Beware Mining Town Bulls - Perth and Darwin Housing Bubbles Ready To Burst!; Entire generation of speculators needs to be wiped out and made an example of
After 25 years working around the world as a highly paid geologist earning a six-digit salary, Phil Scheimer is back in Australia weighing up his future prospects: day labourer or pizza delivery man The collapse of the global mining boom is decimating the ranks of working geologists. With little chance of employment, many are being forced into unwanted career changes to pay the bills. "I just want the phone to ring and for someone to say we've got work for you, any work," says Scheimer from his home in Perth. The city rode the mining boom over the past decade but is now facing tens of thousands of people returning from mining camps jobless. While scores of truck drivers, equipment operators, mechanics and other mining staff have also seen their numbers pared, geologists are among the hardest hit as companies abandon exploration and concentrate on working existing mines. "Times are dire," said Perth-based geology consultant Wendy Corbett. "I have been in the exploration industry for 41 years and this is the worst I have ever seen it."
A second unemployed geologist, who has explored for nickel in Australia and Africa, said he had recently completed a three-day barista's course and hoped for a steady paycheck after interviewing with a Sydney coffee house. He declined to be identified.
There are some people who seem angry and continuously look for conflict. Walk away, the battle they are fighting isn't with you, it's with themselves.
The first lesson of economics is scarcity: There is not enough of anything to satisfy all who want it. The first lesson of politics is to disregard the first lesson of economics. ~ Thomas Sowell.
Who was the fool, who the wise man, who the beggar or the Emperor? Whether rich or poor, all are equal in death.
Oh, I'm not sure about Gladstone. Once the gas "train" construction is over, there will be some residual longterm wage income flow from maintaining export operations. But similar production incomes from the its traditional export industry (coal) are static to declining. And Gladstone is not (also) a "retirement lifestyle" destination in the same way that Mackay, Cairns, or Port Douglas are. The recent harbour pollution debacle has put paid to that.
By contrast, Perth is vastly larger, and has a much more broadly based income stream from mining services, and mining head office functions, as well as being the established population centre for all of Western Australia (which carries innate locus-of-state-government-income streams).
Darwin is more Gladstone-sized, but is again more broadly based, boasting national defence as well as Territory government functions to broaden its longterm economic potential.
Gladstone will thwart decline if the coal price does; quite possible, but still an uncertain bet.
Hurrr nah Perf is just a boom-bust mining town.
The quicker we shake off the parasites in the East the better.
After 25 years working around the world as a highly paid geologist earning a six-digit salary, Phil Scheimer is back in Australia weighing up his future prospects: day labourer or pizza delivery man The collapse of the global mining boom is decimating the ranks of working geologists. With little chance of employment, many are being forced into unwanted career changes to pay the bills.
I'm trying to work out how you can still be laden with bills after 25 years on that kind of money. It beggars belief that this guy wouldn't own his home outright - and a nice one at that - and be sitting on a pile of $$$. I guess the McMansion wasn't enough for him and he went into hok for millions for the kind of house, investment homes and big boys toys that many people on that kind of dough feel the compulsion to show off.
I'm trying to work out how you can still be laden with bills after 25 years on that kind of money. It beggars belief that this guy wouldn't own his home outright - and a nice one at that - and be sitting on a pile of $$$. I guess the McMansion wasn't enough for him and he went into hok for millions for the kind of house, investment homes and big boys toys that many people on that kind of dough feel the compulsion to show off.
Fools and their money, pwetentious twats, same same.
Ignore posts by The Whole Truth · View Post · End Ignoring The forum fuckwit goes RRRAAARRRGGHHhhh - But not a fuck was given..................by anyone.
I'm trying to work out how you can still be laden with bills after 25 years on that kind of money. It beggars belief that this guy wouldn't own his home outright - and a nice one at that - and be sitting on a pile of $$$. I guess the McMansion wasn't enough for him and he went into hok for millions for the kind of house, investment homes and big boys toys that many people on that kind of dough feel the compulsion to show off.
It is a common problem these days. People routinely spending more than they earn on the assumption that they will earn more next year. I have a credit card, but I only use it to transact. I don't borrow with it. I pay down my full balance at the end of each month. I save for things like cars, furniture etc and pay cash. I work with blokes who are up to their ears in debt because they had to have the Navara and Boat today. They couldn't wait a year or two and save for them. Same goes for investment property in WA. They don't just buy one and wait for it to grow for a few years. They buy five at once, all in the same suburb. I know one bloke who has three in the same street (my landlord). Like any market, the more indebted the investor, the more likely it is that you will get knee jerk reactions in downturns. Most in Perth will remember the 4WDs and Boats parked on lawns in 2009 with "for sale" signs on them. I reckon boat sales will be on the increase over the next six months.
Matthew, 30 Jan 2016, 09:21 AM Your simplistic view is so flawed it is not worth debating. The current oversupply will be swallowed in 12 months. By the time dumb shits like you realise this prices will already be rising.
It is a common problem these days. People routinely spending more than they earn on the assumption that they will earn more next year. I have a credit card, but I only use it to transact. I don't borrow with it. I pay down my full balance at the end of each month. I save for things like cars, furniture etc and pay cash. I work with blokes who are up to their ears in debt because they had to have the Navara and Boat today. They couldn't wait a year or two and save for them. Same goes for investment property in WA. They don't just buy one and wait for it to grow for a few years. They buy five at once, all in the same suburb. I know one bloke who has three in the same street (my landlord). Like any market, the more indebted the investor, the more likely it is that you will get knee jerk reactions in downturns. Most in Perth will remember the 4WDs and Boats parked on lawns in 2009 with "for sale" signs on them. I reckon boat sales will be on the increase over the next six months.
Ditto, although I did just buy a new car on a lease scheme, but that has more to do with tax relief than debt.
Whenever you have an argument with someone, there comes a moment where you must ask yourself, whatever your political persuasion, 'am I the Nazi?'
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