Australian (ASX) Stock Market Forum

The state of the economy at the street level

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Construction & Infrastructure​

“I think we’re at the start of that reversal on pressure when it comes to skills and capabilities to go and build a new mine”​
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- Andrew Cole, CEO, OZ Minerals Ltd​

“There's something like $200 billion to $250 billion of infrastructure projects that are on the slate in Australia, typically in and around major cities. Look at that specialised labour, [saying am I] going to fly in and fly out for a mine site…or am I going to go and work on this bridge or this freeway extension, I think you're seeing that play out across the world in different places”​
Click to expand...
- Thomas Palmer, CEO, Newmont Corporation [world’s largest gold company]

“It’s going to take an enormous amount of capital and focus to undertake the [renewables] transition”​
Click to expand...
David Griffin, CEO, Sun Cable [world’s largest solar energy infrastructure development]
 
SirRumpole said:
The sad state of the Australian construction industry.
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I have personally noticed a distinct easing in new home starts over the last month or so, and a slow down in all other pre activities that would indicate a new home or major Reno/ extension also. Sydney/NSW area.
Not talking Metricon.

Should point out though, that seasonally it would be a bit slow at this time of the year, being start of a new financial year, but, not as slow as it is.

Having said it's slow, it's actually a scramble out there to get existing sites completed as fast as possible, for obvious reasons I would hope.
 
Captain_Chaza said:
But Smurf (born in 1976)
Don't confuse The Economy with The Share Market
That's like Comparing Apples with Oranges
View attachment 144257They are very different!
Click to expand...
Please start talking with Some Sense if you can?
PLEASE!
NB
Australia's Richest Woman is the richest Women by virtue of Inheritance

Nothing More, Nothing Less

Inflation is everyone's Best friend
Unless of course ?
If you have nothing to inflate
 
SirRumpole said:
Australians should work for $2 a day says Australia's richest woman.

www.abc.net.au

Rinehart issues labour warning to Aussies

Gina Rinehart uses a rare video appearance to say Australians need to work harder to compete with Africans who labour for less than $2 a day.
www.abc.net.au www.abc.net.au
Click to expand...

frugal.rock said:
So about $3 a day now then eh?

I reckon Australia's richest woman likes slave labour...
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On the same theme on todays ABC news website.
www.abc.net.au

Australian corporations raking in record profits while workers struggle with wages, report shows

There are fresh calls for Australia's biggest corporations to rein in record profits in order to provide low wage earners with some cost-of-living relief.
www.abc.net.au www.abc.net.au

There are fresh calls for big business to rein in their big or "supernormal" profits in order to provide low wage earners some desperately needed household budget relief.

The latest profit results from Shell, Chevron, Exxon Mobil and BP show record half-yearly earnings.

Half-yearly profits for all companies together had almost doubled to $US55.2 billion ($79.6 billion), up from $US28.7 billion for the same period last year, the ACTU noted.

"These energy giants are posting staggering profits while fuelling our cost-of-living crisis," ACTU president Michele O'Neil says.

Business groups argue that for real wages to lift, worker productivity needs to lift.

The Productivity Commission's interim report confirms that the productivity growth that drives real wages is languishing at 60-year lows, Business Council chief executive Jennifer Westacott says.

"This challenge is monumental because it is productivity that has overwhelmingly driven better living standards and higher wages for Australians since Federation.
Impact Economics and Policy lead economist Angela Jackson says stubbornly low wage growth is a symptom of a broken industrial relations system.

She says the basic formula is that inflation plus productivity growth should equal wage growth.

"The system of wage determination and enterprise bargaining hasn't factored in productivity gains for decades," she says.

"It's frustrating."
 
sptrawler said:
On the same theme on todays ABC news website.
www.abc.net.au

Australian corporations raking in record profits while workers struggle with wages, report shows

There are fresh calls for Australia's biggest corporations to rein in record profits in order to provide low wage earners with some cost-of-living relief.
www.abc.net.au www.abc.net.au

There are fresh calls for big business to rein in their big or "supernormal" profits in order to provide low wage earners some desperately needed household budget relief.

The latest profit results from Shell, Chevron, Exxon Mobil and BP show record half-yearly earnings.

Half-yearly profits for all companies together had almost doubled to $US55.2 billion ($79.6 billion), up from $US28.7 billion for the same period last year, the ACTU noted.

"These energy giants are posting staggering profits while fuelling our cost-of-living crisis," ACTU president Michele O'Neil says.

Business groups argue that for real wages to lift, worker productivity needs to lift.

The Productivity Commission's interim report confirms that the productivity growth that drives real wages is languishing at 60-year lows, Business Council chief executive Jennifer Westacott says.

