Lambethlad Posted October 9, 2012 Share Posted October 9, 2012 Oz has now overtaken Spain to become world's 12th largest economy. http://www.heraldsun.com.au/news/breaking-news/australia-grows-to-12th-largest-in-world/story-e6frf7kf-1226491920197 Link to comment Share on other sites More sharing options...
Guest The Ropey HOFF Posted October 9, 2012 Share Posted October 9, 2012 Oz has now overtaken Spain to become world's 12th largest economy.http://www.heraldsun.com.au/news/breaking-news/australia-grows-to-12th-largest-in-world/story-e6frf7kf-1226491920197 Incredible that is mate, but ........ How have Spain got so high? 3% growth predicted in Australia next year and big growth figures over the last 21 years consecutively, sounds positive to me. Link to comment Share on other sites More sharing options...
Jojogunne Posted October 9, 2012 Share Posted October 9, 2012 Incredible that is mate, but ........ How have Spain got so high? 3% growth predicted in Australia next year and big growth figures over the last 21 years consecutively, sounds positive to me. It's all meant to sound positive if you live in Australia...or if you want to live there. Being the biggest economy doesn't equal being a strong economy, look at the US. Bigger the economy, sometimes can mean bigger the debt and bigger the problems. The size of the economy is nothing to do with the state of the country's economic well being. The IMF figure of around 3% doesn't mean anything either, they change their estimates month to month. Politicians will make the most of that sort of headline, it's why they are politicians, they get by on bullsxxt. It's the bigger picture than you should be watching. There are a lot of alarm bells ringing for Oz, if you take the overvalued dollar, high house prices and the fact that unemployment is creeping up. One economist said it was like "we're watching a slow-motion train wreck" I suppose a lot of that depends on China's economy too. That's not showing too many positives at the moment. Hopefully things will keep going well as the Australian government say they will, as my daughter is heading out there early next year to work and I also have friends there. I just get the feeling from what I read, things are not going to be so good in the future. I hope I'm wrong. Link to comment Share on other sites More sharing options...
PontePom Posted October 10, 2012 Share Posted October 10, 2012 It's all meant to sound positive if you live in Australia...or if you want to live there. Being the biggest economy doesn't equal being a strong economy, look at the US. Bigger the economy, sometimes can mean bigger the debt and bigger the problems. The size of the economy is nothing to do with the state of the country's economic well being. The IMF figure of around 3% doesn't mean anything either, they change their estimates month to month. Politicians will make the most of that sort of headline, it's why they are politicians, they get by on bullsxxt. It's the bigger picture than you should be watching. There are a lot of alarm bells ringing for Oz, if you take the overvalued dollar, high house prices and the fact that unemployment is creeping up. One economist said it was like "we're watching a slow-motion train wreck" I suppose a lot of that depends on China's economy too. That's not showing too many positives at the moment. Hopefully things will keep going well as the Australian government say they will, as my daughter is heading out there early next year to work and I also have friends there. I just get the feeling from what I read, things are not going to be so good in the future. I hope I'm wrong. I totally agree All doom and gloom in the papers I know cos I read em every day Some just won't have it I guess Honestly I'd love to believe it will be better but how many years will it take Who knows No one does Link to comment Share on other sites More sharing options...
Petals Posted October 10, 2012 Share Posted October 10, 2012 This economist that economist have been saying the economy was going to go down since 2000. I keep on waiting for house prices to fall, they have fallen a bit but they will not fall substantially as we have a lack of accommodation in Aus not an over supply. Hence more people looking than people selling. Also the job market is fine for those with skills, most of the under employment is in non skilled labour force and this is the same in all countries in the western world unfortunately. We have exported all the low skilled jobs to third world countries without giving a fig for those of us who do not have the skills or the brain power to learn them. These are the people that people like to stick lables on like dole bludger. Of course coming from the middle class welfare recipients its laughable. We have to get used to the fact that in future there is going to be much more under employment and whole swathes of people who cannot find work. We no longer dig holes or do manual work and who fixes things, no just throw it away and get a new one. The fixers of the world are on the scrap heap. Sad sad sad Link to comment Share on other sites More sharing options...
