The state of the economy at the street level

[luutzu]

Yes gone are the days, when the owner fronted up to Centre Link the same day as the employee, those were the days.
When everyone went down with a sinking business, when the workers worked on just to keep the business going and the owner put the family into St Vincent de Paul to keep the business going.
Just so the workers, didn't have to join him and his family in the community doss house, yes those days are behind us.
Jeez mate, you should get a gig on 'have you been listening', your full of craic.

What's craic? Just googled... I thought you were a Pom, not a terrorist.

My first gig was working for a smaller business operator. He went broke soon after I joined - it wasn't my fault, honest.

Everyone left except for me and the secretary who turned up after her work at her new job to help transition.

I help the guy without pay for about a month or two. Getting over the hump. He said we'll share the profit of any job we get. I estimated the pricing etc. for him, got two jobs but can't stay broke forever you know.

Never heard from him about the profit from those jobs though. Weren't much anyway... When my folks were building their house I called him up for a quote and he brought his "partner" along, giving us a very high price for the job, saying he can't help out because it's his "partner's" company too.

What a douche.

 

[sptrawler]

What's craic? Just googled... I thought you were a Pom, not a terrorist.

My first gig was working for a smaller business operator. He went broke soon after I joined - it wasn't my fault, honest.

Everyone left except for me and the secretary who turned up after her work at her new job to help transition.

I help the guy without pay for about a month or two. Getting over the hump. He said we'll share the profit of any job we get. I estimated the pricing etc. for him, got two jobs but can't stay broke forever you know.

Never heard from him about the profit from those jobs though. Weren't much anyway... When my folks were building their house I called him up for a quote and he brought his "partner" along, giving us a very high price for the job, saying he can't help out because it's his "partner's" company too.

What a douche.

And did it do you any harm?, Or did it make you more determined to get on with it, and make your own future?
When have you sat back and said "I can't get ahead, I'll never have any money, I may as well go on the dole"?
My guess is never, but as you know, I see it all the time too many too lazy to get off their ar$e.
I don't blame them, I blame the ones who excuse it.
It is the World today, no one puts any worth on anything, it is all a game.
Here is an example of young people's different reality, to us of the older generation.
https://thewest.com.au/news/wa/pert...r-stunned-by-meerkat-price-tag-ng-b881000811z
From the article:
Two people charged over the alleged theft of a baby meerkat worth more than $21,000 from Perth Zoo have appeared in court.

Jesse Ray Hooker, 22, faced Perth Magistrate’s Court today charged with stealing the animal on September 19.

His co-accused, 23-year-old Aimee Cummins, appeared in the same court accused of receiving the meerkat on September 21.



Neither accused entered a plea and their case was adjourned until next month to allow them to get legal advice.

Outside court, Mr Hooker said he had only been to the zoo once and he did not know how much a meerkat was worth.

FFing stealing it wasn't the problem, the chance it could have died wasn't the problem.
How much it cost was the problem.
We really have developed into a weird society, the biggest failings of the 'baby boomers', has been trying to make sure our kids didn't do it as tough as we did.
Now all we have, is a generation of people who believe, if they want it they should have it.

 

[luutzu]

And did it do you any harm?, Or did it make you more determined to get on with it, and make your own future?
When have you sat back and said "I can't get ahead, I'll never have any money, I may as well go on the dole"?
My guess is never, but as you know, I see it all the time too many too lazy to get off their ar$e.
I don't blame them, I blame the ones who excuse it.

Didn't know what to do with my life out of uni beside getting a job. But after that episode, stuff working for people.

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Just a general statement here but I think our education system no longer raise students to think. More to know a specialised trade/profession.

While that might be good in the short term, in the long run, and life is long... I think it's very tough for people to cope with redundancy and changing industry and other setback.

When you're down and cannot quote dead Greeks, Confucius, Lao Tzu, other poets and philosphers... it's gonna be quite tough to get out and see the light. Tony Robbins can teach you to walk on hot coal, but it's useless after the blister's gone.

