Go Back  British Expats > Living & Moving Abroad > Australia
Reload this Page >

Economy stalling

Economy stalling

Old Jun 5th 2013, 10:52 am
  #1  
BE Forum Addict
Thread Starter
 
verystormy's Avatar
 
Joined: Nov 2007
Location: Scotland
Posts: 3,329
verystormy has a reputation beyond reputeverystormy has a reputation beyond reputeverystormy has a reputation beyond reputeverystormy has a reputation beyond reputeverystormy has a reputation beyond reputeverystormy has a reputation beyond reputeverystormy has a reputation beyond reputeverystormy has a reputation beyond reputeverystormy has a reputation beyond reputeverystormy has a reputation beyond reputeverystormy has a reputation beyond repute
Default Economy stalling

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?
verystormy is offline  
Old Jun 5th 2013, 11:12 am
  #2  
Daffyd Duck
 
commonwealth's Avatar
 
Joined: Jul 2008
Location: Paradise
Posts: 5,636
commonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond repute
Default Re: Economy stalling

Originally Posted by verystormy View Post
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?
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.
commonwealth is offline  
Old Jun 5th 2013, 12:43 pm
  #3  
Devil's Advocate
 
Joined: Feb 2008
Location: Mandurah
Posts: 2,269
EvannTel has a reputation beyond reputeEvannTel has a reputation beyond reputeEvannTel has a reputation beyond reputeEvannTel has a reputation beyond reputeEvannTel has a reputation beyond reputeEvannTel has a reputation beyond reputeEvannTel has a reputation beyond reputeEvannTel has a reputation beyond reputeEvannTel has a reputation beyond reputeEvannTel has a reputation beyond reputeEvannTel has a reputation beyond repute
Default Re: Economy stalling

Originally Posted by commonwealth View Post
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!
.
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.
EvannTel is offline  
Old Jun 5th 2013, 12:59 pm
  #4  
BE Forum Addict
Thread Starter
 
verystormy's Avatar
 
Joined: Nov 2007
Location: Scotland
Posts: 3,329
verystormy has a reputation beyond reputeverystormy has a reputation beyond reputeverystormy has a reputation beyond reputeverystormy has a reputation beyond reputeverystormy has a reputation beyond reputeverystormy has a reputation beyond reputeverystormy has a reputation beyond reputeverystormy has a reputation beyond reputeverystormy has a reputation beyond reputeverystormy has a reputation beyond reputeverystormy has a reputation beyond repute
Default Re: Economy stalling

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.
verystormy is offline  
Old Jun 5th 2013, 1:09 pm
  #5  
Daffyd Duck
 
commonwealth's Avatar
 
Joined: Jul 2008
Location: Paradise
Posts: 5,636
commonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond repute
Default Re: Economy stalling

Originally Posted by EvannTel View Post
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.
There's a difference between "X% of the growth" and "X% of the thing growing".
commonwealth is offline  
Old Jun 5th 2013, 1:12 pm
  #6  
Daffyd Duck
 
commonwealth's Avatar
 
Joined: Jul 2008
Location: Paradise
Posts: 5,636
commonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond repute
Default Re: Economy stalling

Originally Posted by verystormy View Post
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.
actually the rest of the economy might have been dragged down by mining because of the high AUD it created
commonwealth is offline  
Old Jun 5th 2013, 1:19 pm
  #7  
Forum Regular
 
ABCD......'s Avatar
 
Joined: Mar 2013
Posts: 255
ABCD...... has a reputation beyond reputeABCD...... has a reputation beyond reputeABCD...... has a reputation beyond reputeABCD...... has a reputation beyond reputeABCD...... has a reputation beyond reputeABCD...... has a reputation beyond reputeABCD...... has a reputation beyond reputeABCD...... has a reputation beyond reputeABCD...... has a reputation beyond reputeABCD...... has a reputation beyond reputeABCD...... has a reputation beyond repute
Default Re: Economy stalling

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.....

