The state of the economy at the street level

[divs4ever]

How many get run over , cause this is more than I got going into mines.
This is a joke .this country is out of wack with real world and we are all going to be hurt badly

by accident or unintentional suicide ( walking in front of the vehicle you just waved through ( have seen a couple of near misses like that with driver and controller snapping into 'automatic' mode

sometimes it is easy peasy , but when things go wrong ...

sure old time motorists just slowed down and took extra care , but we is in a 'nanny state ' now ( even grammar has gone to pot )

 

[qldfrog]

Most of them work on roadside construction, I've heard it all before mate aye. I worked on construction in MT Isa and had to dog cranes all day in full sunlight in construction attire. A lot of people who think they can do it usually collapse in the first 3 days of sunstroke.

I spent some time in the Bowen basin so am appreciative, it is not fun but can be done with no degree, hardly any literacy, no physical strength..you sweat but you do not need muscle or brain effort ,
if this is worth 120k plus, then we need to move to robotics/ red lights
And let's not winge anymore about our decline, we can not behave as spoiled brats here and pretend to be competitive on the world stage.
Clean nickel and soon clean iron will teach us an unforgivable lesson

 

[dyna]

No idea where to post this , so....
Finance guy Roger Montgomery is back for 2024 with last night's ABC Radio podcast now available . ( 50 minutes ) Interesting thoughts on where he thinks the share market and Bitcoin ETF's are headed this year and callers ( those baby boomers , again ! ) telling us where they're actually spending all their loot . ...( What recession ? )

 

[TimeISmoney]

No idea where to post this , so....
Finance guy Roger Montgomery is back for 2024 with last night's ABC Radio podcast now available . ( 50 minutes ) Interesting thoughts on where he thinks the share market is headed this year and callers ( those baby boomers , again ! ) telling us where they're actually spending all their loot . ...( What recession ? )

I don't think you'll see any big falls or corrections in any markets until you see large job losses, there's just too much spare money floating around.

 

[moXJO]

Shortage of bee stock. Varroa mite tearing through stock. Qld apparently the last hold out. But there is not enough to replenish before winter.

 

[divs4ever]

Shortage of bee stock. Varroa mite tearing through stock. Qld apparently the last hold out. But there is not enough to replenish before winter.

and here i was buying 1 kg containers of honey for the last two years ( and stock-piling them )

don't i feel foolish now ??

 

[moXJO]

and here i was buying 1 kg containers of honey for the last two years ( and stock-piling them )

don't i feel foolish now ??

They drive them on semis to pollinate crops as well. Not sure how big of an impact.

 

[divs4ever]

the locals say there is a feral hive ( of European Honey ) bees up here and since it was years back but we still have bees pollinating maybe that hive has split

 

[JohnDe]

The coming industrial relations is going to be the one to watch when trying to assess where the economy is headed, at the 'street level'.

This morning, I spoke to a guy that has been in business for 30 years, a machine shop and engine re-building facility. Has 5 guys working for him, and a couple started talking to him about having maternity leave sometime this year or early next.

It seems that there are new rules coming in which will allow staff to have up to 18 months leave, most of that is unpaid.

The boss's problem is, he will have to employ a couple of part time staff. But that opens up another can of worms, the new industrial relations changes include rules that make it possible for casual/part time staff working consistent hours to demand a full-time placement. If that happens, when this staff come back from maternity leave, he will have more workers than required.

The guy is a few years off of retirement age but has no intention of retiring. He wants to keep the business going for another 20 years. However, if the industrial relations rules make it too difficult for him, he is going to shut the business, let his staff go, and build a decent working shed at the back of his property and take on jobs that keep him busy.

How will that affect the local economy? A necessary, experienced and busy closed, unemployed staff, less tax revenue, etc.

 

[Dona Ferentes]

this caught my eye, for Kelsian

Two interesting labour force titbits stood out. First, worker shortages have eased due to a softening of labour markets and extensive recruiting by Kelsian. Second, the company is now self-insuring for workers compensation in NSW in a bid to reduce costs.

 

[Dona Ferentes]

another building company
.

Building company folds after 30 years, leaving Canberra clients in limbo | Riotact

A privately owned building company that has operated in NSW and the ACT for 30 years has gone into voluntary…

the-riotact.com

 

[sptrawler]

another building company
.

Building company folds after 30 years, leaving Canberra clients in limbo | Riotact

A privately owned building company that has operated in NSW and the ACT for 30 years has gone into voluntary…

the-riotact.com

It is certainly looking like a very sick sector, even the real estate sector are starting to mention what @Smurf1976 and others have been saying is a fundamental society issue brewing, something has to give.
What it is, that is the question, because there will be money to be made and money to be lost, when it finally does give.

‘Just broken’: How much you need to earn to buy a house

The average income of people who manage to buy a home has jumped over the past four years. Will rate cuts help?

www.smh.com.au

From the article:
“It’s a situation where there’s a real split down wealth and income lines. It’s becoming a case where the average household can no longer buy the average home.”
Cacho said if the trend continued, it could do fatal damage to national myths about the value of hard work.

