ÿþ<!doctype html public "-//w3c//dtd html 4.01 transitional//en" "http://www.w3.org/tr/html4/loose.dtd"> <html xmlns="http://www.w3.org/1999/xhtml"> <head> <title>IBISWorld Newsletter - February 2008</title> <meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1" /> <style type="text/css"> body { font-family: geneva, tahoma, Arial, Helvetica, sans-serif; font-size: 12px; color: #333333; } p { font-family: geneva, tahoma, Arial, Helvetica, sans-serif; font-size: 12px; line-height: 16px; padding: 2px; margin: 1; } li { font-family: geneva, tahoma, Arial, Helvetica, sans-serif; font-size: 12px; line-height: 16px; padding-right: 5px; margin: 0; } a { font-size: 12px; font-family: Geneva, tahoma, Arial, Helvetica, sans-serif; color: #7d0b06; text-decoration: none; line-height: 14px; letter-spacing: .1pt; } table { padding: 0; margin: 0; spacing: 0; } td img { display: block; } .menuitem { font-size: 13px; font-family: Geneva, tahoma, Arial, Helvetica, sans-serif; color: #7d0b06; text-decoration: none; line-height: 14px; letter-spacing: .1pt; } .heading1 { font-size: 14px; font-family: Geneva, tahoma, Arial, Helvetica, sans-serif; color: #7d0b06; text-decoration: none; font-weight: bold; margin: 2px; padding: 2px; } .textCenter { font-family: geneva, tahoma, Arial, Helvetica, sans-serif; font-size: 12px; text-align: center; padding: 7px; margin: 0; } .heading2 { font-size: 14px; font-family: Geneva, tahoma, Arial, Helvetica, sans-serif; color: #7d0b06; text-decoration: none; font-weight: bold; margin: 0px; padding: 2px; } .tblToc { padding: 0px; margin: 0px; border-collapse: collapse; } .tdToc { align: left; } .WhiteTop { background-color: #ffffff; border-top: #999999 1px solid; } .WhiteBottom { background-color: #ffffff; border-bottom: #999999 1px solid; } .DarkGray { background-color: #999999; width: 1px; margin: 0px; padding: 0px; } .tbcPink { background-color: #CC99FF; padding: 0px; margin: 0px; } .Black { background-color: #000000; width: 1px; margin: 0px; padding: 0px; } .WhiteTopPink { background-color: #DDCDC6; border-top: #000000 1px solid; } .WhiteBottomPink { background-color: #DDCDC6; border-bottom: #000000 1px solid; } .ReportSectionTitle { font-family: geneva, tahoma, Arial, Helvetica, sans-serif; font-size: 13px; color: #444444; margin-bottom: 0; margin-top: 0; font-weight: normal; text-transform: uppercase; } .tbcLightGreen { background-color: #d7e4ce; text-align: right; padding-right: 5px; padding-left: 5px; padding-bottom: 2px; padding-top: 2px; margin: 0; } .tbcDarkGreen { color: #000000; background-color: #abc696; padding-right: 5px; padding-left: 5px; padding-bottom: 2px; padding-top: 2px; margin: 0; } .tbcMidGreen { color: #000000; background-color: #c2d6ad; text-align: center; padding-right: 5px; padding-left: 5px; padding-bottom: 2px; padding-top: 2px; margin: 0; border-left: #666666 1px solid; border-top: #ffffff 1px solid; } .tbcMidGreen-leftalign { color: #000000; background-color: #c2d6ad; text-align: left; padding-right: 5px; padding-left: 5px; padding-bottom: 2px; padding-top: 2px; margin: 0; border-left: #666666 1px solid; border-top: #ffffff 1px solid; } .tbcWhite { color: #000000; background-color: #ffffff; text-align: right; padding-right: 5px; padding-left: 5px; padding-bottom: 2px; padding-top: 2px; margin: 0; border-top: #cccccc 1px solid; } .tbl { border: #666666 1px solid; padding: 0; margin: 0; border-collapse: collapse; } .tbcWhiteLeftAlign { color: #000000; background-color: #ffffff; text-align: left; padding-right: 5px; padding-left: 5px; padding-bottom: 2px; padding-top: 2px; margin: 0; border-top: #cccccc 1px solid; } .tbcWhiteRightAlign { color: #000000; background-color: #ffffff; text-align: right; padding-right: 5px; padding-left: 5px; padding-bottom: 2px; padding-top: 2px; margin: 0; border-top: #cccccc 1px solid; } .tbcLightGreen-NoAlign { background-color: #d7e4ce; padding-right: 5px; padding-left: 5px; padding-bottom: 2px; padding-top: 2px; margin: 0; text-align: center; } .tbcLightGreen { background-color: #d7e4ce; padding-right: 5px; padding-left: 5px; padding-bottom: 2px; padding-top: 2px; margin: 0; text-align: left; } .tbcMain { border: #666666 1px solid; padding: 0; margin: 0; border-collapse: collapse; } .BuildOnYourSelectionTitle { text-decoration: none; font-weight: bold; color: #7d0b06; text-align: left; font-size: 11px; } .InfoNavTop { background-image: url(http://www.ibisworld.com.au/common/newsletter/images/infonavtopbg.gif); border-top: #d9d9d9 1px solid; } .InfoNavTopGS { background-image: url(http://www.ibisworld.com.au/common/newsletter/images/infonavtopbg.jpg); border-top: #d9d9d9 1px solid; width: 195px; } .InfoNavBottom { background-image: url(http://www.ibisworld.com.au/common/newsletter/images/infonavtopbg.gif); background-repeat: repeat; border-bottom: #d9d9d9 1px solid; height: 6px; } .InfoNav { background-image: url(http://www.ibisworld.com.au/common/newsletter/images/infonavbg.gif); background-repeat: repeat; border-left: #d9d9d9 1px solid; border-right: #d9d9d9 1px solid; padding-left: 5px; padding-right: 5px; vertical-align: top; } .InfoNavGS { background-image: url(http://www.ibisworld.com.au/common/newsletter/images/infonavbg.jpg); background-repeat: repeat; border-left: #d9d9d9 1px solid; border-right: #d9d9d9 1px solid; padding-left: 0px; padding-right: 0px; vertical-align: top; } .InfoNavSectionEnd { height: 10px; background-image: url(http://www.ibisworld.com.au/common/newsletter/images/infonavbg.gif); background-repeat: repeat; border-left: #d9d9d9 1px solid; border-right: #d9d9d9 1px solid; border-bottom: #d6d6d6 1px solid; } .InfoNavTitle { font-size: 12px; color: #950a05; margin-bottom: 0px; } .InfoNavTitlePadded { font-size: 12px; color: #950a05; margin-bottom: 00px; margin-top: 0px; } .InfoNavSubTitle { font-weight: bold; font-size: 12px; color: #000000; } .InfoNavNewsletterSubscribeTextBox { margin-right: 0px; margin-top: 0px; width: 152px; } }</style> </head> <body> <table class="" border="0" cellpadding="0" cellspacing="0"> <!-- begin main table--> <tr> <td width="170"> <!-- empty tc on left--> </td> <td align="left"> <!-- tc to contain all content and keep in center--> <table cellpadding="0" cellspacing="0" border="0"> <!-- table to create header --> <tr> <td height="" width="180" align="left"> </td> <td align="left"> </td> </tr> <tr> <td valign="top" align="left"> <table cellpadding="0" cellspacing="0" border="0"> <tr> <td valign="top" height="0"> <img src="http://www.ibisworld.com.au/common/newsletter/images/homepagelogo3.gif" alt="" /> <br /> </td> </tr> </table> </td> <td align="left" width="450" valign="top"> <table cellpadding="0" cellspacing="0" border="0"> <!--<tr> <td width="400" align="left" valign="bottom" height="0"> </td> </tr>--> <tr> <td width="440" align="left" valign="top"> <p style="font-size: 11px; text-align: right;"> | <a style="font-size: 11px;" href="#aMember">Membership</a> | <a style="font-size: 11px;" href="http://www.ibisworld.com.au/newsletter/unsubscribe.aspx">Unsubscribe</a> | <a style="font-size: 11px;" href="#aContact">Contact us</a> | </p> </td> </tr> <!