The state of the economy at the street level

[sptrawler]

but the media has become the shameless minions of bullies ( blaming decades of bad policy decisions on others ) they have truly morphed into 'gutter press

Yes the media name a shame anyone who says anything about aboriginals, homosexuals, those with disabilities etc.

Then they shamelessly abuse elderly people, who have saved all their lives and are now after losing years with covid, trying to get some enjoyment out of their final years.

What a piece of work, just shows the reporters are morally corrupt IMO.
Maybe the media would prefer if the older people just curled up and died, that is the impression they are giving off.

 

[farmerge]

the game is to increase government dependency so to justify their existence and expansion

how many will fall for the trap ??

Um, err, repeat many times

 

[divs4ever]

Yes the media name a shame anyone who says anything about aboriginals, homosexuals, those with disabilities etc.

Then they shamelessly abuse elderly people, who have saved all their lives and are now after losing years with covid, trying to get some enjoyment out of their final years.

What a piece of work, just shows the reporters are morally corrupt IMO.
Maybe the media would prefer if the older people just curled up and died, that is the impression they are giving off.

yes , but i worked that out whilst still working for them

i happy let my TV grow old and obsolete , it is still adequate for my PlayStation 2 and defacto DVD payer ( no data leakage there

my brain is discerning so no longer buy print media

they can waste their time shaming me , all they like , my shame was sand-blasted away working in their industry

BTW the section i worked in no longer exists .. it curled up and died before me

 

[farmerge]

yes , but i worked that out whilst still working for them

i happy let my TV grow old and obsolete , it is still adequate for my PlayStation 2 and defacto DVD payer ( no data leakage there

my brain is discerning so no longer buy print media

they can waste their time shaming me , all they like , my shame was sand-blasted away working in their industry

BTW the section i worked in no longer exists .. it curled up and died before me

Good stuff Mr divs I also was in the newspaper industry many,many moons ago and also never buy a paper these days for exactly the same reasons you state.
The only printed form we get is the local rag which is a free=bee and which I contribute an article each month, so it must be worth picking up and reading.
Another free-bee is the Toodyay Herald, a good old fashioned style monthly paper with plenty of local content, which is worth reading

 

[qldfrog]

Let's face it, if there is a housing shortage then there is a demand to be satisfied regardless of whether negative gearing exists or not.

It seems pretty obvious to me that if investment property owners sold to owner occupiers looking for a place then that goes some way to satisfying demand.

I bang my head...does that process had a single bedroom?
And what about building anything after ?
Here in Noosa, it is happening..no more rental, just owners ..
Just a paradise for renters....
I give up

 

[SirRumpole]

I bang my head...does that process had a single bedroom?
And what about building anything after ?
Here in Noosa, it is happening..no more rental, just owners ..
Just a paradise for renters....
I give up

A paradise for renters ?

Wow, don't talk too loud everyone will want to do it.

 

[sptrawler]

Of course they should, as the Albanese government is attempting, albeit a pretty pathetic effort.

As I said before, they should directly invest in high rise buildings with amenities , some commercial apartments but with a percentage set aside for social tenants.

Sounds like Woolies are marching to your drum rumpy, probably minus the social housing, which if the Governments had any sense they would join Woolies and become part partners in the idea.

Woolworths wants to sell you an apartment

From Perth to Brisbane, the food and vegetables giant is working a strategy that might, one day, help Australia solve its housing problem.

www.afr.com

Would you like an apartment with your avocado?

Woolworths doesn’t want to draw attention to its plan. But, from Perth’s Scarborough Beach to Brisbane’s Kangaroo Point, the supermarket giant is working on a strategy that might, one day, help Australia solve its housing problem.

 

[SirRumpole]

Sounds like Woolies are marching to your drum rumpy, probably minus the social housing, which if the Governments had any sense they would join Woolies and become part partners in the idea.

Woolworths wants to sell you an apartment

From Perth to Brisbane, the food and vegetables giant is working a strategy that might, one day, help Australia solve its housing problem.

www.afr.com

Would you like an apartment with your avocado?

Woolworths doesn’t want to draw attention to its plan. But, from Perth’s Scarborough Beach to Brisbane’s Kangaroo Point, the supermarket giant is working on a strategy that might, one day, help Australia solve its housing problem.