Paul1Perth Posted October 10, 2012 Share Posted October 10, 2012 Spot on Petals!! Let's face it most of the economists quoted have been predicting dire times for Australia for a long time now. Companies panicked during the GFC and laid people off, only to rehire them a few weeks later. The press here is very critical of the labour party and always comes down on the side of the Liberals. Even though we sailed through the GFC and the predicted collapse, change of government, rise in unemployment, falling house prices and the crash predicted by so many for so long, hasn't happened. What's more I see no sign of it happening either. Fair enough there have been some big layoffs from the mining sector recently but I heard on the radio last night that the iron ore price had gone up by 8% overnight. Hence it's looking like FMG, BHP and the other miners may have jumped the gun again. This month's unemployment figures were about the same and for WA better than anywhere else. I reckon the 3% quoted or whatever it is, is classed as full employment. Just about anyone that wants a job can get one. Some are part time and crap money and no good for a family but there are jobs out there. House prices took a jump up again last month. Biggest monthly increase for a couple of years, so no signs of a crash there either. I reckon your guess is as good as mine as where the economy is going and probably better than the Liberal supporting, doom monger, so called experts in the press. We'll still be seeing post's this time next year about "Australia's economy about to crash" and other bad news. If they keep posting long enough (like years) they will eventually be right and then they will be able to say "told you so". Until then I just carry on day to day, ignoring the news that doesn't affect me and mine. "Still living the dream":cool: Link to comment Share on other sites More sharing options...
Guest Posted October 10, 2012 Share Posted October 10, 2012 The start of the colapse of capitalism. As the oil and gas prices start to rise over the next 10 years a lot of the poorer people will feel that big time, travel and goods will become prohibitively expensive and things will sort of adjust back to countries trading with each other a lot less and producing their own things. Local businesses will rise as the more global based companies will decline, you know small hydrophonic veg rather than flying icelandic cabbages to europe etc....Everything community based with people working at home more etc... Perth will become as isolated as it was back in the 19th century !!! There are advantages and disadvantages to this change - people dont like change though ! Link to comment Share on other sites More sharing options...
Paul1Perth Posted October 10, 2012 Share Posted October 10, 2012 The start of the colapse of capitalism.As the oil and gas prices start to rise over the next 10 years a lot of the poorer people will feel that big time, travel and goods will become prohibitively expensive and things will sort of adjust back to countries trading with each other a lot less and producing their own things. Local businesses will rise as the more global based companies will decline, you know small hydrophonic veg rather than flying icelandic cabbages to europe etc....Everything community based with people working at home more etc... Perth will become as isolated as it was back in the 19th century !!! There are advantages and disadvantages to this change - people dont like change though ! That will be the same as Perth has always been then. To me it's a good thing the "isolation" that people talk about means nothing if you like what's in WA. Link to comment Share on other sites More sharing options...
Sir Les Patterson Posted October 10, 2012 Share Posted October 10, 2012 The start of the colapse of capitalism.As the oil and gas prices start to rise over the next 10 years a lot of the poorer people will feel that big time, travel and goods will become prohibitively expensive and things will sort of adjust back to countries trading with each other a lot less and producing their own things. Local businesses will rise as the more global based companies will decline, you know small hydrophonic veg rather than flying icelandic cabbages to europe etc....Everything community based with people working at home more etc... Perth will become as isolated as it was back in the 19th century !!! There are advantages and disadvantages to this change - people dont like change though ! Bloody hell....I'm glad you informed me of this....sh!t...the collapse of capitalism......I was thinking of updating my 1997 Porsche 911 turbo (993) but after your frank appraisal of the Australian economy I think I will sell it instead and buy a Toyota Yaris :laugh: Link to comment Share on other sites More sharing options...
Freckleface Posted October 10, 2012 Share Posted October 10, 2012 Bloody hell....I'm glad you informed me of this....sh!t...the collapse of capitalism......I was thinking of updating my 1997 Porsche 911 turbo (993) but after your frank appraisal of the Australian economy I think I will sell it instead and buy a Toyota Yaris :laugh: Why stop at a Yaris - you might as well get something from the new Great Wall range :eek: Link to comment Share on other sites More sharing options...
