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Australia is on the bad side of Pareto's 80-20 rule. 78% of Australia's small businesses have spent no money on y2k.
Now an Asia-based recession threatens to cut budgets in the nation.
Small businesses produce most of the job creation in a nation.
My conclusion: Australia is headed for a depression in 2000.
This is from the SYDNEY MORNING HERALD (April 27).
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Confidence in Australia's small business sector stalled in the March quarter in one of the first indications that the economic crisis in Asia may finally have hit the nation's shores, a new survey has found.
The Australian Society of Certified Practising Accountants' Small Business Health Index dipped 0.9 per cent from the December quarter, while expectations for the next 12 months have also abated.
"We said before that we expected the Asian situation to impact most heavily around the middle of this year," said the society's small business spokesman, Mr Greg Hayes. . . .
The index, compiled from a survey of 450 businesses on their sales activity and forecasts, also found 78 per cent of small businesses had yet to spend any money to address the issue of the year 2000 millennium bug.
"The concern is that if the money has not been allocated to deal with the Y2K problem, then a slowdown in economic activity will make it even harder for them to find the necessary funds," Mr Hayes said.
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