“It reduces social cohesion. It was generally seen if you tried and really applied yourself you can achieve it, no matter your starting point. But now unless you come from a family who owns a home or has some wealth, it’s really hard to buy a home.”
AMP chief economist Dr Shane Oliver agreed the trend was concerning. “It’s an unfortunate reflection of where the property market is at present,” he said. “To some degree it’s self-evident because we’ve seen a rise in average loan sizes. So it can’t be lower incomes getting in.

 

[Dona Ferentes]

It is certainly looking like a very sick sector, even the real estate sector are starting to mention what @Smurf1976 and others have been saying is a fundamental society issue brewing, something has to give.
What it is, that is the question, because there will be money to be made and money to be lost, when it finally does give.

‘Just broken’: How much you need to earn to buy a house

The average income of people who manage to buy a home has jumped over the past four years. Will rate cuts help?

www.smh.com.au

From the article:
“It’s a situation where there’s a real split down wealth and income lines. It’s becoming a case where the average household can no longer buy the average home.”
Cacho said if the trend continued, it could do fatal damage to national myths about the value of hard work.

“It reduces social cohesion. It was generally seen if you tried and really applied yourself you can achieve it, no matter your starting point. But now unless you come from a family who owns a home or has some wealth, it’s really hard to buy a home.”
AMP chief economist Dr Shane Oliver agreed the trend was concerning. “It’s an unfortunate reflection of where the property market is at present,” he said. “To some degree it’s self-evident because we’ve seen a rise in average loan sizes. So it can’t be lower incomes getting in.

my daughter got in early and bought in a "desirable" established suburb, with trees and shops and buses and etc.

Most of her friends, to get out of renting, have bought further away, and to a person, hate the decision ... and the alienation and the crap construction and lack of amenities.

 

[moXJO]

Huge amount of trade apprentices are quitting in droves. A lot are third year and are sick of the hours, pay and hard work.

I don't blame them as it sucks in summer and you wreck your body. It's also hard to transition to a different line of work for many that stay too long in the job.

 

[moXJO]

AI data centres are big business at the moment. All the tech companies seem to be smashing them out in the US. Wonder who is building them in Australia?

This is setting the infrastructure for the AI revolution. Well worth investigating the "pick and shovel" companies along with the future potential leaders.

 

[mullokintyre]

From Evil Murdoch Press

The nation’s biggest plastics maker Qenos is preparing plans to close its Australian manufacturing plants by the end of the year, sources say, with the potential loss of hundreds of jobs heaping pressure on the Albanese government amid a wave of industry and construction company collapses.
The Australian understands Qenos has not formally told its workforce of any closure planning, and declined to comment on Thursday over its financial position or the direction of any review of its operations.

But sources say a leaked email, recently circulated among some staff, suggested Qenos could close its operations by the end of the year as a result of ongoing losses at the plastics manufacturer.

Qenos runs major plants in Melbourne’s Altona and Sydney’s Botany Bay. The company’s Sydney plant was hit by the near-collapse of its cooling towers in February 2023, with the facilities out of action for much of the year.

Any closure of its plants could have a major knock-on impact to other Australian manufacturers, given the polyethylene produced by the company is used in food packaging and moulded plastic products such as water tanks, wheelie bins and in a range of other industries.

Almost 1650 manufacturing and construction businesses have plunged into insolvency in just six months, with thousands of jobs under threat as companies move offshore and shut operations in response to rising power prices, supply chain pressures, labour shortages and high inflation.

Qenos, owned by China National Chemical, booked a $79.7m loss in 2022, according to the most recent financial statements filed to ASIC by the company, following a massive $320.4m loss the previous year – which came partly as the result of the company’s closure of a number of its Victorian manufacturing lines in 2021 .

A Chinese company owns the only plastics plant in OZ.
And it looks like it will close down coz its too costly to make the product.
I wonder where the replacement feed stock will come From?

Makes sense.
Mick

 

[wayneL]

Huge amount of trade apprentices are quitting in droves. A lot are third year and are sick of the hours, pay and hard work.

I don't blame them as it sucks in summer and you wreck your body. It's also hard to transition to a different line of work for many that stay too long in the job.

Many in my trade have given up on apprentices partly for the above reasons.

There is a critical shortage of qualified people, so it is not a good situation.

 

[farmerge]

Many in my trade have given up on apprentices partly for the above reasons.

There is a critical shortage of qualified people, so it is not a good situation.

Hence the importation of "qualified" tradies from overseas.
It's not just the trades that are missing in action. I was sitting behind a B-double yesterday and plastered across the back was "a spot available for you to drive this truck". Not an uncommon sight.

 

[Value Hunter]

No idea where to post this , so....
Finance guy Roger Montgomery is back for 2024 with last night's ABC Radio podcast now available . ( 50 minutes ) Interesting thoughts on where he thinks the share market and Bitcoin ETF's are headed this year and callers ( those baby boomers , again ! ) telling us where they're actually spending all their loot . ...( What recession ? )

Roger Montgomery is an idiot. His opinions are worthless.

 

[Smurf1976]

From Evil Murdoch Press

Almost 1650 manufacturing and construction businesses have plunged into insolvency in just six months, with thousands of jobs under threat as companies move offshore and shut operations in response to rising power prices, supply chain pressures, labour shortages and high inflation.

If there's one thing I remember about the early 1990's leading into the recession, it's a flood of business failures that ended up being pretty much a daily feature of the TV news.

This is sounding awfully familiar.....