The state of the economy at the street level

[moXJO]

Violence seems to be out of control at the moment. Not sure if guys are at the end of their rope or what. But I'm seeing a lot of it. Not sure what the official stats are.

Retail seems dead. I think there was a Christmas bump. But it's dropped off in a major way. Unique and well positioned Restaurants seem to be pumping. Was just in Canberra and it looked similar. Although there were restaurants that were noticeably empty.

 

[Dona Ferentes]

. Was just in Canberra and it looked similar. Although there were restaurants that were noticeably empty.

parliament not sitting

 

[wayneL]

by the way , because i have rarely borrowed ( only for a block of land 1975 ) my credit rating is lousy ( how crazy is that )
an interesting future awaits us

That is sort of bizarre isn't it? I would highly suspect that my credit rating is shyte as well. I've never had any sort of borrowings at all, in this country at least. It's quite possible I would even struggle to get a credit card even.

It's fortunate that I don't need it, so que sera sera.

 

[wayneL]

Violence seems to be out of control at the moment. Not sure if guys are at the end of their rope or what. But I'm seeing a lot of it. Not sure what the official stats are.

Retail seems dead. I think there was a Christmas bump. But it's dropped off in a major way. Unique and well positioned Restaurants seem to be pumping. Was just in Canberra and it looked similar. Although there were restaurants that were noticeably empty.

Agreed. The local shopping centre has quite a few empty shops in it now, hospitality seems to be going okay.

On the other hand the Magic Millions Premier sale at the Gold coast and quite a few feelings went for over a million dollars, top sale 3.5 million or something like that. It indicates to me that there is still tons of money at the top end of town.

 

[SirRumpole]

indicates to me that there is still tons of money at the top end of town.

Foreign investors I would suspect.

 

[qldfrog]

Foreign investors I would suspect.

Yes 1m$ aud is far less for them than last years.
Could see a few Americans buy Sydney RE soon.
-> wokes running from Trump, or from Trump legal system<; .not to mention..this is sick i know,... a few burnt by California RE..

 

[farmerge]

I was talking to my brother just a short time ago. He lives in one of the southern burbs that is sort of up market.
He was bemoaning the fact that houses around him are being bought up and then the new owners are letting the outside start to appear as if they are out in the back blocks past the black stump.
Outside neglect he feels then brings the values down and then more of their mates will be moving in.

 

[wayneL]

Foreign investors I would suspect.

Not sure about that but I will probably be able to find out.

 

[over9k]

Retail seems dead

Retail's been in structural decline ever since the internet was invented. But at the moment it's a seasonality thing on account of summer being when people spend their money doing things.

 

[moXJO]

parliament not sitting

I'm pretty clueless about the intricacies of parliament. Do their aides also clear out over this period?
Is it a noticeable thing when it comes to retail?

 

[moXJO]

Retail's been in structural decline ever since the internet was invented. But at the moment it's a seasonality thing on account of summer being when people spend their money doing things.

I think the aftermath of Christmas as well.
I'd always get quiet this time of year.
Temu must have devastated some of these retail stores though.

 

[Dona Ferentes]

I'm pretty clueless about the intricacies of parliament. Do their aides also clear out over this period?
Is it a noticeable thing when it comes to retail?

more the lobbyists and big city PR teams

and half of the town heads to "the coast"

 

[TimeISmoney]

Agreed. The local shopping centre has quite a few empty shops in it now, hospitality seems to be going okay.

On the other hand the Magic Millions Premier sale at the Gold coast and quite a few feelings went for over a million dollars, top sale 3.5 million or something like that. It indicates to me that there is still tons of money at the top end of town.

Many of the high flyers on the GC are international professionals, and a lot of the houses remain empty for most of the year.

 

[divs4ever]

How do you go about staying in a hotel or renting a car?

First thing most ask for is a credit card and they whack a security deposit on it.

A. i don't have a driving licence
B. the last time i stayed in a hotel .. about 3 years , it was an insurance company picking up the bill

so other options will be sought if necessary

 

[TimeISmoney]

A. i don't have a driving licence
B. the last time i stayed in a hotel .. about 3 years , it was an insurance company picking up the bill

so other options will be sought if necessary

My mum is 86 and only has a bankbook and chequebook, nothing else, not even an online bank account.

 

[wayneL]

Many of the high flyers on the GC are international professionals, and a lot of the houses remain empty for most of the year.

There is certainly a lot of international money at the yearling sales, and always has been. But never forget that an auction is a contest and requires at least two adversaries to bid up the price.

I've been going to yearling sales and following them for over 30 years; I say that they are a harbinger of the economy at least at the top end of town.

There are lesser sales in which one can gauge the lower stratus of the economy... And the so-called "fire sales" where one can gauge the bottom end.

The Perth premium Magic Millions are coming up in a month, then the lower strata of yearling sales, Australia wide after that.

Though not perfect, it does give a bit of a lead into how things are going at various stratas of the economy.

I'll be following closely and will comment as appropriate.

Caveat: a lot results at yearling sales are not actually real. A keen observer will note where things are a bit dodgy... Because of the aftermarket of syndicating out yearlings to mug punters. The success or not of these syndications can also give a lead into the overall economy.

Don't ask me how I know.

 

[SirRumpole]

My mum is 86 and only has a bankbook and chequebook, nothing else, not even an online bank account.

Maybe she needs some education as cheques are being quietly phased out.

 

[farmerge]

Not sure about that but I will probably be able to find out.

@wayneL Most definitely foreign investors from the Sub Continent

 

[over9k]

There is certainly a lot of international money at the yearling sales, and always has been. But never forget that an auction is a contest and requires at least two adversaries to bid up the price.

I've been going to yearling sales and following them for over 30 years; I say that they are a harbinger of the economy at least at the top end of town.

There are lesser sales in which one can gauge the lower stratus of the economy... And the so-called "fire sales" where one can gauge the bottom end.

The Perth premium Magic Millions are coming up in a month, then the lower strata of yearling sales, Australia wide after that.

Though not perfect, it does give a bit of a lead into how things are going at various stratas of the economy.

I'll be following closely and will comment as appropriate.

Caveat: a lot results at yearling sales are not actually real. A keen observer will note where things are a bit dodgy... Because of the aftermarket of syndicating out yearlings to mug punters. The success or not of these syndications can also give a lead into the overall economy.

Don't ask me how I know.

For anyone wanting an economics lesson, this is the comparison between what are called superior & inferior goods. Superior = stuff you buy when you're flush, inferior = low end stuff you buy when money is tight.

Car makes are a really easy example - when money gets tight, cheaper car brands often actually see an increase in their sales because people can't afford the superior alternatives any more.

And the new star casino in brisbane looks like it's about to go bust

 

[sptrawler]

My mum is 86 and only has a bankbook and chequebook, nothing else, not even an online bank account.

Same as my mother in law 92 was on Jan 1 and hasn't got the internet, well she tells me she hasn't, but I try to explain she has because she wont give up the landline.

I try to explain to her that she is paying for a mobile phone plan and the NBN just for the landline, but she wont dump the landline and the only calls she receives on it are from scammers.

I say to her if you aren't going to get rid of the landline, you may as well use the internet, she says I don't want the internet.
I say FFS, she says what's FFS, I say it doesn't matter.
She still lives on here own unassisted, no silver chain or cleaners, still drives herself around and wont apply for the pension, she would rather starve to death.
It's bloody hard work and now she is really angry because W@nkbest (CBA) have closed all their branches, so she is really stuck.