The state of the economy at the street level

[qldfrog]

Mixed messages. The Adelaide Fringe attendance broke records, weekend house inspections and sales did not slow.

Australian Grand Prix to sell out and set revenue record

Fuelled by interest generated by Netflix’s Drive to Survive, the Melbourne race is expected to smash the $100m revenue barrier.


Watch out, retrenchments to rise amid rising costs

Middle managers beware. Retrenchments are coming. Corporate Australia is battening down the hatches because of spiralling operating costs, which it now fears it will not be able to fully pass on.


Support for changes to negative gearing

Most Australians are open to winding back tax handouts for property investors, with less than a quarter supporting the status quo, according to a new poll commissioned by Everybody’s Home.

Using" most Australians", I can tell you that:
Most australians are ready to tax to oblivion the 49% of the "richer bastards"
Most Australians believe it is unfair that the richest 20% only pay 80% of taxes and not all of these.
And
Most Australians support nuclear plant...as long as it is not in their backyards

 

[JohnDe]

Using" most Australians", I can tell you that:
Most australians are ready to tax to oblivion the 49% of the "richer bastards"
Most Australians believe it is unfair that the richest 20% only pay 80% of taxes and not all of these.
And
Most Australians support nuclear plant...as long as it is not in their backyards

It is just the government spin doctors getting everyone ready for "we're only doing what 'most Australians' want".

 

[divs4ever]

The spread between yields and interest rates would be scaring of many who have a grasp of maths . I think property as a whole is due for a decade long stagnation like the 90's . When it becomes obvious capital gains above interest rates is not very likely the rush to the door will get busier . Not many seem aware the 40 yr downtrend in US bond yields ( and most everywhere else) has now broken to the upside . i fear a 70s type scenario is potentially upon us . If ever there was a time for property permabears to be right for an extended time , it's soon in my eyes . Fwiw i will be selling into what i see as a longterm high in property appreciation . We live in interesting time

Edit , purely guessing here as have no hard data in front of me ( i will look for it ) but i'd suggest negative gearing has never been so negative and to make that work you need to be paying a **** tonne of tax in the top bracket . Not a position for many ' investors "

negative gearing is preferred by those already in the higher tax brackets , so they are already fairly skilled at maths ( except sports and rock stars ) and negative gear while the investments accrue capital gains

game-changer will be a successful introduction of a tax on unrealized capital gains ( so far there are only brief mentions of that )

i am betting some ASF members are making negative gearing work for them ( so far )

 

[divs4ever]

Using" most Australians", I can tell you that:
Most australians are ready to tax to oblivion the 49% of the "richer bastards"
Most Australians believe it is unfair that the richest 20% only pay 80% of taxes and not all of these.
And
Most Australians support nuclear plant...as long as it is not in their backyards

that is because ' most Australians ' don't realize inflation will push them into 'rich bastard territory ' sooner rather later

 

[qldfrog]

that is because ' most Australians ' don't realize inflation will push them into 'rich bastard territory ' sooner rather later

or taxation to oblivion of anyone above the 50% richer which is a forever rolling truck smashing wealth year after year
Until you become a fully undeveloped but socialist country with a small elite in power and a mass of poor working souls exposed to crime and miserable living condition: "le modele francais"

 

[divs4ever]

or taxation to oblivion of anyone above the 50% richer which is a forever rolling truck smashing wealth year after year
Until you become a fully undeveloped but socialist country with a small elite in power and a mass of poor working souls exposed to crime and miserable living condition: "le modele francais"

the super elite , have trusts , foundations and not-for profit 'charities ' , Ms Rinehart being the standout exception

but if they were really going to tax the elites , veteran politicians and senior civil servants would be migrating

this is just more attempts to crush the middle-class ( by creating jealousy from the masses )

 

[sptrawler]

It is just the government spin doctors getting everyone ready for "we're only doing what 'most Australians' want".

Yep, Albo is cunning, it will be all about the optics.
They pulled off a blinder with the tax cuts, let's wait and see what comes out of the magicians hat.
IMO it will be pretty amazing, don't forget most politicians including Albo have investment properties.

Therefore it will have to be a three card trick, to get the pollies onside, it will somehow have to look like it is doing a lot for the plebs, while increasing the tax take, but not affecting those who are in the club.

 

[SirRumpole]

The recession we don't think we are having hoovers up another victim.

Godfreys to close for good after the vacuum cleaner retailer fails to find new buyer

Vacuum cleaner retail chain Godfreys will close by the end of May, after administrators were unable to find a suitable buyer to purchase the business, which had been struggling in the "challenging economic operating environment".

www.abc.net.au

 

[frugal.rock]

Old news rumpy

https://www.aussiestockforums.com/threads/the-state-of-the-economy-at-the-street-level.28455/post-1263035

 

[dyna]

one wonders why all the amazing innovations in the last few decades haven't really worked it's way into the middle class pocket.

