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Old 09-15-2014, 04:44 AM
 
1,337 posts, read 1,936,591 times
Reputation: 855

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Quote:
Originally Posted by compactspace View Post
The rot's well and truly set in, I'm afraid.

The mining boom is over. The regulatory environment discourages startups and entrepreneurs. Most of the country's wealth is sunk into extant housing: a result of incompetent governance that saw capital funnelled into non-productive speculation instead of productive enterprise.

Australia's universities -- once providing a valuable export -- are slipping fast in quality and reputation. There will be sustained, indefinite downward pressure on wages.

Australian manufacturing is dead. No research and development happens in Australia -- talented scientists and design engineers work overseas if they can. Frankly, there is no way to reverse this.

I'm just glad I got out when I could. My only worry (and it's a big one) is that I have several hundred grand tied up in an apartment in Australia -- money that I want OUT of the country before he currency drops to 70c. I've sold the place, but settlement is taking ages and each day that passes sees the dollar slide further. I'm literally losing thousands each day.

My advice to anyone with talent and potential in Australia: get out NOW. Get your savings out of $AU and into a non-toy currency. (The $AU is forecast for a long-term value of $US 0.65.) Australia is heading into a nasty, indefinite slump that will see real wealth plummet and its residents trapped unless they have off-shore assets.

If you're thinking of moving here, I suggest you keep all your assets in Sterling, Euros or $US. Then you'll benefit from the tanking economy and it might even make real estate affordable. Do NOT buy more $AU than you have to.

Australia is in a bad, bad way, with no end in sight. As for me, if the dollar teeters on long enough for me to get my money out before it loses twenty percent of its value, I'll be a happy camper and won't need to care anymore.

Vale, Australia.

Perhaps a little over the top, although there are some elements of truth like any good rant

The US is still printing over US$40bn a month (sorry I mean buying dept ) and its this kind of insanity that has pushed up the $AU and similar currencies. Aus banks being able to borrow on international markets at next to nothing has hardly helped the housing bubble here or a number of other countries.

Its true AU government policy or the lack of it has hardly stimulated productive investment, but I am hardly seeing anything better in the US, its just the casino bubble keeps moving, currently in the stock market, was housing, was gold.

The US economy has been hollowing out for the past 20 years and in my mind is still on life support, the middle class is a dying breed.

Out of the frying pan and into the fire somewhat springs to mind.
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Old 09-15-2014, 08:45 AM
 
Location: New Zealand and Australia
7,454 posts, read 13,379,962 times
Reputation: 7783
Why even have payments for being unemployed? I tell ya what if the Australian government did away with that, which is feasible (unlike the NZ government).....people would be desperate for employment. And those out of work would be far far less.

I've never understood why someone who is capable of working gets paid for essentially doing nothing.
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Old 09-15-2014, 09:26 AM
 
4,158 posts, read 4,816,150 times
Reputation: 3868
Quote:
Originally Posted by compactspace View Post
The rot's well and truly set in, I'm afraid.

The mining boom is over. The regulatory environment discourages startups and entrepreneurs. Most of the country's wealth is sunk into extant housing: a result of incompetent governance that saw capital funnelled into non-productive speculation instead of productive enterprise.

Australia's universities -- once providing a valuable export -- are slipping fast in quality and reputation. There will be sustained, indefinite downward pressure on wages.

Australian manufacturing is dead. No research and development happens in Australia -- talented scientists and design engineers work overseas if they can. Frankly, there is no way to reverse this.

I'm just glad I got out when I could. My only worry (and it's a big one) is that I have several hundred grand tied up in an apartment in Australia -- money that I want OUT of the country before he currency drops to 70c. I've sold the place, but settlement is taking ages and each day that passes sees the dollar slide further. I'm literally losing thousands each day.

My advice to anyone with talent and potential in Australia: get out NOW. Get your savings out of $AU and into a non-toy currency. (The $AU is forecast for a long-term value of $US 0.65.) Australia is heading into a nasty, indefinite slump that will see real wealth plummet and its residents trapped unless they have off-shore assets.

If you're thinking of moving here, I suggest you keep all your assets in Sterling, Euros or $US. Then you'll benefit from the tanking economy and it might even make real estate affordable. Do NOT buy more $AU than you have to.

Australia is in a bad, bad way, with no end in sight. As for me, if the dollar teeters on long enough for me to get my money out before it loses twenty percent of its value, I'll be a happy camper and won't need to care anymore.

