One in 12 Australians will develop bowel cancer, but you can help beat these odds. Protect your workforce with our corporate bowel screening program. Through the program, you can offer screening kits to your employees for as little as $26 per person. More information on our website.

1. 10 NEWS The Australian Financial Review
Monday 4 June 2012 l www.afr.com
AAA rating loss would hit bank funds
From page 1 austerity in times of crisis. Look at doubling up on short-term fiscal stim-
probably doesn’t matter much but in a Europe.” ulus, Merrill Lynch Australia econo-
place like Australia, it is important.” Treasurer Wayne Swan reiterated mist Saul Eslake said.
Losing it is “not a place you want to yesterday that returning the budget to Gross domestic product probably
get to”, he said. surplus was the right move as it gave rose 0.5 per cent in the first quarter,
It’s the “discipline that really mat- the RBA “room to cut interest rates and 3.2 per cent from a year earlier, a
ters – running a balanced budget further”. report to be released on Wednesday
through the cycle”, he said. Opposition Treasury spokesman by the Australian Bureau of Statistics
An Australian sovereign ratings Joe Hockey said the government’s off- is expected to show.
downgrade triggered by further defi- budget borrowing for the national “Trend growth would be an encour-
cits would drive up costs for banks, broadband network and Clean aging outcome,” Commonwealth
which rely on bond markets for about Energy Finance Corp were putting Bank chief economist Michael Blythe
40 per cent of their funding. pressure on the credit rating. said. “It will, however, partly reflect
Local lenders were underpinned by More evidence of Australia’s two- the passing of the growth-depressing
Commonwealth guarantees after the speed vulnerability is likely to influence of the Queensland floods”
collapse of US investment bank Leh- emerge this week with the release of a year earlier.
man Brothers in 2008 and unlike key reports that are forecast to show A separate ABS report due today is
banks overseas, stayed profitable Discipline really matters – It’s going to be a real employers stopped hiring last month, forecast to show company profits fell
without needing government bailouts. first-quarter company profits fell in the three months through March
Former RBA governor Bernie Fra- running a balanced budget battle for Australia to 2.5 per cent and quarterly economic for a second straight quarter. ANZ
ser told the Financial Review that through the cycle. live within its means. growth was below its average pace. job advertisements for May will also
Australia should not fear going into Since the RBA’s meeting a month be released.
deficit if the European crisis spreads, Federal infrastructure adviser TAL managing director ago, markets have tumbled and yields The week’s data flood continues
saying it was “stupid” that monetary Sir Rod Eddington Jim Minto on benchmark government bonds tomorrow with the release of a serv-
and fiscal policy were not working in have fallen to record lows, as inves- ices industry index and the ABS quar-
unison. in 2008 and 2009 to stoke the econ- were triggered by Treasury secretary tors sought havens amid fears the terly current account balance –
He said weak consumer confi- omy with stimulus spending. Martin Parkinson, who said last week Greek currency crisis could spiral out expected to show the deficit widened
dence had been “compounded by a Jim Minto, managing director of that the nation could stay in deficit to of control. to the most in two years.
fair bit of the economic nonsense in TAL, formerly Tower Australia, one spur growth if the global economy Last week, RBA governor Glenn Thursday sees fresh data on the
the debate” about returning to sur- of the nation’s leading life insurers, succumbed to a recession or the Stevens said there was no doubt that labour market, which surprised last
plus, which he said was a political, said Australia’s governments would banking system froze. data from China during the past six month with a surge in employment
rather than economic, goal. He said be working under severely con- “The 2012-13 surplus is likely to be weeks had been soft. Still, some econ- and a drop in the jobless rate to
he hoped the government “would be strained fiscal pressures for up to 10 abandoned,” Credit Suisse econo- omists said the central bank would 4.9 per cent. Economists expect the
pragmatic and respond appropri- years. “It’s going to be a real battle for mist Jarrod Kerr said. The 12 per cent hold fire tomorrow to gauge the jobless rate climbed to 5.1 per cent
ately and not be hide-bound by debt” Australia to live within its means,” he swing in government revenue needed impact of the 1 percentage point of after job creation stalled in May.
if the crisis worsened. said. “This is a time for discipline and to generate next year’s $1.5 billion cuts delivered since November. On Friday, April home loan figures
Markets expect the cash rate to hit clear heads. It is not a battle between surplus is already in question, and With almost $2.5 billion in cash and the monthly trade balance will be
a record low of 2.25 per cent by the the haves and have-nots.” “likely to start evaporating in a sharp payments about to hit household published. The week ends with a
end of the year -- in part because the Questions about Australia’s capac- downturn”, he said. “And no govern- bank accounts in coming weeks, speech by Mr Stevens to the Ameri-
government has less scope than it did ity to weather a fresh economic storm ment wants to implement further there did not seem to be much point in can Chamber of Commerce.
1 in 12 Australians will
develop bowel cancer
It’s the second most common cause of cancer-related death in
Australia, but you can help beat these odds.
Protect your workforce with our corporate bowel screening program.
Through the program, you can offer screening kits to your employees
for as little as $26 per person.
The life of an employee may be in your hands.
For more information about our
corporate bowel screening program
visit jodileefoundation.org.au
FBA 010