Australia Will Not Go Into a Recession

[vegastomelbourne]

What says you, my fellow Aussies ?

Australia Will Not Go Into a Recession

 

http://video.cnbc.com/gallery/?video=3000048631

 

MON 03 OCT 11 | 11:30 PM ETNicki Hutley, Director of KPMG, says that despite the uncertainty, Australia will still do well because of a strong domestic economy.

[2and3]

not read the link but I hope not - don't want to end up a ping pong - lol

[fleabo]

I wondered where Gordon Brown had got to.

[fish.01]

What says you, my fellow Aussies ?

Australia Will Not Go Into a Recession

 

http://video.cnbc.com/gallery/?video=3000048631

 

MON 03 OCT 11 | 11:30 PM ETNicki Hutley, Director of KPMG, says that despite the uncertainty, Australia will still do well because of a strong domestic economy.

 

I understand why you have come to a forum for an answer. All the experts and economists have no concrete idea and I notice the the only place to get certainty on economics these days is from "experts" on forums and blogs :biggrin:

[TheBrammies]

mmmmmm cost of living up manufacturing down,retail down,house prices down,jobs down,trades doing pretty bad ,flooring slowest its been for years sounds like a recession to me if your not in mining in Perth then things not booming here but will pick up i'm confident for next year but no boom it will be a slow build up thats my opinion

[vegastomelbourne]

Thanks Fish...You are correct in a sense that stock market performance has somewhat decoupled from reality. Street intel paints a more accurate picture for us peasants..:wink:

I understand why you have come to a forum for an answer. All the experts and economists have no concrete idea and I notice the the only place to get certainty on economics these days is from "experts" on forums and blogs :biggrin:

[newjez]

Jeremy Clarkson released a column just as the GFC hit. Basically - he said there a recession is only a problem if you lose your job. Otherwise - everything just gets cheaper. He published it in the Sunday Times on the weekend I got made redundant.

[bunbury61]

What says you, my fellow Aussies ?

Australia Will Not Go Into a Recession

 

http://video.cnbc.com/gallery/?video=3000048631

 

MON 03 OCT 11 | 11:30 PM ETNicki Hutley, Director of KPMG, says that despite the uncertainty, Australia will still do well because of a strong domestic economy.

 

If any 2 countries can stay out of trouble ....its Oz and Canada .

They should be rightly rewarded for sensible fiscal management .

 

But i feel this stuff coming out of the U.S and Europe could get nasty .

 

Germany .....predominantly Germany and France are propping up the euro .

 

The european monetary system needs another cash injection ,to stop the euro falling off a cliff .

The Germans are rightly reluctant to do it again .....this has now affected all the weaker economies .....greece ...ireland ...portugal ....now onto spain and italy ....now the pressure is starting to affect one of the big boys , namely France .

 

Pundits reckon it could all go pear shaped soon

 

Iam afraid it will affect us all

[vegastomelbourne]

I couldn't agree with you more !! :yes: The financial elites gambled away our future, and now they want to implement austerity measures to make us pay for their mistakes..2012 is going to be a tumultuous year for all of us. I apologize for injecting politics into our conversation.

If any 2 countries can stay out of trouble ....its Oz and Canada .

They should be rightly rewarded for sensible fiscal management .

 

But i feel this stuff coming out of the U.S and Europe could get nasty .

 

Germany .....predominantly Germany and France are propping up the euro .

 

The european monetary system needs another cash injection ,to stop the euro falling off a cliff .

The Germans are rightly reluctant to do it again .....this has now affected all the weaker economies .....greece ...ireland ...portugal ....now onto spain and italy ....now the pressure is starting to affect one of the big boys , namely France .

 

Pundits reckon it could all go pear shaped soon

 

Iam afraid it will affect us all

[fmck]

When Ireland had the boom, I thought that I was the only one not earning big bucks. Now that things have turned sour, I remain mostly unaffected. Clarkson is paid a lot more money than I am, so he probably does not realise the effect of 10% inflation (real bills and not government number juggling) against a 3.25% payrise. Bless his cotton socks, but he doesn't dread the bills dropping through the door. Everyone on a fixed income is feeling the effects of inflation.

 

As for Australia not having a recession, well the people who didn't spot the current trans-atlantic crisis are in no position to comment. Surely Australian banks are holding a basket of currencies like everyone else.

 

It seems to me that Australia is strong because of the trade in real assets (offshore/mining). It's not the best time to stick the boot in with carbon dioxide tax though. The best asset Australia has is its people. The Aussies don't strike me as the types to take too much nonsense from government and the unions are strong. If the Brisbane floods are anything to go by, Oz should pull through the worst of anything which may come, united and stronger.

[Zack]

What says you, my fellow Aussies ?

Australia Will Not Go Into a Recession

 

http://video.cnbc.com/gallery/?video=3000048631

 

MON 03 OCT 11 | 11:30 PM ETNicki Hutley, Director of KPMG, says that despite the uncertainty, Australia will still do well because of a strong domestic economy.

Australia is already in recession,retail shops closeing down,10 in our local town,manufactureing closeing down,construction to have 150,000 made redundent by next year,both my neighbours have been laid off both builders.House prices are plumeting,banks not lending.Houseing market flat,utility bills going through the roof along with the cost of liveing.Mining is keeping the country solvent.China stops buying Australia goes broke.Now tonight on the 7.30 report ABC 1,40% of the workforce is now on casual employment or short term contracts.All that and Australia, so we are told 24/7 has a economy, which is the envy of the world.