Interesting, having a commercial company in charge obviously means that only commercial operators they like will be in their buildings, no competition,

 

[mullokintyre]

It seems that some of us are not walking down the correct streets.
Despite the gloom, retail would appear to be holding up ok.
From the Evil Murdoch Press

The much anticipated collapse in household spending amid an intense cost of living crunch has been pushed back to another day, after new figures showed shoppers took advantage of discounts to send retail trade firmly higher in May.
The data from the Australian Bureau of Statistics revealed a 0.7 per cent lift in trade to total $35.5bn in the month, well above analysts’ forecasts for only a 0.1 per cent increase.

Australians were prepared to keep spending in cafes and restaurants despite sharply higher prices, with trade climbing by 1.4 per cent in the month to reach a record high and 13 per cent higher on a year earlier, according to the seasonally adjusted numbers.

There was a hefty 2.2 per cent lift in “other retailing” – a broad category of discretionary goods including books, toys, cosmetics and sporting goods.

ABS head of retail statistics Ben Dorber said the latest increase in retail trade numbers “reflected some resilience in spending with consumers taking advantage of larger than usual promotional activity and sales events for May”.

An early start to end of financial year sales events helped boost turnover, alongside Mother’s Day (online flower sales were strong) and the ‘Click Frenzy Mayhem’ sales event, Mr Derber said.

“Just as we saw during the November Black Friday sales last year, consumers appeared to take extra advantage of discounting during large sales events in May in response to cost-of-living pressures,” he said.

Major retailers are reporting customers had put an end to the free-spending period that accompanied a reopening economy, with Harvey Norman forecasting sales in this financial year would be a third lower than in 2022.

But the latest ABS figures show there are enough Australians with money to keep the sector broadly ticking over for now, and to suggest the Reserve Bank may need to keep hiking rates in order to cool demand – potentially as early as its next board meeting on Tuesday.

Still, with prices still climbing briskly, the growth in retail trade - which accounts for about a third of total household consumption - suggested Australians were spending more, but not necessarily buying more.

National accounts figures released earlier this month showed real - or after inflation - consumption slowed to just 0.2 per cent in the three months to March, and UBS chief economist George Tharenou said he expected an even weaker increase in the June quarter.

“The consumer - for now - is still weakening, but not collapsing,” Mr Tharenou said.

Mick

 

[divs4ever]

It seems that some of us are not walking down the correct streets.
Despite the gloom, retail would appear to be holding up ok.
From the Evil Murdoch Press

Mick

is that inflation-adjusted ??

'cos my $20 shopping spree , buys a lot less than it used to a year back

 

[moXJO]

Bunnings was packed full of tradies this morning.

 

[Dona Ferentes]

ifferent proved not to be.
(What idiots ... name was : Different without the space)


KPMG was called in on Thursday by the board, and will work with the co-founders towards a sale of the start-up’s intellectual property and assets..

“While we’ve accomplished so much together, we still require additional funding to complete building and scaling our platform,” Ms Radhakrishnan and Mr Perera said in a memo sent to staff on Friday. “To support these growth efforts, we’ve been working to raise funds and we have not been able to secure enough to continue operating the business as it’s currently being run for any significant period of time.”

 

[mullokintyre]

ifferent proved not to be.
(What idiots ... name was : Different without the space)


KPMG was called in on Thursday by the board, and will work with the co-founders towards a sale of the start-up’s intellectual property and assets..

“While we’ve accomplished so much together, we still require additional funding to complete building and scaling our platform,” Ms Radhakrishnan and Mr Perera said in a memo sent to staff on Friday. “To support these growth efforts, we’ve been working to raise funds and we have not been able to secure enough to continue operating the business as it’s currently being run for any significant period of time.”

Ok Donna, that s too deep for me.
Mick

 

[Dona Ferentes]

Ok Donna, that s too deep for me.

Mick, it just that colon : then D typed in give an emoji. Silly name imo

 

[mullokintyre]

ASIC has reported there has been a 17% jump in Business failures this year compared to last year.
From Evil Murdoch press

Struggling business owners face a “horror show” over the coming months as the taxman circles and operating costs spiral in the wake of a 17 per cent spike in company insolvencies over the past financial year.
The lingering impact of the Covid-19 pandemic and skyrocketing inflation and interest rates sparked a wave of company failures across Australia with failed businesses owning hundreds of millions of dollars.

