Construction recession deepens and spreads across all sectors

Quote:

Key points: * Construction work has fallen 11pc over the past twelve months and, in terms of value, it has retreated to levels reported at the start of 2017 * Home building has fallen for four consecutive quarters to be down 10pc over the year * The "ugly" result is expected to have a material impact on second quarter GDP, slicing around 0.4ppt off growth

Virgin Australia to slash 750 jobs after posting $349 million loss

Quote:

Key points: * Virgin Australia has posted an underlying loss before tax of $71.2 million * In response, the airline is cutting 750 office jobs and also planning to cut its capacity (the number of seats available) * The airline also blamed rising fuel costs and a lower Australian dollar for its worsening financial performance

Woolworths to close 30 Big W stores as profit tumbles

Quote:

Key points: * Excluding the impact of the sale of its petrol franchise, Woolworths' normalised profit fell 7pc to $1.5b, well short of analyst estimates * The $1.7b sale of the petrol business supported a 9pc jump in the full-year dividend to $1.02 per share * Big W continues to be a drag on profits, with 30 stores earmarked for closure

Its been a recession for a while now. I wont miss big w and their overpriced chinese crap though

Spot

GDP to take another step down, but how low will it go?

listen to the cheering from our lefty chums.... :D :D

it wouldnt have anything to do with consumers would it?? of course not its all scomos fault.. ;D ;D ;D ;D

If we do have a recession its all technical and created by the oligarchy they tend to give a little to the plebs only at a latter date to take it away.

Globalization, free trade and the central banking system.

Sir Spot of Borg wrote on Aug 29^th, 2019 at 11:47am:

Its been a recession for a while now. I wont miss big w and their overpriced chinese crap though Spot

What's not made in China & sold in Australia at ridiculous mark ups?

Bam wrote on Aug 28^th, 2019 at 4:23pm:

Construction recession deepens and spreads across all sectors Quote: Key points: * Construction work has fallen 11pc over the past twelve months and, in terms of value, it has retreated to levels reported at the start of 2017 * Home building has fallen for four consecutive quarters to be down 10pc over the year * The "ugly" result is expected to have a material impact on second quarter GDP, slicing around 0.4ppt off growth Virgin Australia to slash 750 jobs after posting $349 million loss [quote]Key points: * Virgin Australia has posted an underlying loss before tax of $71.2 million * In response, the airline is cutting 750 office jobs and also planning to cut its capacity (the number of seats available) * The airline also blamed rising fuel costs and a lower Australian dollar for its worsening financial performance

[/quote]

Good grief they can't make up their mind .....
companies whinge when the dollar is too high

now it's lower they still whinge

and people have the gall to call farmers whingers.

cods wrote on Sep 1^st, 2019 at 10:44am:

listen to the cheering from our lefty chums.... :D :D it wouldnt have anything to do with consumers would it?? of course not its all scomos fault.. ;D ;D ;D ;D

It's got everything to do with govt when they can't balance the books & the cost of living increases, and all they are good at is attacking workers wages & conditions.

When people don't have enough money to spend the economy suffers. 

cods wrote on Sep 1^st, 2019 at 10:44am:

listen to the cheering from our lefty chums.... :D :D it wouldnt have anything to do with consumers would it??

No, dear, it would not. Consumers don't just stop consuming all at once.

It's caused by a stagnant housing market and dwindling Chinese growth, the two things that have kept Australia out of recession for the past decade.

A third, the trade war started by America, has seen the Chinese Yuan drop in value, resulting in the Australian dollar going down. The Chinese government has steadied its stimulus, resulting in a drop in demand for iron ore.

The drop in the housing market, with all that state government stamp duty, has seen all those newly built apartments stay on the market. It's not a crash, just a stagnant lull. Rather than take a loss, people just aren't selling. But crucially, the banks have tightened their loan conditions after the banking Royal Commission, so people aren't able to borrow. The interest rate is at its lowest in years anyway, so income from interest has plunged.

