Newspaper article The Queensland Times (Ipswich, Australia)

Cash Crisis Trickles in; Ipswich Feels Secondary Results from the US

Newspaper article The Queensland Times (Ipswich, Australia)

Cash Crisis Trickles in; Ipswich Feels Secondary Results from the US

Article excerpt

THEY say beware the butterfly effect, but will the banking crisis in the US send a financial tsunami crashing into Ipswich?

For the family on the street, probably not, according to University of Southern Queensland finance lecturer Dr Peter Phillips.

"The average Ipswich family is a long way from the epicentre," Dr Phillips said.

But the fate of global companies, such as banks, has the potential to reach us through interest rate rises and tougher restrictions on getting a mortgage, such as needing a bigger deposit, even though the shockwaves will be more like ripples.

"This potentially makes the hoops you have to jump through to get a loan more complicated," Dr Phillips said.

He said those with shares should try to protect themselves from an unstable stock market.

"The best thing you can do is keep good diversification in your super. Do not put all your eggs in one basket," he said.

Dr Phillips said while people in the financial service industries might experience a rise in unemployment, this would be felt more in the capital cities. …

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