According to indicative Australian Securities and Investments Commission data there were 5520 administrations and liquidations nationally for the financial year ended June 30, 2023, a 17.2 per cent increase from 4710 the year before.

In Victoria the numbers were up 39 per cent to 1476, while Queensland rose 23.5 per cent to 1004 and NSW added 2.5 per cent to 2153. WA was up 53.5 per cent to 485 and ACT by 5.8 per cent to 128.

In South Australia the numbers were down 5.4 per cent to 212 and in Northern Territory by 34.4 per cent to 21. In Tasmania insolvencies were flat at 41 for the year. The final national tally will be higher because the preliminary data does not include companies where no state is recorded.

There are some significant differences between state to state, where WA had the biggest increase at 53% versus a paltry 2.5 percent in NSW.
Moral of the story, if you are going to start a new buiness venture, start in NSW an avoid wA.
Mick

 

[frugal.rock]

Bunnings was packed full of tradies this morning.

Free bacon and egg roll brekky day

 

[Knobby22]

ASIC has reported there has been a 17% jump in Business failures this year compared to last year.
From Evil Murdoch press

There are some significant differences between state to state, where WA had the biggest increase at 53% versus a paltry 2.5 percent in NSW.
Moral of the story, if you are going to start a new buiness venture, start in NSW an avoid wA.
Mick

WA had a low base though, 485 failures, and NSW had the most failures by far of any state 2153!

 

[Smurf1976]

Moral of the story, if you are going to start a new buiness venture, start in NSW

Or better still, SA where the rate's already lower per capita and falling.

 

[mullokintyre]

On the streets occupied by the upper crust, things are rolling along very nicely thank you.
Shielded from the serfs, shielded fom the interest rates that bedevil said serfs, their lives occupied about how to get the best "vakue' for their elitist over the top spending.
From the Evil Murdoch Press

‘Revenge spending’: the retailers becoming private members clubs​

Those unaffected by the cost-of-living crisis are driving a double-digit luxury boom in Australia — but they are demanding more for their money than ever. Here’s how they’re spending it.
Local prestige retail is estimated to have made $5.3 billion in sales in the past year – almost doubling what it was worth in less than 10 years – and its contribution to the GDP of this country is growing faster than the overall economy.

Figures from global market research firm IBISWorld state there are now more than 460 luxury businesses in Australia, up 49 per cent since 2013-2014, and it employs almost 6000 people across the country as key brands such as Cartier, Hermès, Fendi and Christian Dior expand their retail footprint in major cities and others such as Valentino open flagships on our shores for the first time. Sales are expected to continue to grow even further – despite significant economic headwinds – to $6.1 billion in 2027-2028.
This booming luxury market has also seen fashion and jewellery retailers evolving into quasi private members clubs to remain competitive: offering exclusive services, hospitality and experiences to entice high-net-worth individuals unaffected by the cost-of-living crisis and who want more than just to purchase goods at a store.
This includes sitting front row at fashion shows and lavish dinners celebrating high jewellery collections, exclusive parties at the top of the newly renovated Tiffany & Co. Landmark boutique in New York, Gucci’s latest store in Los Angeles, open by VIP appointment only and not to the wider public, and even Louis Vuitton unveiling an airport lounge in Qatar.
“A lot of wealthy Australians remained put during the pandemic and splurged domestically as opposed to going to Paris or New York,” explains Kayla Wheeler, IBISWorld senior industry analyst and author of the recent report on luxury. “So retailers boosted sales locally that would have otherwise been made on overseas trips and indulged in personal purchases. There was also revenge spending after the pandemic ended and the fact that the main market for luxury brands is high-net-worth individuals less affected by the financial stressors that come with the cost-of-living pressures currently faced by low to middle income earners.”

I am not sure if the writer is having a go at the elite, or just wishing he/she/they could be part of it.
This page from the same newspaper, panders to the uber wealthy and their vanity.
I never knew there was a "watch Culture". I thought watches had gone out the window now that we have a phone on hand to tell the time, remind us of alarms, and do it in every country without having to alter the "hands".
Mick

 

[wayneL]

I went to a pub I haven't been to for a few weeks last night.

It was verrrrrry quiet.