Alcoa to leave Victoria - 500 jobs to go...

[Trippy]

Alcoa has turned down potential further govt funding on the back of a December quarter loss of $US2.34 billion ($A2.64 billion).

Another manufacturer to leave our shores. Bill Shorten estimates this company contributes 10 per cent of the state's gross domestic product along with significant export revenue, jobs and taxes.

I don't know that Victoria can absorb a 10 percent loss of GDP

http://www.couriermail.com.au/busin...re-pt-henry-help/story-fnihsevj-1226798965263

On the bright side could be some investment opportunities coming up in due time, but if the local economy is stuffed...when do you get the payback...

 

[tambourineman]

600 workers and 400 contractors contribute ten percent of GDP ?

 

[Fifth]

I tried to find a source for the 10% figure but Google keeps referring me back to Bill Shorten.

I'm thinking that the 10% figure includes all aspects of operation including electricity usage.

Alcoa uses between 15% and 25% of Victoria's electricity (the Victorian government provides a partial subsidy). The electricity usage alone, even with the subsidy, is a massive chunk of money.

 

[Aaron_C]

10% GDP loss? I doubt it. It will be a bit dint in the economy though.

 

[turk]

Alcoa has turned down potential further govt funding on the back of a December quarter loss of $US2.34 billion ($A2.64 billion).

Another manufacturer to leave our shores. Bill Shorten estimates this company contributes 10 per cent of the state's gross domestic product along with significant export revenue, jobs and taxes.

I don't know that Victoria can absorb a 10 percent loss of GDP

http://www.couriermail.com.au/busin...re-pt-henry-help/story-fnihsevj-1226798965263

On the bright side could be some investment opportunities coming up in due time, but if the local economy is stuffed...when do you get the payback...

In another thread you had Australia losing 27% of coal and iron exports now you have Victoria losing 10% of GDP.

Perhaps count to 10 and check a few facts before posting.

 

[Trippy]

I counted to ten...but it didn't make a difference?

In another thread you had Australia losing 27% of coal and iron exports now you have Victoria losing 10% of GDP.

Perhaps count to 10 and check a few facts before posting.

Hi Turk,

You are taking the 27% export rate out of context. China consumes 27percent of our exports. I believe I clarified that I did not see this value dropping to nil, but believe it will drop. If you see China ramping up I think you are by yourself...Happy to listen to why you may think China will increase it's consumption moving forward?

Regarding Vic losing 10% of it GDP, this was Bill Shorten's figure, not mine. I would have thought Bill would have a pretty good idea of what the loss in GDP would have been. I would have liked to check this figure but don't have Bills phone number...If you can pass it onto me I would be happy to give him a call to see if he can clarify where he got it from. . . Until then lets just say it is going to be a big hit to Victoria's economy.

I'm not sure how you see informed investment decisions being undertaken without all info, both good and bad? Anyway, have a nice afternoon

 

[Trogdor]

And this is why I no longer read this forum - its become a complete joke.

http://en.wikipedia.org/wiki/List_of_Australian_states_and_territories_by_gross_state_product

https://www.alcoa.com/australia/en/alcoa_australia/overview.asp

Firstly - Alcoa's entire 2012 GLOBAL sales do not account for 10% of Vic GSP.

Secondly - you will see these guys employ 60,000 people in over 30 countries over the world.

https://www.alcoa.com/australia/en/alcoa_australia/overview.asp

So if ALL of their operations shut (not just some trifling Victorian operation - then perhaps union stooge Bill may almost have a point).

But they are not, so he doesn't!!

Trippy - if you are not smart enough to do a 120 second google search then maybe you should continue reading the Herald Sun, and hanging off labour's every word!!

 

[D.T.]

And this is why I no longer read this forum - its become a complete joke.

http://en.wikipedia.org/wiki/List_of_Australian_states_and_territories_by_gross_state_product

https://www.alcoa.com/australia/en/alcoa_australia/overview.asp

Firstly - Alcoa's entire 2012 GLOBAL sales do not account for 10% of Vic GSP.

Secondly - you will see these guys employ 60,000 people in over 30 countries over the world.

https://www.alcoa.com/australia/en/alcoa_australia/overview.asp

So if ALL of their operations shut (not just some trifling Victorian operation - then perhaps union stooge Bill may almost have a point).

But they are not, so he doesn't!!

Trippy - if you are not smart enough to do a 120 second google search then maybe you should continue reading the Herald Sun, and hanging off labour's every word!!