--<tr> <td width="460"> <table cellpadding="0" cellspacing="0" border="0"> <tr> <td width="460" align="left"> <img src="http://www.ibisworld.com.au/common/newsletter/images/title2.gif" alt="" /> </td> </tr> </table> </td> </tr>--> </table> </td> </tr> <tr> <td valign="baseline" colspan="3"> <a href="http://www.ibisworld.com.au"> <img border="0" src="http://www.ibisworld.com.au/common/newsletter/images/backgroundlarge0208.jpg" alt="" /></a> </td> </tr> <tr> <td colspan="2"> <table cellpadding="0" cellspacing="0" border="0"> <!-- bottom half of banner, date, dyk, ITE--> <tr> <td valign="top" width="364"> <table cellpadding="0" cellspacing="0" border="0"> <tr> <td height="10"> </td> </tr> <tr> <td> <table border="0" style="width: 354px" cellpadding="0" cellspacing="0"> <tr> <td style="width: 5px"> <img src="http://www.ibisworld.com.au/common/newsletter/images/TOCtopleft.gif" alt="" /> </td> <td class="WhiteTop"> <img src="http://www.ibisworld.com.au/common/newsletter/images/cp.gif" alt="" height="1" width="1" /> </td> <td style="width: 5px"> <img src="http://www.ibisworld.com.au/common/newsletter/images/TOCtopright.gif" alt="" /> </td> </tr> </table> <table border="0" style="width: 354px" cellpadding="0" cellspacing="0"> <tr> <td class="DarkGray"> <img border="0" src="http://www.ibisworld.com.au/common/newsletter/images/cp.gif" alt="" height="1" width="1" /> </td> <td valign="top"> <table border="0" cellpadding="3" cellspacing="0"> <tr> <td rowspan="9"> <img border="0" src="http://www.ibisworld.com.au/common/newsletter/images/cp.gif" alt="" height="183" width="1" /> </td> <td colspan="2"> <p class="heading1"> IN THIS EDITION:</p> </td> </tr> <tr> <td width="30" align="center"> <a href="#aIndustry"> <img border="0" src="http://www.ibisworld.com.au/common/newsletter/images/placeholderarrow.gif" alt="" /></a> </td> <td class="tdToc"> <a class="menuitem" href="#aIndustry">In INDUSTRY </a> </td> </tr> <tr> <td align="center"> <a href="#aFocus"> <img border="0" src="http://www.ibisworld.com.au/common/newsletter/images/placeholderarrow.gif" alt="" /> </a> </td> <td class="tdToc"> <a class="menuitem" href="#aFocus">COMPANY Connect</a> </td> </tr> <tr> <td align="center"> <a href="#aRisk"> <img border="0" src="http://www.ibisworld.com.au/common/newsletter/images/placeholderarrow.gif" alt="" /> </a> </td> <td class="tdToc"> <a class="menuitem" href="#aRisk">Global TRENDS</a> </td> </tr> <tr> <td align="center"> <a href="#aRisk"> <img border="0" src="http://www.ibisworld.com.au/common/newsletter/images/placeholderarrow.gif" alt="" /> </a> </td> <td class="tdToc"> <a class="menuitem" href="#aRisk">Industry Risk</a> </td> </tr> <tr> <td align="center"> <a href="#aEconomic"> <img border="0" src="http://www.ibisworld.com.au/common/newsletter/images/placeholderarrow.gif" alt="" /> </a> </td> <td> <a class="menuitem" href="#aEconomic">Economics & Demographics</a> </td> </tr> <tr> <td align="center"> <a href="#aRuthven"> <img border="0" src="http://www.ibisworld.com.au/common/newsletter/images/placeholderarrow.gif" alt="" /> </a> </td> <td> <a class="menuitem" href="#aPresentation">Phil Ruthven - Presentation Material</a> </td> </tr> <tr> <td align="center"> <a href="#aNew"> <img border="0" src="http://www.ibisworld.com.au/common/newsletter/images/placeholderarrow.gif" alt="" /> </a> </td> <td> <a class="menuitem" href="#aNew">What's New?