What is Scott going to do

[martinw-48]

https://www.abc.net.au/news/2019-06-26/scott-morrison-us-trump-xi-china-trade-war-damage/11246486?pf...

Maybe he could try wearing different baseball caps until the problem is solved.
It won him the election.
Surely it can fix any problem

[chameleon54]

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@martinw-48 wrote:
What truth.
I've only heard lies and blame shifting

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Well, looks like we have come full circle.........

https://www.abc.net.au/news/2019-06-26/scott-morrison-us-trump-xi-china-trade-war-damage/11246486?pf...

[martinw-48]

You've never had a casual job since 1996.
Most casual work is controlled by a private agency.
A middle man that makes huge profits and shifts them off shore.
They can use tactics such as ensuring that the actual worker never gets superannuation because they never earn four hundred and fifty dollars a month.
Thus ensuring these people have to get welfare if they live long enough.
Thank God for John Howard he obviously made Australia a better place.
He destroyed my life.
I was training to be a shipbuilder because I was so good at welding.
Only discovered by a Labor government program.
The day after the election the company closed their doors and moved to China.
Two unfinished ships left to rot.
Four years of unemployment for me.
Then he took my rifle.
Little lying Howard ruined this country.
Stop looking over there

[martinw-48]

I have little money and nothing to lose in a recession and nothing to gain in a boom.
You on the other hand do.
Good luck you need it I don't

[chameleon54]

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@go-tazz wrote:

In simple terms the cost of housing has pushed prices to high and due to mortgages or high rent that

"disposable" income from previous years is no longer there (no one has spending money anymore as it's going

to mortgages or high rents).

Negative gearing and overseas buyers have pushed house prices up to a point where it's no longer an

Australian dream to own a house but a financial burden/struggle instead.

You need more savings to get any decent amount of interest so more is getting put away by those that have

the available funds (no money getting spent means the economy struggles).

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You mention negative gearing as the cause for high house prices, but I would suggest it is just a symptom of a bigger problem, rather than the cause. For house prices to rise the single most essential element is demand. If there is not the people to fill all of those rental properties, rents will fall and investment house prices will tend to follow, negative gearing or not,  making it a poor choice for investors.

We have more demand than supply, due to immigration policies. This is pushing prices higher making housing an attractive option for investors. Negative gearing is just the mechanism currently employed to meet the rising demand. Take away the demand ( large population increases through immigration )  and house prices will definately fall away. ( slowing an already fragile economy )

[myoclon1cjerk]

Good to hear Scott's going to shirtfront Donald and Xi Xi Ping at the G20. 😄

[chameleon54]

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@martinw-48 wrote:
You've never had a casual job since 1996.

I worked as a shearer for 10 years. Doesnt get much more casual than that.

Most casual work is controlled by a private agency.
A middle man that makes huge profits and shifts them off shore.

Some is, but there are plenty of casual jobs available through private arrangement.
Both my teenage kids have had a number of casual jobs, some with larger companies. They got every single job without the help of an agency. The missus employs a casual cleaner through the NDIS, again a private arrangement without agency interference.

They can use tactics such as ensuring that the actual worker never gets superannuation because they never earn four hundred and fifty dollars a month.

Agreed.
Thus ensuring these people have to get welfare if they live long enough.

Or have more than one casual job.
Thank God for John Howard he obviously made Australia a better place.
He destroyed my life.

And Keatings recession we had to have set me back a decade.
I was training to be a shipbuilder because I was so good at welding.
Only discovered by a Labor government program.
The day after the election the company closed their doors and moved to China.
Two unfinished ships left to rot.
Four years of unemployment for me.
Then he took my rifle.
Little lying Howard ruined this country.
Stop looking over there
I was a lad just out of school who had just purchased his first farm when we had Keatings recession we had to have. I was genuinely paying 27% interest at the peak. No other assets, no cholateral, modest income. We ended up getting a letter from the bank advising no finance to plant the next years crop and suggesting we make arrangements to sell up. I got a full time off farm job,  using the money earned to pay for diesel to drill the seeds into the ground during the night. No fertilisers, minimal sprays and rebuilt my truck engine with second hand parts in the open paddock in the dark when it blew up.

It rained that year. Rained some more and then some. We grew a bumper crop and got ourselves out of trouble. It wasnt easy, but sometimes you just have take control of your own destiny and take some risks ( especially when you have got nothing to lose )  rather than waiting for some-one else to make everything right. 

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[chameleon54]

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@martinw-48 wrote:
I have little money and nothing to lose in a recession and nothing to gain in a boom.
You on the other hand do.
Good luck you need it I don't

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We did pretty well during the GFC. We had just sold all of our investment properties a year before the GFC and where cashed up. We had just moved from the remote area we lived in to the coast and purchased a small farm near the city. A neighbour got into financial difficulties as the banks would not lend any money for their transport business. They offered us their adjoining farming land at a fraction of its value retaining their house. This doubled the size of our holding, making it a very attractive property. Since then, the city has got closer and we now have over 100 acres, 20 minutes drive from the city fringe making for a nice investment property. 

We also traded in shares. Again major companies and investors could not access finance, making for a bargain basement, volitile trading environment. We purchase bulk lots of shares through heavily discounted capital raisings and sold them as soon as they relisted, making between $500 and $7000 per trade. We also used charting techniques to trade safe companies who,s price was ocscillating in a defined price range. 

Recessions are just another business opportunity if people are game to make some brave calls and take some risks. The volitility is a great trading environment for anyone who understands the basic principles behind it all.

[myoclon1cjerk]

https://www.smh.com.au/opinion/the-inconvenient-truth-about-interest-rates-and-john-howard-20071005-...

[chameleon54]

For anyone who is interested I will outline the full details of the share trading scheme we had going as it was a little ripper and could work again soon if we enter another recession. Could be handy to some-one.

During the GFC, finance was unattainable even for large companies. They where offering share placements to existing shareholders, often at up to 25% discount to the market. We purchased a number of $1000 parcels of shares in major companies likely to offer discounted capital raisings. ( following company advice from our share broker )

When this occured we purchase the maximum amount of shares allowed ( $15,000 ) and then resold them immediately on relisting. The money was then re-invested in further trades. We did 17 trades such as this, in the worst case having to hold the shares for a couple of weeks, eventually seling for a $500 profit. In the best case we made over $7000 on the transaction, usually clearing $2000-$4000 per trade. It was a great little scheme and If we ever get another credit squeeze it could work again

[lyhargr_0]

Yet another "poor" but greedy  farmer lol