predictions for 2008

So with all that, let's try some broad guidance -- what's likely, not what will happen.

INTEREST RATES: One probable rise. Either from the banks or the RBA. After that it's in your hands. The RBA won't be in a hurry to lift again. But at the first sign of any big wage deals, it'll go whack.

SHARES: Wall St is headed for a fall, possibly a biggish one. Because we don't have the same problems and the resources sector is likely to remain reasonably healthy, our market is more likely to drift lower. As we see with Centro, some stocks are far more vulnerable. Those with big borrowings, directly or indirectly exposed to US property.

PROPERTY: This is the year prices level out and even fall. Might, of course rather than will. But it will vary. Location, location, location becomes even more critical.

JOBS: Skills will -- yes, my one use of "will" -- still be in high demand, but the jobs market is likely to soften.

In sum, 2008 is shaping up as a year in which consolidation and not taking big risks is the best advice. Whether personal, work, life or investments.

Yet, because it looks likely to be a year of some turmoil and volatility, that can create huge opportunities for the risk-takers and the more sophisticated investors who "know" what they are doing, and risking.

For everyone else, look through 2008 and take a long-term perspective. Thanks to China, that will still be great.

Merry Christmas. And aim for a safe new year in order to make it a happy one.