The state of the economy at the street level

[investtrader]

And the new star casino in brisbane looks like it's about to go bust

I've been to the new casino and it is pretty average. Not impressed with the whole Queen's Wharf precinct really, although a fair bit wasn't open. It's big and cost a lot but the whole vibe wasn't good. The outlook thing on the top is nice, but can't get a seat usually or it is booked for private functions. Try going to Howard Smith Wharf's on a weekend - can't get near the place

 

[over9k]

Not impressed with the whole Queen's Wharf precinct really, although a fair bit wasn't open

After having lived there, I can see why people call brisbane "brisvegas" in jest. It's just so unremarkable in every way. I mean there's nothing wrong with it, but there's nothing noteworthy either.

The most forgettable city I've ever been to.

 

[over9k]

Retail's been in structural decline ever since the internet was invented. But at the moment it's a seasonality thing on account of summer being when people spend their money doing things.

Just to expand on this, anyone getting promo's in their email inboxes about all sorts of sales? Companies trying to keep some kind of turnover in the post-christmas slump.

 

[wayneL]

After having lived there, I can see why people call brisbane "brisvegas" in jest. It's just so unremarkable in every way. I mean there's nothing wrong with it, but there's nothing noteworthy either.

The most forgettable city I've ever been to.

You haven't been to Perth, have you?

 

[divs4ever]

After having lived there, I can see why people call brisbane "brisvegas" in jest. It's just so unremarkable in every way. I mean there's nothing wrong with it, but there's nothing noteworthy either.

The most forgettable city I've ever been to.

having grown up in Brisbane calling it jest , might be rather generous , derision comes to my mind ,

mind you i did wander through some very seedy parts regularly for about 40 years ,

the most forgettable ? Bruges ( in Belgium ) ticks that box for me

 

[over9k]

You haven't been to Perth, have you?

Nah perth's way better. Brisbane's too far inland to even really have accessible beaches. Not to mention the trek up/down the coast is so much more noteworthy in perth. With brisbane you either head down to the gold coast (which is memorable but for all the wrong reasons) or up to the sunshine coast (where every person you see is a retiree) and that's it. North of the sunshine coast is a wasteland and south of the gold coast gets you to byron bay (bong head central).

Otherwise you head inland to toowoomba and omfg, what a hole...

But with perth, the entire coastline (north or south) is absolutely gorgeous and the beaches are right on the cbd's doorstep. The nightlife leaves a bit to be desired (not least of all because all the young people are out working FIFO) but that's really only on par with brisbane so it doesn't lose any points (relatively speaking) there.

 

[farmerge]

Nah perth's way better. Brisbane's too far inland to even really have accessible beaches. Not to mention the trek up/down the coast is so much more noteworthy in perth. With brisbane you either head down to the gold coast (which is memorable but for all the wrong reasons) or up to the sunshine coast (where every person you see is a retiree) and that's it. North of the sunshine coast is a wasteland and south of the gold coast gets you to byron bay (bong head central).

Otherwise you head inland to toowoomba and omfg, what a hole...

But with perth, the entire coastline (north or south) is absolutely gorgeous and the beaches are right on the cbd's doorstep. The nightlife leaves a bit to be desired (not least of all because all the young people are out working FIFO) but that's really only on par with brisbane so it doesn't lose any points (relatively speaking) there.

There is a self-promotional ad on Ch 7 regularly, "The best Channel in the World Ever",
To Me and She Who is Never Wrong "Perth is the Best Place in the World Ever".
Everyone has their likes and dislikes, ours is anything East of the WA/SA Border.
When it comes to that lot over there we don't exist.

 

[over9k]

There is a self-promotional ad on Ch 7 regularly, "The best Channel in the World Ever",
To Me and She Who is Never Wrong "Perth is the Best Place in the World Ever".
Everyone has their likes and dislikes, ours is anything East of the WA/SA Border.
When it comes to that lot over there we don't exist.

Eh there's some good/memorable places on the east coast, brisbane just isn't one of them.

 

[farmerge]

Eh there's some good/memorable places on the east coast, brisbane just isn't one of them.

