The state of the economy at the street level

moXJO said:

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.

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JohnDe said:

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.

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sptrawler said:

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

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CBA swings the axe on 230 jobs​

sptrawler said:

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.

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divs4ever said:

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

someone in CBA is much braver than me

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wayneL said:

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.

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qldfrog said:

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

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moXJO said:

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

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farmerge said:

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

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wayneL said:

You ain't missing much

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farmerge said:

Midland centres are bad enough wayne

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wayneL said:

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

Oh, and Dan Murphy's

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farmerge said:

For us Nutrien and DM

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wayneL said:

Speaking of which, whadaya reckon for capeweed?

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mullokintyre said:

Best served with Garlic buttered mushrooms.
Mick

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