And no, dear, it's not Scott Morrison's fault.

Gnads wrote on Sep 1^st, 2019 at 12:39pm:

cods wrote on Sep 1st, 2019 at 10:44am: listen to the cheering from our lefty chums.... :D :D it wouldnt have anything to do with consumers would it?? of course not its all scomos fault.. ;D ;D ;D ;D It's got everything to do with govt when they can't balance the books & the cost of living increases, and all they are good at is attacking workers wages & conditions. When people don't have enough money to spend the economy suffers.

True. But crucially, it has everything to do with government because they collect less tax.

Big Donger wrote on Sep 1^st, 2019 at 12:59pm:

cods wrote on Sep 1st, 2019 at 10:44am: listen to the cheering from our lefty chums.... :D :D it wouldnt have anything to do with consumers would it?? No, dear, it would not. Consumers don't just stop consuming all at once. It's caused by a stagnant housing market and dwindling Chinese growth, the two things that have kept Australia out of recession for the past decade. A third, the trade war started by America, has seen the Chinese Yuan drop in value, resulting in the Australian dollar going down. The Chinese government has steadied its stimulus, resulting in a drop in demand for iron ore. The drop in the housing market, with all that state government stamp duty, has seen all those newly built apartments stay on the market. It's not a crash, just a stagnant lull. Rather than take a loss, people just aren't selling. But crucially, the banks have tightened their loan conditions after the banking Royal Commission, so people aren't able to borrow. The interest rate is at its lowest in years anyway, so income from interest has plunged. And no, dear, it's not Scott Morrison's fault.

OMG  you mentioned the Chinese..and you a member of the BPB party... bam will be very disappointed in you reminding us how much POWER they have or is that money.. :o :) :) :)

its hard to tell the difference between the Unions and Getup and now the Chinese.... no wonder they have so many meetings...or is that dinner parties... ;) ;) ;)  maybe a collection at  ALDIs Christmas party this year.... ;D ;D ;D ;D


party did you get it pet????

I think we've lost poor Cods again.

It's that time of day.

It's only a Recession in Australia because the Australian Market  is heavily dependent on other countries and could never be 'self sustainable' a Market of its own accord.

Sadly for Australia - when countries like the USA & Britain (USA is a 4th World Economic nation) falter, Australia faulters with them like some State or Shire in their backyard.

Now if Australia invested in the 'Black' Market (not this Red one  ::) about to have a Recession) - we might be right or even ahead.
But hey - that's like doing Trade with African nations, rather than North American, let alone Asian. Hell - trade with Africa and you'll probably get called a Racist Enslaver for putting all those Africans to work! ::)

Look,
Stop panicking, it will be at least 18 months before it hits

That's when I plan to retire

And I'll be something will f#$k it up, that's just how my life is.

Valkie wrote on Sep 1^st, 2019 at 5:45pm:

Look, Stop panicking, it will be at least 18 months before it hits That's when I plan to retire And I'll be something will f#$k it up, that's just how my life is.

You had better look further than your own patch.

A recession will affect you.

Bam wrote on Sep 1^st, 2019 at 7:47pm:

Valkie wrote on Sep 1st, 2019 at 5:45pm: Look, Stop panicking, it will be at least 18 months before it hits That's when I plan to retire And I'll be something will f#$k it up, that's just how my life is. You had better look further than your own patch. A recession will affect you.

Yes, but Matty can just blame the leftards, so it's all good.

The economic theory is to prevent the predicted 2020 recession (depression) is to increase immigration for growth...the economy can recover from a recession the country cannot survive unsustainable land growth.

Valkie wrote on Sep 1^st, 2019 at 5:45pm:

Look, Stop panicking, it will be at least 18 months before it hits That's when I plan to retire And I'll be something will f#$k it up, that's just how my life is.

