Does anyone remember the last recession in Australia ?

[dontmissthese]

I checked the dates and found I was in the liquor trade at the time.

Never noticed a thing in that trade ( shame it's in the past ).

Can anyone recollect their own experience ?

Funny thing is there are many people doing it tough just now

but there's a whole bunch who are not.

When the better off panic and don't spend when they can,

the big Ponzi like wheel grinds to a halt.

Ponzi in essence and not criminal intent.

[springyzone]

What dates did you have?

According to one website I just looked at, our last recession was 30 years ago, so that would make it 1993.

I remember that time quite well as I had not long before returned to work, after being off on maternity leave for a few years.

For us personally, it was probably the best off we had been financially for several years as we then had 2 steady incomes coming in. Our mortgage was manageable and during that time, we were able to save enough to take the kids on interstate holidays.

I was extremely lucky as I had started work in Jan 1992. There was a period through late 1992 where our principal had to lay off some staff and we spent a month or so worrying about who would be named. This was the Jeff Kennett era where a lot of teachers were laid off, a lot of schools closed. Our prin did not make things easier because he said at staff meetings that he would choose to lay off 'the most incompetent'. 

I thought this was totally unnecessary to say this as the situation was he had to name someone. Even if everyone was doing a competent job, he had been directed to downsize, as had every other school. Some schools had to name 4 or 5 staff. It is hard enough being laid off work just before Christmas, without having a principal tell all the staff they think you are the least competent. Such a public humiliation.

As it happened, he named one of the men and I actually think it had a bit to do with the fact the man had taken 3 weeks off in sick leave after a car accident plus took an extra day to go to a singing audition (which he was silly enough to be honest about-should have just called in sick!).

From late 1992, anyone new starting teaching went onto a short term contract and it was a painful few years for them. Many could not get home loans as they were not in secure employment, with only a 6-12 month contract. They stayed on those contracts year after year and had to submit job applications  as their positions were advertised. Several never received another contract and I don't believe it was about competence as such as several went on at other schools to have stellar careers.

Yes, i remember those years but I was one of the lucky ones at that time.

[veiled-lady]

I had just finished maternity leave, and couldn't return to work as my then husband had transferred from the city to a large regional town.

As we had both earned a similar amount, our wages had halved.

To top it off, we had sold our original house, and were building in the new area.  Our mortgage had almost doubled (he wanted to build a big house like a few of his mates), and the interest had increased from half the 3 3/4 % capped rate (I had worked for a bank), to 17 or 18%.

It was quite a juggle for a few years, but we survived that.

Our marriage didn't survive a few other life events, but the recession wasn't really a factor.

[twyngwyn]

I also worked for a bank, paying interest @ 18%.....lived on mince & sausages for about a year (they were cheap then)