The state of the economy at the street level

[JohnDe]

People seem to be spending all disposable income and living from pay to pay. However I'm not seeing it being spent on white goods, TV's, clothes etc.
Seems to be going on subscription services, restaurants, food, entertainment.

It was so busy in the local town on Thursday night and Saturday that every carpark was full with lines out the street. I've never seen it like that. Shops were basically empty, restaurants full, family entertainment busy.

Very weird mix. People just seem to be walking around.

My brother in-law works for Samsung, he is involved with supply to all the retailers. On the weekend I asked him how sales are going, he said flat out, and the biggest issue is getting enough stock delivered from OS.

Last night I was at a meeting with a dozen business owners, all said that they are flat chat and can't get enough workers. But they also siad that they can see the signs of a slowdown in the economy.

I reckon that we are seeing the remains of all that Covid cash. Once that dries up and the interest rates hit there is going to be sad times for many in the economy, unless we see wage rises & tax cuts where they will be needed.

 

[sptrawler]

Sad but unavoidable situation.

'I genuinely was starving': Abby lived on Youth Allowance while studying and couldn't afford essentials

Young Australians and social services advocates are dismayed the federal budget looks set to include a modest boost to the JobSeeker payment, but only for those over 55.

www.abc.net.au

 

[Garpal Gumnut]

My brother in-law works for Samsung, he is involved with supply to all the retailers. On the weekend I asked him how sales are going, he said flat out, and the biggest issue is getting enough stock delivered from OS.

Last night I was at a meeting with a dozen business owners, all said that they are flat chat and can't get enough workers. But they also siad that they can see the signs of a slowdown in the economy.

I reckon that we are seeing the remains of all that Covid cash. Once that dries up and the interest rates hit there is going to be sad times for many in the economy, unless we see wage rises & tax cuts where they will be needed.

Townsville is very busy atm.

I suppose the PO Housing is much less, with a large ADF spend ( may be less with ALP's continuation of a ready to sail 2042 submarine policy initiated by LNP ) so I cannot see this IR rise affecting business much any time soon.

My metro based children seem more concerned about interest rates than my regional children.

The regions which have decoupled from the metros, by a reliance on mining, health, education, tourism, should be ok nationwide.

gg

 

[wayneL]

I've likewise noticed that my regular pubs/restaurants have been very busy... Until very recently.

It's a small sample size but in the last 2 to 3 weeks I have noticed a very sharp drop off in numbers.

My own business is as busy as ever, but it is traditionally pretty recession-proof to be honest.

 

[qldfrog]

Sad but unavoidable situation.

'I genuinely was starving': Abby lived on Youth Allowance while studying and couldn't afford essentials

Young Australians and social services advocates are dismayed the federal budget looks set to include a modest boost to the JobSeeker payment, but only for those over 55.

www.abc.net.au

Yeah I could qualify for top increase based on age

 

[sptrawler]

Because things today are changing so rapidly, I didn't know where to put this, but someone with full access to the article maybe able to expand on the article.
It just struck me when I read the headline, that the CBA cuts, are in areas that I would have thought were growth areas of employment.
Maybe someone can add some light?

CBA swings the axe on 230 jobs​

Commonwealth bank will slash its technology and risk management teams under cuts revealed to the Finance Sector Union in recent days.

 

[divs4ever]

Because things today are changing so rapidly, I didn't know where to put this, but someone with full access to the article maybe able to expand on the article.
It just struck me when I read the headline, that the CBA cuts, are in areas that I would have thought were growth areas of employment.
Maybe someone can add some light?

CBA swings the axe on 230 jobs​

Commonwealth bank will slash its technology and risk management teams under cuts revealed to the Finance Sector Union in recent days.

cut risk management staff ?? with what i suspect is ahead

someone in CBA is much braver than me

 

[qldfrog]

cut risk management staff ?? with what i suspect is ahead

someone in CBA is much braver than me

Maybe just outsourcing further making sure your password reset is handled by a Bangalore man on $5k a year..
Or the beginning of the ai revolution.
If someone can use chatgtp to do 3 remote programming jobs .well.....you can cull a few of these programmers too

 

[farmerge]

I've likewise noticed that my regular pubs/restaurants have been very busy... Until very recently.

It's a small sample size but in the last 2 to 3 weeks I have noticed a very sharp drop off in numbers.

My own business is as busy as ever, but it is traditionally pretty recession-proof to be honest.

Horses need shoes and teeth filed down , and owners need fences etc

 

[qldfrog]

Just went to one of the top..dear for the frog.. restaurant in Noosa last night.own little celebration...
Shock full.midweek,out of holiday season.surprising but this is Noosa
Have to say : hard to spot anyone below 40y old in the restaurant but that might always be the case....

 

[divs4ever]

Maybe just outsourcing further making sure your password reset is handled by a Bangalore man on $5k a year..
Or the beginning of the ai revolution.
If someone can use chatgtp to do 3 remote programming jobs .well.....you can cull a few of these programmers too

i love automation , it is so entertaining when it happily compounds mistakes ( trying to correct current errors )

(sometimes noticeable in software code )

 

[moXJO]

Busiest I've ever seen it last night. People were filtering out from the town centre to the smaller suburbs because it was so packed.

Expect more rate hikes

 

[farmerge]

Busiest I've ever seen it last night. People were filtering out from the town centre to the smaller suburbs because it was so packed.

Expect more rate hikes

Good for the suburban centres I guess. Haven't been near the city for years

 

[wayneL]

Good for the suburban centres I guess. Haven't been near the city for years

You ain't missing much

 

[farmerge]

You ain't missing much

Midland centres are bad enough wayne

 

[wayneL]

Midland centres are bad enough wayne

If it weren't for Gilberts and Elders, we'd avoid for sure.

Oh, and Dan Murphy's

 

[farmerge]

If it weren't for Gilberts and Elders, we'd avoid for sure.

Oh, and Dan Murphy's

For us Nutrien and DM

 

[wayneL]

For us Nutrien and DM

Speaking of which, whadaya reckon for capeweed?

 

[mullokintyre]

Speaking of which, whadaya reckon for capeweed?

Best served with Garlic buttered mushrooms.
Mick

 

[qldfrog]

Best served with Garlic buttered mushrooms.
Mick

And a sprinkle of Roundup