[Guest Pete the Feet]

Could well happen, despite the fact they are advertising thousands of jobs being available in the mines & coal seam gas projects, Australia is to busy selling everything off it's assets, paying out billions to the Indigenous Population and rewarding people for turning up in a boat from far off countries. The pensioners in Australia get less income than anyone else, something is wrong with a Government that doesn't look after the people who are the main core of it's population.

[Petals]

If Europe is not sorted we will all be down the pan, its such a fine balance these days that if one country sneezes another catches cold and no-one is immune to it.

 

KPMG are offering redundancies according to the Age and that is because there is no merger, high finance work around.

 

The share market does not know what its doing from one day to the next and capitalism may be on the brink. Who knows.

 

Under employment has been very very high in Aus for many many years now and that is why a lot of Aussies are against migration. They feel that firms should take on our graduates rather than importing people who are already skilled. Good for the migrants but not good for the Aussie youth.

 

I think the whole world has forgotten the young as older people try to hang onto the materialistic life they have become used to.

 

Cannot go on for ever. The young are the future and they deserve a life as well.

[Guest guest59652]

Good points well made. I worry about if China has an economical problem the effect it will have on Australia with it being so geographically isolated. Plus the australian economy is so small compared to europe. Yes it is self sufficient for food and resources which helps but it has come to expect a quality of life afford to it by shipping so many cereals, products to china.

Its swings and roundabouts. At the end of the day - live frugally, do the simple things like read, walk and know that a simple ford fiesta can get you from a to b (or holden commodore!) just as well as a flash merc etc.

[Guest guest59652]

We are told constantly that australia is the envy of the world. Most people here believe it as they don't have passports and don't travel out of the country.

Have some old work colleagues who are now working in the uk moaning about the temperature and the grey skies - god i miss our seasons - if they don't like it come back to the 'lucky' (another misnomer) country.

[Petals]

We are told constantly that australia is the envy of the world. Most people here believe it as they don't have passports and don't travel out of the country.

Have some old work colleagues who are now working in the uk moaning about the temperature and the grey skies - god i miss our seasons - if they don't like it come back to the 'lucky' (another misnomer) country.

 

I think its a minority of people who choose not to travel just like people who live in other countries because they are content with their lot, they are the lucky people, contentment is very hard to come by these days.

 

As for the four seasons only have to move to Victoria and you will have it and sometimes its in one week. That is why its so interesting to live here keeps us on our toes.

 

Not optimistic about Europe I have been following it closely with the articles, of course one cannot believe all that is written we only get a precis of what is really going on. However it does seem likely to me that people are wanting to take their ball and go home and maybe if they are not careful things can only get worse. Obviously Britain does not want to contribute as it has been contributing more than other countries the whole time. Bad negotiators. With the IMF saying its going to step in unfortunately all members will be paying for others excesses.

 

Biggest problem is that nothing is being done to curb spending in the countries that are in trouble

 

Afraid we all need to tighten our belts for this one wherever we live.

[Perthbum]

Any Country in the world can go into a recession, oz is not immune.

[Paul1Perth]

Afraid we all need to tighten our belts for this one wherever we live.

Above quote from Petals just about sums it up. I am one of the baby boomers and now realise we have had the best, most prosperous, times growing up that are probably not going to be repeatable again. We grew up with the expectation that we would be better off than our parents and most of us acheived this without problems. We've been through several boom and bust times but, in general, have come out the other side and carried on with not a lot of problems.

 

In the last geneartion the expectation of being better off than ones parents has carried on. Difference is the base to improve from was significantly higher. My parents didn't have cars and my Dad learned to drive afer me (never really got the hang of it). My Mum has never learned. We didn't have a home phone when I met my wife in my 20's, my parents were happy to pay off their mortgage over 25 years and just get by. They didn't start going to Spain for holidays till they were in their late 40's. That is they had to wait until they could afford things, save up and count the pennies.

 

Over the last 30 years or so the saving up has gone out of the window. People (and countries) have been borrowing money to instantly buy things they can't really afford and gotten used to doing it, never dreaming that one day it's all going to have to be paid back.

 

My nieces were both in Uni, running cars, mobile phones, laptops, internet access bills. Just kept getting bigger loans. When I asked the eldest whether she was worried she just said "everybody else does it, must be OK", that's about as much thought as she had given it.

 

Now she is living in a house that they can't really afford, would like a bigger one as they have 2 kids, can't afford to give work up and expects to carry on and have a better life than her Mum and Dad.

 

I feel their is a rude awakening coming for anyone under about 30 and a few countries are going to be struggling for years to come. I hope Australia is not one of them. We are lucky with the mining, oil and gas industries and our low population compared to our natural resources. We should ride it out a lot better than most. At least the younger generation here can get well paid jobs and apprenticeships still. As long as we can pursuade them to save up for things and not live on credit we should do just fine.

[vegastomelbourne]

I appreciate all the insightful inputs by the fellow forum members. I was recently offered admission to an executive mba program at Zurich Switzerland about 6 weeks ago. That is the main reason that I had to delay my matriculation to my Melbourne post-doctoral program until feb of 2013. Flying back and forth between Zurich and Las Vegas every two weeks will be the norm for me from now on. At least for the next 52 weeks or so... I will jump in occassionally to say hello to our wonderful forum members. Cheers and thank you.