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Message started by whiteknight on Nov 10th, 2019 at 6:10pm

Title: The Australian Economy Is Faltering
Post by whiteknight on Nov 10th, 2019 at 6:10pm

RBA downgrades economic growth, consumption continues to crash   :(
8 November 2019
ACTU

     RBA downgrades economic growth, consumption continues to crash

The RBA has downgraded its expectations for GDP growth to 2.3 per cent this year and 2.6 per cent in the year to June next year. That is down from 2.4 per cent and 2.7 per cent respectively.

Household consumption has also slowed, as working people head into the seventh consecutive year of record low wage growth and are increasingly raiding any savings they may have to pay for essential items.

Household consumption grew by 0.4 per cent in the June quarter and by 1.4 per cent over the year. Growth for all consumption categories except health slowed relative to the previous year, although the slowdown was more noticeable for discretionary components like furnishings and motor vehicles.

The RBA statement on Monetary Policy released today also stated “wages growth is low and shows little sign of picking up”.

The Australian economy is faltering. We have the slowest economic growth since the GFC, a wages crisis, households being forced to dip into their savings, low consumption and retail trade has had its worst result since the 1990s recession.

Quotes attributable to ACTU Secretary Sally McManus:

“The legacy of the Morrison Government will be an historic period of low wage growth which has driven down living standards for millions of working Australians and stalled economic growth.

“Wage growth is now going backwards in new private sector agreements, the Morrison Government has no plan to fix the crisis in wage growth crisis, only more attacks on working people and unions.

“Working people create economic growth through spending, but the Morrison Government has implemented a deliberate plan to stop wage growth, and the result of that is lower spending, and slowing growth.

“The Morrison Government is so committed to trickle-down economics that even as the RBA downgrades economic growth, they are preparing to bring the Ensuring Integrity Bill to the Senate, a Bill which will make it harder for all Australian workers to get a pay rise.

“The Morrison Government is the source of this problem. It has driven down wages and all Australian workers are being forced to pay the price.”

Title: Re: The Australian Economy Is Faltering
Post by juliar on Nov 11th, 2019 at 5:33am
The silly old BlackDay with the Compulsive Posting Disorder is parroting the trash from that Extremist Commo Socialist Feminazi sheila at the ACTU. You know the mouse that roared but nobody took any notice as she is so useless and insignificant. A bit like the old BlackDay.

After all it is the Union Thugs aided by the GetUp! terrorist group that is sending Australia down the drain.

Title: Re: The Australian Economy Is Faltering
Post by Sir lastnail on Nov 11th, 2019 at 10:24am
As opposed to the trash you post socko :D LOL

Title: Re: The Australian Economy Is Faltering
Post by greggerypeccary on Nov 11th, 2019 at 10:32am

“The legacy of the Morrison Government will be an historic period of low wage growth which has driven down living standards for millions of working Australians and stalled economic growth."






Title: Re: The Australian Economy Is Faltering
Post by juliar on Nov 11th, 2019 at 11:01am
What a pair - the uneducated ignoramus Greeny Scunge and the shaky old Gweggy. Is Gweggy going senile ? Sounds like it.

Title: Re: The Australian Economy Is Faltering
Post by Captain Nemo on Nov 11th, 2019 at 11:14am
Life is strange ...

Low inflation, "moderate" wage growth ...

I well remember interest rates when they were at 18%  :o

...

I can tell you, this is way better than back then.  ;)

Title: Re: The Australian Economy Is Faltering
Post by Sir lastnail on Nov 11th, 2019 at 11:26am

greggerypeccary wrote on Nov 11th, 2019 at 10:32am:
“The legacy of the Morrison Government will be an historic period of low wage growth which has driven down living standards for millions of working Australians and stalled economic growth."




plus keep real estate agent scumbags in a job and forget everyone else's job :(

Title: Re: The Australian Economy Is Faltering
Post by juliar on Nov 11th, 2019 at 4:25pm
Capt N is getting nostalgic and recalling the frightening days of Labor's chaos.

The uneducated ignoramus Greeny Scunge is wishing she had an adult brain.

Title: Re: The Australian Economy Is Faltering
Post by minarchist on Nov 13th, 2019 at 10:45am
This guy seems to know what's happening:

https://www.youtube.com/watch?v=IzE038REw2k

Title: Re: The Australian Economy Is Faltering
Post by Bam on Nov 13th, 2019 at 11:20am

minarchist wrote on Nov 13th, 2019 at 10:45am:
This guy seems to know what's happening:

https://www.youtube.com/watch?v=IzE038REw2k

A good video, worth watching.

Title: Re: The Australian Economy Is Faltering
Post by crocodile on Nov 13th, 2019 at 2:32pm

minarchist wrote on Nov 13th, 2019 at 10:45am:
This guy seems to know what's happening:

https://www.youtube.com/watch?v=IzE038REw2k


Explained well enough but very Euro-centric and Japanese to a lesser extent. Werner is the father of quantitative easing so no surprises there. Greater relevance to Australia would have been useful with a description of the function of APRA in our local banking and finance industries. Still, a well presented gig.

Title: Re: The Australian Economy Is Faltering
Post by Bam on Nov 13th, 2019 at 10:10pm
The economy isn't doing so well.