Slean Wolfhead Posted October 10, 2012 Share Posted October 10, 2012 Incredible that is mate, but ........ How have Spain got so high? 3% growth predicted in Australia next year and big growth figures over the last 21 years consecutively, sounds positive to me. Spain have got 50 million people and had a great economy with some huge companies (look at Santander in the UK), but were sucked into over-relying on property, construction and tourism, at which they were right at the top tier level. They also trade very heavily with Latin America, as you'd expect. I'm sure I read that they put in longer hours than the British, which isn't what you'd believe from the old popular image of Pedro sitting under a tree all day sleeping. Link to comment Share on other sites More sharing options...
Slean Wolfhead Posted October 10, 2012 Share Posted October 10, 2012 I keep on waiting for house prices to fall, they have fallen a bit but they will not fall substantially as we have a lack of accommodation in Aus not an over supply. That was the old British argument....prices will never fall because they're undersupplied so there will always be buyers to keep the market going. After 4 years of recession they still need nearly 700,000 new homes to catch up with existing demand, prices still dropped 30%, buyers vanished and builders stopped building because the banks stopped lending. Everything that was impossible, suddenly happened. I don't know what's going to happen to Australia....I get the feeling that politicians will soon start to privately welcome a price adjustment and might surreptitiously prod to make it happen. They don't want a country where Australian properties are the most expensive in the world and nobody can break into the market, especially when they rely on immigration so much for future growth. If i was an Aussie with plenty of cash, I'd start spreading a bit of it around Europe and the UK while the dollar is high, good insulation for the future. Link to comment Share on other sites More sharing options...
Guest Posted October 10, 2012 Share Posted October 10, 2012 Get the porche whilst you can:biggrin: Its starting to crumble........................ you cant count on growth and expansion as a constant. Oz depends on people emigrating and the Ozzie dream, this aids foreign exchange demand, pushes up housing and creates jobs in itself etc... All they do is open the flood gates a bit and it corrects the housing when in too much of a slump. If they were depending on industry they would have to devalue to make themselves competative, otherwise theres a crash on the way when buyers of Ore say no. So devaluing is good long term but crap if you just emigrated. If you always lived there it wont make many odds guess Link to comment Share on other sites More sharing options...
Big Bud Posted October 11, 2012 Share Posted October 11, 2012 Australia is better than Afghan or Fiji . Im happy here. Link to comment Share on other sites More sharing options...
Rugby Lad Posted October 11, 2012 Share Posted October 11, 2012 Australia is better than Afghan or Fiji . Im happy here. Nothing like aiming high is there bro!! :wink: Link to comment Share on other sites More sharing options...
Perthbum Posted October 11, 2012 Share Posted October 11, 2012 I hope not but some financial experts are predicting an Asian crash in the next couple of years which will seriously effect oz, lets just hope it does not come to pass for everyone's sake as it will also effect Europe. Link to comment Share on other sites More sharing options...
newjez Posted October 12, 2012 Share Posted October 12, 2012 I always thought Fiji would have been much nicer than it was. The hotel was nice, but the rest was dissapointing. Australia is better than Afghan or Fiji . Im happy here. Link to comment Share on other sites More sharing options...
Paul1Perth Posted October 12, 2012 Share Posted October 12, 2012 My Son and girlfriend had a week in Mauritius last year on their way back from the UK. They said the resort they were in was nice but were disappointed outside the resort. Link to comment Share on other sites More sharing options...
newjez Posted October 12, 2012 Share Posted October 12, 2012 TBH southern Africa's the only place I've been where outside the resort was better than inside the resort. My Son and girlfriend had a week in Mauritius last year on their way back from the UK. They said the resort they were in was nice but were disappointed outside the resort. Link to comment Share on other sites More sharing options...
Candygirl Posted October 12, 2012 Share Posted October 12, 2012 Incredible that is mate, but ........ How have Spain got so high? 3% growth predicted in Australia next year and big growth figures over the last 21 years consecutively, sounds positive to me. Spain may have a big economy, but it doesn't mean that it is a strong one. Before the "la crisis" they were the fastest growing economy in Europe and had very little debt compared to others. Having said that, in the last three months, there are cranes springing up all over the place and construction has started again and believe it or not people are buying the properties. Link to comment Share on other sites More sharing options...
