So these articles has got me thinking whether Australia is heading towards recession
http://www.msn.com/en-au/money/markets/australia-is-running-…
https://www.theaustralian.com.au/nation/coronavirus-australi…
It would be interesting to see the opinion of OzBargain economists
Told you so, its much higher than what i thought. This recent study shows 14% of people already have it:
https://www.google.com/amp/s/amp.usatoday.com/amp/3005625001
Because the aud is sinking property is starting to look great to the rich Chinese, they would love to buy out whole Aus and "bail out" those struggling to pay mortgage then charge them rent for life and it all goes back offshore, the govt would love the short term $ but long term its more then a depression, social imbalance and disorder. All your kids will now work for our chinese lords
our lords are American
we shafted our biggest trading partner - China
Recession was inevitable because our pollies are American owned and racist.
everybody that is not pro china is racist
Australia has tested about the same, per capita, as South Korea, but I certainly think that we should do more. We are not comparing eggs with eggs as they are in a different season to us and have a different lifestyle. Lock down slows the progression Of the virus, and helps hospitals cope, and therefore saves lives.
Hopefully this causes a wage correction and general economic restructure in this country. Maybe they should lower the minimum wage while they're at it. Been too uncompetitive to run a business here.
yank owned companies are going great - zero tax - government grants - government exemptions - just pay your tax to the yanks and enjoy the benefits of the great coalition or labor - makes no odds.
ohh and you get ports for American warships and submarines, and get to watch their warplanes flying over for a few billion more.
rather that then watching chinese planes flying over and being fed their propaganda
where can you watch it?
I already get full bore American propaganda on every media in oz, and around the world, and since most forms of media are American controlled I'm fascinated by your idea that I can get an alternative…
please elucidate further….
glad to see you appreciate spending millions of tax dollars on American bought planes catching fire within minutes of delivery - that was money that could have been used to save Australian lives…
@petry: what are you like 10? no thanx I like to live in a country that respects human rights and a 100 other things there is no point repeating
@monkeyfood: Respects human rights - yeah like Assanges?
Secret courts - secret trials - zero reporting.
pathetic delusions - back to murdochs sagging teats for you…
IIRC, during the past economic downturns, our much depreciated dollar shielded us from most of the turmoil.
However, this time is very different. There is just going to be no demand for almost everything. A recession is unavoidable now, let's just hope it doesn't turn into something worse. It's still far too early to tell how long the doom will last, it may just be a couple of months, it may be 1.5 years.
the recession was inevitable the moment we crapped on china - covid is a good political excuse, and climate change- well no-one cares or cared. you reap what you sow.
Yeah the Liberals will scream about covid as an excuse but the economy was about to fall off a cliff anyway. Just look at how many businesses were going bust over Christmas.
'the moment we crapped on china'
huh? which moment was that - prease exprain ?
The best way to handle this is a recession. The government needs to step away from stimulus and wait. There's no point pumping out stimulus money until there is a vaccine or a major breakthrough in treatment. They should focus on welfare and protecting the markets from consolidation so that the recovery can occur.
ohh great idea when America has purchased sole rights to it we can pay it more tax money….
Respectfully disagree. IMHO it's better to take preemptive measures rather than wait and go to the point of no return.
For a typical economic downturn I would agree with preemptive measures but in this situation I can't see any way in restoring confidence in the market until the world starts to reopen it's borders. Today's announcements of rent relief and paused mortgages seems a better take than injecting money into the economy.
A full on depression would teach baby boomers and millenials alike a lesson on responsive consumption and spending.
Can't teach em anything because they're already trained to believe whatever they are told is true and have no ability to think for themselves. In fact they have been trained Not to think for themselves by the 3 r's - repetition repetition repetition. Step outside the herd and be punished. Marked down at school college and university - punished in life.
People are stupider now than 30 years ago… just look around…
You know what WWIII might just happen after reading the hatred and racist speechcomments.
Then when it happens you guys will be praying why there is no peace. There was peace but unfortunately your brains are controlled by media and what you watch and read without having any thought processing.
Innocent people are not responsible and dont want to be part of this. After so many countless wars cant you guys still tell, we are the innocent people and we can be chess pieces for some people.
Who gives an F if the USA or CHINA made the virus. The innocent people dont want and are not part of it idiots!
obviously china is to blame
Thank you monkey you are not helping here @_@
mankey just doing his job - suggested to be a murdoch hack
why? even the yanks admit it was acquired from an American lab…
Who gives an F if the USA or CHINA made the virus.
Well if a country made the virus leading to a global pandemic that is kind of important.
It's obviously the Chinese though not deliberately. Just because of bad hygiene.
Massive difference between an accident and biowafare.
@[Deactivated]: made in a yank bio-warfare lab - according to the yank - the guy who concocted it mysteriously died a few weeks back - not it wasn't one of Bill gates bio -labs - his labs are additional bio- warfare developers and he gets tax breaks for them cuz those are charitable -they kill the old,the disabled and the sick.
