What will last weeks' events mean for Australia?

alokin · Intermediate Crude Joined: Aug 24, 2007 Posts: 885

It's time to revive a bit the Australian discussion,
We all stared at what's happened in the US.
But what consequence will this have to Australia?
Can our banks still be considered as safe?
Do you put some money under the mattress now?
HOw will the government react?

I really tried to talk to people, but nobody seems to be concerned,
but that's no wonder if you look at the headlines of "Courier Mail".

Cashmere · Light Sweet Crude Joined: Mar 27, 2008 Posts: 1971

If the head of the beast is severed, the body must die.
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The legions of starving, desperate zombies from UKnowWhere are already boarding boats and recharging their GPS navigators.
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alokin · Intermediate Crude Joined: Aug 24, 2007 Posts: 885

First get a VISA, it's not easier for British subjects now, unless you don't have to pass the IELTS test.
Besides of hoards of immigrants, what do you expect??

turner · Tar Sands Joined: Jun 10, 2008 Posts: 76

Alokin,

More comprehensive discussion in relation to Australia at www.globalhousepricecrash.com. See Australian forum

DrBang

Thanks for the link. It is really hard to get anything concrete on what is happening in Australia. Not sure why.
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turner · Tar Sands Joined: Jun 10, 2008 Posts: 76

I think there is less for Australia because smaller population smaller number of dissenters. Also, still widely held belief that Australia will be able to avoid the worst of the troubles. However, check out the graphs in the Aust Stats section of the pinned threads and you will see that Australia is in a precarious position. Debt is very high v rest of world, property prices very high relative to incomes, etc etc. Once there is a substantial downturn in the economy and confidence is significantly eroded there are likely to be some very steep falls.

alokin · Intermediate Crude Joined: Aug 24, 2007 Posts: 885

Thanks for the link, getting real information in autralia is quite hard. And even the green left part of the society is not very well informed.
I think yes and no.
Yes we will be hit as our financial system, is exposed to the US and we do only export bulk stuff nothing manufactured.
No because at least for those who are not much in depth there are few places were you can live cheaper. Electricity is dirt cheap, no heating bills, cheap petrol, you can drive the oldest car and op shops at every corner.And I think that the society as such work pretty well people don't complain too much and are helpful.
Actually I think we will have the same downturn as Europe or the US but here it is much easier living the downturn.

vilemerchant · Heavy Crude Joined: Jul 07, 2008 Posts: 122

Yep. We're one of the few countries in the world where even the unemployed can afford to drive around in cars.

alokin · Intermediate Crude Joined: Aug 24, 2007 Posts: 885

and we have medicare

turner · Tar Sands Joined: Jun 10, 2008 Posts: 76

alokin · Intermediate Crude Joined: Aug 24, 2007 Posts: 885

Turner, you're right about the depth level. And sure, this is nothing you can save on.
There is a second thing I am concerned of: Germany now announced that they won't help the US and won't buy their foul assets. First, because they did not cause the mess and second because they think the measurements taken are not appropriate (more Spiegel English site).
Australia has always been allied to the US in a much closer way than the Europeans. Will Rudd buy the crap?

turner · Tar Sands Joined: Jun 10, 2008 Posts: 76

eXpat · Light Sweet Crude Joined: Jun 08, 2006 Posts: 1082

Aussies have understood how dire the situation for the next years is, and are throwing one last party!!!! Weeeee!!
An Australian holiday resort in north Queensland will hold a month-long, nude "anything goes" party in March aimed at combating the global credit crunch.