scuffythetugboat Posted March 23, 2013 Share Posted March 23, 2013 On the ABC news site today in the WA local news section under the heading Mining investment boom over, a BIS Shrapnel chief economist says that the boom is an orderly decline and will be over the decade. For anyone that has lived in Perth when a bust arrives it's not good news. My brother lost his job last week and the reason given was because of the downturn in the mining game. Although not directly employed by a mining company his work depended on them so the ripples will be felt far and wide. Link to comment Share on other sites More sharing options...
VERYSTORMY Posted March 23, 2013 Share Posted March 23, 2013 Yep. People dont realise that all those dollars that the miners earn are spent somewhere. When the shops that they spend them in stop getting them, everyone will feel it Link to comment Share on other sites More sharing options...
newjez Posted March 24, 2013 Share Posted March 24, 2013 When the mines slow down, you can see the tumbleweeds blowing down St Georges terrace. It's not a pleasant place to be. Hasn't happened for a while, but I remember it well from my childhood. Boom town to ghost town; and it tends to happen very fast. Still - you never know. Might not happen. Link to comment Share on other sites More sharing options...
Guest chris955 Posted March 24, 2013 Share Posted March 24, 2013 The problem with booms is they dont last, they cant last as they are unsustainable. As soon as it gets tough the mining companies pull out, they arent charities are are loyal only to their shareholders. Link to comment Share on other sites More sharing options...
newjez Posted March 24, 2013 Share Posted March 24, 2013 Some of them aren't even loyal to the shareholders. The problem with booms is they dont last, they cant last as they are unsustainable. As soon as it gets tough the mining companies pull out, they arent charities are are loyal only to their shareholders. Link to comment Share on other sites More sharing options...
Guest chris955 Posted March 24, 2013 Share Posted March 24, 2013 Some of them aren't even loyal to the shareholders. Well yes that is true, the thing is they look after themselves. Link to comment Share on other sites More sharing options...
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