 

[sptrawler]

Didn't know what to do with my life out of uni beside getting a job. But after that episode, stuff working for people.

-----------

Just a general statement here but I think our education system no longer raise students to think. More to know a specialised trade/profession.

While that might be good in the short term, in the long run, and life is long... I think it's very tough for people to cope with redundancy and changing industry and other setback.

When you're down and cannot quote dead Greeks, Confucius, Lao Tzu, other poets and philosphers... it's gonna be quite tough to get out and see the light. Tony Robbins can teach you to walk on hot coal, but it's useless after the blister's gone.

I think our education system does nothing, other than to give teachers jobs, and keep young people in school and off the dole as long as possible.
Academic outcomes, have become second place to social and philosophical outcomes, which unfortunately don't make or sell products.

 

[Darc Knight]

As of October 2018

Cash rate - 1.5%
Inflation - 2.1%
Economic growth - 3.4%
Unemployment - 5.3%

And yet a lot of us are nervous?

 

[Ann]

If you're an employee and made redundant then you'll get some sort of payout unless the employer has actually gone broke.

Yes about four weeks, depending on how long you have been with them.

I don't see how someone can really lose in that situation. Lose the income they would have had yes but not lose as in actually go backwards. Worst case they get the payout and after x months end up on the dole.

If you have a couple of kids at school, a fairly hefty mortgage and you are around the 45 to 50 year old level with a wife who is physically unable to work. It is impossible to service a loan, keep a family for very long on the dole. Getting a job in this age bracket is very difficult and can take several months to a year if you are lucky. The payout is long gone, the house payments are going backwards, car insurances, electricity, rates and a miriad of other hefty bills still keep coming. It is very easy to lose the lot. Even marriages can end living in this kind of long term frightening stress.

 

[sptrawler]

Yes about four weeks, depending on how long you have been with them.


If you have a couple of kids at school, a fairly hefty mortgage and you are around the 45 to 50 year old level with a wife who is physically unable to work. It is impossible to service a loan, keep a family for very long on the dole. Getting a job in this age bracket is very difficult and can take several months to a year if you are lucky. The payout is long gone, the house payments are going backwards, car insurances, electricity, rates and a miriad of other hefty bills still keep coming. It is very easy to lose the lot. Even marriages can end living in this kind of long term frightening stress.

As technology improves, this situation will worsen, people will have to take on further training, change career or move to an area where housing costs are lower and job prospects better. IMO
It is just a reality people will have to adapt to unfortunately, the World doesn't stop, I know sometimes I wish it would.

 

[basilio]

So what sort of world do we want ? Who decides who gets to make $1m or $1b. or $100b or perhaps just a fair wage to do a good job making/doing something worthwhile ?

Ann hit it pretty well. By and large most wage earners are a couple of paypackets away from the streets. In the end weend up doing just about anything to stay employed.

Perhaps one of the points of a good education is to ask what are we doing and why are we doing it ? If the answer is just to make and sell another dubious widget/scheme ... perhaps we should rethink what is going on ?

 

[luutzu]

I think our education system does nothing, other than to give teachers jobs, and keep young people in school and off the dole as long as possible.

Teachers are being overworked, underpaid and way, way under appreciated.

Wouldn't keep kids, then adults, from the dole if schools aren't properly funded. But then that's what a privatised prison system is for right? Free convict labour on taxpayers' "correctional" dime.

 

[Darc Knight]

Here we go Folks?

"New vehicle sales contracted in Australia for the seventh consecutive month in October, compared to figures from the corresponding months in 2017.

The market declined 5.3 per cent in October to 90,718 units, the lion’s share of the drop coming from New South Wales and Victoria, down 9.2 and 4.2 per cent respectively.

