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Discussion in 'Property Market Economics' started by MTR, 30th Jun, 2020.

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  1. Duck1234

    Duck1234 Well-Known Member

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    Oil Search just cut 1/3 of its workforce.
     
  2. gman65

    gman65 Well-Known Member

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    400 people
     
  3. Duck1234

    Duck1234 Well-Known Member

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    I suspect quite a few jobs in oil and gas will be let go if you keep an eye on headcount in annual report
     
  4. MTR

    MTR Well-Known Member

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  5. gman65

    gman65 Well-Known Member

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    Sobering? I'm in IT. Our company is expected to make ~20% more revenue this year. Not necessarily hiring heavily, but all jobs are very very stable. If you want to get employed by our co, you have to be right up there in skills, or we'll just go to the next applicant. It is the way it should have been for 20 years, building that next generation of high-tech skills to help AUS to be world best, not just laying bricks.

    There are so many skills that could get people employed, but requires some very specific skills .. not necessarily difficult to acquire, you just need to know what they are, and need good educators (paid well) to distribute that knowledge.

    Ship somebody truly knowledgeable in IT $150k and in 12 months they'll probably educate maybe 20+ people who will earn $80k+ after a couple of years on the job... and each one could go on (with the right model in place) to educate 20 more. Hoping my maths is correct, but $32M for that initial $150k investment. But if no incentive in education, they can continue to earn this in private industry to benefit themselves. It is pretty simple to see where there are some massive problems right here to me?

    Seeing as the government seems pretty dedicated to cutting back education, or the education model we had was never viable to begin with (China), that is why I'm sobered.
     
  6. Duck1234

    Duck1234 Well-Known Member

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  7. Rooky

    Rooky Well-Known Member

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    I went to joondalup shopping centre in Perth last weekend. I could not find parking easily. So not sure where people are getting money from if they do not have jobs. Also, there is less stock of established houses almost every week in WA and this market is largely not impacted from grants unless infill development can happen.
     
  8. MTR

    MTR Well-Known Member

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    Jobseeker I think $750 pw, ends in September

    Seeing the same, city car parking is full, never seen this before, extraordinary

    currently in lovely Margaret River, need to book wine tastings and restaurants. Seems to be bouncing back..... I hope for sake of our economy
     
    Last edited: 3rd Jul, 2020
  9. DrunkSailor

    DrunkSailor Well-Known Member

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    Melbourne cbd has gone super quiet. Friday nights used to be buzzing with people especially from China now it’s dead.
     
  10. DueDiligence

    DueDiligence Well-Known Member

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    jobseeker and jobkeeper.

    March, April best and worst spending months in history- occurring back to back.
     
  11. DueDiligence

    DueDiligence Well-Known Member

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    The worst return to work effects will be for jobs that pay equal to or less than the new jobseeker weekly payment figure.

    People wont work for nothing. They just won’t go back.
     
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  12. Omnidragon

    Omnidragon Well-Known Member

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    Yea the real skill boom will be in coding etc. Even in high powered finance this is becoming more
    important such as programming algos to trade in high frequency stuff. I should’ve gotten into this industry.
     
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  13. MTR

    MTR Well-Known Member

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  14. MTR

    MTR Well-Known Member

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    Tough new reality for Melb with 6 week lockdown
     
  15. Melbourne_guy

    Melbourne_guy Well-Known Member

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    I think lockdown - or the fear of lockdown is the reality within society until the virus is eradicated either by a vaccine or natural attrition. In turn, this is going to incur extra costs on business and impact the speed of job creation from previous downturns.
     
  16. Patrico1966

    Patrico1966 Well-Known Member

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    People are spending up big time, jobseeker and cashed in super funds are the main reason plus the pent up demand from 3/4 months lockdown. Feel sorry for Melbourne people/business owners because I don't see how a lot of small business can survive another downturn and that means a major loss of jobs in that space.
     
  17. Propagate

    Propagate Well-Known Member

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    Some businesses will adapt and survive, maybe even thrive. I know two cafes that I go to regularly, both medium sze (not just little hole in the wall types) in terms of seating capacity maybe 30 in one 60 ish in the other?), both have tailored their entire operation into takeaway during the first lockdown and adapted their menus for heat at home dinner meals etc. Both have said they are more profitable for less stress operating like this than when they were running "normally"

    One never bothered re-opening for dine-in when the restrictions were lifted to 20 people. The other one did but has now said they won't re-open dine in again when the current 6 weeks are over as they can make the same or more money operating take out only for, as I say, less stress and less hours.

    Before I get shot down, yes, business are and will go under and some industries likely have no alternative ways to adapt but interesting to see hows some can make the best of a crap situation and perhaps even be better for it.
     
  18. MTR

    MTR Well-Known Member

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    No such luck for travel industry, completely screwed
     
  19. The Y-man

    The Y-man Moderator Staff Member

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    Keeping in mind though that the new "normal" likely means less staff employed (talking to a few know a few back of house staff) ~ which ironically can make the op more profitable....

    But yes, the entrepreneurial spirit is one that does not stay down for long and I am sure some bright spark will be even now thinking up a whole new range of businesses we never needed before.

    The Y-man
     
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  20. The Y-man

    The Y-man Moderator Staff Member

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    VR travel companies. :)

    The Y-man