1 per cent since 2000"

"By contrast, labour costs have fallen 14.6 per cent in Germany, 20.4 per cent in the UK, 25.9 per cent in the US and 46.2 per cent in Japan."

It doesn't matter what interest rates are, if you don't have a job you can't afford a mortgage.

Next year we are expected to see real deflation in wages which will stress further households clinging onto the edge. The dollar will fall, causing prices to rise. But according to Treasury, average per capita income growth will halve over the next decade to the lowest rate of growth experienced in 50 years.