On the Blogs: The Economy of the ‘Lucky Country’ Is at Risk From Its Lack of Diversification FacebookTwitterLinkedInEmailPrint分享Satyajit Das for Bloomberg View:If Australia is an economic miracle—the so-called Lucky Country, beneficiary of more than a quarter century of uninterrupted growth—then its banks are its most visible sign of strength. In fact, though, this ruddy good health masks some deeply worrying trends. The balance sheets of Australia’s biggest banks are far more vulnerable than they may seem on the surface—and that means Australia is, too.Australian financial institutions have made the same fundamental mistake the rest of the country has, assuming that growth based on “houses and holes”—rising property prices and resources buried underground—can continue indefinitely. In fact, despite a recent rebound in Chinese demand, commodities prices look set to remain weak for the foreseeable future. Banks’ exposure to the slowing natural resources sector has reached nearly $50 billion in loans outstanding—worryingly large relative to their capital resources.Pundits have been saying for years that Australia needs to diversify its economy, boosting services exports—primarily tourism, education and health—rather than continuing to depend on resources and debt-fueled property growth. Banks need to do the same, reducing their exposure to the housing market and the mining industry. At the same time, they should move swiftly to shore up their balance sheets, aggressively increasing bad-debt reserves, raising capital and gradually trimming dividends. Even their otherwise enviable luck can’t last forever.In Australia, All That Glitters Isn’t Gold
Funeral Services will be held on Tuesday, November 26, 2013 at 10:00 A.M. at the Seventh Day Adventist Church in Wellington, KS.Â Pastor Frank Kean will officiate.Â Interment will follow the service at Sumner Memorial Gardens in Wellington, KS. Frank Funeral Home has been entrusted with the arrangements. Visitation will be held at the funeral home on Monday, November 25, 2013 from 3 to 8 p.m. Â The family will be present to greet friends from 6 to 8 p.m. To leave condolences or sign our guestbook, please visit our website at www.frankfuneralhome.net A memorial has been established with the Seventh Day Adventist Church in lieu of flowers.Â Contributions can be left at the funeral home. Elota Marie Watts, age 89, loving wife, mother and grandmother, died Wednesday, November 20, 2013 at Sumner Regional Medical Center in Wellington, KS.Elota Marie (Blehm) Watts was born on February 29, 1924 in Cashion, Okla. to Henry Blehm and Katherine (Bernhardt) Blehm.She was united in marriage to J.D. Watts on March 3, 1950 in Oklahoma City, Okla.She is preceded in death by her parents; three sisters; two half sisters; and one half brother. Survivors include her loving husband, J.D. of the home; three sons, Darryl E. Watts and his wife Doris of Wellington, KS, Richard L. Watts and his companion Yolanda Gentry of Winfield, KS and Steven M. Watts and his wife Gem of Derby, KS; one daughter, Susan M. Dunn and her husband Brian of Longmont, CO; 12 grandchildren, Jason Eurich of Milliken, CO, Matt Eurich of Longmont, CO, Josh Dunn of Longmont, CO, Amanda Dunn of Dacono, CO, Ashley Watts of Wichita, KS, Jenny Watts of Wichita, KS, Stephanie Watts of Lawrence, KS, Greg Watts of Arkansas City, KS, Julie Dumonceaux of Bartlesville, OK, Eric Watts of Wellington, KS, MaKinzie Watts of Derby, KS and Maddie Watts of Derby, KS; and 12 great grandchildren.
Robert LuskRobert Lloyd Lusk, 66, died December 17, 2013, at Harry Hynes Memorial Hospice in Wichita, KS.Graveside Memorial Services will be at 11 a.m., Saturday, May 24, 2014 at the Prairie Lawn Cemetery in Wellington. A memorial has been established with the American Legion and may be left with the funeral home. Funeral arrangements are with the Shelley Family Funeral Home of Wellington, KS. For further information please visit www.shelleyfamilyfh.com.Robert was born November 9, 1947 in Minneapolis, Minnesota, the son of Vernon and Rozella (Collins) Lusk. He was reared and educated in Minneapolis until he joined the United States Marie Corps in 1967. He served his country during the Vietnam Conflict and was honorably discharged as a Sergeant on March 28, 1970. Robert had several careers, one of which was as an over the road truck driver. After his military career he lived for about twenty five years in Alaska enjoying his hobbies including fishing and prospecting for gold. He had several pieces of gold that were made into jewelry. He then moved to California to be closer to his mother. Then they moved to Wellington, in 2006. He will be deeply missed by his family and friends.He is survived by his mother, Rozella of Wellington, his brother Rick and wife Vicki of Milton, WA; uncle Melvin â€œShortyâ€ Lusk of Emporia, KS; aunt Doria Pagels of Paola, KS and aunt Annie Collins of Anchorage, AK.Robert is preceded in death by his father and numerous aunts, uncles and family.