Man , you have really hit on to something here. I do indeed wonder .
If someone with just a smidgen of computer literacy can enrich themselves through lurking around a share market forum such as this , why is it , that wealth creation does not appear to have taken off to the moon in this country ? After all , here we are , bang in the middle of an Information Revolution .
Surely , the mob can't all be on the dope or on the couch with Netflix .
I'm still intrigued by something inciteful that I read somewhere here , years ago...." it's not what you know , that matters ( with trading / investing ) ..it's knowing : what you do not need to know " .
Turning a buck in this place is .....easy !
You all know that .
Don't lie . That's why you're here.

 

[mullokintyre]

Yesterday, i found out that two shops will be closed down in our small regional town within the next month.
One, a menswear shop has just closed because the owner could not sell it, and he wanted to retire.
The other, a newsagency, has been sold to the owner of the local Post office.
Its only real assett was the tatsliotto agency.
Most of the other things they competed with each other anyway.
This will leave us with four empty shops.
We don't have a Maccas or KFC, but do now have a subway, which according to my kids is the most expensive subway on the planet.
My wife did a locum at one of the plaza shopping centres in Shepparton yesterday.
Its a bit tacky , and that is reflected by the socio economic groups that are forced to shop there.
It also has had two shops recently closed, but centre management have not indicated in anyone will be replacing them.
One of the closures was one of the two dollar variety shops selling cheap chinese made useless knick knacks.
Had to go to Shepparton to get a new Sports Jacket for an upcoming wedding.
The guy running it said that he become very busy because of the closure of a number of regional Mensland stores, he is one of the last still standing.
The Deb season is in full swing here, so he is flat out getting gawky teenagers into dinner suits, white gloves and bow ties.
The customer after me was a woman who had driven four boys about 140 Km's to get their suit fittings done, cos there were so little facilities around still doing it.
Mick

 

[SirRumpole]

We are apparently, the 10th happiest country in the world. The US plummeted to 23. Maybe that's an omen for the next Presidential election.

The Nordic countries rank highly, the UK barely makes the top 20.

Personally I have my doubts about the measurement process. With housing costs at an all time high I wonder about the questions asked, but I suppose 5% interest rates are better than the 18% I had to pay.

Ranked: The 20 Happiest Countries In The World In 2024, According To A New Report

A report in honor of World Happiness Day reveals the happiest countries in the world—and some surprising trends.

www.forbes.com

World’s 20 Happiest Countries In 2024​

1. Finland
2. Denmark
3. Iceland
4. Sweden
5. Israel
6. Netherlands
7. Norway
8. Luxembourg
9. Switzerland
10. Australia
11. New Zealand
12. Costa Rica
13. Kuwait
14. Austria
15. Canada
16. Belgium
17. Ireland
18. Czechia
19. Lithuania
20. United Kingdom

Australia has outranked New Zealand for happiness. But why?

Our neighbours across the ditch have been bumped down to number 11 in the Global Happiness Report, but is Australia really happier?

www.abc.net.au

 

[qldfrog]

We are apparently, the 10th happiest country in the world. The US plummeted to 23. Maybe that's an omen for the next Presidential election.

The Nordic countries rank highly, the UK barely makes the top 20.

Personally I have my doubts about the measurement process. With housing costs at an all time high I wonder about the questions asked, but I suppose 5% interest rates are better than the 18% I had to pay.

Ranked: The 20 Happiest Countries In The World In 2024, According To A New Report

A report in honor of World Happiness Day reveals the happiest countries in the world—and some surprising trends.

www.forbes.com

World’s 20 Happiest Countries In 2024​

1. Finland
2. Denmark
3. Iceland
4. Sweden
5. Israel
6. Netherlands
7. Norway
8. Luxembourg
9. Switzerland
10. Australia
11. New Zealand
12. Costa Rica
13. Kuwait
14. Austria
15. Canada
16. Belgium
17. Ireland
18. Czechia
19. Lithuania
20. United Kingdom

Australia has outranked New Zealand for happiness. But why?

Our neighbours across the ditch have been bumped down to number 11 in the Global Happiness Report, but is Australia really happier?

www.abc.net.au

Not reading the ABC, from another papers we are supposed to be the 6th unhappiest country on earth...
Tell you much about the value of such "studies"
As for scandinavia, a trip to Helsinki is pleasant but I would not swap with Australia

 

[dyna]

Unless they have a handy still by the sauna , how can those Finnies be so happy , paying through the nose for their booze ?
In Norway , it's even worse . I remember thinking " This what Prohibition must have been like " .
Forget the happiness . Stop persecuting functioning alcoholics !

 

[wayneL]

We are apparently, the 10th happiest country in the world. The US plummeted to 23. Maybe that's an omen for the next Presidential election.

The Nordic countries rank highly, the UK barely makes the top 20.

Personally I have my doubts about the measurement process. With housing costs at an all time high I wonder about the questions asked, but I suppose 5% interest rates are better than the 18% I had to pay.

Ranked: The 20 Happiest Countries In The World In 2024, According To A New Report

A report in honor of World Happiness Day reveals the happiest countries in the world—and some surprising trends.

www.forbes.com

World’s 20 Happiest Countries In 2024​

1. Finland
2. Denmark
3. Iceland
4. Sweden
5. Israel
6. Netherlands
7. Norway
8. Luxembourg
9. Switzerland
10. Australia
11. New Zealand
12. Costa Rica
13. Kuwait
14. Austria
15. Canada
16. Belgium
17. Ireland
18. Czechia
19. Lithuania
20. United Kingdom

Australia has outranked New Zealand for happiness. But why?

