[alokin]

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]

If the head of the beast is severed, the body must die.

[heroineworshipper]

The legions of starving, desperate zombies from UKnowWhere are already boarding boats and recharging their GPS navigators.

[alokin]

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]

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.

[turner]

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]

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]

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

[alokin]

and we have medicare

[turner]

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.

Yes but you are sensible and lots of Australians are not and have huge debt. Did you look at those Australian debt graphs I mentioned?

[alokin]

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]

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?

I am not sure that it will matter whether he buys it or not. The wheels of economic change are already in motion and Australia is very unlikely not to swept up in events. My personal opinion is that we have a very overvalued property market and that once something happens to dent confidence it will fall dramatically. I think that slowing world economic growth and a corresponding lowering of Chinese demand for resources will be the event that causes people to re-evaluate their position. Once that happens I believe the bubble will burst and the fall in confidence will produce multiplying negative effects throughout the economy. That is aside from the actual banking crisis which could have other far reaching consequences despite all the assurances that our banks are safe 'as houses".

[eXpat]

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.

The White Cockatoo resort in Mossman, has been inundated with inquiries, reports the Courier Mail newspaper.

A local bishop said he was concerned about "the moral code of behaviour" of people going.

The event comes at a time when the tourist industry in Australia is suffering from the economic downturn.

Three years ago the controversial resort banned partner-swapping after police were called to evict six people when a party got out of control.

Hedonism

Tony Fox, the owner of the resort said he was lifting the self-imposed ban as "tough economic times call for stiff measures".

People in tropical north Queensland are extraordinarily creative
Val Schier, Mayor of Cairns

"It will be a hedonism resort, where anything goes for a month. It doesn't take rocket science to work out what it means," Mr Fox said.

link