Reserve Bank tipped to cut interest rates to 0.25% as retailers predict grim Christmas

Title: Re: The Australian Economy Is Faltering
Post by Ye Grappler on Nov 13th, 2019 at 11:20pm
I was lead to believe that Australia had given away any economy it had and was going it alone as a Banana Republic selling dirt...

Our government(s) are not going to play their filthy game of making their own nation prosperous from the labour of its people and their natural gifts in resources and other fine Western things ... even if it means selling the furniture - they still have principles, you know... and let me tell you, by golly - the people are right there with them!!

Bloody socialists demanding a fair go for everyone... where will it end?

Besides - they've got more important things to do - such as canceling Australia Day and closing off national mountains and canceling Christmas and promoting 'women's issues' constantly.......

You pack of communists....

Title: Re: The Australian Economy Is Faltering
Post by juliar on Nov 14th, 2019 at 10:35am
Despite the emotional fake news and forecasts from the Lefties, the Australian economy is expected to pick up in 2020 after another RBA interest cut.

Title: Re: The Australian Economy Is Faltering
Post by Ye Grappler on Nov 14th, 2019 at 10:38am

juliar wrote on Nov 14th, 2019 at 10:35am:
Despite the emotional fake news and forecasts from the Lefties, the Australian economy is expected to pick up in 2020 after another RBA interest cut.


I await this with a breathless lack of expectation...

Title: Re: The Australian Economy Is Faltering
Post by juliar on Nov 14th, 2019 at 10:47am
Hope you aren't too disappointed. Now I know the Lefties prefer FAKE NEWS but here is some realistic stuff.


What could rock Australia’s economy in 2020: Josh Frydenberg
Jessica YunYahoo Finance AU13 November 2019


Treasurer Josh Frydenberg at Parliament House in Canberra, October 16, 2019. (AAP Image/Mick Tsikas)

The Australian federal treasurer has called for greater international economic cooperation amid a backdrop of “forces at play in the world” that are reminiscent of World War II.

In a speech on Monday to the Australia National University’s Australia Studies Institute, Federal Treasurer Josh Frydenberg highlighted the need to recapture “the cooperative spirit of Bretton Woods” in tackling challenges to global peace and economic prosperity.

The Bretton Woods conference, held 75 years ago in New Hampshire, US in 1944, was the birthplace of the International Monetary Fund (IMF), the World Bank and the World Trade Organisation (WTO).

Moving into the future, Frydenberg argued that these institutions would have to play a stronger role in tackling four core challenges that "Australia and the world must confront".

According to the treasurer, these are the challenges that Australia will be dealing with:

1. An ageing global population
Life expectancy has extended by 30 per cent since 1960 – and economies will buckle as a result, according to Frydenberg.

“Shifts in the world’s age structure will provide opportunities as the shape of the goods and services we consume change but will also give rise to challenges as workforces start to shrink in some nations,” he said.

Asia is both growing bigger and older. Japan and China are tackling this trend, and Australia won’t escape unscathed, either: women and older workers are staying in the workforce for longer to make ends meet.

“As this demographic shift takes hold, economies will come under pressure as the proportion of the working age population falls and the demand on health, ageing and pension systems increase.”

And as people save for retirement, global savings increases, which drives down interest rates.

“This has implications for savers, borrowers and investors and as a consequence the global economy.”

2. Global debt levels are ‘concerning’
Global debt levels will hit a high of US$188 trillion (AU$274.85 trillion), and this is a cause for concern.

“At these levels, the ability to respond to future shocks is more constrained, the impact of any future shock is more amplified and future generations will be left to deal with the consequences.”

3. Urbanisation continues to put pressure on quality of life
Urbanisation continues to further the world: more than half of the world’s population is now living in urban areas, but this is set to rise to more than two-thirds by 2050.

As a resource-rich nation, Australia has benefited from this trend, but at the same time, pressure on the environment has emerged as a symptom of urbanisation.

“These challenges, many of which have been positive, have also contributed to the impact of human-induced climate change,” Frydenberg said.

“The challenge for the future will therefore be to use technology and policy settings to ensure that continued urbanisation is sustainable.”

4. Post-cold war power play
With the US’ economic and military clout waning as it adopts a more protectionist, isolationist approach, ‘developing’ nations such as China, India and Russia are flexing their muscles.

“History tells us that as economic weight shifts, so too does strategic weight. And, as China continues to rise, competition is likely to become fiercer,” Frydenberg stated.

“From the early 1900s strategic weight shifted from Europe towards the Atlantic as the United States’ economic and military might pulled away from Europe.

“Since the 1970s, we have seen the economic weight of the world slowly but surely shift eastward and become both more dispersed and more contested.”

Europe and US’ slice of world GDP pie has reduced while China and India has grown. And it’s these shifts that are leading to a lack of trust in the institutions created some 70 years ago, according to Frydenberg.

“We have also seen a rise of protectionism and nationalism and with it a repeat of the economic consequences we have seen previously. Indeed, the current trade tensions between the US and China alone are estimated to reduce global output by 0.8 per cent or around US$700 billion by 2020.

“This is harming not just the protagonists but bystanders as well… As a result, the rules and norms that have underpinned our, and the region’s, prosperity and security are under pressure.”

What can Australia do about it?
On the home front, Australia has to run a tight ship, according to the treasurer, and trade will be crucial.

Read the rest here

https://au.finance.yahoo.com/news/australias-economy-2020-frydenberg-005559767.html

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