verystormy

So, the economy is stalling. Growth down to 0.6%
WA is negative at a shrink of 3.6%. That is a big contraction. Any views?

commonwealth

I live and work in Sydney which has the lowest unemployment rate among the capital cities and produces a quarter of the national economy (bigger than the mining sector), so it's not too bad!

Actually the annualised growth rate is 2.5%, still higher than the population growth rate, so it's not that bad. One can only hope the AUD re-adjusts to around 90 USD to help the ailing industries.

EvannTel

That really surprised me so I checked
http://www.startupsmart.com.au/growt...112194913.html
Seems your figures are a little out of date.

Admittedly 18 months old that article, but I would be surprised if Sydney has regained it's crown.

verystormy

Sydney and Vic, will be slower to be impacted. The main economy has been supported by mining, now that is in massive decline, it will impact the mining states first, then the rest.

commonwealth

There's a difference between "X% of the growth" and "X% of the thing growing".

commonwealth

actually the rest of the economy might have been dragged down by mining because of the high AUD it created

ABCD......

One problem with these stalling economy reports:

Just a few example headlines..

Jan 6, 2009 – Research note - Australia's economy to stall in 2009;
Mar 4, 2009 – The latest national accounts figures show the Australian economy contracted by half a per cent in the final three months of last year
Jul 29, 2011 – The Australian economy is in trouble – according to the Australian Bureau of Statistics (ABS),
Nov 2, 2012 – Amid signs of rapidly stalling economic growth and emerging ... across every sector of the Australian economy
Apr 18, 2013 – The Australian economy however is predicted to outpace its advanced economy peers with 2013 GDP growth tipped at 3% compared to 1.2%
Jun 5, 2013 - At below trend growth of just 2.5 per cent, economists say the economy has stalled and jobs are at risk

Enough to think about.....

commonwealth

Doesn't matter what the stats say. Economically, the most important thing is you don't lose your job. If you keep your job you should be usually fine and may benefit from lower interest rates. It's those who lose their jobs who are of course most affected.

chris955

Its what I always get shot down for saying, if you are working in a downturn/recession I doubt you see or feel the effects.

Buzzy--Bee

Couldn't agree more.

Sometimes "recession" and "boom" can be very personal.

BB

commonwealth

Exactly. My friends in Dublin continued to party like there's no recession, because they still had their jobs.

isgraham

My mates in Macquarie and ANZ to name a couple are telling me that they are shedding jobs all the time and they don't expect to last the year.

renth

The uni where I work (UWA) has to shed a whole heap of jobs, something like 10% or 20%, can't remember what the VC said. My dept. will cease to exist in December a lot of people will be let go.

ABCD......

And with only 5.5% unemployed, during a major worldwide economic crisis period, it only affects a few people. (In 2008 it was 4.2%, while the UK was 5.3%)
From 2008 to now, that is a 31% increase for Australia, but 47% for UK (5.3% to 7.8%)

But, how many of those CHOOSE unemployment ?
Many of those in Byron Bay for example

April 2013:

• The unemployment rate at 5.5%.
• Full-time employment increased 34,500 to 8,159,700
• Part-time employment increased 15,600 to 3,503,500.
• Unemployment decreased 2,700 (0.4%) to 685,300.
• The number of persons looking for full-time work remained steady at 502,800
• The number of persons looking for part-time work decreased 2,700 to 182,500.

Choose your area carefully though, these rates vary between:

• 2.1% Unemployment in Sydney Northern Beaches, NSW
• 13.3% Unemployment in Illawarra, NSW

When comparing unemployment statistics, please note:

• UK uses the age range from 16 to 64
• Australia uses the age range from 15 to 64

Both Australia and the UK use the standard international definition of unemployment.

verystormy

I agree, if you aren't unemployed, then a recession is meaningless. Friends in the UK don't know what the fuss is about. All have done well, best made received his biggest bonus this year he has ever had, brother in law launched a restaurant which has been booked solid for a year.

But, when economic downturns occur, and here in WA, it certainly is biting, new migrants suffer particularly badly.

Have to say, if I was a Pom, thinking of giving up a job in the UK, to move to Perth, I would be thinking again.