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It's the economy, stupid!

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      donttellmywife Chief Commissioner

    Location: Antofagasta
    The founder of Atlassian says Sydney is way too expensive to maintain a presence there (Daily Mail). Mike Cannon-Brookes says that housing, transport and education are all too expensive in Sydney and that he couldn't get overseas staff to move there.
    don_dunstan
    Housing is obviously too expensive, but education and transport -- really?  In the article he quotes $15K to send three kids to a public school - that's more than I would pay to send my kids to the local private school, so someone's confused.  In terms of transport - if you compare public transport fares against similar peer cities then Sydney would be pretty reasonable - particularly for longer journeys as it's capped at $60 a week maximum.
    Posted: 18 Mar 2016 09:47

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      don_dunstan The Ghost of George Stephenson

    Location: Adelaide proud
    The currency has already been substantially devalued since the 1980s. This process has been masked by a flood of cheap Chinese imports and lowered  vehicle tariffs. The result is that cars are perceived as cheaper, housing is nuts, and malinvestment from speculative activity has had two decades to accumulate.
    locojoe67
    The direct export of jobs. Nowhere is the result more obvious than places like Geelong, Melbourne west and Adelaide north. If it wasn't for social security then the people living in places with extremely high unemployment like Norlane, Craigieburn and Elizabeth wouldn't even be able to pay rent and then we'd really start to see civil order problems that would make last weekend's riot in Melbourne's Federation Square pale into insignificance.
    Posted: 18 Mar 2016 09:48
      LancedDendrite Chief Commissioner

    Location: Gheringhap Loop Autonomous Zone
    Macro prudential reform is regulatory window dressing. The real show has barely started. Official interest rates will go negative and bank runs will be postponed by banning cash. Holders of savings will be encouraged to spend it but as the early Japanese experience shows, people  buy safes and store cash at home. This is unlikely to be permitted for long as the banks cannot satisfy that level of demand for cash.
    locojoe67
    And to top it off, there's a push for the RBA to phase out the $100 bill... interesting times ahead.
    Posted: 18 Mar 2016 11:55
      Valvegear Oliver Bullied, CME

    Location: Norda Fittazroy
    I'm willing to give the RBA's $100 bills a good home. It'll be a great sacrifice, but someone has to do it.
    Posted: 18 Mar 2016 19:38

    Last edited by Valvegear on 18 Mar 2016 19:38; edited 1 time in total
      don_dunstan The Ghost of George Stephenson

    Location: Adelaide proud
    Housing is obviously too expensive, but education and transport -- really?
    donttellmywife
    There's a website that compares the cost of living on various factors - expatistan. On this comparison, Sydney ranks 18th most expensive place in the world to live. Cost comparisons are done across a range of factors including health, education, transport and housing... not sure if I would agree with the validity of all those comparisons but there you go.
    Posted: 19 Mar 2016 01:10
      don_dunstan The Ghost of George Stephenson

    Location: Adelaide proud
    And to top it off, there's a push for the RBA to phase out the $100 bill... interesting times ahead.
    LancedDendrite
    Another proposal was for the bills to be fitted with tiny radio-frequency emitting chips that would send their location to the government - but that would raise all sorts of problems once thieves were on to it. Like that episode of the Sopranos where one of the characters gathers intelligence on old Italian people who hide cash in their houses... a RF chip in every $100 note would make that job so much easier.

    In other financial news... I noticed yesterday that Scott Morrison has instituted some controls over state governments flogging off assets to foreign interests in the wake of the Port of Darwin/Landbridge debacle as discussed here. From now on anything that's considered a 'strategic asset' or has a value over $250 million must go through the Foreign Investment Review Board.
    Posted: 19 Mar 2016 11:06

    Last edited by don_dunstan on 19 Mar 2016 11:16; edited 2 times in total
      don_dunstan The Ghost of George Stephenson

    Location: Adelaide proud
    The price of diamonds has gone through the floor over the last year, as discussed in this Nikkei Asian Review article. The international market in diamonds has traditionally been controlled by De Beers but their power has been significantly diminished by the entry of the Russian Alrosa marketeers since the 90's and more recently independent Israeli and Indian processors. These new entrants have been undercutting the De Beers cartel to the extent that they now only have about 60% of the global market in 'new' diamonds.

