Thread: Are we in a recession or do I just think we are?

Originally Posted by 87County

We are living in the best country in the world in the wealthiest time in its history...

no doubt

trouble is, historically, a smaller proportion of the population has a bigger proportion of it

plenty out there doing it tough ....

trying to hang in there till they can make an adjustment...

What I dont 'get' about all this mumbo jumbo regarding a 2 speed/2 tier/2 level/2 parfait economy is that mining represents <6% of Australias GDP. Even if it was growing at 10%pa it is still the far far far far far minority of what really matters to keep Australia afloat.

We have all been sold the lie by the big Miners that digging up rocks is saving Australia.

Inc. your meagre earnings from last year, combined with the meagre earnings of all the other small businesses across this great country of ours is what really has kept Australia afloat.

One day soon, rocks wont be "worth" so much, maybe half of mining will collapse. (the speccies will take their cash elsewhere, the owners will still have their BMWs and the orange shirts will need to find a job); Of course the papers will pronounce the end of the world BUT our GDP will only be blipped by a few percentage points because although the miners like to think they are the most important, most significant, most amazing thing since sliced bread they ONLY REPRESENT 5.6% OF THE ECONOMY.

The bloody solar rebate industry that has sprung up in the last few years, calling me every few weeks has probably contributed a per cent or so????

Australia is the best place in the world to live - give those you love a hug and be thankful.

Steve

post script: This is not a bash at mining - Geez I love steel! Just tonight I was turning some of BHPs finest 316 SS bar stock into a 'gas smoker jet burner'. I just rile at the way the media bangs on about something (paid for by someone) until everybody is blind sided by it.

Originally Posted by roverrescue

I just rile at the way the media bangs on about something (paid for by someone) until everybody is blind sided by it.

The reality of winning politics is banging out crap however rubbishy and doing it until the uncritical but critical mass agrees and it then becomes true, particularly when large donations are made.

Originally Posted by Brian Hjelm

Stop winging that the economy is bad. It obviously isn't with the level of discretionary spending observed. Get out and spend some more on Australian made goods. Don't winge about the economy if you are buying expensive imported goods. Help yourself by buying Australian made. The job you save may be yours.

Your missing the point no one is buy anything in retail, Australian made or imports. Just ask harvey norman electrical and places like that

Originally Posted by Reads90

Your missing the point no one is buy anything in retail, Australian made or imports. Just ask harvey norman electrical and places like that

I think that what is happening is that for years there have been warnings that for many people personal debts are far too high. For years, most ordinary people have ignored these warnings, but after the GFC, and watching the news from Europe, they are finally listening. And of course, the reduction in spending is showing, especially where it is by being more careful about what, when, and where they buy.

And of course the retail industry that has been planned on the basis of continuous growth is finding it a problem. This applies to everything from day to day purchases to houses and commercial premises.

John

Originally Posted by Mick_Marsh

As bee utey said, it is a two speed economy.
Having said that, I'm still spending. I'm buying lots from overseas. I'm trying to buy in Australia but what most Australian shops stock is cheap made in China stuff. And, they're not interested in getting in what I want. And, they offer poor service (Americans will bend over backwards to help).
To give you an example.
I went into Dan Murphy's the other day. Loaded up with a few hundred dollars of fine wines and spirits. Probably a hundred and something dollars of profit to the store. They refused to accept my Visa card as it is a debit card and not a credit card. I walked out and bought my selection from Coles instead. Coles accepted my debit card and were cheaper.
I walked out of Masters leaving a few hundred dollars worth of sales on the counter for the same reason.
I bought a Blue Ray HDD recorder on line from two thirds the price of the lower spec model because JB weren't interested in getting the model I wanted in for me.
And then there is the saga of the camera posted elsewhere on this forum.
Wake up retailers.
If you want to sell, sell quality, preferably sell Australian and look after the customer.

I have a Visa debit card. To use it at Dan Murphy's and other stores whose systems are not directly compatible you press the CR button on the handpiece and enter your PIN.

Originally Posted by incisor

retail is dead or at best dying in this part of the world

nearly every small business i talk to is pessimistic

already a few have folded around here and quite a few more have downsized to smaller premises

many are praying the make it to end of lease...

bit eerie actually...

the big carpark over the road from me had 3 cars in it at lunchtime today

that is definitely scary....

That indicates to me that your population is believing "the economy is in ruins" propaganda. Caboolture-Morayfield and environs are mainly areas of low wage workers and the welfare dependent.

This group historically are good for retailers as they spend every cent they get. Have a look at the shopping centres in the low income/public housing areas. Shops, shops, shops, DFO's, retail barns, etc. etc. These businesses go where the money flows.

High income areas like Ascot-Toorak-Bellevue Hill are susceptible to hiccups in the economy as the wealthier residents of these areas have big commitments to expensive housing, expensive private schools, luxury cars, big boats, expensive club memberships, and generally keeping up appearances with clothing, jewellery, social gatherings. They limit other spending in hard times.

Originally Posted by Brian Hjelm

That indicates to me that your population is believing "the economy is in ruins" propaganda. Caboolture-Morayfield and environs are mainly areas of low wage workers and the welfare dependent.

maybe twenty years ago you have it down to a tee

not so correct now, tho there are still plenty of pockets where you are right.

it is not so much believing the propaganda as them struggling with the cost of living increases in the area, rents in the area have been steadily going up and you will find that the lower socio economic residents have moved westward and to the north east where rents are still in the low $200's bracket.

if what you were saying was accurate deception bay would be thriving, it isnt either....

nor is north lakes and it isnt a low socio economic area...