@over9k Many years ago we spent some time in Qld and Brisvages didn't impress one little bit.
Wasn't that wrapped in the Gold or Sunshine Coast areas ether.

 

[divs4ever]

@over9k Many years ago we spent some time in Qld and Brisvages didn't impress one little bit.
Wasn't that wrapped in the Gold or Sunshine Coast areas ether.

have never been overly impressed with the Gold Coast , and my father resisted buying a block of land on the North Coast for 50 pounds ( circa 1965 ) they call that place now Coolum Beach )

more of a bush-land ( and/or well above sea level ) person myself

and i can't leave Sydney soon enough when i have to go there

 

[TimeISmoney]

have never been overly impressed with the Gold Coast , and my father resisted buying a block of land on the North Coast for 50 pounds ( circa 1965 ) they call that place now Coolum Beach )

more of a bush-land ( and/or well above sea level ) person myself

and i can't leave Sydney soon enough when i have to go there

Certain areas of the Gold Coast are OK for 1 day visits, I don't think I would like to live there though. It's full of crime and flogs.

My father bought a farm in the Tweed Heads area in the early 60s, the govt forced him to sell because they said they were going to put a road through the centre of his block, but instead developed the land for houses.

Other relatives bought a block on the oceanfront at Southport at the end of where Smith Street is now. The council later purchased the land after it was zoned for a park, it sat vacant for 20 years and then they rezoned it to build highrises on it.

 

[divs4ever]

Certain areas of the Gold Coast are OK for 1 day visits, I don't think I would like to live there though. It's full of crime and flogs.

My father bought a farm in the Tweed Heads area in the early 60s, the govt forced him to sell because they said they were going to put a road through the centre of his block, but instead developed the land for houses.

Other relatives bought a block on the oceanfront at Southport at the end of where Smith Street is now. The council later purchased the land after it was zoned for a park, it sat vacant for 20 years and then they rezoned it to build highrises on it.

i used to have ( distant ) relatives that lived in Southport and Coolangatta in the 1950s/1980s , i assume they have all passed away , now

and a distant relative ( by marriage ) used to own a paddock now called Hope Island

lots of shonky stuff happened even way back then .. i used to call it ( the whole Gold Coast ) Sin City

 

[over9k]

https://www.bloomberg.com/news/arti...alian-retirees-aren-t-spending-their-pensions

Yep, noticed this with the parents and their friends - they've started fretting about money despite having squillions in the bank.

Not sure how generational it is or an age thing or flashbacks to the "recession we had to have" or a combination of all three.

 

[divs4ever]

https://www.bloomberg.com/news/arti...alian-retirees-aren-t-spending-their-pensions

Yep, noticed this with the parents and their friends - they've started fretting about money despite having squillions in the bank.

Not sure how generational it is or an age thing or flashbacks to the "recession we had to have" or a combination of all three.

depending on their heritage , they may have family memories of hyper-inflation where squillions turn into dollars in weeks

( and the possibility the banks fail or freeze assets )

AND many self-made millionaires got there by being very careful with their money/expenses

hence why you see so many 'rock-stars/sports legends now near bankruptcy ( because the managers/agents handled all the 'financial stuff ' )

ALSO given the Federal Government's ( not just one party ) habits of shifting the goal-posts on pensions and super payouts , i would consider planning for no pension/super payout rather prudent ( just in case )

if generational implies education and a knowledge of history and economics .. YEP it is a generational thing ( 'cos we don't give a damn about pronouns )

 

[qldfrog]

https://www.bloomberg.com/news/arti...alian-retirees-aren-t-spending-their-pensions

Yep, noticed this with the parents and their friends - they've started fretting about money despite having squillions in the bank.

Not sure how generational it is or an age thing or flashbacks to the "recession we had to have" or a combination of all three.

No increase of income vs increase of expenses and uncertainty: you tighten.
If you do not as a habit, you are broke by the time you retired
Inflation is still double digit for us this year
Petrol, insurance premiums ( medical, car, home), rates and fee/taxes, entertainment ( cafe, restaurant, travels)
And the above capture 90% of our expenses: we are roughly self-sufficient food, utilities.. so yes far more careful than when working
Plus RE going down/ not increasing.so less of the feeling of being a Rockefeller
Add the sxxt governments and their economic impact everyone but blind Freddy can see...