Vale, Australia.
Funny stuff.

Don't worry, you're not the only one in this thread with no idea.
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Old 09-15-2014, 04:12 PM
 
14,772 posts, read 17,032,670 times
Reputation: 20658
^^ lol
What is that, the worlds longest settlement on a 1 bedder in chatswood ?!

Quote:
Originally Posted by dave nz View Post
Why even have payments for being unemployed? I tell ya what if the Australian government did away with that, which is feasible (unlike the NZ government).....people would be desperate for employment. And those out of work would be far far less.

I've never understood why someone who is capable of working gets paid for essentially doing nothing.
Well, people need to pay rent, bills, food between jobs. They also need money to run a car or get to interviews.
They might have kids... All sorts of reasons unemployment is needed.
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Old 09-15-2014, 04:25 PM
 
1,337 posts, read 1,936,591 times
Reputation: 855
Quote:
Originally Posted by dave nz View Post
Why even have payments for being unemployed? I tell ya what if the Australian government did away with that, which is feasible (unlike the NZ government).....people would be desperate for employment. And those out of work would be far far less.

I've never understood why someone who is capable of working gets paid for essentially doing nothing.
I can't agree, there is only a certain amount of jobs atm not everyone can find employment.

I have always had the opinion when there is NOT full employment by all means let those that want to sit on the dole in poverty stay there, makes it easier for those that want to work.

Many people in their late 50's find it very hard to find work due to age discrimination, don't be so quick to cancelling that dole, wait till your 66 and looking for work :P
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Old 09-15-2014, 05:16 PM
 
4,158 posts, read 4,816,150 times
Reputation: 3868
Quote:
Originally Posted by dave nz View Post
Why even have payments for being unemployed? I tell ya what if the Australian government did away with that, which is feasible (unlike the NZ government).....people would be desperate for employment. And those out of work would be far far less.

I've never understood why someone who is capable of working gets paid for essentially doing nothing.
Because the road to financial ruin is very fast without a safety net. It happens at the margins with people who are usually already struggling but in a recession it can destroy the middle class. Once someone loses everything it is very difficult to recover.
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Old 09-15-2014, 10:03 PM
 
5,882 posts, read 5,806,090 times
Reputation: 3481
Not forgetting the almost 15% youth unemployment nor the excessive use of 457's fanning the issue.

A lower dollar at a time of falling wage increases in an environment of grossly overinflated houses and good and services, it can be expected something has to give.

While a low dollar may make Australia cheap to the rest of the world it will of course have the reverse impact on Australians.
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Old 09-16-2014, 11:03 PM
 
Location: Below 59th St
672 posts, read 750,331 times
Reputation: 1407
Quote:
Originally Posted by artemis agrotera View Post
^^ lol
What is that, the worlds longest settlement on a 1 bedder in chatswood ?!
.
Four weeks is a long time in forex brother.
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Old 09-16-2014, 11:31 PM
 
Location: Below 59th St
672 posts, read 750,331 times
Reputation: 1407
Quote:
Originally Posted by the troubadour View Post

While a low dollar may make Australia cheap to the rest of the world it will of course have the reverse impact on Australians.
Yup. A low dollar helps you if you're selling to foreign currency holders: Farmers, miners, tourism operators. Also helps if you're selling your investment property to Chinese buyers.

If you buy imports, a low dollar significantly reduces your relative buying power. Since Australia is a service economy that imports most if it's consumer goods, apart from food, the average joe suffers badly when the dollar tanks. People calling for a lower dollar are either very cynical or very stupid.

It's vexing when people blame a high dollar for the hollowing of the Australian economy. It's as if they want a de-facto tariff to protect Australian manufacturing. Fact is Australia shouldn't be in the business of producing cheap goods. It's a race to the bottom in wages and quality.

The economy was hollowed because woeful government oversight saw the squandering of a resources boom, with all its proceeds funnelled overseas or into extant housing. If we were competently managed, we'd have a huge sovereign wealth fund and government-backed VC underpinning a burgeoning culture of innovative enterprise. We'd be producing things people pay a premium for, high dollar or not.

But no. We have an hilariously overpriced housing market, some office jobs in corporate outposts and a crumbling set of social services.

Frankly, I shouldn't care. I'm cashing out. But when I see a bunch of cynical plutocrats cheering for lower wages and a lower dollar it pushes my egalitarian buttons.
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