This certainly makes for a trend, now stretching into a third quarter despite low interest rates and near-full employment. The declining exchange rate, a spotlight on the finance sector, declining house prices in big cities, and the drought's impact on GDP might all be factors."

https://www.caradvice.com.au/699508/2018-vfacts-october-new-vehicle-sales/

 

[sptrawler]

Everyone is getting ready for a labor government IMO.
Car sales have gone down, but Banks have been able to reduce their allowance for bad and doubtful debts. That would indicate people are paying off as much as they can, while they can.lol

The Banks are worried about silly Billy and his brain farts, but can't say anything.
Westpac’s chief executive Brian Hartzer notes that there are plenty of potential headwinds facing the industry - not the least of which is political uncertainty.


The banking industry is privately expressing concern about the prospect of a Labor government - more especially the threat of changes to negative gearing and capital gains tax.

Self funded retirees, are spending their money as fast as they can, to be eligible for a part pension.

Yep nothing like the threat of a Labor Government, to get the sphincters slamming shut, another dose of " Hello I'm Kev, I'm here to help you".

 

[Ann]

Here we go Folks?

"New vehicle sales contracted in Australia for the seventh consecutive month in October, compared to figures from the corresponding months in 2017.

The market declined 5.3 per cent in October to 90,718 units, the lion’s share of the drop coming from New South Wales and Victoria, down 9.2 and 4.2 per cent respectively.

This certainly makes for a trend, now stretching into a third quarter despite low interest rates and near-full employment. The declining exchange rate, a spotlight on the finance sector, declining house prices in big cities, and the drought's impact on GDP might all be factors."

https://www.caradvice.com.au/699508/2018-vfacts-october-new-vehicle-sales/

It may not be as bad as you think DK if you keep reading your link. Here is a further analysis of the same information.

Record SUV sales in October
Biggest fall in petrol prices in 10 weeks
Petrol prices; Job Ads; Services sector; New vehicle sales
Unleaded petrol price: According to the Australian Institute of Petroleum the national average price of unleaded petrol fell by 4.4 cents a litre last week to 156.1 cents a litre.
Job advertisements: ANZ job advertisements rose by 0.2 per cent in October after declining by 0.7 per cent in September. Job ads were up 3.6 per cent on a year ago.
New vehicle sales: In October, 90,718 new vehicles were sold, down by 5.3 per cent over the year. In the twelve months to October, sales totalled 1,175,908 units, down 0.6 per cent on a year ago. But SUV sales hit record highs of 498,850 units in the year to October.

http://www.thebull.com.au/articles/a/78142-biggest-fall-in-petrol-prices-in-10-weeks.html

 

[sptrawler]

The economy can't be too bad, they are extending visas for overseas workers, because we don't have enough home grown workers.

http://www.thebull.com.au/articles/...cker-visas'-to-ease-farm-worker-shortage.html

Another interesting fact, some mines in W.A are moving to an 8/6 roster, to keep workers.
That is 8 days on 6 days off, that is pretty amazing, when you consider in the 1980's it was 5 on 1 off.
That was 5 weeks on, 1 week off.

 

[Smurf1976]

I’ve noticed what amounts to a campaign of sorts being run to the effect that old cars are unsafe and will probably kill you. There’s been quite a few mentions in the media all of a sudden.

Now this Smurf wasn’t born yesterday and I’m not silly enough to think it’s really being driven by concern about safety. Nope, it’s about selling cars and the only question was whether to use the “safety” or “pollution” argument this time. Seems that safety won - once that’s done if sales haven’t picked up then air pollution will be the next argument.

Yep, seen this show before. Same band, same venue, they just change the order of the songs.

 

[sptrawler]

I’ve noticed what amounts to a campaign of sorts being run to the effect that old cars are unsafe and will probably kill you. There’s been quite a few mentions in the media all of a sudden.

Now this Smurf wasn’t born yesterday and I’m not silly enough to think it’s really being driven by concern about safety. Nope, it’s about selling cars and the only question was whether to use the “safety” or “pollution” argument this time. Seems that safety won - once that’s done if sales haven’t picked up then air pollution will be the next argument.

