Aussies $1.2 trillion in debt

27/12/2009 2:05:01 PM

In a new record, Australians now owe more in household debt than the country's entire economy earns in a year.

Reserve Bank figures show mortgage, credit card and personal loan debts now stand at $1.2 trillion, up 71 per cent from just five years ago and equating to $56,000 for every man, woman and child in the country, News Ltd says.

Our spending binge, fuelled most recently by the federal government's First Home Owner Grant, means personal debt now totals 100.4 per cent of Australia's annual GDP - one of the highest ratios in the developed world.

"It's the first time household debt has cracked 100 per cent of annual GDP and it's a terrible, terrible sign," University of NSW economics professor Steve Keen told News Ltd.

"It shows we are living beyond our means and many highly geared borrowers are now extremely vulnerable to further rate rises - they are already saturated with debt and will not be able to tolerate much of an increase to their repayments."

Australia's financial headache is likely to get worse before it gets better. The country is in the midst of the peak spending season, when billions goes on the plastic, yet the Reserve Bank data dates back to October's debt levels only, so that means there are another two months of First Home Owner Grant-fuelled mortgage activity still to be taken into account.

The extra cost is expected to add billions to the burgeoning debt tally

SOURCE: http://money.ninemsn.com.au/article.aspx?id=988071

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AUD/USD Short Term Chart since 2 December 2009

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FML

Trade on Friday is likely to relate to the commissioning of 3 mile hill plant. Announcement soon? Was the hand over for the plant was this week..? We shall see

Gold rises approx $15 on Friday

Thanks www.kitco.com (for gold charts)






(Thanks to www.google.com for these charts of FML)




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PRR - Phase IIb Hope

Posted by me on 12/12/09 on www.hotcopper.com.au

'"IMO,, re: takeover, This will only occur AFTER, at the earliest, at the completion of PhIIb trials..... and this is only bcoz the data will provide much more information than the previous trials. For instance, the PhIIa trail, I think there was a 19% very good response rate to CVAC..... and they only used like 28 people. ALL OF WHO were patients in dire circumstances! To put it into perspective tho, I think Dendreon's Provenge had a similar 19% improvement rate in their same trial, from memory (please don't quote me on that one)..... AND PRR were using patients who's cancer was incredibly progressed!

However, my point is, This PhIIb trial will be used on a range of patients and not merely on patients who's ovarian cancer has progressed too far (From my understanding)

So I mean, our PhIIa trial data was like 19% improvements in VERY PROGRESSED cancer patients..... NOW the current PhIIb trial data is going to obviously be much better than 19% bcoz we are dealing with healthier patients.. so that's going to be interesting, not only from an investor point of view but also from that of social viewpoint. I love women and I want ovarian cancer to be defeated (Preferably by PRR).."

EXM - Director Selling

Posted by me on www.hotcopper.com.au on 10/12/09

"More selling surrounding a Director!

I was told by Management that the placement was to sophisticated investors who had a long term view of the company..... I did not expect the director to be selling 3 times within a few months of the placement.. (nor even once in a few months shortly after the placement) ..a freekin director! The guys who are saying, yes EXM has a future, Yes it has a much higher SP to climb to... same guy who has a say at his little aspermont meetings.. is selling the shares in the company which he is trying to promote!

I am not purposely trying to make management look bad,, but they are doing this on their own.. How does it look at the London presentations wen prospective investors look at the latest announcements only to see the page littered with 'Appendix 3Y - Andrew Kent'

Andrew Kent has not done the shareholders any favours and actually is contrary to his duty to provide shareholder benefit

I have been in this stock for about a year now,, but I tell ya, I am losing faith.....

On the other hand, I think Lagdon has been doing a better job that previous Managing Directors, although he needs to grab his other directors by the collars and pull them into line.. TIM,, GRAB BAJADA AND KENT, PUT THEM IN THEIR PLACE OR SEND EM PACKING!

Anyways, that was my 2 sense.............................. out'"

PRR - Ethics Approval for CVac & Leaky Boat syndrome

Posted by me on www.hotcopper.com.au in response to Ethics Approval given

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19/12/09

Re:. Ann: Ethics Approval for CVac

'"Yep I agree Eagle..

Although, IMSancho said that the good technical signals led to the initial start of the buying surge.... well, dont' know about that.....PRR has been in a long term down trend, and has been around the 14-15c for a while. and then all of a sudden, a day before an announcement (coincidence) a HUGE volume was bought, and then sold after the announcement came out.. you wanna know what the 'good technical signal' was that led to the start of the surge? Two words, leaky boat.

On 17/12/09 - 26,219,325 shares were bought/sold

On 18/12/09 - 9,793,300 shares were bought/sold

Where's the remaining 17 odd million shares gone? either will be sold off over the next few days, or ppl actually want a position in this company.

Hopefully we have also got rid of a lot of SPP people who wanted to make a quick sale for a same profit"

-PhantomII

My First Post

All this is, is a test people