Australian Economy: Do you think the government now has its head out of the sand?
Jan 14th 2009, 9:41 pm
#31
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Re: Australian Economy: Do you think the government now has its head out of the sand?
It would definitely sound stupid now. But even in 06 it sounds like he was caught up in the myth that the mining boom was the whole of the Aussie economy rather than just the icing on the cake.
Jan 14th 2009, 10:05 pm
#32
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Re: Australian Economy: Do you think the government now has its head out of the sand?
What's so frustrating is that it appears that no-one in any media - even The Australian - seems willing to question him on - to quote Exile - the almost criminal way in which he encourages people to part with their cash.
Jan 14th 2009, 10:14 pm
#33
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Re: Australian Economy: Do you think the government now has its head out of the sand?
I would in no way attempt to suggest that the global economy is not up the swany, but my issue is with how it is being reported; it's not as if we don't all know about it - you've only got to look at the advert at the bottom of this thread to see that.
I do agree that to me it seems fundamentally wrong to spend, spend when it's largely spending beyond means that got us into this mess. Having said that there isn't much encouragement to save either with the miserly interest rates that are being earned. Some have said that there may well be negative interest on savings with us having to pay to have our savings housed by some of the institutions that got us in this mess in the first place. Or is this just more doom and gloom rumours I wonder? It's always interesting to get other peoples' perspectives and information.
Cheers
Lorraine
I do agree that to me it seems fundamentally wrong to spend, spend when it's largely spending beyond means that got us into this mess. Having said that there isn't much encouragement to save either with the miserly interest rates that are being earned. Some have said that there may well be negative interest on savings with us having to pay to have our savings housed by some of the institutions that got us in this mess in the first place. Or is this just more doom and gloom rumours I wonder? It's always interesting to get other peoples' perspectives and information.
Cheers
Lorraine
Truly the world has gone potty.
Jan 14th 2009, 11:12 pm
#34
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Re: Australian Economy: Do you think the government now has its head out of the sand?
So with regards to Perth is 2009 'the time to buy' or do we sit out and wait a bit longer? Surely the average house can't continuously rise in price forever?
Jan 14th 2009, 11:18 pm
#35
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Re: Australian Economy: Do you think the government now has its head out of the sand?
Of course it's next to impossible to predict the bottom, I think we're a long way off but I'd expect to see AT LEAST 30% of price falls still to come over the next 2 years.
Jan 15th 2009, 12:04 am
#36
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Re: Australian Economy: Do you think the government now has its head out of the sand?
Unless you have a strong desire to own a house my advice is to hang on and wait longer. Prices are falling fast. An oceanfront block in Iluka went for $600k recently - that would have been unheard of last year.
Of course it's next to impossible to predict the bottom, I think we're a long way off but I'd expect to see AT LEAST 30% of price falls still to come over the next 2 years.
Of course it's next to impossible to predict the bottom, I think we're a long way off but I'd expect to see AT LEAST 30% of price falls still to come over the next 2 years.
Jan 15th 2009, 1:00 am
#37
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Re: Australian Economy: Do you think the government now has its head out of the sand?
Ruddles to the Rescue - I can feel a handout coming on 
Jan 15th 2009, 2:49 am
#38
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Re: Australian Economy: Do you think the government now has its head out of the sand?
But this is from last week:
Mr Druitt said the slump should not spook those who were looking to buy in 2009 because the worst was over. “The signals are there that the time to buy is now,” he said. “The most important dynamic in the market now is that interest rates are down and it’s a completely different situation to the early 1990s when interest rates were on the upward cycle.”
My underlining.
Mr Druitt said the slump should not spook those who were looking to buy in 2009 because the worst was over. “The signals are there that the time to buy is now,” he said. “The most important dynamic in the market now is that interest rates are down and it’s a completely different situation to the early 1990s when interest rates were on the upward cycle.”
My underlining.
Australian Newsflash : A real estate agent by the name of Rob Druitt thinks prices are going up and now is the time to buy.
The sad thing is - that wasn't a joke. That kind of thing actually makes the tabloid news here.....
Jan 15th 2009, 4:14 am
#39
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Re: Australian Economy: Do you think the government now has its head out of the sand?
I won’t begrudge those of you who are saying “told you so. Nah, nah, nah, nah, nah” but please remember there are some of us working in the resources sector who on a daily basis are hearing of one colleague after another losing their job and one project after another they work on getting canned. We are just waiting for it to be our turn to be called in to the GM’s office for the bad news so we can go home and tell the wife and kids that life is going to be tough for a while.
And before you say it, I wasn’t earning silly money for the last three years so it isn’t comeback.
