I was made redundant on 11th Nov 2011 after 34 years with the same company. Looks like anyone over 50 is going to find it tough in Australian workforce; sad but true. On the positive, I am clear of stress and have lost 15 kg and look 10 years younger since leaving the workforce. Yes, financialy it is tough but my payout was good and I am elligible to some super this year. I was going to do my own IT/computer repair and support business but at my age (54) I have lost the hunger and drive and am more happy to spend quality time with the family and kids.

Pinoffski is right in what he says and I also saw it coming particularly over the past 5 years. The final nail in the Australian business coffin was the carbon tax. Here is a link to an article which quotes some morbid numbers from ASIC in 2012:

The Australian Securities & Investments Commission reports there were 10,632 company collapses for the 12 months to March 1 - averaging 886 a month - with the number of firms being placed in administration more than 12 per cent higher than during the global financial crisis.

http://www.dailytelegraph.com.au/business/companies/australian-securities-investments-commission-reports-record-company-closures-many-blame-carbon-tax/story-fndfr3g3-1226599283585