rebecca.hartstrom

This is just sad but I agree some people on here will be happy to know that oz is in recession. But sorry to disappoint them. Oz is going strong.

chris955

As i said it is just like those who gloat about anything bad happening in the UK, equally as sad. I do agree that mining is certainly going strong, not sure about manufacturing, retail, building etc.

rebecca.hartstrom

Hhmmm..not sure about the other industries too. But I sure hope that mining won't have the same fate!

chris955

I think mining will be fine for awhile, how long nobody knows.

Loch Lomond

Mining to Australia is like Oil and Gas to the UK. Managed properly by both the companies and the Government should provide revenue for years to come.

WestLondonWelshman

Who knows, but from what i can see looks like a classic example of the Dutch disease. The reality is nowhere is immune from the vagaries of the economic cycle and mates in Victoria are finding the cost of goods and services unrealistic. My mother in law sold a house in the northern suburbs of Adelaide 3 months ago for $420,000 and changed it in sterling. Double result for her as she paid $60,000 dollars for it in 98 also in sterling. I said she's been lucky, but she said she's being biding her time and reckons the house was $100 k overvalued when sold. I think she is probably right on that, though it had a bit of land at the back and option for a subdivision. My mother in law is pretty smart when it comes to Australian property and has seen it all since getting stung on the bankrun in the 70's. Her reckoning is the housing market in Oz is going to be taken a huge hit in the coming months.

Obviously the RBS are worried about mortgage stress and manufacturing , hence the rate cuts. The word in the city is that the dollar is anywhere between 25% and 40% overvalued. A couple more cuts on the interest rate and the dollars staring down the barrel. Who knows, but all the indicators are that Oz is looking like a bear market to the financial gurus.

WestLondonWelshman

I meant RBA not RBS btw Loch Lomond had me confused! Trouble is Loch the mining industry is not being particularly well managed at present. Its like the wild west literally and a lot of shady deals being struck, with as per usual the people on top skimming it up, whilst the general populous is being mugged off. Peoples eyes are glazing over at the wages and revenue being generated in the short-term and not looking at the long-term.

Its not a good idea to have more than 6% of your economy in an advance nation like Australia reliant on minerals extraction and in Oz its more like 10%. The imbalance is ripping strips out of Australia's manufacturing base, with the dollar seemingly pegged to the inflated gold price, with poor old manufacturers reaching for the oxygen tanks.

Mining by its very nature is cyclical and incredibly prone to boom and bust, you only have to look at the rusting colliery stacks of the lothains and my beloved south wales for evidence of that...

jad n rich

I notice the financial whizz people have predicted the dollar by end of year will be above parity, 90 US, and 75 US I mean really nobody has a bloody clue do they?

But one thing I agree with is how the hell can any country be immune from recession?

There are some very disturbing signs here right now and 'she'll be right mate' isnt really very realistic.

nickyjohnt

Unfortunatley there seems to be BIG companys going to the wall every week, I personally hope things don't go tit's up

DadAgain

Pleased to report that the manufacturer/retailer/exporter that I work for now is doing pretty well and has balanced the books to $0 debt over the last 3 years with plans for significant growth (>300%) over the next 8 years. The plans may be ambitious and overstated - but its an indication that there are pockets of success still EVEN in manufacturing and retail in Australia*.






*That being said the job I just left was a retailer who are very much on struggle street with declining revenue and increasing costs. It could still be turned around - but I wouldnt be throwing my money into their shares!

Kapri

+ 1

Please let there be work when we get there

rebecca.hartstrom

This made me think. Being our only hope for now I hope the mining industry continues to prosper.

rebecca.hartstrom

Good for you! Hope that company your working for right now continue to do great even in this economic climate.

ocdavey

Hi everyone, I'm moving from Ireland to Brisbane in little over 3 weeks, I am a fully qualified carpenter with 6 years experience. I just completed a woodwork teaching degree but the way things are here, I reckon I'll get out while I can and I'm just wondering will I struggle to find work in and around Brisbane. There seems to be a lot of mixed messages out there. Any help would be much appreciated.
Cheers

roaringmouse

What visa do you have?