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Updated figure, it will keep climbing for sure. when are we getting to 10,000?
The RBA is setting a how higher number than me, 100,000 that is high.
Interesting enough we only know about the big job losses on the newspapers, I am managed to gather about 7000 in just 2 weeks, so this could mean that the number could be even double in real terms.
Where is Swan BTW, I am sure the petrol, groceries, workplace, environmental watch dogs are working really hard
? I bet Labor next move is an anti-job losses watch dog!WBII
Resource sector only employ 3-7% of the work force so proabbly not
It's not just about direct employment numbers but also indirect employment related to the sector, plus more importantly the money flows. All the money coming in has to go somewhere, and that provides a SIGNIFICANT stimulatory effect to the economy at current terms of trade levels.
Beej
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and the fat lady now walks onto the stage ?
Fears are growing that the commodities boom is ending
as investors who have fled the oil market desert gold, copper and other metals.
Oil prices have slumped 23% in four weeks, while gold and copper have fallen by similar amounts and last week lead plunged 15%.
The falls follow a fundamental shift in financial flows as investors prepare for a global slowdown, News Ltd reports.
"The speed and weight of money behind this move has been quite breathtaking," ANZ foreign exchange strategist Tony Morriss said.
"Commodity booms end ugly, they always do, and there has never been an exception," Access Economics director Chris Richardson told the newspaper.
http://smallbusiness.theage.com.au/growing/finance/fear-over-resources-boom-907256442.html
Fears are growing that the commodities boom is ending
as investors who have fled the oil market desert gold, copper and other metals.
Oil prices have slumped 23% in four weeks, while gold and copper have fallen by similar amounts and last week lead plunged 15%.
The falls follow a fundamental shift in financial flows as investors prepare for a global slowdown, News Ltd reports.
"The speed and weight of money behind this move has been quite breathtaking," ANZ foreign exchange strategist Tony Morriss said.
"Commodity booms end ugly, they always do, and there has never been an exception," Access Economics director Chris Richardson told the newspaper.
http://smallbusiness.theage.com.au/growing/finance/fear-over-resources-boom-907256442.html
It's coming alright.. even if it's just self-perpetuating. Ford taking no chances.
Perilya sacking 450 staff (mining boom eh..going, going...). Cadbury's Tasmania laying off 330 by 2010.
This is early 90's stuff from what I remember, article after article of job layoffs and cutbacks.
Perilya sacking 450 staff (mining boom eh..going, going...). Cadbury's Tasmania laying off 330 by 2010.
This is early 90's stuff from what I remember, article after article of job layoffs and cutbacks.
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Not to mention Babcock & Brown
BABCOCK & Brown is to cut a quarter of its 1600 staff, slash its $3.7 billion of debt in half and abandon its flamboyant style of deal making in a desperate effort to persuade investors it has a sharemarket future.
Its share price has plummeted more than 90 per cent in less than a year. The result has been a culling of its sharemarket capitalisation from an all-time high of more than $11 billion to just $740 million as of yesterday.
In a damning self-indictment of the group's fall from grace, the newly-appointed B&B chairman, Elizabeth Nosworthy, yesterday admitted that the specialist fund and asset manager's aggressive approach to doing business was over and that it had to undergo radical change to survive
http://business.smh.com.au/business/jobs-axed-in-babcock-rescue-plan-20080821-3zkf.html
BABCOCK & Brown is to cut a quarter of its 1600 staff, slash its $3.7 billion of debt in half and abandon its flamboyant style of deal making in a desperate effort to persuade investors it has a sharemarket future.
Its share price has plummeted more than 90 per cent in less than a year. The result has been a culling of its sharemarket capitalisation from an all-time high of more than $11 billion to just $740 million as of yesterday.
In a damning self-indictment of the group's fall from grace, the newly-appointed B&B chairman, Elizabeth Nosworthy, yesterday admitted that the specialist fund and asset manager's aggressive approach to doing business was over and that it had to undergo radical change to survive
http://business.smh.com.au/business/jobs-axed-in-babcock-rescue-plan-20080821-3zkf.html
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Yep, sounds VERY like the days immediately before a recession is widely acknowledged.
As for Cadbury, that's a farily significant one locally. For as long as anyone can remember, a job there has always been regarded as absolutely "safe" and I've never heard anyone say it's anything other than a good place to work.
wayneL
'Abba Shboq Lhon'
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Well the Ministry for Creative Statistics have managed to massage out a 0% GDP growth for the UK. This leaves us on the street level a bit bemused as at least 5% high street shops have whitewashed windows. At least they didn't try a positive number on us. LOL
The High street is still full of people, but when you talk to the shopkeepers, nobody is buying and they're hurting like hell.