Our neighbours across the ditch have been bumped down to number 11 in the Global Happiness Report, but is Australia really happier?

www.abc.net.au

I'm sceptical about the Scandinavian countries, particularly Denmark based on conversations I have had with said nationalities.

 

[TimeISmoney]

I'm sceptical about the Scandinavian countries, particularly Denmark based on conversations I have had with said nationalities.

I worked with a Danish guy for quite a while and most of them can't wait to get out of there, they're taxed to oblivion.

 

[Craton]

@mullokintyre Similar situation out my way.
Menswear closed down ages ago as did Big W and two grocery stores.

Other closures of late, locally owned and operated fish and chip shop. Owners finally retiring but no buyers.
Chicken and kebab shop, closed until further notice (over 12 months ago).
Another locally owned and operated food shop, Hocko's Chooks, partner's nephew worked there as assistant manager. Good tucker and they were nearly always sold out but, closed up without notice.

Two stationary and newsagents closed within 18 months of each other.

Local music store is closing, no buyers as yet.
City Fashions, has been operating for nearly a 100yrs, local Janome dealer, great for having all types of clothing fabrics and materials repaired. Retiring, up for sale.

So what do people in my hometown do?
Support locals as much as possible.
Shop online fraught with all the perils of buying sight unseen and without the advanced hands-on testing.
Travel interstate usually meaning Mildura or Adelaide.

Another option that is gaining more and more traction, op-shop if you can find your size or what you require.

I must qualify all this because demographics here are shrinking and growing older. Plus, one of the mines is going into Care and Maintenance which, after employing approx. 200 or so, will always sees a flurry of people selling up and leaving.

Another issue that we note, is that some shopping items are unavailable, sold out before the resupply semi's come in or have dramatically increased in price over the last 12 months.
A product (shampoo from memory) my partner buys jumped from $9 to $15 since last Dec!

Of course and no doubt, we have all noticed that our weekly shopping spend increases almost every time one ventures out to the stores.
One more thing, remember how cheap fuel was during Covid?

 

[wayneL]

We are apparently, the 10th happiest country in the world. The US plummeted to 23. Maybe that's an omen for the next Presidential election.

The Nordic countries rank highly, the UK barely makes the top 20.

Personally I have my doubts about the measurement process. With housing costs at an all time high I wonder about the questions asked, but I suppose 5% interest rates are better than the 18% I had to pay.

Ranked: The 20 Happiest Countries In The World In 2024, According To A New Report

A report in honor of World Happiness Day reveals the happiest countries in the world—and some surprising trends.

www.forbes.com

World’s 20 Happiest Countries In 2024​

1. Finland
2. Denmark
3. Iceland
4. Sweden
5. Israel
6. Netherlands
7. Norway
8. Luxembourg
9. Switzerland
10. Australia
11. New Zealand
12. Costa Rica
13. Kuwait
14. Austria
15. Canada
16. Belgium
17. Ireland
18. Czechia
19. Lithuania
20. United Kingdom

Australia has outranked New Zealand for happiness. But why?

Our neighbours across the ditch have been bumped down to number 11 in the Global Happiness Report, but is Australia really happier?

www.abc.net.au

Just thinking about this from the "street level" in 'Straya.

I can't say that in my circle of influence that people are actually happy at all. There has been a rash of separations/divorces and I guess I'm a little bit like a hairdresser/lay psychologist, people tell me the s*** that's on their mind while I'm a captive audience for however long I'm there.

I can only think of one family, that have a particularly successful business. The rest, though they're going through the motions of achieving and purportedly things they enjoy, are basically as miserable as an orphan bandicoot on a burnt ridge.

All things are relative I suppose, but I don't see Australians as being happy people at all.

(ETA To reiterate, I hate autocorrect)

 

[SirRumpole]

I worked with a Danish guy for quite a while and most of them can't wait to get out of there, they're taxed to oblivion.

View attachment 173169View attachment 173170

So, less complaints about our 45% top rate?

 

[SirRumpole]

Just thinking about this from the "street level" in 'Straya.

I can't say that in my circle have influenced that people are actually happy at all. There has been a rash of separations/divorces and I guess I'm a little bit like a hairdresser/lay psychologist, people tell me the s*** that's on their mind while I'm a captive audience for however long I'm there.

I can only think of one family, that have a particularly successful business. The rest, though they're going through the motions of achieving and purportedly things they enjoy, are basically as miserable as an orphan bandicoot on a burnt ridge.

All things are relative I suppose, but I don't see Australians as being happy people at all.

As you say, relativity. Maybe we are all unhappy, just less unhappy than those further down the list.

But these surveys are pretty dodgy anyway. The questions are probably designed by well off consultants who don't really know what life is like "on the street".

And we all have our own circles of friends and acquaintances and probably we don't get out into the wider community to make a proper judgement.