How is the economy down in Australia? (employment, school)

[cheeerioS]

My cousin is from NY and ever since he graduated from college he has had no real luck at staying with one company for longer than 2 years. He is an investment banker and graduated from an ivy league school so its not like he is a slacker or anything. But after working for large corporate companies like Morgan Stanley, Citi Bank but always ending up getting fired because of the large turnover rates in business world in NYC.

He is considering moving to Austrailia because his current consulting company has a branch out in Sydney. Is there a large turnover rate in Sydney as well? I hate for him to move across the world to and to get settle down there and then end up getting fired or something due to the economy... So how is it down under?

[lentzr]

BOOMING!!! Here is an article from the Economist on Australia's economic prosperity in the past 20 years. Yes, the global economic situation is affecting Australia, but in the scheme of things, not that much.

No worries? | The Economist

[BCC_1]

Originally Posted by lentzr

BOOMING!!!

Slight exageration. If you're in mining and mining services then yes. Otherwise the economy has probably been in recession for months.

[lentzr]

I am looking at the longer-term, not just the short-term.

[BCC_1]

Originally Posted by lentzr

I am looking at the longer-term, not just the short-term.

In the longer term almost all the Western economies will come back. For someone looking to move in the next 6-12 months the state of the economy in 5 or 10 years time is largely irrelevant.

Not having a recession for 20 years worries me more than having the odd recession every few years. A lot of inefficiences can build up in that period, and at some point they have to snap back. Minsky's theorem is that "stability leads to instability", we've seen it proved true in Europe and the US.

The other big thing is that Australia has ridden on the great microeconomic reform of the 80's and 90's. Governments are too gutless to implement the kind of changes brought about in those decades. Wouldn't the world be better without focus groups!!

[elarbee]

It's not nearly as volatile here in Australia as it is the US. I think he would find the employment culture more secure/stable here. But like anything, there's trade off, in return for security we have less tolerance for 'entrepreneurial' spirit. Google tall poppy syndrome as well. All said, I think working conditions are better here. My .02

[minibrings]

the ops best bet is to research the australian and new zealand bureau of statistics as well as to google australian and nz newspapers. actually have your 'friend' do this.

oz newspapers:
www.smh.com.au syd morning herald
www.theage.com.au melbourn.. the age
www.nzherald.co.nz NZ herald

[the troubadour]

Originally Posted by lentzr

BOOMING!!! Here is an article from the Economist on Australia's economic prosperity in the past 20 years. Yes, the global economic situation is affecting Australia, but in the scheme of things, not that much.

No worries? | The Economist

Actually away from the mining sector things are not as rosey.

[the troubadour]

Originally Posted by elarbee

It's not nearly as volatile here in Australia as it is the US. I think he would find the employment culture more secure/stable here. But like anything, there's trade off, in return for security we have less tolerance for 'entrepreneurial' spirit. Google tall poppy syndrome as well. All said, I think working conditions are better here. My .02

There is a lot of control which in turn can and does stiffle individual creativity.
In many areas a very top heavy management which are far too far up themselves to to of much use for anything.
High turnover of staff working for NGOs due to treatment especially in the social and health area.
Could do with a bit more of what is called The Tall Poppie Syndrome,which is a cliche these days,to cut them down to size.

Saying that i do indeed agree conditiond are preferable here in Australia than in USA.
Can still do better.
.

[other99]

Originally Posted by BCC_1

Slight exageration. If you're in mining and mining services then yes. Otherwise the economy has probably been in recession for months.

I heard in the past month or few mths there has been an reduction of jobs been advertised. Yes the USA job situation is worse however the jobs most demanding here is mining based.