"This challenge is monumental because it is productivity that has overwhelmingly driven better living standards and higher wages for Australians since Federation.
Impact Economics and Policy lead economist Angela Jackson says stubbornly low wage growth is a symptom of a broken industrial relations system.

She says the basic formula is that inflation plus productivity growth should equal wage growth.

"The system of wage determination and enterprise bargaining hasn't factored in productivity gains for decades," she says.

"It's frustrating."
Click to expand...
Surely it's up to the tax system to reel in some of these super profits and redistribute to those whose spending power has been diminished ?

Notice that these are all fuel companies making super profits and Chalmers said they were going to crack down on tax avoidance by big companies.

I hope he doesn't squib it.
 
SirRumpole said:
Surely it's up to the tax system to reel in some of these super profits and redistribute to those whose spending power has been diminished ?

Notice that these are all fuel companies making super profits and Chalmers said they were going to crack down on tax avoidance by big companies.

I hope he doesn't squib it.
Click to expand...
Pollies have to be careful, the ones they hammer, could be the ones they are asking for a job after the next election.?

What cracks me up is, productivity can only be taken so far, eventually the workplace cuts down numbers and conditions to a point that there is very little left to be gained and very little left to give.:xyxthumbs
Especially with automation, there comes a time where the company has to start giving pay rises to keep staff, rather than increasing dividends to keep shareholders.
 
Captain_Chaza said:
Please start talking with Some Sense if you can?
PLEASE!
NB
Australia's Richest Woman is the richest Women by virtue of Inheritance

Nothing More, Nothing Less

Inflation is everyone's Best friend
Unless of course ?
If you have nothing to inflate
Click to expand...
Take 100 randomly chosen adults.

How many are really, truly gaining from inflation?

There's a very substantial portion of the population reliant on wages / salary, discretionary business or who want to increase their ownership of real estate for practical use as a residence. In general they're not gaining.

Personally I'm doing fine at present but for many they'll be going backwards that's a given and that inevitably will affect consumer spending and the real economy.

Bearing in mind that apart from those who inherited wealth or won the lottery at the age of 18 etc, practically everyone's been in that situation at some point in their life.:2twocents
 
Smurf1976 said:
Take 100 randomly chosen adults.

How many are really, truly gaining from inflation?

There's a very substantial portion of the population reliant on wages / salary, discretionary business or who want to increase their ownership of real estate for practical use as a residence. In general they're not gaining.

Personally I'm doing fine at present but for many they'll be going backwards that's a given and that inevitably will affect consumer spending and the real economy.

Bearing in mind that apart from those who inherited wealth or won the lottery at the age of 18 etc, practically everyone's been in that situation at some point in their life.:2twocents
Click to expand...
Reality is starting to kick in.

www.smh.com.au

Real wages to continue falling as high inflation and interest rates hit households

In its most recent monetary policy update, the Reserve Bank has admitted low-income households may have to cut spending.
www.smh.com.au www.smh.com.au
Households face a fall in their real incomes until 2024, the Reserve Bank has predicted, as a combination of high inflation, increasing interest rates and moderate wages growth squeezes the wallets of Australians.
In its most recent monetary policy update, released on Friday, the RBA admitted low-income households might have to cut spending as they struggled to deal with soaring prices for necessities such as food and petrol.
 
It's good to see those fat cat baby boomers are at last spending the kids inheritance, they've been demonised for a long time for having too much money and making it hard for the younger generation to get ahead, at last the penny has dropped why not help the younger generation out and spend it. ?

www.theage.com.au

Soaring number of older home owners take out government-backed reverse mortgages

The number of older Australians who have signed up to Centrelink’s Home Equity Access Scheme has increased eightfold since the program was expanded three years ago.
www.theage.com.au www.theage.com.au
The changes come as new figures from Services Australia show the number of participants in the scheme had grown to 6041 by June 30, owing a combined $138 million, compared with 768 three years ago.
Participation in the program, which has existed since the 1980s and was formerly called the Pension Loans Scheme, has been growing at more than 40 per cent a year since access was widened to include full pensioners in July 2019. It comes as the market for commercial reverse mortgages has dwindled.

Gerard Brody, chief executive of Consumer Action Law Centre, said the lump sum option would be appealing to borrowers, and he expected demand would continue to rise.
“The reality is there’s a lot of wealth tied up in housing in Australia and people are looking at ways to use that wealth during their lifetime,” Brody said. “I can see why this is an option that people are considering.”
 
yesterday's trip to the local strip malls ( two of them adjoining at the back fence )

revealed one new vacancy in each

not exactly a ghost town , but 'off-peak' is noticeably quieter ( i rarely go during the busy times )
 

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