Best of luck. The US bond market gave its clearest signal that a recession is on the way. All that talk on yields and two-year Treasury notes were 5.3 basis points higher than those on the 10-year government bond. Normally, it is other way around but seeing this is the age of the F A T orange puke that inversion of the yield curve is regarded as one of the surest indicators that the F A T orange puke is about to plunge the world into cataclysmic darkness.  The inversion as it stands now is at the widest level since March 2007 in the lead-up to the 2008 financial crisis.

So on a global scale,  the negative-yielding debt is now at ~$17 trillion. It's the pace-of-growth for this negative-yielding debt that is so alarming growing by a trillion dollars every week or two. This means that big investors don't believe in putting money into anything that actually creates value anymore. They prefer to hoard their stolen fortunes, and take small losses instead. This financial house-of-cards is already in process ready for collapse, as every bank & major hedge fund group in the world is leveraged to the hilt with worthless capitalism investments listed as assets.


Have a lovely day :)

Marla wrote on Sep 2^nd, 2019 at 8:52am:

Valkie wrote on Sep 1st, 2019 at 5:45pm: Look, Stop panicking, it will be at least 18 months before it hits That's when I plan to retire And I'll be something will f#$k it up, that's just how my life is. Best of luck. The US bond market gave its clearest signal that a recession is on the way. All that talk on yields and two-year Treasury notes were 5.3 basis points higher than those on the 10-year government bond. Normally, it is other way around but seeing this is the age of the F A T orange puke that inversion of the yield curve is regarded as one of the surest indicators that the F A T orange puke is about to plunge the world into cataclysmic darkness.  The inversion as it stands now is at the widest level since March 2007 in the lead-up to the 2008 financial crisis. So on a global scale,  the negative-yielding debt is now at ~$17 trillion. It's the pace-of-growth for this negative-yielding debt that is so alarming growing by a trillion dollars every week or two. This means that big investors don't believe in putting money into anything that actually creates value anymore. They prefer to hoard their stolen fortunes, and take small losses instead. This financial house-of-cards is already in process ready for collapse, as every bank & major hedge fund group in the world is leveraged to the hilt with worthless capitalism investments listed as assets. Have a lovely day :)

Well one may ask why prior to your "Fat Orange Puke" ever coming to fruition wasn't there something done to those "bankers & hedge fund managers" and some of their big investors in BS "derivatives" that lead to the 2007/2008 GFC?

All allowed to grow & fester under the succesive watches of-

George H.W. Bush
Bill Clinton
George W. Bush
Barack Obama

::)  ::)

Pedro Curevo wrote on Sep 2^nd, 2019 at 6:07am:

The economic theory is to prevent the predicted 2020 recession (depression) is to increase immigration for growth...the economy can recover from a recession the country cannot survive unsustainable land growth.

What the hell is 'unsustainable land growth'?  we're growing land now?

You mean 'unsustainable population growth"?

An economy founded on unsafe shifting sands such as 'population growth' is not sustainable... an economy needs to be well founded within itself, and the importation of problems will only generate higher costs for non-productive things.... crime which may pay but does not pay its way, and the costs of pursuing it etc ...

Gnads wrote on Sep 2^nd, 2019 at 9:26am:

Well one may ask why prior to your "Fat Orange Puke" ever coming to fruition wasn't there something done to those "bankers & hedge fund managers" and some of their big investors in BS "derivatives" that lead to the 2007/2008 GFC? All allowed to grow & fester under the succesive watches of- George H.W. Bush Bill Clinton George W. Bush Barack Obama ::)  ::)

The F A T orange puke was going to "fix"this because he's the only one who knows how to fix things - according to him.


The rest you mentioned are all capitalist so what's your point?

And your only electoral choices.

Why bitch about Trump when all you do is elect Rep, Dem, Rep, Dem?

All of whom are tarred with the same brush who employ the same bureaucrats with vested interests & answer to the same behind the scene masters.

