Collapse in June quarter GDP

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Collapse in June quarter GDP

Postby HBS Guy » 01 Sep 2019, 10:41

https://www.abc.net.au/news/2019-09-01/gdp-to-take-another-step-down-but-how-low-will-it-go/11462508

0.2% increase predicted.

That is what you get when you stop spending to get a surplus, do nothing to lift wages, cut penalty rates, keep NewStart low and give meagre pension increases and destroy manufacturing and hollow out the economy. Decades of neoliberalism, structural Budget deficit obviously did nothing to boost the economy.

Now these clowns get to manage a recession. Yee gods and little fishes I shudder to think what the next 2-3 years will look like. Will the Libs manage to get 10% unemployment again? Possible. The third world mish mash that is supposed to be an NBN has not helped business create new services and jobs, has it? $50Bn down the tubes.

Savings will get a hit—my “high interest” account where I stash money put aside for trips to and work on my block pays 1.15% interest. Nothing effectively. What about people living off savings in retirement, people saving to buy a house or for whatever reason. Less return so less spending—the fucking idiotic RBA should have left rates at 3%, none of their idiotic cuts have done anything to boost the economy. Now they have no firepower when the recession hits.
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Re: Collapse in June quarter GDP

Postby Bongalong » 02 Sep 2019, 09:13

I call for law and order!
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Re: Collapse in June quarter GDP

Postby pinkeye » 02 Sep 2019, 23:00

and for people like me... who only get a small increase in their super pension determined by the CPI ?

wow..instead of 1.50$ extra per f/n, reduced by 49/51st reduction to my centrelink social security benefit.. what this means for me..?

absolutely zilch.


or prices might even go down. :roll
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Re: Collapse in June quarter GDP

Postby Bongalong » 03 Sep 2019, 01:03

pinkeye wrote:and for people like me... who only get a small increase in their super pension determined by the CPI ?

wow..instead of 1.50$ extra per f/n, reduced by 49/51st reduction to my centrelink social security benefit.. what this means for me..?

absolutely zilch.


or prices might even go down. :roll

Develop a cash relationship with your tradesmen: step one :beer
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Re: Collapse in June quarter GDP

Postby HBS Guy » 03 Sep 2019, 18:19

Exports of coal, gas and iron ore gave us a $5Bn trade surplus.

Consumer spending dipped down last month.

GDP figure will still be dire: govt has to spend money to stimulate the economy. Boost NewStart, reverse cuts to penalty rates, boosts pensions and PS pay a bit and see the economy strengthen. Not with this idiotic NeoLib lot.
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Re: Collapse in June quarter GDP

Postby johnsmith » 03 Sep 2019, 18:22

libs have always passed off the economy at the start of a decline and left it to labor to clean up their mess, enabling them to convince the voters that the decline was labors fault

this time they unexpectedly won and will have to clean up their own mess....... which they will be incapable of doing. We might finally start to see an end to the erroneous claim that they are better economic managers.
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Re: Collapse in June quarter GDP

Postby HBS Guy » 04 Sep 2019, 18:27

Collapse it was:

The economy expanded by just 0.5 per cent in the June quarter, and annual growth slumped to 1.4 per cent – equal to the worst growth recorded in the aftermath of the global financial crisis in the September quarter of 2009.

The quarterly increase was in line with market consensus, which was for annual growth to soften from three months ago.


https://thenewdaily.com.au/money/finance-news/2019/09/04/gdp-figures-september-2019/

Can you imagine the Libs’ “economic team” wondering: “So if you cut wages people spend less? Who knew?”

Don’t forget—a second tranche of penalty rate cuts came into effect 1 Jul.
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Re: Collapse in June quarter GDP

Postby HBS Guy » 05 Sep 2019, 18:47

Nobody interested in some real economic news?

Our economy is in trouble, dudes!
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Re: Collapse in June quarter GDP

Postby johnsmith » 05 Sep 2019, 19:11

HBS Guy wrote:Nobody interested in some real economic news?

Our economy is in trouble, dudes!



the thing is this is not news and doesn't surprise anyone. We've known for ages that the economy is screwed.
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Re: Collapse in June quarter GDP

Postby HBS Guy » 05 Sep 2019, 19:39

Yeah, bit now we know it for sure—what next?
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Re: Collapse in June quarter GDP

Postby pinkeye » 08 Sep 2019, 02:40

johnsmith wrote:libs have always passed off the economy at the start of a decline and left it to labor to clean up their mess, enabling them to convince the voters that the decline was labors fault

this time they unexpectedly won and will have to clean up their own mess....... which they will be incapable of doing. We might finally start to see an end to the erroneous claim that they are better economic managers.


Good comment. Couldn't agree more.
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Re: Collapse in June quarter GDP

Postby HBS Guy » 10 Sep 2019, 00:53

Just can’t get over the stupidity of the RBA!
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Re: Collapse in June quarter GDP

Postby pinkeye » 11 Sep 2019, 23:00

HUH?

I can't get over the stupidity of the Fed Gov and the voters.
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Re: Collapse in June quarter GDP

Postby HBS Guy » 12 Sep 2019, 08:00

That too, but the RBA board is supposed to be made up of professionals.
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