 

[divs4ever]

No increase of income vs increase of expenses and uncertainty: you tighten.
If you do not as a habit, you are broke by the time you retired
Inflation is still double digit for us this year
Petrol, insurance premiums ( medical, car, home), rates and fee/taxes, entertainment ( cafe, restaurant, travels)
And the above capture 90% of our expenses: we are roughly self-sufficient food, utilities.. so yes far more careful than when working
Plus RE going down/ not increasing.so less of the feeling of being a Rockefeller
Add the sxxt governments and their economic impact everyone but blind Freddy can see...

none so blind , as those who do not want to see ( an old proverb )

but yes , i had to consider such stuff when deciding to create my ' instant ( well ten year target ) retirement fund

assuming the pension will stop/shrink ( as a worst case scenario ) i had to factor in resisting inflation/rising expenses

i realized i could NOT be complacent after inheriting $? million leave it in a term deposit ( well a sequence of term deposits/bonds ) and live of that income .. for the rest of my life

and that is WITHOUT additional Government meddling in my financial affairs ( like simply adjusting official RBA interest rates and/or taxes .. direct and indirect )

but let's focus on equality while we all go equally broke ( well all except the very entitled )

 

[Bellcose]

https://www.bloomberg.com/news/arti...alian-retirees-aren-t-spending-their-pensions

Yep, noticed this with the parents and their friends - they've started fretting about money despite having squillions in the bank.

Not sure how generational it is or an age thing or flashbacks to the "recession we had to have" or a combination of all three.

Suggest they stop reading media headlines. They'll be better for it.

Oi Bellcose you only spent $120 this week. You could have spent $480, so why didn't you?

None of your effing business.

 

[over9k]

Pie, despite the rant being political, actually doing a pretty good job of describing the state of things at the coal face.

 

[Dona Ferentes]

Oceania Glass has collapsed into administration, less than a year after dumping complaint​

Australia’s only maker of architectural glass, Oceania Glass, has been placed in administration with 260 jobs on the line less than a year after warning China was dumping cheap products here.
.
Australia’s largest glass maker and only maker of architectural glass, Oceania Glass, has been placed in administration less than a year after successfully arguing China and Thailand were dumping cheap glass into the Australian market.

Grant Thornton’s Lisa Gibb, Said Jahani and Matt Byrnes have been installed as administrators of the Dandenong-based company and will continue to run it while they assess the state of the business.

A current debt position has not been released by the administrators, however the company’s most recent annual report, for the year ended March 31, 2024, indicates at that time it had borrowings of $48.7m and overall liabilities of $118.8.m.

The company turned over $181.7m in that financial year, down from $207.9m, and employed 259 people.
Oceania lost $1.2m in that year, compared with a profit of $6.3m the previous year. The company is owned by private equity investors Crescent Capital Partners.

Oceania specialises in float glass, coated glass and laminated glass, and has distribution centres across Australia.

 

[farmerge]

View attachment 192568

Oceania Glass has collapsed into administration, less than a year after dumping complaint​

Australia’s only maker of architectural glass, Oceania Glass, has been placed in administration with 260 jobs on the line less than a year after warning China was dumping cheap products here.
.
Australia’s largest glass maker and only maker of architectural glass, Oceania Glass, has been placed in administration less than a year after successfully arguing China and Thailand were dumping cheap glass into the Australian market.

Grant Thornton’s Lisa Gibb, Said Jahani and Matt Byrnes have been installed as administrators of the Dandenong-based company and will continue to run it while they assess the state of the business.

A current debt position has not been released by the administrators, however the company’s most recent annual report, for the year ended March 31, 2024, indicates at that time it had borrowings of $48.7m and overall liabilities of $118.8.m.

The company turned over $181.7m in that financial year, down from $207.9m, and employed 259 people.
Oceania lost $1.2m in that year, compared with a profit of $6.3m the previous year. The company is owned by private equity investors Crescent Capital Partners.

Oceania specialises in float glass, coated glass and laminated glass, and has distribution centres across Australia.

@Dona Ferentes So will this mean in the future for substandard product from China????