What kind of crisis is this, anyway?

What kind of crisis is this, anyway?

Figures released earlier this week showed the price of established houses in Australia’s capital cities have been rising strongly over recent months, particularly in Melbourne and Sydney.

The Aussie dollar seems to be gaining strength by strength, almost by the day.

And Australia’s share market closed yesterday, with prices close to a nine month high.

These things are not supposed to happen in the middle of a global economic crisis.  Especially not in one that is bad enough to shrink US economy to shrink by 3.9 per cent over the past year.

That’s the biggest set back for the American economy, since the Great Depression of the 1930s.

Despite that, Australia produced a record breaking trade performance over the past year.

Figures produced by the Australian Bureau of Statistics showed that the nation chalked up a $5.8 billion trade surplus in the 12 months to the end of June.

It has never turned in a better performance.

The surplus, for the year, was the first since 2001-02.

The Federal Trade Minister, Simon Crean, said the value of Australia’s exports bad risen  by $51.8 billion during the year.

He was jubilant.

“It is a testament to the perseverance of Australian exporters and the quality of their products that they have been able to increase their sales in such difficult circumstances,” Mr Crean said.

He said this was especially so as the value of the Australian dollar had been rising over recent months, making our exports more expensive.

However figures, to be released later today, may well give Australians a sharp reminder of the power of the global economic crisis, despite all this good news.

At 11.30 am today, the bureau will release its Labour Force figures for July.

And these are expected to show unemployment rising, as the global economic crisis tightens its grip on the Australian economy.