Australia is facing the prospect of rising balance of payments problems if forecasts for our vital commodity exports from the key government forecaster are anywhere near right.

The NAB, Commonwealth and Westpac are expected to go ahead with dividend cuts after ratings agency Moody’s Investors Service downgraded the ratings outlook for ANZ Bank, the Commonwealth Bank and Westpac yesterday.

Businesses felt the brunt of the global recession in the final three months of 2008 as profits sank at their fastest pace since June 2003.

GPT, Crown and OZ Minerals produced big losses Friday.

Gold has been about the best performing investment this year.