Linfox chief: Aussie outlook grim except for WA

[Gold Kiwi]

This article appeared in a local newspaper a couple of days ago:

Eastern Australia and New Zealand are in ''deep recession'' and the New South Wales and Victorian manufacturing industries are ''stuffed'', the head of Linfox Logistics says.

Fresh from making a $68 million property acquisition in the mining boom state of Western Australia, Linfox Logistics chief executive Michael Byrne has dismissed suggestions the nation is dealing with a two-speed economy. ''It's a parallel universe that bears no relation to anything else on this planet,'' he told an American Chamber of Commerce event in Sydney on Friday.

''If you look at the world, eastern Australia is in deep recession, in my view, as is New Zealand.''

WA was driving the national economy and Asia was a ''different place again'', Byrne said. ''If we didn't have mining, Australia would be like Portugal, Spain, maybe Greece and Ireland,'' he said, referring to European debt problems.

Businesses in NSW, Victoria and Queensland were reducing numbers, while companies in WA were investing in resources projects, he said.

For the first time in more than half a century, the largest privately-owned transport company in the Asia-Pacific region hadn't hired anyone on Australia's east coast.

''I put 3500 people on this year 3000 went into Asia, 500 went into WA.''

Linfox revenue in WA has grown from nothing to $200m in 2 12 years.

Byrne also believes nothing can save manufacturing in Victoria and NSW.

''My own view is that they're both stuffed,'' he said.

And here I was considering a move across the ditch to Melbourne. Bad timing?

 

[2ds]

Ah good, nothing like a recession to lower property prices

 

[fishball]

While I would say that the economy isn't the best it can be right now I wouldn't take this guy's drivel as gospel.

Manufacturing hasn't been an 'east coast thing' for quite a while, it's become quite serviced based especially along the coast. Not to mention QLD floods.

Also he's an idiot because he doesn't know that there is no such thing as deep recession.

There's recession and there's growth.

The NBER decision has approximately conformed with the definition involving two consecutive quarters of decline.

There has been no real decline yet, so not even one quarter let alone two.

What a joke this guy.

 

[thatguy]

This article appeared in a local newspaper a couple of days ago:

Eastern Australia and New Zealand are in ''deep recession'' and the New South Wales and Victorian manufacturing industries are ''stuffed'', the head of Linfox Logistics says.

Fresh from making a $68 million property acquisition in the mining boom state of Western Australia, Linfox Logistics chief executive Michael Byrne has dismissed suggestions the nation is dealing with a two-speed economy. ''It's a parallel universe that bears no relation to anything else on this planet,'' he told an American Chamber of Commerce event in Sydney on Friday.

''If you look at the world, eastern Australia is in deep recession, in my view, as is New Zealand.''

WA was driving the national economy and Asia was a ''different place again'', Byrne said. ''If we didn't have mining, Australia would be like Portugal, Spain, maybe Greece and Ireland,'' he said, referring to European debt problems.

Businesses in NSW, Victoria and Queensland were reducing numbers, while companies in WA were investing in resources projects, he said.

For the first time in more than half a century, the largest privately-owned transport company in the Asia-Pacific region hadn't hired anyone on Australia's east coast.

''I put 3500 people on this year 3000 went into Asia, 500 went into WA.''

Linfox revenue in WA has grown from nothing to $200m in 2 12 years.

Byrne also believes nothing can save manufacturing in Victoria and NSW.

''My own view is that they're both stuffed,'' he said.

And here I was considering a move across the ditch to Melbourne. Bad timing?

Things are nasty on the goldcoast, for lease signs plauging the commercial areas , now all we needs is another tax to push us into a depression.

 

[Clawhammer]

While I would say that the economy isn't the best it can be right now I wouldn't take this guy's drivel as gospel.

Methinks he doth protest too much!

Just sounds like he's trying to communicate with shareholders and customers that aren't happy with his performance. The corporate equivalent of yelling from the rooftops "It's not my fault!" and while it's in pretty poor form, it's not unexpected from the 'types' in this line of work.

'Nyar nyar nee nyar nyar'....Someone's losing market share !

 

[perthsilver]

Sounds spot on to me.


Spot on.

LOL

 

[Shaddam IV]

He is perhaps pointing out the obvious - that the incompetent, corrupt lightweight that calls it self "Prime Minister" continually bleats something about "resources boom" while being completely ignorant that the country's biggest employer is small business and that retail is suffering severely, and that businesses across the Eastern side are cutting staff hours on a huge scale.