Comments on: Job loss news continues to be bad http://specht.com.au/michael/2008/11/18/job-loss-news-continues-to-be-bad/ A blog from Australia looking at technology, enterprise 2.0, management, Human Resources (HR) and recruitment. Fri, 12 Mar 2010 08:18:44 +1100 http://wordpress.org/?v=2.8.4 hourly 1 By: Kevin Howard http://specht.com.au/michael/2008/11/18/job-loss-news-continues-to-be-bad/comment-page-1/#comment-154923 Kevin Howard Mon, 17 Nov 2008 23:10:07 +0000 http://specht.com.au/michael/?p=1323#comment-154923 Unfortunately things may get a lot worse before they get better. I'm not sure if you are aware but about 50% of all car dealerships in Australia have to find new finance for their floor stock before Dec 31, due to GE and GMAC pulling out of the Australian market. Without replacement finance most of these dealerships will have to close their doors. Potential job losses - circa 40,000 nationally. It's also looking like GM itself may go belly up unless they get government support (in the US). The ramifications of that don't bear thinking about. There is of course the Republican view that dinosaurs like GM should be allowed to fail and propping them up is only delaying the inevitable. Likewise here in Australia, I have heard one view that we're not going to need all those car dealerships next year . It's important to remember that life still goes on, even in a recession :) Unfortunately things may get a lot worse before they get better. I’m not sure if you are aware but about 50% of all car dealerships in Australia have to find new finance for their floor stock before Dec 31, due to GE and GMAC pulling out of the Australian market. Without replacement finance most of these dealerships will have to close their doors. Potential job losses – circa 40,000 nationally.

It’s also looking like GM itself may go belly up unless they get government support (in the US). The ramifications of that don’t bear thinking about.

There is of course the Republican view that dinosaurs like GM should be allowed to fail and propping them up is only delaying the inevitable. Likewise here in Australia, I have heard one view that we’re not going to need all those car dealerships next year .

It’s important to remember that life still goes on, even in a recession :)

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