</a> </td> </tr> <tr> <td align="center"> <a href="#aUpdated"> <img border="0" src="http://www.ibisworld.com.au/common/newsletter/images/placeholderarrow.gif" alt="" /> </a> </td> <td> <a class="menuitem" href="#aUpdated">Updated Reports</a> </td> </tr> </table> </td> <td class="DarkGray"> <img src="http://www.ibisworld.com.au/common/newsletter/images/cp.gif" alt="" height="1" width="1" /> </td> </tr> </table> <table border="0" style="width: 354px" cellpadding="0" cellspacing="0"> <tr> <td style="width: 5px"> <img src="http://www.ibisworld.com.au/common/newsletter/images/TOCbottomleft.gif" alt="" /> </td> <td class="WhiteBottom"> <img src="http://www.ibisworld.com.au/common/newsletter/images/cp.gif" alt="" height="1" width="1" /> </td> <td style="width: 5px"> <img src="http://www.ibisworld.com.au/common/newsletter/images/TOCbottomright.gif" alt="" /> </td> </tr> </table> </td> </tr> </table> </td> <td valign="top"> <table cellpadding="0" cellspacing="0" border="0"> <tr> <td valign="top"> <img src="http://www.ibisworld.com.au/common/newsletter/images/audate.gif" alt="" /> </td> </tr> <tr> <td height="10" /> </tr> <tr> <td> <table border="0" style="width: 256px" cellpadding="0" cellspacing="0"> <tr> <td style="width: 5px"> <img src="http://www.ibisworld.com.au/common/newsletter/images/PinkTOCtopleft.gif" alt="" /> </td> <td class="WhiteTop" style="background-color: #DDCDC6;"> <img src="http://www.ibisworld.com.au/common/newsletter/images/cp.gif" alt="" height="1" width="1" /> </td> <td style="width: 5px"> <img src="http://www.ibisworld.com.au/common/newsletter/images/PinkTOCtopright.gif" alt="" /> </td> </tr> </table> <table border="0" style="background-color: #DDCDC6; width: 256px" cellpadding="0" cellspacing="0"> <tr> <td class="DarkGray"> <img src="http://www.ibisworld.com.au/common/newsletter/images/cp.gif" alt="" height="148" width="1" /> </td> <td height="161" width="308"> <p class="heading1" style="text-align: center;"> DID YOU KNOW?</p> <p class="textCenter"> At present, annual per capita consumption of pasta in Australia averages around 4 kg compared with 9 kg in the United States and 28.5 kg in Italy. </td> <td class="DarkGray"> <img src="http://www.ibisworld.com.au/common/newsletter/images/cp.gif" alt="" height="1" width="1" /> </td> </tr> </table> <table border="0" style="width: 256px" cellpadding="0" cellspacing="0"> <tr> <td style="width: 5px"> <img src="http://www.ibisworld.com.au/common/newsletter/images/PinkTOCbottomleft.gif" alt="" /> </td> <td class="WhiteBottom" style="background-color: #DDCDC6;"> <img src="http://www.ibisworld.com.au/common/newsletter/images/cp.gif" alt="" height="1" width="1" /> </td> <td style="width: 5px"> <img src="http://www.ibisworld.com.au/common/newsletter/images/PinkTOCbottomright.gif" alt="" /> </td> </tr> </table> </td> </tr> </table> </td> </tr> </table> </td> </tr> </table> <!-- end header--> <table cellpadding="0" cellspacing="0" border="0"> <!-- main content--> <!-- industry in focus article --> <!--<tr> <td> <a id="aIndustry" name="aFeature"></a> <p class="heading2"> <br /> Easter</p> <table border="0" cellpadding="0" cellspacing="0"> <tr> <td valign="top" width="620" align="left"> <p>You know its Easter when the sky greys and, helped by daylight savings, darkens earlier each night. You know it's close when fluffy bunnies and bright yellow chicks start to appear in the windows of high street shops. But most of all you know its Easter when you see brightly covered chocolate eggs and animals, and smell the freshly baked hot cross buns. With Easter now behind us, it is a good time to take a look at the confectionary manufacturing industry. </p> </td> </tr> </table> </td> --> <tr> <td> <a id="a4" name="aFeature"></a> <table border="0" cellpadding="0" cellspacing="0"> <tr> <td> <a id="a3" name="aFeature"></a> <p class="heading2"> <br /> In INDUSTRY: 2008  Market Crash? What Market Crash?