@[Deactivated]: well if it was no wonder its blowing about.. but you're right big difference between sabotage at a lab and accidental release.
its strange how people deny that something American made isn't anything to do with America, its just the same as ignoring Trump saying it was nothing at all to worry about - but fascists and racists have never been big on truth, they just hate. you can see that here
Unfortunately the impact of this downturn will mostly be felt by the disadvantaged and less well off in the long term.
The wealthier will ride the downturn and pull through fine due to the abundance of cash in the system. Where do you think the extra cash ends up?
I'd be interested to know what your definition of "wealthier" is. I met with some people tonight who many might consider "wealthy" but are at the precipice of financial disaster. They're about to lose their business which has been extremely profitable for over 5 years and are likely, as a result of this, to lose their home, pulling their kids out of private schools and may well be heading to Centrelink soon. I actually think the big losers from this will be the middle class. Mum and dads who run small businesses and employ people. People on the bottom end of 6 figure salaries who lose their job and can't pay their mortgage. People who used to live comfortable lives who are now looking down the barrel of welfare as a last resort. A truly shocking, terrible and sad time for many Australians.
The poor and disadvantaged would be some Aboriginal communities, pensioners living on the age pension who are more prone to the effects of corona, people close to retirement who lose their jobs and lose a chunk of their savings and then subsequently lock in the losses due to fear, casual workers living paycheck to paycheck losing hours.
Who you're talking about is the middle class - not exactly the wealthy. There will be some parts of the middle that feel pain, especially self employed and small business owners. Others should be able to ride it out. Hopefully the backs freezing loan payments will help the middle. Most Australians will be in this bucket and will definitely be hurt by the downturn. But not as proportionately as the lower groups.
Wealthy will see a huge loss to their asset values. But they can hold on and ride out the downturn and anxiety. They will see their assets bounce back in 2 years time.
The impact on people's lives of this pandemic on average will have a much greater impact on the lower socio economic groups.
Depression more likely,
Please wash your hands as there is saying your destiny is in your hands.
I love this website, but I am going to limit my 'want' purchases. I've cancelled a number of subscription services, too.
I am somewhat worried, as my employer is tanking hard right now and I would be surprised if I have a job in 6 months time.
All the best everyone!
'I love this website'
yes - I'm just here for the jeers - nice flak story today
tho' we did buy some Boost SIMs from this website advice - sweet as bro'
Every economy will bump into a recession sooner or later. It happens every 15-20 years. That's just how modern economy works. So learn how to take advantage of it. It's just a matter of time and how skilful the government is to mitigate the blow.
we are all really doomed then
All those who have been living way beyond their means will be in for a rude awakening soon.
I think so by the technical definition. Most businesses will have lower levels of production and GDP will fall. In some respects, it is the recession Australia had to have again. Our economy has been limping along, looking lost ever since the GFC. Despite the government running contractionary fiscal policy (promising surpluses), the RBA has been running expansionary monetary policy prior to the coronavirus crisis. This was not normal behaviour and the RBA was trying to get the government to spend. Instead, lower interest rates only moved capital to unproductive uses such as into assets. Now this crisis has arrived and has reset the equilibrium. We will get through it as we have always done, there just may be some pain. The government needs to step in and keep stimulating the economy to get us through.
What is the prospect banks will fail? Should we stock up on cash (like it’s toilet paper)?
Can always use cash like toilet paper in a pinch
Might as well if it’s AUD and you’re buying toilet paper off eBay! But seriously, the banks have deferred interest payments - not to be nice, just In an attempt to secure repayment at some stage rather than have massive levels of default. I doubt the job market will recover in six months - then what?
Where words, actions, policies and politics fail, nature always has her ways to recalibrate, to find equilibrium, to prevail.
Hang in there everyone, in sickness and in health, to cherish and to love, so long as we all shall live.
Singaporean dollars much higher then the aud, who knew Tasmania would be bigger then Australia, quick everyone draw out all your money from the bank a crash is coming..
Toilet paper now.
Anyways on a serious note, I think the Chinese government sabotaged its own economy to effect the global market, then contained the outbreak, I mean look what happened when Russia tried to infiltrate the USA voting system, and also that ricin attack.
It may sound like conspiracy and I'd agree it does, but with the Communist party CCP so strong on controlling the south east sea, and sending a message to Australia, and the entire
world controllingg the riots in Hong Kong, and effecting American markets I'd assume it's something someone did in the wet markets, probably injected a deadly strain, or something the timing couldn't be any better.
China needs a winning card and biological terrorism in the form of the flu would be brilliant even if it's to kill their own people because alot of people do die in china even before covid19.
It's easy to say poor hygiene, and I'd agree but if it's enough to take the stress of China win win I'd say simply by stirring the pot.
So you're saying the CCP cut off their nose to spite their face? After struggling with the trade war and throwing billions to save the economy they decided to tactically nuke the world economy to only encourage the world supply chain to shift to rivalry manufacturing nations? Right….