    Diamonds have never been a good investment anyway - they're very pretty and heavily marketed (specifically to women) but unless you buy very high-end diamonds their value diminishes the instant you walk away from the jewellery shop because the second-hand market is almost non-existent. De Beers have done a very good job since the early 20th century to make sure that when people buy diamonds they only buy 'new' ones - they also practically invented the concept of a diamond engagement ring to absorb a large part of their market. Further discussed in this article/blog here.
    Posted: 19 Mar 2016 11:44
      don_dunstan The Ghost of George Stephenson

    Location: Adelaide proud
    Much as I'd like to believe that tourism could potentially replace the hundreds of jobs in jeopardy at Whyalla steelworks... ABC News.
    Posted: 20 Mar 2016 23:32
      RTT_Rules Oliver Bullied, CME

    Location: Dubai UAE
    We don't $100 bills only the USA does.

    On face Value in comparison with rest of world the $A100 is low value. Ie 500Euro,  $US 100 and even 1000AED for UAE which is $A400 roughly.
    Posted: 21 Mar 2016 11:18
      RTT_Rules Oliver Bullied, CME

    Location: Dubai UAE
    Tourism is not a substitute for heavy industry. The jobs pay less and lack a lot of techical and egineering background.
    Posted: 21 Mar 2016 11:25
      bingley hall Minister for Railways

    Location: Last train to Skaville
    Tourism is not a substitute for heavy industry. The jobs pay less and lack a lot of techical and egineering background.
    RTT_Rules
    Hasn't the Productivity Commission just come out and more or less implied that the future job prospects for our kids lies in low paid jobs wiping old people's smeg bums?

    A job in the tourism industry would be luxury.
    Posted: 21 Mar 2016 11:53

    Last edited by bingley hall on 21 Mar 2016 11:57; edited 1 time in total
      michaelgm Chief Commissioner

    Much as I'd like to believe that tourism could potentially replace the hundreds of jobs in jeopardy at Whyalla steelworks... ABC News.
    don_dunstan
    This is the same Whyalla, that Tony predicted would be wiped out by the carbon tax?
    Posted: 21 Mar 2016 12:13
      don_dunstan The Ghost of George Stephenson

    Location: Adelaide proud
    We don't $100 bills only the USA does.
    RTT_Rules
    Yeah we do - it's green and features Dame Nellie Melba and Sir John Monash - remember? And the old paper ones had Mawson on them.
    Posted: 21 Mar 2016 13:23
      don_dunstan The Ghost of George Stephenson

    Location: Adelaide proud
    Tourism is not a substitute for heavy industry. The jobs pay less and lack a lot of techical and egineering background.
    Hasn't the Productivity Commission just come out and more or less implied that the future job prospects for our kids lies in low paid jobs wiping old people's smeg bums?

    A job in the tourism industry would be luxury.
    bingley hall
    The Department of Employment recently went one better and said that anything at all that could be off-shored was finished - including highly skilled research and technical occupations. So yeah... wiping bums is the future (if you're lucky).

    EDIT: There's a really interesting article in today's Financial Review (sorry but there's a pay-wall) about just this problem - how the employment growth has been exclusively in the 'bedpan' jobs, tourism and hospitality. None of these jobs will be particularly well-paid or secure - it's a shame that the next generation won't know the relatively good standard of living that we've had in the past but I guess that's just how it will be.
    Posted: 21 Mar 2016 13:29

    Last edited by don_dunstan on 21 Mar 2016 18:22; edited 1 time in total
      don_dunstan The Ghost of George Stephenson

    Location: Adelaide proud
    IN the Financial Review today (sorry, pay-wall) - an article suggesting that the US Treasury is critical of the Australian Reserve Bank trying to talk the Aussie dollar down, saying that this is against the "international commitments to let the currency operate freely".

