The state of the economy at the street level

[waterbottle]

The Aussie answer, to get off struggle street.

http://www.smh.com.au/business/the-...-in-one-depressing-chart-20150901-gjd2w1.html

One more power ball, and I'm out of here.

Did they include bets placed on the ASX lololololol

 

[Mrmagoo]

Can't wait for the current affairs special.

Aussie battler tradesman on 150k forced to work for 65k !

Old batter baby boomer lost money on investment properties while trying to "provide a little for his retirement" took a 500k loss, now only has 1.5 million in cash !

Struggle street Australia.

Meanwhile the 24 year old engineer spending half is income on a bedsit should just "get off his **** and work harder".

 

[Tyler Durden]

The Aussie answer, to get off struggle street.

http://www.smh.com.au/business/the-...-in-one-depressing-chart-20150901-gjd2w1.html

One more power ball, and I'm out of here.

Invest in TAH and CWN

 

[sydboy007]

So real GDP per capita fell by another 0.2% for the june qtr, while real NDI was down 1.2% and down over 2.3% for the last year

Only thing propping up GDP growth is immigration and Govt spending.

ToT down another seasonally-adjusted 3.4% over the quarter and by 10.6% over the year, and is now tracking at a 9-year low. Plenty more to go still with the ToT being around 20% above the long term average.

Per capita income – down 4.5% since December 2011 - which is why so many of us feel like we're already in recession.

Real GDP per hour zero growth, up just 0.4% over the year, so productivity is certainly not helping income growth.

 

[CanOz]

Canada and Brazil are in recessions, Australia must be next, officially....there's not really much the government can do, its likely best if they stay out of it. The bank will keep cutting, eventually exports should improve. Hopefully housing gets a pull back at least....

Maybe Australia will end up like Brazil?

CanOz

 

[sptrawler]

Crime is on the increase, unemployment is on the increase, debt level is high. Not a great situation. IMO

We need someone in power, who can tell us, everything is o.k

That will make everything better.

 

[sptrawler]

So real GDP per capita fell by another 0.2% for the june qtr, while real NDI was down 1.2% and down over 2.3% for the last year

Only thing propping up GDP growth is immigration and Govt spending.

ToT down another seasonally-adjusted 3.4% over the quarter and by 10.6% over the year, and is now tracking at a 9-year low. Plenty more to go still with the ToT being around 20% above the long term average.

Per capita income – down 4.5% since December 2011 - which is why so many of us feel like we're already in recession.

Real GDP per hour zero growth, up just 0.4% over the year, so productivity is certainly not helping income growth.

So what is the answer?

 

[sptrawler]

Smiths chips, is closing its manufacturing plant, in Perth. Another 300 jobs to go, plus the problems for potato growers.

There is an exodus of people out of the State, so things will continue on the downward spiral, in W.A

 

[Tyler Durden]

Smiths chips, is closing its manufacturing plant, in Perth. Another 300 jobs to go, plus the problems for potato growers.

There is an exodus of people out of the State, so things will continue on the downward spiral, in W.A

Never thought chips (or even just Smiths) would be on the decline.

On another topic, in addition to the news headlines, I have sensed a strong move from use of taxis to use of uber. I even came across a taxi driver who changed to uber, and he said it was much better. Interesting how the decline of the taxi industry will (if) affect the economy.

 

[Gringotts Bank]

I have noticed a few shops pop up which seem to specialise in catering for the Chinese, selling things like baby formula, vitamins, pills, and some other things you could get at places like Chemist Warehouse. They have a very basic set up, just shelves with products and prices. No decorations, no special design of the place, no loud advertisements, just a very basic shop that looks like it could move on at any moment.

They seem to be fairly popular with the Chinese, and I think their prices are a little bit better than places like Chemist Warehouse. Not sure how they do it, but yeah.

An example is one in Burwood near the train station, on the same road and side as Hungry Jacks.

I've noticed Chinese birds going into chemists and supermarkets and clearing out the shelves of baby formula. Too bad for anyone else who wants it.

And Chinese shops opening up with all Chinese signage. They push their culture harder than they push their kids to get into medicine. 'You doctor yet??? You study more!!'

 

[CanOz]

I've noticed Chinese birds going into chemists and supermarkets and clearing out the shelves of baby formula. Too bad for anyone else who wants it.

Tell me about it, we struggled to find Aptamil pro nutura 3 as well. We even tried a Coles delivery and that failed. I've got some people stocking up on it from Brisbane to the Sunshine Coast.

 

[Smurf1976]

Never thought chips (or even just Smiths) would be on the decline.

+1

Do they have other factories in Australia and are just closing one due to falling sales?

Or are they stopping production here altogether and to be replaced with imports, either under the same brand or some other brand?

 

[sinner]

On another topic, in addition to the news headlines, I have sensed a strong move from use of taxis to use of uber. I even came across a taxi driver who changed to uber, and he said it was much better. Interesting how the decline of the taxi industry will (if) affect the economy.

It's the honeymoon phase. Have a read about what happens when Uber competition like Lyft comes to town in a big way. Uber cut prices and suddenly all those "better" conditions and drivers tend to evaporate and what's left is the same underclass of people who only do it out of necessity.

 

[sinner]

+1

Do they have other factories in Australia and are just closing one due to falling sales?

Or are they stopping production here altogether and to be replaced with imports, either under the same brand or some other brand?

Here's an article on it

http://www.abc.net.au/news/2015-09-...campo-shock-smiths-shut-crisp-factory/6817356

Seems like it's not just a street level story but more of a potato industry story with lots of context.

 

[sptrawler]

Nickel mining in W.A taking a hammering, mining towns all over W.A are in the doldrums, it will take a period of time for this cycle to run its course.
Even if there is an upturn in commodity prices, it will have to be a sustained one, to attract the money required to restart closed mines. Then you have the issue of attracting workers back to the towns, which requires a belief of long term employment.
If the commodities don't pick up in the next twelve months, it's my belief, things will take a really nasty tun, in W.A

https://au.news.yahoo.com/thewest/business/a/29707866/nickel-industry-braces-for-job-cuts/

 

[qldfrog]

http://www.brisbanetimes.com.au/business/aurizon-deepens-costcutting-to-become-leaner-smarter-more-efficient-20151006-gk2z2x.html
Aurizon to loose 800 extra jobs..well that will need quite a few part time burger flipping jobs at minimal rate to compensate;
Qld/WA united into the big fall

 

[sptrawler]

Blue scope workers at Port Kembla, agree to three year wage freeze and 500 job cut.

http://ipresspage.com/news/bluescope-workers-vote-yes-to-wage-freeze-500-job-cuts

It looks as though the cuts running through the mining sector, are now hitting mainstream workers.

 

[sptrawler]

Not wanting to be seen as a pessimist, I promise, I will let you know when things start to improve in Perth.

But for the moment, things aren't sunshine and lollipops.

http://www.abc.net.au/news/2015-10-14/perth-office-vacancy-rates-rising/6855302

 

[sptrawler]

Nearly 1500 banking jobs to go.

http://www.smh.com.au/business/bank...jobs-to-maintain-profits-20151109-gku69i.html

 

[Tyler Durden]

I attended a seminar tonight where one of the guest speakers was a very famous economist. He gave a very basic and broad talk, nothing too specific or leading, but I got the vibe that he was trying to keep things positive and avoided the 'R' word.

He thought the Sydney property prices might remain stable for the next year, that the AUD would fall to about mid to high 60's by next Dec, and that the ASX200 would reach 5800 by that same time too. He had a rather positive outlook on unemployment rates as well.