</p> <table border="0" cellpadding="0" cellspacing="0"> <tr> <td valign="top" width="620" align="left"> <p>The Australian economy has been rocked of late by the dual events of a falling stockmarket and rising interest rates, which have reached the highest levels since 1996. While the outlook for the economy at large is positive for 2008, an inevitable slide is forecast as the effects of what increasingly looks to be a recession in the US, and a rising Chinese yuan, coupled with still increasing oil prices. And this has been reflected in one of the largest downward turns in ASX history. </p><p>But who will benefit from all this activity? First and foremost, when there is increased volatility on share markets, there is inevitably an increase in demand for consultancy and advisory services. As a result, the <a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=News&indid=1823">Investment Advice</a> industry is expected to grow by 10.5% in 2007-08, while the <a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=News&indid=530">Services to Finance and Investment</a> industry should expand by 6.5% at the same time. </p><p>The <a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=News&indid=1820">Securities Brokerage and Investment Banking</a> industry, which is expected to take a hit because of subprime investments, is still forecast to exhibit growth of 8% in 2007-08, which, while a marked drop from 15.3% in 2006-07, is still impressive growth in an industry which is supposed to be suffering the effects of the US real estate crisis. </p><p>In other sectors, the <a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=News&indid=1898">Debt Collection and Credit Agencies </a> industry is forecast to exhibit another year of strong growth, as banks chase up those who have defaulted on loans due to high interest rates, and companies attempt to reduce doubtful debts leading into less certain economic times. </p><p>Also, the real estate industries are expected to benefit, at least in the short term, as investors take their money out of an unreliable stock market and plunge into property, which has a reputation for solid, consistent growth. </p><p>Welfare industries, such as <a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=News&indid=630">Non Residential Care Services</a> are expected to benefit from increased government funding, as a falling share market and rising interest rates contribute to unemployment and a greater need for government assistance. </p><p>Also, if this downward trend in the markets continues, and US woes spread to Australia, expect to see a shift within retail industries away from high-value luxury goods and to lower cost products, as consumers stop buying Gucci loafers and settle for what they can afford without entering further into debt. </p> </td> </tr> <!-- <tr> <td> <p class="ReportSectionTitle"> <br /> Industry reports relating to this article are:</p> <table border="0"> <tr> <td width="30" align="center"> <img src="http://www.ibisworld.com.au/common/newsletter/images/documenticon.gif" alt="" /> </td> <td> <a href="http://www.ibisworld.com.au/redirect.aspx?partnerid=News&indid=626"> Child Care Services industry</a> </td></tr> </table> </td>--> </table> </td> </tr> <!--end industry in focus article --> <tr> <!