And before you say it, I wasn’t earning silly money for the last three years so it isn’t comeback.
Jan 15th 2009, 4:19 am
#40
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Re: Australian Economy: Do you think the government now has its head out of the sand?
Some of the hubris may be wearing off - but the old "she'll be right" isn't that easily dismissed!
I recommend that yo'all read "The lucky country" - written decades ago but as relevant now as it ever was. The main thrust was that Australia needed to lift its game more than a little and could not rely on being the Lucky Country ( ie warm, beachy and with raw materials just waiting to be sold to foreigners).
The irony was that the epithet became exactly the opposite in meaning to that intended, and Australians called Australia the Lucky Country as if it was meant to be that by God.
We shall see..............
Even if you accept that Rudd should have spent billions "Jump starting" an economy being eroded by debt, IMO it was ludicrous to just pile them into people's pockets to spend on plasmas etc. Putting billions into infrastructure would actually do some good, might save the Murray and even make Adelaide inhabitable in ten years' time!
I recommend that yo'all read "The lucky country" - written decades ago but as relevant now as it ever was. The main thrust was that Australia needed to lift its game more than a little and could not rely on being the Lucky Country ( ie warm, beachy and with raw materials just waiting to be sold to foreigners).
The irony was that the epithet became exactly the opposite in meaning to that intended, and Australians called Australia the Lucky Country as if it was meant to be that by God.
We shall see..............
Even if you accept that Rudd should have spent billions "Jump starting" an economy being eroded by debt, IMO it was ludicrous to just pile them into people's pockets to spend on plasmas etc. Putting billions into infrastructure would actually do some good, might save the Murray and even make Adelaide inhabitable in ten years' time!
Australia is a lucky country, run by second-rate people who share its luck.
Jan 15th 2009, 4:32 am
#41
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Re: Australian Economy: Do you think the government now has its head out of the sand?
But this is from last week:
Mr Druitt said the slump should not spook those who were looking to buy in 2009 because the worst was over. “The signals are there that the time to buy is now,” he said. “The most important dynamic in the market now is that interest rates are down and it’s a completely different situation to the early 1990s when interest rates were on the upward cycle.”
My underlining.
Mr Druitt said the slump should not spook those who were looking to buy in 2009 because the worst was over. “The signals are there that the time to buy is now,” he said. “The most important dynamic in the market now is that interest rates are down and it’s a completely different situation to the early 1990s when interest rates were on the upward cycle.”
My underlining.
Jan 15th 2009, 4:51 am
#43
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Re: Australian Economy: Do you think the government now has its head out of the sand?
This is external debt:
http://www.indexmundi.com/g/r.aspx?t=100&v=94
I think household debt in Aus is higher than UK though.
http://www.indexmundi.com/g/r.aspx?t=100&v=94
I think household debt in Aus is higher than UK though.
Jan 15th 2009, 4:53 am
#44
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Re: Australian Economy: Do you think the government now has its head out of the sand?
This is external debt:
http://www.indexmundi.com/g/r.aspx?t=100&v=94
I think household debt in Aus is higher than UK though.
http://www.indexmundi.com/g/r.aspx?t=100&v=94
I think household debt in Aus is higher than UK though.
eg:
According to The World Factbook, the OECD Economic Outlook and the IMF estimates:
USA has a public debt of between 60.80% and 73.2% of its GDP
UK is between 43.4% and 58.7%
Australia is between 14.2% and 15.60%
https://www.cia.gov/library/publicat.../2186rank.html
http://www.oecd.org/document/61/0,33..._1_1_1,00.html
http://www.imf.org/external/pubs/ft/...ata/index.aspx
Jan 15th 2009, 5:23 am
#45
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Re: Australian Economy: Do you think the government now has its head out of the sand?
I won’t begrudge those of you who are saying “told you so. Nah, nah, nah, nah, nah” but please remember there are some of us working in the resources sector who on a daily basis are hearing of one colleague after another losing their job and one project after another they work on getting canned. We are just waiting for it to be our turn to be called in to the GM’s office for the bad news so we can go home and tell the wife and kids that life is going to be tough for a while.
And before you say it, I wasn’t earning silly money for the last three years so it isn’t comeback.
And before you say it, I wasn’t earning silly money for the last three years so it isn’t comeback.
I wouldn't want anybody to lose their job - well maybe a few tradesmen. But I have little sympathy with those who did go on about coining it in and who bought investment properties at the expense of the rest of us on normal salaries in normal financial circumstances. The greed expressed by many in Perth and WA (and on this website) did leave a pretty sour taste - it's difficult not to feel a sense of schadenfreude towards those types.