Job losses are starting to kick in a bit now. Looks like the dollar dropped on the news. http://www.smh.com.au/business/economy-sheds-27000-jobs-20120712-21xf2.html
Yep, it was a BIG, LONG Red candlestick that headed south when the report was announced. Must have caught a few people by surprise :|
All it will take to punch the air out of the east coast property market in another recession. I've always said this - fear of keeping your job will kill demand for taking on 30 year loans. Looks like we may be at the start of an economic downturn but a lot will depend on what happens in the rest of the world.
I heard them interviewing that amateur Bill Shorten about it today. In a typical display of Labor's inability to run an economy he said: "the figures are good because even though Australia's unemployment level is increasing, it is increasing more slowly than other countrys'". This is the calibre of ministers in the Gillard government. They couldn't run a cake stall at a school fete. If they tried the cakes would be half baked, the money would be stolen and the unions would shut it down after an hour. .
Well if you believe some of the comments on the Courier Mail blog some of these public servants were working for the Qld Government for about half what they'd get in the private sector. Guess the doubling of pay will make up for the loss of flex time and bonus super.
Good response from Shorten. Smart bloke, good politician; certainly few on the coalition side could compete with him. Next PM I think after Gillard and Turnbull. But I digress, The big question is.......How is it possible that Australia only lost 27000 jobs last month? I refuse to believe it is good government (no matter which side is in power), although that's what the evidence states. Surely it must be dodgy figures. Is it possible to manipulate both the world Gold price and the US (and Australian) Job figures in a downward direction? 5.2%, Geez that's considered full employment; I'm not buying it.
Good comment Jonesy. Personally i'm sick of the comparison tactic. What exactly does it tell anyone? 'We're doing better than those poor a-holes'? It doesn't make the policy good! Having the benefit of hitching a ride on the pandas back should mean that instead of having problems, we should be building resilience and buffering ourselves for the coming financial/economic sh#tstorm. Instead, our pollies are bringing in a freakin tax on air (that's for the haters ) and wasting money all over the place. They have the economic foresight of a blind bogan.
For what this is actually worth: http://www.roymorgan.com/news/polls/2012/4799/ So perhaps not 5.2%... they seem to think 9.7%
And this guy just got two large pay rises over the last year. If he was in the private sector he would be lucky to get a job as a bank teller.
Seems those on the sidelines are helping the figures look good. http://www.smh.com.au/business/workforce-gives-up-and-drops-out-20120712-21yuw.html