-- company focus article --> <td> <a id="aFocus" name="aFocus"></a> <p class="heading2"> <br /> COMPANY Connect: A credit crisis </p> <table border="0" cellpadding="0" cellspacing="0"> <tr> <td valign="top" width="620"> <p>Shareholders of Central Properties Group (Centro), Australia's second largest owner of shopping centres, have seen the value of their investments plunge more than 90% since December 2007. Their nightmare began when Centro announced on 17 December that it had difficulties refinancing its debt as a result of tightened credit conditions following the sub-prime crisis in the US. The group also revised down its forecast operating distributable profit per security from 47.0 cents to 40.6 cents, and decided not to pay a distribution for the half year ending 31 December 2007 to free up extra cash. </p><p>Centro's aggressive use of leverage became a problem when the group rapidly expanded in the US by acquiring Heritage Property Investment Trust for $4.3 billion in July 2006. The problem was compounded by the $6.3 billion acquisition of New Plan Realty in April 2007. These deals have made Centro the largest owner of American property in Australia, at the expense of incurring billions of dollars in debt. When the credit crisis emerged from the US, Centro was unable to rollover its short-term commercial papers to finance its debts, placing the group on the verge of collapse. </p><p>As a result of this credit crisis, Glenn Rufrano, former CEO of Centro US, replaced Andrew Scott as CEO of the group. His first task as Centro's CEO was to assure the market as well as its panic-stricken investors that the group was in good shape but simply had too much debt. He ruled out the possibility of a fire sale of assets, and was confident that he would be able to persuade the company's banks to extend its February 15 repayment deadline on $3.9 billion of debt. The new boss also revealed that Centro had been trying to raise money through a sale of its stakes in the unlisted Centro Australia Wholesale Fund in Australia as well as the Centro America Fund. </p><p>With interest in 128 and 682 retail properties in Australia and the US respectively, Centro's underlying business remains strong. Its shopping centres continue to generate large amount of cash, but the global credit crisis means that the group s business model, which relies heavily on leverage to boost return, has become unsustainable. Therefore, Centro s problem is financial, not operational. At present, Centro has not revealed whether its bid to extend its February 15 repayment deadline has been successful. Unless the group can drastically reduce its debt, it will remain vulnerable to further credit crunches even if it successfully extends its repayment deadline.</p> </td> </tr> <tr> <!-- industry risl article --> <td> <table border="0" cellspacing="0" cellpadding="0"> <tr> <td> <p class="heading2"> GLOBAL TRENDS: China  Global Disappointment? </p> </td> </tr> <tr> <td valign="top" width="620"> <p>For all the talk going on over recent years regarding the staggering growth of the Chinese economy, and it's apparent imperviousness to the economic follies of other major nations, could it be that there are cracks appearing in the golden façade of Chinese growing global dominance? </p><p>IBISWorld research has discovered a number of industries in China which defy the trend of extraordinary growth. While the <a href="http://www.ibisworld.com.cn/redirect.aspx?partnerid=News&indid=159">Bottled and Canned Water Manufacturing</a> industry is expected to more than double in size in 2008, to US$10.5 billion, the <a href="http://www.ibisworld.com.cn/redirect.aspx?partnerid=News&indid=163">Tea Manufacturing</a> industry is resigned to a paltry 8.5% growth for the same period, causing serious concern to Chinese tea drinkers, as such a clearly established industry struggles to match the growth rates of