    So it's okay when they do it but not us?
    Posted: 22 Mar 2016 20:28
      QSB6.7 Chief Train Controller

    Location: Going off the rails on a crazy train.
    Tourism is not a substitute for heavy industry. The jobs pay less and lack a lot of techical and egineering background.
    Hasn't the Productivity Commission just come out and more or less implied that the future job prospects for our kids lies in low paid jobs wiping old people's smeg bums?

    A job in the tourism industry would be luxury.
    bingley hall
    Basically.

    Tip for kids.  Try a trade.  
    You are going to have to work hard to get one, as large places tend not to hire apprentices any more, but it might be poor pay to start with but worth it in the finish, besides, always something to fall back on.
    Posted: 22 Mar 2016 20:43
      don_dunstan The Ghost of George Stephenson

    Location: Adelaide proud
    Tip for kids.  Try a trade.  
    QSB6.7
    Agree 110%: University is way too expensive; trades are much more in demand than graduates at the moment anyway.
    Posted: 22 Mar 2016 22:40
      YM-Mundrabilla Minister for Railways

    Location: Mundrabilla but I'd rather be in Narvik
    I agree that in theory a trade is a good idea. There are far too many university graduates with degrees in all manner of Mickey Mouse subjects who cannot tie their shoe laces.

    There are problems with apprenticeships too especially at the hands of unscrupulous employers. I know of a case where an apprentice was put off immediately he completed his formal training and was not allowed to do the necessary 'practical' work to gain his formal qualification.

    Apprentice Commission (whatever), Union both 'nothing that we can do'. He even volunteered to work for nothing to gain the practical time but I gather that that is illegal.

    Sadly the many trade apprenticeships in the Railways, SEC, PMG, and other government run enterprises are long gone and we are left with the 'private sector' (the so called savior of just about everything) to fill the gap. Unfortunately part of this group is interested in nothing but money.

    Don't get me wrong there are great private 'apprentice masters' but there are scum bags too who treat apprentices as little more than slave labour.
    Posted: 23 Mar 2016 10:30
      don_dunstan The Ghost of George Stephenson

    Location: Adelaide proud
    IN another blow for Colin Barnett's budget, Woodside has decided to put their massive Browse project on hold indefinitely (ABC News). The project was projected to bring in nearly a billion dollars in royalties for the WA government.
    Posted: 23 Mar 2016 12:33
      bingley hall Minister for Railways

    Location: Last train to Skaville

    You are going to have to work hard to get one, as large places tend not to hire apprentices any more, .....
    QSB6.7
    Because it's easier to use overseas workers on 457 visas.
    Posted: 23 Mar 2016 12:37
      don_dunstan The Ghost of George Stephenson

    Location: Adelaide proud
    Don't get me wrong there are great private 'apprentice masters' but there are scum bags too who treat apprentices as little more than slave labour.
    YM-Mundrabilla
    An example is hairdressing - frequently you'll see adverts for "2nd or 3rd year apprentice" but what they're actually looking for is someone with competence/experience who they don't want to pay at full rates. They'll never sign off on your apprenticeship, the intention is to keep you that way indefinitely.
    Posted: 23 Mar 2016 12:37
      wobert Chief Commissioner

    Location: Half way between Propodolla and Kinimakatka
    Read this and weep......http://www.macrobusiness.com.au/2016/03/peter-costellos-indefensible-legacy/
    Posted: 23 Mar 2016 20:18
      don_dunstan The Ghost of George Stephenson

    Location: Adelaide proud
    I have a special disdain for that "also ran"; at least Keating had the gonads to challenge Hawke - not old yeller.
    Posted: 23 Mar 2016 20:43
      wobert Chief Commissioner

    Location: Half way between Propodolla and Kinimakatka
    So this is where it ended up, thanks Don.
    Posted: 24 Mar 2016 13:00
      don_dunstan The Ghost of George Stephenson

    Location: Adelaide proud
    News this morning that Japan is preparing to gift their population some "helicopter cash", only for low income people under a certain age though. I guess because they know that people with no money will spend it straight away rather than put it in the bank.

    When's our helicopter cash coming - I keep running outside every time I hear one go past!
    Posted: 24 Mar 2016 13:01

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