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Warning: Local Credit Squeeze To WorsenONE of Australias most influential businessmen, Goldman Sachs JBWere chairman Terry Campbell, has warned investors, companies and home owners to brace for more fallout from the international credit crunch despite the local sharemarkets recovery this week to new record highs. "My view of the equity market is it has probably taken too sanguine a view of whats happened," he said during a visit to Perth yesterday. Mr Campbell said the cost of local commercial and home loans was likely to rise further as the pool of international money available to fund them shrank. He said many investors had gone beyond wanting to avoid exposure to the US subprime mortgage market and were also shying away from other derivative and structured loan products. "A lot of them have said, perhaps what we were doing was unwise and we need to be more conservative, or we didnt fully appreciate the risks we were taking," he said. "That particular market, which has been a great source of capital, I think has shrunk permanently, or for some time, anyway." Mr Campbell said housing might be affected more than people appreciated because a large part of the Australian housing market, probably most of it, was financed in the global commercial money market through the banks. At the same time, Mr Campbell said Australia was in a better position than the US, Britain and Europe because of its trading mix with China and the rest of Asia. However, it was not completely immune because it had a large balance of payments deficit. WEST AUSTRALIAN Tag CloudExternal InformationAdditional InformationWhere ?Idol’s? Charitable Arm Reaches...U.S. and South Korea Remain Apart on Trade Negotiations... Billionaire Thinks in Trillions for His Computer Designs... The Goods: Daylight for the Deep Sea... Where Am I?News Main Page - Business - Warning: Local Credit Squeeze To Worsen |
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