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/08/22/bcngdp122.xml
The High street is still full of people, but when you talk to the shopkeepers, nobody is buying and they're hurting like hell.
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/08/22/bcngdp122.xml
Julia
In Memoriam
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Well, I'd put zero store by anything Ms Nosworthy says. She has been associated with more failed companies than any other company director I can think of. And BNB elevate her to Chairman, fergawdsake!
She seems to have a tenuous grasp on the public perception.
She is Chair of the SE Qld Water Commission and for the last two or more years has been exhorting Queenslanders to cut their water useage.
Only bucket watering of gardens has been allowed etc etc.
Then a few months ago the Sunday Mail featured a full page photograph of Ms Nosworthy's elegant home, showing the building of an enormous swimming pool!
Yep, do as I say, not as I do
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Another one. Boeing to cut 500 jobs in Melbourne. http://www.abc.net.au/news/stories/2008/08/23/2344440.htm
It's becoming a consistent pattern. Businesses aren't necessarily going broke (though some are in trouble) but they're looking for any way they can find to cut costs. Cadbury, Boeing and the others - all looking for some way to boost the bottom line now that simple economic growth isn't doing the job for them.
Another example is Nyrstar. Whilst they're not closing or reducing staff as such, the possible transfer of zinc production from Port Pirie to Hobart is just another example of seeking to cut costs.
Surely Joe Avearge is going to start noticing the big job loss announcements sooner or later. And when they do, just watch those wallets stay firmly shut, leading to another wave of job losses in retail, transport and so on.
In my opinion the recession train has left the station, is rolling backwards downhill and has no driver on board. The end result has been inevitable since the driver stepped off without applying the brake. It's too late to do anything now other than get yourself out of the way and think about how to clean up the mess that's about to happen at the bottom of the hill.
It's becoming a consistent pattern. Businesses aren't necessarily going broke (though some are in trouble) but they're looking for any way they can find to cut costs. Cadbury, Boeing and the others - all looking for some way to boost the bottom line now that simple economic growth isn't doing the job for them.
Another example is Nyrstar. Whilst they're not closing or reducing staff as such, the possible transfer of zinc production from Port Pirie to Hobart is just another example of seeking to cut costs.
Surely Joe Avearge is going to start noticing the big job loss announcements sooner or later. And when they do, just watch those wallets stay firmly shut, leading to another wave of job losses in retail, transport and so on.
In my opinion the recession train has left the station, is rolling backwards downhill and has no driver on board. The end result has been inevitable since the driver stepped off without applying the brake. It's too late to do anything now other than get yourself out of the way and think about how to clean up the mess that's about to happen at the bottom of the hill.
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Definition of Recession is a period of general economic decline, part of the usual business cycle.
The one that got called "the one we had to have" was unfortunately named as economies have always needed recessions to remain healthy.
A bit like a fire in the bush, a few trees/animals may perish but the new life generated more than compensates.
The weak will perish and strong survive
Losing manufacturing jobs will become more commonplace in this new global society, we just can't compete with someone that works for $100 or less per week.
The same people that will make our manufacturing industry obsolete spend billions buying our commodities so we should 't complain just learn how to drive a dumpy or work in the service industries.
My thoughts are with those who have or will lose their jobs , it happened to me, and it sucks.
However I have found a new life out West and the pieces are falling slowly into place.
Beware the power of the media also
Sorry to sound so melodramatic,
The one that got called "the one we had to have" was unfortunately named as economies have always needed recessions to remain healthy.
A bit like a fire in the bush, a few trees/animals may perish but the new life generated more than compensates.
The weak will perish and strong survive
Losing manufacturing jobs will become more commonplace in this new global society, we just can't compete with someone that works for $100 or less per week.
The same people that will make our manufacturing industry obsolete spend billions buying our commodities so we should 't complain just learn how to drive a dumpy or work in the service industries.
My thoughts are with those who have or will lose their jobs , it happened to me, and it sucks.
However I have found a new life out West and the pieces are falling slowly into place.
Beware the power of the media also
Sorry to sound so melodramatic,
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The USA has been in a recession since early this year. As with Australia, we're not in recession yet but in a slowdown
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Re The transport industry is the Canary in the Coal mine !
After ditching 380 contractors Kenworth are now laying off full time staff
Kenworth Trucks has announced it will cut 80 manufacturing staff from its Melbourne factory in a further blow to Australia's automotive industry.
The announcement comes just days after Ford Australia said it would cut up to 350 jobs, or 15 per cent of its Australian manufacturing workforce, by November because of slow large-car sales.
The cuts at Kenworth Trucks will be made from September 5, management told the 1,100 staff at its Bayswater factory in Melbourne's outer east
Australian Manufacturing Workers Union shop steward at Kenworth Les Takacs said the job losses would cut production from 23 trucks a day to eight.