Dam straight, there's a whole topic of conspiracy theories on Wikipedia,(I doubt North Korean leader sabotaged it, especially after executing the infected resident with covid-19, easier that way I guess) while alot is shut off topics, and it's fair to say in regards conspiracy theories as they help no one, but they also raise concerns and raise questions, and with billions of people, psychopaths running amongst us, people with agendas and political pride at stake anything is fair game, especially in these times.
I would love to say some women in the wet market cut her hand, stressed out some caged animal, it's biological health became stransmited to the host and had some incubation period then spread, but that's also conspiracy to would you believe it.
Most conclusion is it started in Wuhan ended in Wuhan, and we must fight the virus, that's the easiest rational thinking.
But that's not as easy as it seems because there's a trillion dollar economy at stake, and with China acting faster then any other nation to clean up the virus,(right after shutting down a general practitioner that even spoke up about the virus was suddenly shunned and punished) so I'd like to believe china sabotaged its self so it can regain its footing because if it comes out of this faster then any country then I would not be as surprised any more.
Lastly the cpp have not cut their nose off, they had nothing to do with it, it's all a conspiracy just like you said.
' I'd like to believe china sabotaged its self ' says it all… pushing an agenda that doesn't make any sense at all…
@[Deactivated]: are you saying you are just trolling by ignoring all of America's many labs built after 9/11 to wage bio warfare and unleash pandemics?
@petry: The Chinese Communist party is a strict state that wants zero communication on how things are conducted, they punish the informed, and spy on their own people in forign countries, they strip them of their rights when they speak out.
While I applaud the facial recognition technology china uses, it's how it's governed that I disapprove since it punishes those in mainland especially those who would do what those did in Hong Kong, massive rebellion since the lost 99 lease the British held was relenquished back to the ccp.
I have no problems with Chinese, but since the cultural divide it's made those misinformed about who or whats actually taking place out side china, since social media is banned if forign owned, and state media is surpessed, and with China's investments in Africa, and it's demand to loan deals to the Pacific islanders.
Hell China has a entire city bigger then Dubai and it's abandoned ghost town, they have more abandoned properties and sky rise buildings that no one can live in. China is a beautiful country just simply not for the poor or those who speak out.
Since the Sars virus has been released in laboratories on Chinese soil before, whose to say this didn't effect the economy, the world has a lot to lose the ccp do not.
America has more of these labs than any other nation - mostly located outside the US - which is for pretty obvious reasons
@petry: I'm interested in all facets,and facts of all kind.. clearly you could see I divulged on the most relevant piece yet the puzzle you can solve since you seem good at that.
The biggest load of crap since idi amin who said "Germany is the right place where, when Hitler was the supreme commander, he burnt over six million Jews. This is because Hitler and all German people knew that the Israelis are not people who are working in the interest of the people of the world, and that is why they burnt the Israelis'.
it was idi who butchered the poor woman taken off the plane….
Do be nice to mention this guy also to in your costuffle.
Amin al-Husseini
the guy involved in the afghan peace talks suckered into an ambush by the yanks? that one? yeah any yank who wants to talk peace really means drive here so we can send in some drones and murder you…
@petry: No he is the guy who sided with Hitler with the deal to murder Jews, under the Solomon empire, from the axis of war.
@[Deactivated]: you really a right winger! Quoting Netanyahu whose sold out every jew on the planet is so far fascist its the bigotry of terrorists.
Netanyahu just used covid to stop the courts proceeding with his trials and suspended the government to prevent his replacement.
Fascism of the highest order
No question about it. The whole world is going into recession. I predict it will be worse than GFC. They stemmed the bleeding somewhat with interest rate cuts. The rate is already so low that there's not much room for further cuts.
Right before GFC, I had a term deposit of 9%. Now you're below 2%.
9% when? What bank.
it was all banks back in 2008.
Oh 2008 was a bubble bank investment, that will never happen again for another 70 years or so, unless Australia fabricates ways to move and sell hydrogen cells internationally then yes Australia will be the Dubai of the world, but most likely not.
@[Deactivated]: it wasn't just 2008 though. Rates were high for a long time up till 2008. Those kind of numbers is what I grew up seeing. It only became not the norm after GFC.
Banks were advertising their rates to attract savers not borrowers. Now the banks are trying to draw in borrowers.
Not even cheap loans won't save us from this recession. I hate to say this, but it seems like we are heading towards a desperate time which requires desperate measures and you know desperate people are even more dangerous than the virus itself.
The US just cut rates to zero. This will get the savers to spend their money.
Some places in Europe have tried negative interest in the past.
Yup looks like we are heading into recession and I am afraid it will be much bigger than GFC. My first priority is my family's well being and the next one to keep my current job. At least this is somewhat in my control but the financial markets will just play out. I also hope the attitude towards borrowing for a cruise holiday, all unwanted stuff change. Be responsible during the lockdown and let's all overcome this situation.
mate our yank government is under instructions, if your an aussie your needs are irrelevant. Scummo is enraptured.
@gyrex: and the reason why we don't we have test kits is because our cheapskate yank run government couldn't give a damn about containment. Its 3 months since this started - Koreans started in January. Our dumb Trumpettes followed his advice that everyone would just be able to carry on going to work with it…