You call him the "fat orange puke" ..... but he wouldn't even be there if it weren't for the "evil slimey crone Kilary".

People had had a gutful of her & her husbands lying & their dodgy business dealings & corruption.

As to them all being capitalists so"what's my point"?

What's the alternative? and what politicians do you have in the picture that isn't a wealthy capitalist?

And don't say Alexandria Ocasio-Cortez  ;D

or Ilhan Abdullahi Omar & Rashida Harbi Tlaib.   ::)

Here's how clever Cortez is ....  ;D ;D ;D

---

Gnads wrote on Sep 3^rd, 2019 at 8:49am:

Here's how clever Cortez is ....  ;D ;D ;D

And these people want positions of POWER....bwahahahahaha.

Gnads wrote on Sep 3^rd, 2019 at 8:49am:

Here's how clever Cortez is ....  ;D ;D ;D

she's just trying to attract trump voters 8-)

Australia's economy has just slowed to a decade low

Quote:

Key points: * Australia's economy has posted its equal slowest annual growth since the year 2000 * The economy grew 0.5pc in the three months to June 30 and 1.4pc over the year * The ABS data show that government consumption and trade drove growth, while inventories and business investment dragged Australia's economy has slowed to its most sluggish pace since 2009, when the GFC slammed the brakes on GDP growth. In seasonally adjusted terms, GDP expanded by 0.5 per cent over the June quarter, or 1.4 per cent for the year — equal to the worst annual growth recorded in the aftermath of the global financial crisis in the September quarter of 2009. You have to go back to the period after the GST was introduced in the year 2000 to find a worse result. It is the fourth consecutive sluggish quarterly GDP outcome, dragged down in particular by weak spending growth in the household sector. Household spending was subdued, growing by just 0.4 per cent over the quarter, while housing investment was a substantial drag on the economy, falling 4.4 per cent. Net exports added an outsized 0.6 percentage points to GDP over the quarter, while public sector spending was a solid contributor largely thanks to higher spending in disability, health and aged care services. While the result was in line with market expectations, it fell well short of the Reserve Bank's forecast of 1.8 per cent growth.

Read the rest of the article for the responses to the figures.

Gnads wrote on Sep 3^rd, 2019 at 8:11am:

And your only electoral choices. Why bitch about Trump when all you do is elect Rep, Dem, Rep, Dem? All of whom are tarred with the same brush who employ the same bureaucrats with vested interests & answer to the same behind the scene masters. You call him the "fat orange puke" ..... but he wouldn't even be there if it weren't for the "evil slimey crone Kilary". People had had a gutful of her & her husbands lying & their dodgy business dealings & corruption.

Really?

Then how do you explain the fact that more people voted for Clinton than Trump?

I'm curious.

How a consumer go-slow and a pile of debt is killing the economy

Consumers plan to save tax refunds as confidence drops, Westpac survey shows

When interest rates approach zero, the RBA must rethink monetary policy

Bam wrote on Oct 7^th, 2019 at 4:06pm:

When interest rates approach zero, the RBA must rethink monetary policy

They are too stupid to rethink.

Besides, the banks are loving it
They get money for less than 1% and sell it for 5% or even 25% for some services.

And they give nearly zero interest on any savings, but never fail to charge fees.

The banks are raking in cash,
And giving the senior public servants and politicians a small gratuity to keep up the work.

WE NEED A REVOLUTION

If I had to buy a house at the cost of near half a million dollars, I would probably not be spending much on other things, either. The banks need to learn how to not be so greedy. And housing costs are not going to be helped by an increasingly casualised workforce.

Housing in Australia is overpriced to a ridiculous degree.

Compare percentage of income in other countries like the USA or England.
WE pay far too much for sub standard housing

But with the banks in the pollies back pockets.
It will never change.

Some of the predictions in this thread have not aged well.  :o

What Recession?
It's been a Great Inflation (unlike the Great Depression) where there's heaps of work, but people need x3 jobs to afford anything.