Australia's economy is a house of cards

[bristolman]

The thing is if all of this unmatched economic growth was manifested in affordable housing, food, power etc then it truly would be reason to have a party but it does seem as though the average person has had to pay a high price for the growth. 30 years ago I could never imagine permanently living anywhere other than Australia, today I can't imagine living permanently in Australia and much of that is down to how expensive it is. Remember also that these however many years of growth haven't saved the country from experiencing high unemployment, high interest rates, high inflation etc. 

Amongst 18-35 year olds Australia has the 2nd LOWEST rate of home ownership just behind the UAE at just 28%. It's not enough to just say 'wow we haven't had a negative quarter for 20 years' if there is no tangible benefit to average people. 

[Parley]

Luckily China is still powering on endlessly.

[bristolman]

8 minutes ago, Parley said:

Luckily China is still powering on endlessly.

Yeah, not so much. 

[Parley]

Yeah GDP growth of 6 to 8% a year is terrible isn't it ?

What is the UK ? 1%, 2% ?

China's growth is consistentl high and will remain so.

[bristolman]

11 hours ago, Parley said:

Yeah GDP growth of 6 to 8% a year is terrible isn't it ?

What is the UK ? 1%, 2% ?

China's growth is consistentl high and will remain so.

So you are happy for Australia to be almost totally reliant on China's economy ? 

http://www.bbc.co.uk/news/business-38686568

There is huge doubt over the validity of their figures and there has been for years. 

 

[Parley]

Of course we aren't totally reliant on China's economy.

Australia is a major Agricultural producer and we are a major tourist destination as well as lots of other things.

But China is a super power and will continue to be a huge customer of ours for probably the next hundred years.

They are a population of well over 1 Billion people and the demand for resources and quality food isn't going to stop.

China and India too will continue to need resources, and food as they look to lift a lot of their people out of poverty.

[Parley]

22 hours ago, Parley said:

Yeah GDP growth of 6 to 8% a year is terrible isn't it ?

What is the UK ? 1%, 2% ?

China's growth is consistentl high and will remain so.

You conveniently didn't answer the question.

UK's GDP growth is 0.4%.

Lucky we don't depend on you too much as a customer for our resources.

[bristolman]

11 hours ago, Parley said:

You conveniently didn't answer the question.

UK's GDP growth is 0.4%.

Lucky we don't depend on you too much as a customer for our resources.

Don't make this a UK v Oz thing as it has nothing whatsoever to do with the UK. 

[Parley]

It is very relevant.

You are laughably trying to claim that China's GDP growth of around 7% is no good.

Where it continues to be one of the highest in the world, while UK is barely above recession.

[bristolman]

18 minutes ago, Parley said:

It is very relevant.

You are laughably trying to claim that China's GDP growth of around 7% is no good.

Where it continues to be one of the highest in the world, while UK is barely above recession.

Please stop trying to make this about the UK, there is absolutely no relevance at all. 

You must be the only person who actually believes the figures China releases lol

To be wholly reliant on China's slowing economy is not good and if you read the marathon opening post you will understand why. It's why Australia's economy is often referred to as a one trick pony. 

[bristolman]

23 minutes ago, Parley said:

It is very relevant.

You are laughably trying to claim that China's GDP growth of around 7% is no good.

Where it continues to be one of the highest in the world, while UK is barely above recession.

So are you saying that Australia's growth is barely above recession as well ? Is it coincidence that Australian growth is slowing to coincide with China slowing ? 

[starlight7]

If China coughs, Australia sneezes of course.  The Chinese own half the country already which at least gives us some measure of security- it is in their interests that we don't take a nosedive.

[bristolman]

2 minutes ago, starlight7 said:

If China coughs, Australia sneezes of course.  The Chinese own half the country already which at least gives us some measure of security- it is in their interests that we don't take a nosedive.

Oh I agree, Australia is well on its way to being China's biggest province lol

[Parley]

33 minutes ago, bristolman said:

Please stop trying to make this about the UK, there is absolutely no relevance at all. 

You must be the only person who actually believes the figures China releases lol

To be wholly reliant on China's slowing economy is not good and if you read the marathon opening post you will understand why. It's why Australia's economy is often referred to as a one trick pony. 