Paul1Perth Posted October 12, 2012 Share Posted October 12, 2012 Spain may have a big economy, but it doesn't mean that it is a strong one. Before the "la crisis" they were the fastest growing economy in Europe and had very little debt compared to others. Having said that, in the last three months, there are cranes springing up all over the place and construction has started again and believe it or not people are buying the properties. I heard on the news today that Greece has just got to 25% unemployment and it's not quite as bad as Spain. They were talking that the unemployment for younger people was closer to 50% in both countries. How long will this be put up with before the whole fabric of society breaks down. It needs peole with jobs and money to keep things ticking over. I've been watching a series "Rick Stein's Spain" loved it, showed parts of Spain that I've not been to and everywhere looked great, food looked fantastic. This week he was in and around Seville, visiting tapas bars and drinking places that looked really nice. Great to see a country that still has tradition. Question is if there are so many unemployed how is that sort of life going to carry on? Link to comment Share on other sites More sharing options...
flag of convenience Posted October 12, 2012 Share Posted October 12, 2012 Oz has now overtaken Spain to become world's 12th largest economy.http://www.heraldsun.com.au/news/breaking-news/australia-grows-to-12th-largest-in-world/story-e6frf7kf-1226491920197 And Brazil just recently overtook the UK as the sixth biggest economy from memory. Not sure that it means all that much. Actually surprised Spain is lower with their grace economy... Link to comment Share on other sites More sharing options...
flag of convenience Posted October 12, 2012 Share Posted October 12, 2012 This economist that economist have been saying the economy was going to go down since 2000. I keep on waiting for house prices to fall, they have fallen a bit but they will not fall substantially as we have a lack of accommodation in Aus not an over supply. Hence more people looking than people selling. Also the job market is fine for those with skills, most of the under employment is in non skilled labour force and this is the same in all countries in the western world unfortunately. We have exported all the low skilled jobs to third world countries without giving a fig for those of us who do not have the skills or the brain power to learn them. These are the people that people like to stick lables on like dole bludger. Of course coming from the middle class welfare recipients its laughable. We have to get used to the fact that in future there is going to be much more under employment and whole swathes of people who cannot find work. We no longer dig holes or do manual work and who fixes things, no just throw it away and get a new one. The fixers of the world are on the scrap heap. Sad sad sad And even more economists stated Australia's fortunate position. Of course there was a wobble in 08....but government intervention largely saw that off...stimulation packages and the like. This time it isn't hard to get the sense something bigger is building....of course putting into place the policy that the Reserve Bank can continue lowering the dollar....while whacking the banks into line..in that they pass it on ...could further delay a downturn of far greater proportions. The downside is that house prices will further escalate. No doubt a lot would jump on the bandwagon if rates came down enough.....only to be caught out in the next increasing cycle,which seems to always happen here. A lower dollar will see much more of Australia being purchased by foreigners....and more buying up real estate. The job market will toghen as in Europe for those with skills as well. There will only be so many positions for grads. Look at Britain,where around half are struggling to find employment. An excess of labour in certain areas it could be argues has already been allowed to build up. The 457 scam ...should be looked into as well. Media here very unchallenging of big business and endorse it fully for the most part. We will see a change when the other lot get in......sadly not one that will benefit most Australians......... Link to comment Share on other sites More sharing options...
Sir Les Patterson Posted October 12, 2012 Share Posted October 12, 2012 Get the porche whilst you can:biggrin:Its starting to crumble........................ you cant count on growth and expansion as a constant. Oz depends on people emigrating and the Ozzie dream, this aids foreign exchange demand, pushes up housing and creates jobs in itself etc... All they do is open the flood gates a bit and it corrects the housing when in too much of a slump. If they were depending on industry they would have to devalue to make themselves competative, otherwise theres a crash on the way when buyers of Ore say no. So devaluing is good long term but crap if you just emigrated. If you always lived there it wont make many odds guess Bloody hell....I'm glad you informed me of this....sh!t...the collapse of capitalism......I was thinking of updating my 1997 Porsche 911 turbo (993) but after your frank appraisal of the Australian economy I think I will sell it instead and buy a Toyota Yaris :laugh: You don't do sarcasm well....do you :rolleyes: Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.