The company had cut 380 contractors since last year, he said.
http://news.theage.com.au/national/kenworth-trucks-to-cut-80-jobs-20080826-429h.html
After ditching 380 contractors Kenworth are now laying off full time staff
Kenworth Trucks has announced it will cut 80 manufacturing staff from its Melbourne factory in a further blow to Australia's automotive industry.
The announcement comes just days after Ford Australia said it would cut up to 350 jobs, or 15 per cent of its Australian manufacturing workforce, by November because of slow large-car sales.
The cuts at Kenworth Trucks will be made from September 5, management told the 1,100 staff at its Bayswater factory in Melbourne's outer east
Australian Manufacturing Workers Union shop steward at Kenworth Les Takacs said the job losses would cut production from 23 trucks a day to eight.
The company had cut 380 contractors since last year, he said.
http://news.theage.com.au/national/kenworth-trucks-to-cut-80-jobs-20080826-429h.html
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FINANCE Minister Lindsay Tanner is right to tell people not to panic over major job losses, but people need more than reassurance.
While Mr Tanner points to an economy "in reasonably good shape", this will do little to calm down workers who have lost their jobs.
The aircraft industry has also suffered heavy job losses with Qantas announcing it will slash 1500 jobs and possibly another 1200. Boeing will cut 300 jobs at its Melbourne components plant.
The Rudd Government needs to quickly focus on retraining and building confidence in a workforce becoming increasingly nervous about job prospects.
http://www.news.com.au/heraldsun/story/0,21985,24241369-24218,00.html
While Mr Tanner points to an economy "in reasonably good shape", this will do little to calm down workers who have lost their jobs.
The aircraft industry has also suffered heavy job losses with Qantas announcing it will slash 1500 jobs and possibly another 1200. Boeing will cut 300 jobs at its Melbourne components plant.
The Rudd Government needs to quickly focus on retraining and building confidence in a workforce becoming increasingly nervous about job prospects.
http://www.news.com.au/heraldsun/story/0,21985,24241369-24218,00.html
ghotib
THIMKER
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Enough of these global averages and national medians. Try this hypothetical situation:
Location: Sydney inner west
Property: 490 sq m; freestanding house approx 90 years old; original features, solid condition; 2.5 bedrooms; 1.5 bathrooms; 2 living areas; 1-car garage; driveway shared with one neighbour (covenants on each title); backs onto park.
Owners' financials: No debts; living on savings plus some capital held outside super.
Owners' intentions: Move to 5-10 acres in the bush
Estimated sale price May 08: $690-$760K
Estimated sale price now: $630-$700K
Estimated rental now: $525-550 p.w.
Estimated bush purchase any time: $300-$400K
Would you take a lower price now, or rent the property out in anticipation of a price increase to at least the May estimated range?
Naturally this is a purely hypothetical question on behalf of a friend and is in no way an invitation to offer advice which would anyway not be taken because the details have been changed.
Cheers,
Ghoti
Location: Sydney inner west
Property: 490 sq m; freestanding house approx 90 years old; original features, solid condition; 2.5 bedrooms; 1.5 bathrooms; 2 living areas; 1-car garage; driveway shared with one neighbour (covenants on each title); backs onto park.
Owners' financials: No debts; living on savings plus some capital held outside super.
Owners' intentions: Move to 5-10 acres in the bush
Estimated sale price May 08: $690-$760K
Estimated sale price now: $630-$700K
Estimated rental now: $525-550 p.w.
Estimated bush purchase any time: $300-$400K
Would you take a lower price now, or rent the property out in anticipation of a price increase to at least the May estimated range?
Naturally this is a purely hypothetical question on behalf of a friend and is in no way an invitation to offer advice which would anyway not be taken because the details have been changed.
Cheers,
Ghoti
If anybody is in a position to tell how long property downturn will last, could be of assistance it this dilemma.
If you believe the mob that property prices will keep rising you should wait, otherwise sell and rent the other property as price might drop too – bet you did not think of this possibility
If you believe the mob that property prices will keep rising you should wait, otherwise sell and rent the other property as price might drop too – bet you did not think of this possibility
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white_goodman
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the property down turn will last till
a)rents rise too high
b)cost of borrowing becomes cheaper
C)both
when the market gets to that equilibrium point where its more financially sound to have a mortgage then pay the rent is when we shall see the next upturn, how long that is we shall wait and see, however typically a property cycle from trough to trough or peak to peak is 5-7 years....
though it is argued that we never really experienced a trough in the early 2000's but rather prices stagnated and then kept going up again circa 2002/2003, atleast in NSW
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