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There has been much talk about the recent credit crisis in the Australian media, especially with job losses and rate cuts to stimulate the economy. However, how is the credit crisis affecting the average Australian? Are you one of those unlucky individuals that has lost their job? The untold stories of the average family person, who have felt the fury of the credit crisis needs to be told.

There have been many industries within Australia that have been touched by the credit crisis, mainly mining, manufacturing and sales. One in particular that is of interest is the mining industry, one such example is seen with BP’s nickel mining site in Ravenshorpe, Western Australia. At the height of the West Australian mining boom, the industry was employing many Australians with wages starting at $100,000 per anum. The mining boom was partly responsible for the large increase in the West Australian and Australian economies, in particular housing prices in West Australia, sky rocketing to levels exceeding the traditionally high Sydney property markets. Average W.A families were using their extra income to purchase investment properties, forcing W.A housing and rental prices to go through the roof.

With the closure of mining sites, like Ravenshorpe, this has seen many families loose their expectionally high incomes and forced them to try and find jobs in Perth at a lower pay rate. There have been many examples of Perth families owing on 2 or 3 mortgages who can not pay them any more, forcing them to try and sell their properties in a market where no one wants to buy. Many W.A families have been dealt a blow with the credit crisis, like most everywhere else in Australia.

Have you experienced the same type of story as the Ravenshorpe case? There are many untold stories in Australia of hardship due to companies closing down. What effect has this had on the average Ausrtralian family and how are they coping with day to day life? Only time will tell how many Australian families have truly been affected by this crisis.

This entry was posted on Tuesday, July 14th, 2009 at 1:04 pm and is filed under Credit Crisis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.