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Guest guest59177

Australia lowers key interest rate to 4.25 percent

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Guest guest59177

http://www.garp.org/risk-news-and-resources/risk-headlines/story.aspx?newsid=38921

 

Well, the title says it all. Now, although it can be seen as weakness in the economy - and we do know that some sectors are not faring nicely - it could also be a preemptive move by the government to avoid having speculators pump the currency to extreme highs, thus hurting the education, tourism, and other sectors (and making it harder for people to migrate). A key figure to look at is the unemployment situation and new job creation. I would like readers to share insights on the job situation, salary increases/decreases, and bonus payments etc. How are Australians faring on these fronts?

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Guest guest59177

OK people, no trolling intended here, but I am one for calling a spade a spade. Take a look at this article:

 

http://www.bloomberg.com/news/2011-12-07/australia-s-economy-expands-more-than-forecast-on-consumers-mining-growth.html

 

It seems to be trying to literally eek out the last drop of positiveness it can out of the available data. I for one see it as very marginal growth. Thankfully no ill-effects are being felt right now going by the complete lack of responses on this thread but I would be on the look out for the direction of future movements. Let's see how the christmas season goes and hopefully January will bring a new year and some better news as well. Fingers crossed...

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Guest littlesarah

I think different people are faring differently at the moment.

 

I work in a sector that has agreed decent pay rises (to make up for the lack of same under previous government policy that led to redundancy and job insecurity as well as individually negotiated contracts that led to much ill-feeling). As I started on the bottom end of my pay scale, I am still receiving an annual incremental increase to reward my service and increasing skills & experience.

 

My husband has a casual construction job, and received a pay rise after completing job-specific training (for which his employer paid the fees), but hasn't had a 'cost of living' rise as such. For him, business has been steady over the last few months, though this has not been constant over the year, and there are a good number of weeks in which he doesn't work full-time hours.

 

Neither of us receives bonus payments, so what we earn is what we earn, full-stop.

 

The cost of many basics is increasing; however I don't feel that we are struggling financially at present. Having said that, we both drive basic vehicles that are more than 6 years old, and our only debt is our mortgage. We don't have children so have no childcare to pay for and only two of us to house, clothe and feed.

 

My feeling is that the economy isn't booming, and retail certainly seems to be struggling. However, most of our friends seem to be looking to increase their savings and/or pay down the mortgage; in a lot of cases because the financial turbulence of the last few years has depleted their resources and they want to regain their previous position. Certainly, we're looking to maintain mortgage payments at the higher rate in order to reduce our mortgage term and amount owed.

 

House prices in our area seem to be pretty stable, and I think the stats suggest very little movement, with possibly a slight downward trend.

 

We're deliberately behaving in a financially conservative way, because my job is subject to the decisions of the federal government, and who know when the next election will be, and what that will bring?! Not that I wish to take this thread off on a politics tangent - but it is fair to say that political policy could lead to the financial stability or downfall of my household.

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Guest guest59177

Thanks for the very insightful post littlesarah. And no, political discussion won't take you off-topic. I do think that political and economic policies are tied up, so no worries there.

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jobless total rises to 5.3% in australia, though WA bouyant so we can read into that, bought new vehicle today the dealer said been very quiet lately and flecther jones in admin after 93yrs trading, so there is a ripple effect here too

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...

It seems to be trying to literally eek out the last drop of positiveness it can out of the available data. I for one see it as very marginal growth....

 

Interested in which numbers in the article you see like that...I thought they looked ok in this environment...?

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Guest guest59177
Interested in which numbers in the article you see like that...I thought they looked ok in this environment...?

 

That's exactly what I am not agreeing with. One could lull themselves into complacency thinking we are better than others. Or one could take a critical look at things to ascertain where exactly things stand. I am trying to ascertain things by asking people to chip in with theiir observations. Hopefully people from across Australia and various diifferent occupations will share their views so we will have a clearer picture.

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That's exactly what I am not agreeing with. ......

 

Yes, but which numbers in particular....was it the growth figures you saw as low?

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Guest guest59177
Yes, but which numbers in particular....was it the growth figures you saw as low?

 

Gross domestic product rose 1 percent in the three months ended Sept. 30, after growing a revised 1.4 percent the prior quarter, the fastest pace in four years, a Bureau of Statistics report released in Sydney today said. The median of 24 estimates in a Bloomberg News survey was for 0.8 percent growth.

 

Just to contrast with numbers from better times (this is about American economy though which is much larger so the numbers here reflect even larger underlying figures on which the percentages were calculated):

 

It was reported this morning that GDP growth for the first quarter of 2011 slowed to just 1.8 percent. In the fourth quarter of 2010, GDP grew 3.1 percent, so this is a significant drop.

 

I took this from here: http://www.theatlanticwire.com/business/2011/04/no-one-sees-18-gdp-growth-good-thing/37145/

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I would like readers to share insights on the job situation, salary increases/decreases, and bonus payments etc. How are Australians faring on these fronts?

 

Here is my insight - its all good (apart from the cost of carbon brushes) - health, job, house, kids, suns out again (finally)! TFI Friday:fish:


Best Newcomer 2013-14.

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Just to contrast with numbers from better times (this is about American economy though which is much larger so the numbers here reflect even larger underlying figures on which the percentages were calculated):

 

 

 

I took this from here: http://www.theatlanticwire.com/business/2011/04/no-one-sees-18-gdp-growth-good-thing/37145/

 

That 1.8 USA figure was the annual growth rate as at March 2011 not the March quarter rate which was 0.4.

 

The Australian growth rate hit 1% this quarter which it has only done once since Mar 2007...so not too bad but not booming. Some sectors are hit harder and balanced by others so really comes down to job and location - 1% growth may not reflect the quite poor state of some industries like retail, tourism and construction.

 

Not sure how useful a few personal numbers are but I got a 4% annual rise last month. We are still hiring (IT) but at a lower rate than before (any C# based deployment gurus out there?).

 

Employment is down slightly with improvement expected as the gas projects ramp up I think maybe in a years time. Qld and WA economies growing the most recently - qld growth increased a lot recently after a flood affected start to the year.

 

Let us know if you want more specifics.

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Guest guest59177
That 1.8 USA figure was the annual growth rate as at March 2011 not the March quarter rate which was 0.4.

 

The Australian growth rate hit 1% this quarter which it has only done once since Mar 2007...so not too bad but not booming. Some sectors are hit harder and balanced by others so really comes down to job and location - 1% growth may not reflect the quite poor state of some industries like retail, tourism and construction.

 

Not sure how useful a few personal numbers are but I got a 4% annual rise last month. We are still hiring (IT) but at a lower rate than before (any C# based deployment gurus out there?).

 

Employment is down slightly with improvement expected as the gas projects ramp up I think maybe in a years time. Qld and WA economies growing the most recently - qld growth increased a lot recently after a flood affected start to the year.

 

Let us know if you want more specifics.

 

THANKS!!! Don't worry about few personal numbers Hopefully as more and more actual Australians post details we will get a better overall picture, though I must say things are looking great so far!!!

 

And just by the by, yours truly is a C++ guru and currently acting as technical PM on a project using C#. I won't call myself a guru in C# but I am a guru in programming and just need to look at MSDN/Google where I get stuck.

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