iamthecreaturefromuranus

New slant on the job losses....

http://news.bbc.co.uk/1/hi/world/asi...ic/7735205.stm

iamthecreaturefromuranus

...and a much more local one

http://www.illawarramercury.com.au/n...o/1362614.aspx

IvanM

There have been a few announcements recently. What is undeniable now is that unemployment is on the rise. The question is more by how much and for how long? I am glad I am not leaving school or uni this year and very glad I am not a builder.

ozzieeagle

Finally found a job loss close to home. One of our nightshift Parttimers works dayshift at a Caravan manufacturers. They just retrenched 7 employees due to downturn in future orders here in the Northern industrial heartland of Melbourne.

ABCDiamond

Strange. I saw on the news yesterday that Australians were not taking up overseas holidays at the moment, but were switching to caravan holidays in Australia instead.

IvanM

Have you been watching channel 7 again

MTPockets

http://www.bloomberg.com/apps/news?p...B34&refer=asia

IvanM

How much car industry or parts industry is in that area?

ozzieeagle

Most of Melbournes, Ford is Adjacent. Ford was going to have problems before this downturn, as they mainly produced 6 cylinder cars in the Broadmeadows factory.

It's going to be an interesting scenario, over that part of the outer North. There is supposedly an acute shortage of rentals, and new homes, vs a massive turndown in the car building and associated industries. Dunlop (Pacific tyres ?) is also close by. The Food and beverage industries seem to be holding on fine. Plenty of Metal recycling plants like Sims Metal, sand and quarry processors, concrete producers, green waste recyclers.

I'm wondering whether Ford will manufacture any of the new Electric and Hybrid cars out of the Broadmeadows plant.

IvanM

Car industry has been in decline for a while however the crunch has seen Ford and GM's ability to raise cash to trade on slashed. GM is rated at junk status. Their ongoing presence in Australia depends on how much of a hand out they get and signs are that Rudd dependance on unions will mean more welfare money for them. Rudd will do all in his power to keep the industry in Australia much to the benefit of the US parent companies.

Metals and building producers are seeing a decline in demand.

I saw that B&B are going to cut as well. They have a Melbourne office. Again more high income jobs.

Rossi

OK they've done it !!
Australia has finally talked itself into a slow down........

Got the email from HQ today..........recruitment is frozen / interstate travel MUST be approved by director level.

ABCDiamond

Something on the news today, about how small businesses are taking on more workers, and unemployment is actually dropping.

Will have to watch out for that later in the news, maybe they are trying to talk it up again, as it is the talk that works

Or maybe I wasn't really awake, and was still half dreaming...

Olibeneli

..Job losses....

Lady I used to deal with at Macquarie Bank in Sydney has been made redundant.

She was in structured real estate.......Mac Bank are getting out of primary debt funding and scaling back all investment possibilities link to residential real estate developments...

So..no funding means no developments which in itself will lead to even more job losses....

ABCDiamond

and following on from that... with no more residential real estate development, house prices will skyrocket, due to insufficient property being available for the demand.

Once property prices skyrocket, investors will be back in, investing in new developments, and the circle goes on again......

All because of that lady in Macquarie Bank

NKSK version 2

I'm impressed with you doing your bit for talking up the economy!