australian economy down turn

[trevorpayne]

Just read this post regarding the Australian economy saying its biigest contraction in 20 years.

http://online.wsj.com/article/SB10001424052702303745304576356570693196658.html

[HEAPS GOOD !!!]

Well i lost my job last week...another guy lost his today....look like we could be going into a bit of a ricky ride for 12 months or so.....

 

HG

[Pesty650]

The federal and state governments seem to be doing their best to put Australia into a recession.

[Anne B]

Despite the mining boom, many parts of the economy are on the downturn - housing, exports, tourism, retail sales.

 

One problem is the high dollar, making Australian goods more expensive to overseas markets, another is the fact that Australia has the 2nd highest private debt levels in the world (behind the Netherlands). People have big mortgages, interest rates are high, there is a fear of more interest rate rises and future taxes, utility bills are getting higher and higher. Inevitably people aren't spending so much in the shops and retailers are suffering.

 

Australia has done well over the last few years compared to the rest of the world so it isn't unreasonable to expect things to get worse, as economic prosperity tends to run in cycles. Many of the government's stimulus packages to stave off the GFC have probably only delayed the inevitable.

 

However, it should be pointed out that in comparison with other countries like Greece, Ireland, Spain, and to a lesser extent the UK and USA, Australia is doing pretty well. Unfortunately Australians tend to be complacent about how well they are doing so reality might just bite them in the butt!

[Guest guest4504]

Despite the mining boom, many parts of the economy are on the downturn - housing, exports, tourism, retail sales.

 

One problem is the high dollar, making Australian goods more expensive to overseas markets, another is the fact that Australia has the 2nd highest private debt levels in the world (behind the Netherlands). People have big mortgages, interest rates are high, there is a fear of more interest rate rises and future taxes, utility bills are getting higher and higher. Inevitably people aren't spending so much in the shops and retailers are suffering.

 

Australia has done well over the last few years compared to the rest of the world so it isn't unreasonable to expect things to get worse, as economic prosperity tends to run in cycles. Many of the government's stimulus packages to stave off the GFC have probably only delayed the inevitable.

 

However, it should be pointed out that in comparison with other countries like Greece, Ireland, Spain, and to a lesser extent the UK and USA, Australia is doing pretty well. Unfortunately Australians tend to be complacent about how well they are doing so reality might just bite them in the butt!

 

Probably the best summary I have read on a forum regarding the economy .

[trevorpayne]

It seems the pounds gaining some strength as its gained nearly 5 cents in the last 2 weeks. Its hard to know what to wish for, a strong pound will mean a downturn in Australia.

[minty]

It seems the pounds gaining some strength as its gained nearly 5 cents in the last 2 weeks. Its hard to know what to wish for, a strong pound will mean a downturn in Australia.

 

Catch 22 situation but good for when we transfer our £ to $ when we go over

[trevorpayne]

I think I will hang on for at least 6 month to see how things pan out

before we transfer the bulk of our funds.

It would be nice to go back to $2 to the £ but this maybe just wishful thinking.

[minty]

I think we will see 1.7 - 1.8 by the end of the year.

Will hold the bulk of mine back to untill later.

[trevorpayne]

which area are you settling in we are hoping for Noarlunga.

[minty]

which area are you settling in we are hoping for Noarlunga.

 

 

Down South,

Somewhere between Noarlunga and Aldinga Beech.

[trevorpayne]

Hopefully catch you over there I think you are over before we are.

Fly out from Manchester with Singapore airlines on the 4th of Sept arrive on the 6th my 40th on the 7th happy days.

[minty]

Hopefully catch you over there I think you are over before we are.

Fly out from Manchester with Singapore airlines on the 4th of Sept arrive on the 6th my 40th on the 7th happy days.

 

Nice birthday present.

Weve not booked tickets yet, will do the day we exchange on the house.

Have to give 28 days notice with work aswell.

If sale goes through OK though we should be out about the same time.