newer industries. </p><p>While the Mobile <a href="http://www.ibisworld.com.cn/redirect.aspx?partnerid=News&indid=639">Communications and Terminal Equipment Manufacturing</a> industry expands by more than 60% to US$131.9 billion, the <a href="http://www.ibisworld.com.cn/redirect.aspx?partnerid=News&indid=802">Wired Telecommunication Services</a> industry will stagnate, with forecast growth of only 5.5% in 2008, as China adopts new, mobile communications technology, rendering such outdated functions as land lines obsolete. </p><p>As Chinese citizens' wages increase each year, and the country shifts away from bicycles and motorbikes towards larger, more opulent cars, the <a href="http://www.ibisworld.com.cn/redirect.aspx?partnerid=News&indid=578">Motorcycle Manufacturing</a> industry is bracing itself for a tough year ahead, with growth of a mere 12%, reaching revenue of US$12.5 billion. Meanwhile, <a href="http://www.ibisworld.com.cn/redirect.aspx?partnerid=News&indid=571">Car Manufacturers</a> are managing to struggle along at 20% per year, reaching a forecast US$161.6 billion in 2008. </p><p>So for all the talk of an impending US recession, failing share markets around the world, a US housing market on the brink of collapse and rising interest rates on the home front, spare a thought for the poor Chinese industries, battling to make their way in a struggling business environment. </p> </td> </tr> </table> </td> </tr> </table> </tr> <!--end industry focus article --> <tr> <!-- industry risl article --> <td> <table border="0" cellspacing="0" cellpadding="0"> <tr> <td> <a id="a5" name="aRisk" class=""></a> <p class="heading2"> <br /> Industry Risk: Love is in the Air  Valentine's Day 2008 </p> </td> </tr> <tr> <td valign="top" width="620"> <br /> <p>Forgetful partners everywhere dread three days of the year more than any others: birthdays, anniversaries and Valentine's Day. The latter of these is at hand, and expected spending for this event is expected to include such typical purchases as flowers and romantic dinners. </p><p>One industry impacted by this occasion is the Flower Retailing industry (426), in which risk is forecast to rise from a MEDIUM-LOW this year to MEDIUM-HIGH level over the 2008-09 financial year. Though poor rainfall is naturally a source of risk in this industry, but the main contributor to this risk rating is a forecast slowdown in real household disposable income growth relative to the previous year, along with less-favourable consumer sentiment. IBISWorld predicts that revenue for this industry will expand at a rate of 2% for the year. </p><p>For those taking their loved one to Cafes and Restaurants (1814), that industry is forecast to see a similar rise in risk, from MEDIUM-LOW to MEDIUM, with disposable income again the main contributing factor, with the amount Australians spend eating out over 2008-09 growing at a slower rate as a consequence. IBISWorld forecasts that this industry's revenue will grow at a rate of 3.3% for the outlook year. </p><p>Below is an outline of the historical and forecast risk score for the above mentioned industries. These can be compared to the overall risk in the Australian economy. </p> <table border="0" cellpadding="0" cellspacing="0" class="tbl"> <tr> <td width="" class="tbcDarkGreen"> <strong>Industry Name</strong> </td> <td width="" class="tbcLightGreen"> <strong>2004</strong> </td> <td width="" class="tbcLightGreen"> <strong>2005</strong> </td> <td width="" class="tbcLightGreen"> <strong>2006</strong> </td> <td width="" class="tbcLightGreen"> <strong>2007</strong> </td> <td