So you post China's figures as part of your argument and then disown them when you are shown up.

[bristolman]

2 minutes ago, Parley said:

So you post China's figures as part of your argument and then disown them when you are shown up.

Where was I shown up, I missed that post lol

[Parley]

3 minutes ago, bristolman said:

Where was I shown up, I missed that post lol

When I embarresed you by pointing out UK is barely above recession levels while China continues to pump along at 7% growth.

Of course then the figures you provided for China couldn't be right could they ? 

 

 

[bristolman]

6 minutes ago, Parley said:

When I embarresed you by pointing out UK is barely above recession levels while China continues to pump along at 7% growth.

Of course then the figures you provided for China couldn't be right could they ? 

 

 

You embarrassed me ? So do you agree that Australian growth is barely above recession as well ? 

Once again don't make this in a UK v Oz thing. 

[Toots]

Why don't both of you just shut up!

[bristolman]

12 minutes ago, Toots said:

Why don't both of you just shut up!

In fairness I'm happy to debate any subject but it can be difficult at times. 

[benj1980]

It is clear from the very long article that Australia needs to diversify, I'm just wondering how long this has been talked about and what has been the outcome? I think a lot of the article is waffle and very much one persons opinion. That said we are too dependent on China and I guess this has been a marriage of convenience for a long time now so it's hard to break!

[Toots]

I thought China was Australia's largest foreign landowner but it is in fact the UK.

https://www.therealestateconversation.com.au/2016/09/08/britain-australias-largest-foreign-landowner/1473298259

[Guest263228]

On ‎3‎/‎12‎/‎2017 at 05:52, Parley said:

Luckily China is still powering on endlessly.

Well no it isn't and has extensive internal issues. But The state controlled system has challenged the concept of liberal economic democracy and found it severely wanting. It is far from only Australia that is being 'taken over' by China. The process is well under way, in a far more advanced form in certain South East Asian countries Pacific Islands and African countries, where Chinese buy influence and control.

You may well consider China being the saviour of Australia, but it will come at a very heavy price. Already Chinese influence is deeply felt. A recent book publican was banned due to criticism of China by the publishers. They are as the Americans before, paying lobbyists within the media and those of influence to ensure the Chinese point is clearly expressed of whatever interest that might be, It is not hard to see where a conflict of interest could easily make Australia a victim of such a policy. China will extract a price for its shoring up the economy on every form from trade, tourism to students .

[Guest263228]

2 hours ago, Toots said:

I thought China was Australia's largest foreign landowner but it is in fact the UK.

https://www.therealestateconversation.com.au/2016/09/08/britain-australias-largest-foreign-landowner/1473298259

China is new to the game. The real estate lobby have own interests at stake here, being  not happy with crackdown of Chinese funds entering Australia, along with potential government toughening up on Chinese 'investment' in Australian real estate that has challenged local ability to partake especially in the bigger cities.

There is a lot more to the game than purely the amount .  

[Guest263228]

12 hours ago, benj1980 said:

It is clear from the very long article that Australia needs to diversify, I'm just wondering how long this has been talked about and what has been the outcome? I think a lot of the article is waffle and very much one persons opinion. That said we are too dependent on China and I guess this has been a marriage of convenience for a long time now so it's hard to break!

Australia has been very lazy with the usual sell out politicians to the highest bidder. There are plenty of examples of this from the sale of Darwin Port to various agricultural lands of national interest.

It is clear China will influence will expand ever more in the future as their tourists dominate, students out rank all other internationals by far, trade dependency and not forgetting the biggest intake of migrants as well as investors in shoring up the housing market.

This will enable China to wield undue influence behind the scenes and at a stage influence policy.  

[Guest263228]

17 hours ago, starlight7 said:

If China coughs, Australia sneezes of course.  The Chinese own half the country already which at least gives us some measure of security- it is in their interests that we don't take a nosedive.

Well we take a nose dive and they buy up even more at cheaper rates. The Chinese 'of means' are far more numerous than the entire Australian population, many times. They could between them buy and sell Australia many times. It should be remembered China regards Chinese abroad as belonging to the Motherland and will defend them with the power at its means if deemed necessary.