Data shows resilient economy, but job loses haunt govt
26 Feb 2009 3:28 AM
New data suggests the government's first stimulus package sparked some life into our economy at the end of last year .. when other major economies were slowing massively in the global recession.
But the realities of the economic slowdown came to haunt the federal government yesterday .. with the loss of more than 18-hundred jobs at clothing manufacturer Pacific Brands.
Prime Minister KEVIN RUDD called the development devastating and distressing news for the workers concerned .. while Opposition treasury spokesman JOE HOCKEY said the government's cash splash late last year had failed spectacularly.
But a senior Treasury official says there are early signs the government's ten billion stimulus package has been helping .. with very strong retail trade for the December quarter .. compared to the previous several quarters.
The official also says there's also been a considerable pick-up in property auction clearance rates and first-home buyer applications.