Yep, seen this show before. Same band, same venue, they just change the order of the songs.

Safety is more personal choice, which takes less Government interference, pollution requires regulation.
I'm quite impressed, with the general public's perception, of the state of the Nation.

 

[sptrawler]

Well the latest poll, by core data, of people's general feelings regarding their wealth and retirement expectations are enlightening. It highlights the difference between the hope and enthusiasm of youth, as opposed to the experience and reality of age.

https://thewest.com.au/business/boomers-set-to-blow-it-all-in-their-golden-years-ng-b881012520z

From the article:

CoreData WA director Kristen Turnbull said the commitment to intergenerational wealth transfer diminished “possibly as the realities of the amount needed for a comfortable retirement becomes more front of mind”.

“Baby boomers are most likely to be living for the moment,” she said.

Possibly also reflecting hope versus experience, about 76 per cent of Generation Y were confident they would be mortgage-free before retirement — almost double the confidence level among baby boomers.

Almost 41 per cent of boomers were confident of owning their home outright at retirement, whereas 28 per cent were not confident of being mortgage-free.

About 26 per cent thought they would retire with mortgage debt, compared with 14 per cent of Generation X.

Less than 3 per cent of Generation Y expected to retire with a mortgage.

Here is another take on the survey.

https://thewest.com.au/business/who...nk-will-save-their-retirements-ng-b881018583z

It is interesting that some people are relying on a lotto win, to fund a comfortable retirement, I guess hope is eternal.

And a final take on the survey, it is interesting, all the different perceptions.

https://thewest.com.au/business/hop...snt-how-to-plan-for-retirement-ng-b881017585z

 

[SirRumpole]

I’ve noticed what amounts to a campaign of sorts being run to the effect that old cars are unsafe and will probably kill you. There’s been quite a few mentions in the media all of a sudden.

There is no doubt that modern cars are safer and there are a few old bangers that shouldn't be on the roads, but I still get a kick from seeing well restored and looked after classics still driving around.

Quite a few classic car clubs stop in our area for lunch on their rallies and they usually draw good attention from us locals and their owners spend money in the town which helps the local shopkeepers.

 

[sptrawler]

Rumpy, this is exactly why IMO, Ross Gittins is the biggest waste of newsprint still punching a keyboard.
IMO absolutely no idea of what is happening, at the street level, just wants to be loved pandering to populist press.IMO


https://www.smh.com.au/national/the...ars-of-economic-sunshine-20181127-p50ikm.html


The only good thing to come out of this market shakeout, is to show young people life isn't all pi$$ and skittles.
The amount of Harley's, Commodore V8 ute's and speed boats for sale in W.A shows what happened to the mining boom. It is a wake up call everyone needed.
I personally know young people who worked the mining boom on $160k/annum, and have nothing but toys to show for it, after 14 years.
Now the toy's are either on the tip, or in the car yard.
The only growth industry in W.A that lasted over the boom, was fast food and eating out, it is still growing.

 

[sptrawler]

https://thewest.com.au/business/markets/flying-blind-the-dark-side-of-our-funny-money-ng-b881034875z

The instability, caused by all the 'money printing', is finally coming home to roost. IMO
Next problem, how do we get rid of all this paper debt, while still keeping confidence in the fiat system.
I wonder if we will have a 1 for 10 consolidation of money, oh what a mess.

 

[Darc Knight]

https://thewest.com.au/business/markets/flying-blind-the-dark-side-of-our-funny-money-ng-b881034875z

The instability, caused by all the 'money printing', is finally coming home to roost. IMO
Next problem, how do we get rid of all this paper debt, while still keeping confidence in the fiat system.
I wonder if we will have a 1 for 10 consolidation of money, oh what a mess.

This is what a retired Accountant was telling me. Forget the Stock Market ATM he said too.