width="" class="tbcLightGreen"> <strong>2008</strong> </td> <td width="" class="tbcLightGreen"> <strong>2009</strong> </td> </tr> <tr> <td class="tbcMidGreen-leftalign"> <strong>Flower Retailing</strong> </td> <td class="tbcWhiteLeftAlign"> 4.73 </td> <td class="tbcWhiteLeftAlign"> 4.94 </td> <td class="tbcWhiteLeftAlign"> 5.68 </td> <td class="tbcWhiteLeftAlign"> 5.69 </td> <td class="tbcWhiteLeftAlign"> 4.62 </td> <td class="tbcWhiteLeftAlign"> 5.77 </td> </tr> <tr> <td class="tbcMidGreen-leftalign"> <strong>Cafes and Restaurants</strong> </td> <td class="tbcWhiteLeftAlign"> 4.15 </td> <td class="tbcWhiteLeftAlign"> 5.26 </td> <td class="tbcWhiteLeftAlign"> 5.40 </td> <td class="tbcWhiteLeftAlign"> 5.12 </td> <td class="tbcWhiteLeftAlign"> 4.10 </td> <td class="tbcWhiteLeftAlign"> 5.24 </td> </tr> <tr> <td class="tbcMidGreen-leftalign"> <strong>Australian Economy</strong> </td> <td class="tbcWhiteLeftAlign"> 4.76 </td> <td class="tbcWhiteLeftAlign"> 4.75 </td> <td class="tbcWhiteLeftAlign"> 4.79 </td> <td class="tbcWhiteLeftAlign"> 4.60 </td> <td class="tbcWhiteLeftAlign"> 4.74 </td> <td class="tbcWhiteLeftAlign"> 4.79 </td> </tr> </table> </td> </tr> </table> <p class="ReportSectionTitle"> Industry reports relating to this article are:</p> <table border="0"> <tr> <td width="30" align="center"> <img src="http://www.ibisworld.com.au/common/newsletter/images/documenticon.gif" alt="" /> </td> <td> <a href="http://www.ibisworld.com.cn/redirect.aspx?partnerid=News&indid=1814">Cafes and Restaurants</a>. </td> </tr> <tr> <td width="30" align="center"> <img src="http://www.ibisworld.com.au/common/newsletter/images/documenticon.gif" alt="" /> </td> <td> <a href="http://www.ibisworld.com.cn/redirect.aspx?partnerid=News&indid=426">Flower Retailing</a> </td> </tr> </table> </td> </tr> </table> </tr> <!-- end industry risk article --> <!--end industry focus article --> <tr> <!-- economics article --> <td> <a id="aEconomic" name="aEconomic" class=""></a> <table border="0" cellpadding="0" cellspacing="0" width="620"> <tr> <td> <br /> <p align="left" class="heading2"> Economic Scoreboard</p> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" width="620"> <tr> <td colspan="3" style="padding: 3px;" align="left" width="620"> <table class="tbl"> <tr> <td class="tbcDarkGreen"> </td> <td class="tbcLightGreen-NoAlign"> <b>Date</b> </td> <td class="tbcLightGreen-NoAlign"> <b>Score</b> </td> </tr> <tr> <td class="tbcMidGreen"> <a href="http://www.ibisworld.com.au/bed/retail.aspx?bedtid=360&bedpid=2434&bedid=362&chid=1"> GDP (seas. adj.)</a> </td> <td class="tbcWhite"> Sept qtr 07(annual) </td> <td class="tbcWhite"> 4.30% </td> </tr> <tr> <td class="tbcMidGreen"> <a href="http://www.ibisworld.com.au/bed/retail.aspx?bedtid=360&bedpid=382&bedid=383&chid=1"> Consumer Price Index</a> </td> <td class="tbcWhite"> Dec qtr 07 (annual) </td> <td class="tbcWhite"> 3% </td> </tr> <tr> <td class="tbcMidGreen"> <a href="http://www.ibisworld.com.au/bed/retail.aspx?bedtid=451&bedpid=2766&bedid=158&chid=1"> Unemployment (seas. adj.)</a> </td> <td class="tbcWhite"> Dec 2007 </td> <td class="tbcWhite"> 4.3% </td> </tr> <tr> <td class="tbcMidGreen"> <a href="http://www.ibisworld.com.au/bed/retail.aspx?bedtid=360&bedpid=2582&bedid=2598&chid=1"> Total Dwelling Units Commenced</a> </td> <td class="tbcWhite"> Sept qtr 2007 </td> <td class="tbcWhite"> -0.80% </td> </tr> <tr> <td class="tbcMidGreen"> <a href="http://www.ibisworld.com.au/bed/retail.aspx?bedtid=360&bedpid=2584&bedid=2610&chid=1"> Cash Rate Target</a> </td> <td class="tbcWhite"> Feb 2007 </td> <td class="tbcWhite">