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Australia's one trick pony is heading out to pasture; Mining boom over, what's the next money maker? Troubling for Australia, there's nothing.
Topic Started: 16 Dec 2012, 11:17 PM (10,366 Views)
peter fraser
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Timo
16 Apr 2013, 05:34 AM
Timo
16 Dec 2012, 11:17 PM
Australia's mining boom is officially over, the one trick pony is heading out to pasture and we are wondering what show will take the ponies place once it retires.

Problem is, there are no more ponies or even side acts to keep this show on the road. Second problem is, the circus tent (aka Australian housing) is so expensive that without the pony doing tricks, the show is over.

An interesting article about the impact of our one-eyed slavery to the notion housing never falls, and some thought provoking reading about what happens when the mining boom continues to contract.

This is a dire warning to those out there thinking about tying a noose around their necks in the form of a over-valued mortgage.

Hopefully we will see some good news stories about improved housing affordability, to lessen the impact of the minimg slow down.

http://www.smh.com.au/business/warning-after-the-boom-itll-be-dutch-and-go-20120829-2513n.html
http://www.theage.com.au/business/australias-looming-economic-adjustment-20130415-2humd.html

Bulls, bulls, where for art thou Bulls?

More evidence the one trick Pony is heading out to pasture along with fuel adding to the S.C.U.M effect - Speculation Creates Unsustainable Mortgages!
More interest rate cuts then.
Any expressed market opinion is my own and is not to be taken as financial advice
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Timo
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peter fraser
17 Apr 2013, 02:18 AM
More interest rate cuts then.
....Which are already at EMERGENCY LOWS?

Maybe the property industry can ask for negative interest rates, where they pay people to take out mortgages to keep the ponzi going?
After a bubble has burst, no one denies that it existed. But before it does, the popular refrain is that though bubbles existed elsewhere in the world, “there’s no bubble here”. So housing bubbles are admitted to have existed in Japan, the USA, Spain and Ireland – because they’ve already burst.
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peter fraser
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Timo
17 Apr 2013, 02:33 AM
peter fraser
17 Apr 2013, 02:18 AM
More interest rate cuts then.
....Which are already at EMERGENCY LOWS?

Maybe the property industry can ask for negative interest rates, where they pay people to take out mortgages to keep the ponzi going?
Not at all, the rates are still higher than they were in the sixties.
Any expressed market opinion is my own and is not to be taken as financial advice
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Timo
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peter fraser
17 Apr 2013, 02:43 AM
Not at all, the rates are still higher than they were in the sixties.
Unlike the 60's prices are too high now to consider even small increases in interest rates....in a bit of a pickle aren't we?
After a bubble has burst, no one denies that it existed. But before it does, the popular refrain is that though bubbles existed elsewhere in the world, “there’s no bubble here”. So housing bubbles are admitted to have existed in Japan, the USA, Spain and Ireland – because they’ve already burst.
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hoofarted
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Timo
17 Apr 2013, 02:51 AM
Unlike the 60's prices are too high now to consider even small increases in interest rates....in a bit of a pickle aren't we?
Yes. So as long as the economy stays in the shitter, housing will be just peachy.
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Andrew Judd
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hoofarted
17 Apr 2013, 07:30 AM
Yes. So as long as the economy stays in the shitter, housing will be just peachy.
There seems a bit of a disconnect going on.

Since Perth is so dominated by mining if mining was doing so badly then the whole area would know about it in detail, it would be on every conversation there and confidance would be terrible. Instead confidance in Perth seems good.

Also doesnt the whole of Australia have low unemployment?
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Timo
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hoofarted
17 Apr 2013, 07:30 AM
Yes. So as long as the economy stays in the shitter, housing will be just peachy.
Of course, because a crap economy has always been great for unemployment.....housing is screwed.

Say no to the S.C.U.M effect - Speculation Creates Unsustainable Mortgages.
After a bubble has burst, no one denies that it existed. But before it does, the popular refrain is that though bubbles existed elsewhere in the world, “there’s no bubble here”. So housing bubbles are admitted to have existed in Japan, the USA, Spain and Ireland – because they’ve already burst.
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miw
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Timo
18 Apr 2013, 06:43 AM
Of course, because a crap economy has always been great for unemployment.....housing is screwed.

Say no to the S.C.U.M effect - Speculation Creates Unsustainable Mortgages.
Timo that 60s communist handbook of propaganda and counter-establishment ranting you seem to be working from might be worth a bit on the second-hand market as a curiosity.
The truth will set you free. But first, it will piss you off.
--Gloria Steinem
AREPS™
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Timo
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miw
18 Apr 2013, 06:55 AM
Timo that 60s communist handbook of propaganda and counter-establishment ranting you seem to be working from might be worth a bit on the second-hand market as a curiosity.
Ironically, it is the Governments intervention and encouraged speculation in the housing market which has been the biggest problem. If allowed to function in the way a capitalist and free market should, we wouldn't have an affordability crisis. Fortunately, the bubble has just started to deflate.

Say no to A.R.E.P.S - Australian Real Estate Ponzi Scheme

Say no to the S.C.U.M effect - Speculation Creates Unsustainable Mortgages

After a bubble has burst, no one denies that it existed. But before it does, the popular refrain is that though bubbles existed elsewhere in the world, “there’s no bubble here”. So housing bubbles are admitted to have existed in Japan, the USA, Spain and Ireland – because they’ve already burst.
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stinkbug
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Say yes to the T.A.M.P.O.N. effect, though!
---------------------------------------------------------------

While it's true that those who win never quit, and those who quit never win, those who never win and never quit are idiots.

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