Icarus 2001.
I agree with you 100%
People who have a stable job are better off for the time being and they are still spending as nothing has happened.
But here in QLD ,electricity,car rego,s ,fuel,rates etc etc are all going up to pay off massive debts,which i suppose the average person can handle but its still going to take a fare bit more out the weekly budget.
Record car sales for the last 3 years.Unless you buy a car every 3 years of course demand will drop.
Mining--some have closed down because the price has dropped.Others are no worse off than they were 5 years ago-----the boom hype is over.
Iron ore was around $30 a tonne 5 years ago.In the boom years that went to nearly $200 and now i see Rio has signed with all but China for $90 a tonne.
The world had to come back to reality sooner or later.
The first home owners grant is a savour for the real estate and building sector but once finished we will see a dive.Then once rates start going up there will be a lot more people in the sh-t.
My super has snuck back to be only minus 20% now but in a 3 year period it went up over 30% so i cant complain and interest on cash has dropped 100%.
So retirees ,unemployed(and rising),low paid struggling workers etc cant afford to spend or go on holidays,hence all businesses say get a 20% drop,then they have to lay more workers off ,so no one is safe for a long time ahead.
Australia is a year or two behind the rest of the world so we havent really seen it yet.
Share markets are rising------are they getting back to a reality price after a panic sell of-----who knows,im making a bit of beer money,but im waiting for a big crash again.