Originally Posted by verystormy View Post
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?
ABCD...... is offline  
Old Jun 5th 2013, 2:33 pm
  #8  
Daffyd Duck
 
commonwealth's Avatar
 
Joined: Jul 2008
Location: Paradise
Posts: 5,636
commonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond repute
Default Re: Economy stalling

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.
commonwealth is offline  
Old Jun 5th 2013, 5:18 pm
  #9  
Banned
 
Joined: Jan 2011
Location: The REAL Utopia.
Posts: 9,910
chris955 has a reputation beyond reputechris955 has a reputation beyond reputechris955 has a reputation beyond reputechris955 has a reputation beyond reputechris955 has a reputation beyond reputechris955 has a reputation beyond reputechris955 has a reputation beyond reputechris955 has a reputation beyond reputechris955 has a reputation beyond reputechris955 has a reputation beyond reputechris955 has a reputation beyond repute
Default Re: Economy stalling

Originally Posted by commonwealth View Post
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.
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.
chris955 is offline  
Old Jun 5th 2013, 6:55 pm
  #10  
Victorian Evangelist
 
Buzzy--Bee's Avatar
 
Joined: Sep 2005
Location: Melbourne, by the beach, living the dream.
Posts: 7,704
Buzzy--Bee has a reputation beyond reputeBuzzy--Bee has a reputation beyond reputeBuzzy--Bee has a reputation beyond reputeBuzzy--Bee has a reputation beyond reputeBuzzy--Bee has a reputation beyond reputeBuzzy--Bee has a reputation beyond reputeBuzzy--Bee has a reputation beyond reputeBuzzy--Bee has a reputation beyond reputeBuzzy--Bee has a reputation beyond reputeBuzzy--Bee has a reputation beyond reputeBuzzy--Bee has a reputation beyond repute
Default Re: Economy stalling

Couldn't agree more.

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

BB
Buzzy--Bee is offline  
Old Jun 5th 2013, 9:04 pm
  #11  
Daffyd Duck
 
commonwealth's Avatar
 
Joined: Jul 2008
Location: Paradise
Posts: 5,636
commonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond repute
Default Re: Economy stalling

Originally Posted by chris955 View Post
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.
Exactly. My friends in Dublin continued to party like there's no recession, because they still had their jobs.
commonwealth is offline  
Old Jun 5th 2013, 9:36 pm
  #12  
BE Enthusiast
 
Joined: Sep 2004
Location: London - but only until I can afford to move back to Sydney
Posts: 938
isgraham is a splendid one to beholdisgraham is a splendid one to beholdisgraham is a splendid one to beholdisgraham is a splendid one to beholdisgraham is a splendid one to beholdisgraham is a splendid one to beholdisgraham is a splendid one to beholdisgraham is a splendid one to beholdisgraham is a splendid one to beholdisgraham is a splendid one to beholdisgraham is a splendid one to behold
Default Re: Economy stalling

Originally Posted by commonwealth View Post
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.
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.
isgraham is offline  
Old Jun 5th 2013, 11:20 pm
  #13  
(It's not my real name)
 
renth's Avatar
 
Joined: Sep 2002
Location: Ilukapool. WA
Posts: 12,467
renth has a reputation beyond reputerenth has a reputation beyond reputerenth has a reputation beyond reputerenth has a reputation beyond reputerenth has a reputation beyond reputerenth has a reputation beyond reputerenth has a reputation beyond reputerenth has a reputation beyond reputerenth has a reputation beyond reputerenth has a reputation beyond reputerenth has a reputation beyond repute
Default Re: Economy stalling

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.
renth is offline  
Old Jun 6th 2013, 12:57 am
  #14  
Forum Regular
 
ABCD......'s Avatar
 
Joined: Mar 2013
Posts: 255
ABCD...... has a reputation beyond reputeABCD...... has a reputation beyond reputeABCD...... has a reputation beyond reputeABCD...... has a reputation beyond reputeABCD...... has a reputation beyond reputeABCD...... has a reputation beyond reputeABCD...... has a reputation beyond reputeABCD...... has a reputation beyond reputeABCD...... has a reputation beyond reputeABCD...... has a reputation beyond reputeABCD...... has a reputation beyond repute
Default Re: Economy stalling

Originally Posted by chris955 View Post
if you are working in a downturn/recession I doubt you see or feel the effects.
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.
ABCD...... is offline  
Old Jun 6th 2013, 3:00 am
  #15  
BE Forum Addict
Thread Starter
 
verystormy's Avatar
 
Joined: Nov 2007
Location: Scotland
Posts: 3,329
verystormy has a reputation beyond reputeverystormy has a reputation beyond reputeverystormy has a reputation beyond reputeverystormy has a reputation beyond reputeverystormy has a reputation beyond reputeverystormy has a reputation beyond reputeverystormy has a reputation beyond reputeverystormy has a reputation beyond reputeverystormy has a reputation beyond reputeverystormy has a reputation beyond reputeverystormy has a reputation beyond repute
Default Re: Economy stalling

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.
verystormy is offline  

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell or Share My Personal Information -

Copyright © 2023 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.