Pretty typical labor govt stuff

 

[Trippy]

And this is why I no longer read this forum - its become a complete joke.

http://en.wikipedia.org/wiki/List_of_Australian_states_and_territories_by_gross_state_product

https://www.alcoa.com/australia/en/alcoa_australia/overview.asp

Firstly - Alcoa's entire 2012 GLOBAL sales do not account for 10% of Vic GSP.

Secondly - you will see these guys employ 60,000 people in over 30 countries over the world.

https://www.alcoa.com/australia/en/alcoa_australia/overview.asp


So if ALL of their operations shut (not just some trifling Victorian operation - then perhaps union stooge Bill may almost have a point).

But they are not, so he doesn't!!

Trippy - if you are not smart enough to do a 120 second google search then maybe you should continue reading the Herald Sun, and hanging off labour's every word!!

Hi Trogdor...considering you don't read this forum anymore good work on finding this post...then finding time to google aspects of the article linked and taking more time to respond

If you have issues with the article complain to the newspaper or fire an email off to Bill. These are his figures not mine. If you think the loss of Alcoa to Victoria will be "trifling" then we will need to agree to disagree...this will not be a trifling loss to the Victorian economy, regardless of what the percentage loss will be to the state economy...

Cheers...

 

[turk]

Hi Turk,


I'm not sure how you see informed investment decisions being undertaken without all info, both good and bad? Anyway, have a nice afternoon

My decisions are based on both good and bad information, but first I confirm whether the information is correct rather than just posting willy nilly.

A modicum of common sense would tell you that GDP produced from 500 manufacturing jobs would not make up 10% of Victorian GDP.

 

[Singo]

A modicum of common sense would tell you that GDP produced from 500 manufacturing jobs would not make up 10% of Victorian GDP.

Oops, I thought there are only 5000 workers in Victoria and 10% are loosing jobs. I reckon I should spend 120 seconds googling before making such assumptions.

Btw, if some Dill Morten says that with Holden 50% of the GDP is gone, I will start a thread about it and you all better call Dill to make sure whether the figures are correct!!

 

[Trippy]

My decisions are based on both good and bad information, but first I confirm whether the information is correct rather than just posting willy nilly.

A modicum of common sense would tell you that GDP produced from 500 manufacturing jobs would not make up 10% of Victorian GDP.

The loss of Holden in this country accounts for 2900 direct jobs but the flow on effect is estimated to be upwards of 40,000 jobs lost due to the same manufacturer leaving.
You can say Alcoa only employs 500 Australians, but again the carry over effect (and unemployment in supporting industries) will be huge. Alcoa reportedly uses 25% of all electricity produced in Victoria. A further modicum of common sense should tell you the effect of this company ceasing operations in this state will be wide spread and significant

The true value of GDP loss in actual percentage will be shown in time... It will be significant.

 

[Aaron_C]

The loss of Holden in this country accounts for 2900 direct jobs but the flow on effect is estimated to be upwards of 40,000 jobs lost due to the same manufacturer leaving.

So I suppose those imported cars from Japan/Korea don't need to have their tyres and parts replaced?

 

[Trippy]

So I suppose those imported cars from Japan/Korea don't need to have their tyres and parts replaced?

Sure they do, we just import them from overseas and fit them (much like we do now) are you suggesting they will be made here in the future?

 

[The Fence]

Alcoa reportedly uses 25% of all electricity produced in Victoria. A further modicum of common sense should tell you the effect of this company ceasing operations in this state will be wide spread and significant

The greens will love it. I can hear them now popping corks.

 

[catsteve]

The greens will love it. I can hear them now popping corks.

Yep. looks like the Carbon/mining tax are having their desired effect.

 

[Scott No Mates]

Alcoa reportedly uses 25% of all electricity produced in Victoria.

On the upside, with Alcoa leaving the state, there will be a massive spare capacity on the generation side of things and the govt may either reduce prices, increase migration to replace the lost demand or mothball one or more of the high polluting brown coal power generation plants.

 

[BayView]

My decisions are based on both good and bad information, but first I confirm whether the information is correct rather than just posting willy nilly.

A modicum of common sense would tell you that GDP produced from 500 manufacturing jobs would not make up 10% of Victorian GDP.

Aside from all the personal bickering on this thread - the wider picture is another 500 or whatever - jobs are gone.

That's the real worry...