PoppetUK

Hi all.

Just wondered what your thoughts on the financial crisi especially the impact on WA.

We've only been over 2 years. When we are talking to West Australians or expats that have been here for a long time they are a lot more positive about how the crisis will be for WA. We do seem to be a bit isolated here but I just wondered if anyone could explain the thinking behind all this.

Hope this makes a bit of sense.

Poppet

Dorothy

In my opinion only, and keep in mind I'm no financial wizard, it's all down to the mining industry here in WA.

Gordo Marshall

With the Chinese economy seriously shrinking and their demand for resources a result of this, WA would be very dangerous to sit on its laurels too much.

The higher things go, the longer and harder they fall.

Australia has had it very good for along time now, and it will within the next year come and bight the country extremely hard - and oh how the same greedy bankers etc and greedy baby-boomers will moan as there main home and three investment properties will fall in value!. Well, your greed will bite you. Good. It will not give the public sector workers a chance to live and work in the very areas you live in, and which they keep from being fragmented!

SHAME on all the GREEDY people everywhere!

NKSK version 2

We own a shop and if this is an indicator of the economy then WA is knackered. Our takings are massively down on last year. On Friday, for example, we took 30% of the equivalent day in 2008 and 2007.

BadgeIsBack

I thought you were a teacher. Didn't realise you were petit-bourgeois

Do you have loadsa choice? You better have

rangersman2

what sort of shop and what area cause that also plays apart in things

BadgeIsBack

Come on Nisky...come on Nisky...come on Nisky..

At least we can be assured that your signage will be without the greengrocer's affliction that is the apostrophe.

Er - greengrocers' (plural)..?

ukecadet

I was there in 89,I couldn't get any construction work,ended up labouring in a factory for a pittance,alongside 2 carpenters 3 plumbers and a fireman we were all Poms( no tail = no work)
interest rates @ 18% Black Dog Days.So having gone through that, if I was still in WA I would be worried .As it is I'm in Melbourne and although mindful of things to come feel I have a better chance here.We hadn't reaped any benefits from any resource boom like you have over the last few years.It could act as a buffer or it might make things harder when your on the decline.Be nice to think you'll be immune but I wouldn't bank on it.

lastone

It won't be any different, as mining has been mentioned already all it has down is slow the effects. Mines are being mothballed now, just wait and watch over the next year, the 'she'll be right' attitude will disappear.

Looking at the northern real estate paper and the reiwa magazine is hilarious, they are like progaganda machines but look very desperate.

Saying that, I still love it here and would rather be in a recession here than the UK.

NKSK version 2

Clothing shop. Just a little something on the side instead of putting money into superannuation (!)

ottg

In short; most industries in WA are interrelated and dependant on mining and resources. If projects are terminated, delayed, postponed then people's services need to be terminated unless other projects can take up the slack. There are only a few new projects that continue. This then has an influence on the buying power of the individual and then housing, retail and general services gets affected as part of the knock-on effect. Because we live in a global village and economies are exposed to one another, what happens to your largest business partners will affect you at the end.

I have tried to explain this inter relationship with links to reports on the WA economy (i.e SENSIS Report) at www.perth-sa-migrant-support.com.au

IvanM

If their house prices drops are anything to go by then WA is the most screwed state. Commodity prices hit their highs in June when the US and UK were already suffering. Iron ore is a fraction of the price then and the miners are still struggling to shift stock.

worzel

WA is traditionally hit harder by recessions / benefits more from booms. Dependency on the resource sector is the reason. Eg If a city has financial services as its main industry - people still buy insurance so they don't lose business. If people (globally) stop buying, China stops making, China stops buying raw materials, WA closes mines. That is a gross over-simplification but you get the idea.

Catch

In a nutshell

rockpeblar

I'm going to be made redundant in a few weeks - certainly affecting our household:curse: