Victoria now in recession

[Fifth]

Victoria has slumped into recession, along with South Australia, Tasmania and the ACT, as Australia's two-speed economy has sent much of the country into reverse.

The Bureau of Statistics reports that state final demand - the total spending of consumers, business and governments - fell 0.7 per cent in Victoria in the December quarter, in trend terms, on top of a fall of 0.4 per cent in September.

Investment in the state has now fallen for three quarters in a row, falling 5 per cent in that time. Asset sales cloud over how much of that is in the public and private sectors respectively, but the Bureau reported last week that as a share of output, capital expenditure by Victorian business has now fallen to the levels of the 1990-92 recession.

http://www.theage.com.au/business/v...ecession-with-sa-tasmania-20130306-2fkeq.html

Who will fall next?

Edit: I really should have called this thread 'Vic, SA, ACT & Tas all in recession' but I just named it after the linked article. Could mods please change it to 'Half of country in recession' or some such? It seems too Vic-centric as is.

 

[Ausprop]

Economy grows around trend as exports jump

http://www.perthnow.com.au/news/bre...december-quarter/story-e6frg13c-1226591466946

 

[Fifth]

Economy grows around trend as exports jump

http://www.perthnow.com.au/news/bre...december-quarter/story-e6frg13c-1226591466946

It must be nice over there in Perth

 

[Rixter]

It must be nice over there in Perth

A very nice 31 with blue sky and light breeze at the moment.

 

[turk]

A very nice 31 with blue sky and light breeze at the moment.

Almost the same here-32.

Had a run along the Coast Path, swim and sunbake earlier.

 

[S.T]

Almost the same here-32.

Had a run along the Coast Path, swim and sunbake earlier.

Certainly nice weather to have a recession in!

 

[Aaron_C]

The entire construction industry in Victoria is ****ed. Good for me as I am developing and can screw builders/suppliers but it hurts everyone.

 

[turk]

Certainly nice weather to have a recession in!

Travelling to the U.K., France(Paris Marathon) and Spain for 6 weeks soon, will get to see what a real recession looks like

 

[kathryn d]

Don't worry.
Ms. Gillard plans on spending lots of money, to create all these new jobs.

 

[kathryn d]

Travelling to the U.K., France(Paris Marathon) and Spain for 6 weeks soon, will get to see what a real recession looks like

Tell us some of what you saw (recession wise)

 

[Aaron_C]

Don't worry.
Ms. Gillard plans on spending lots of money, to create all these new jobs.

In Western Sydney, not Victoria Although she is so silly I imagine she doesn't know the difference.

 

[hobo-jo]

Talk to some economic slow down denialists (some on Somersoft too) and they would have you believe the Australian economy is ticking along nicely, how does that view account for half the countries states in recession?

Travelling to the U.K., France(Paris Marathon) and Spain for 6 weeks soon, will get to see what a real recession looks like

More like depression.

 

[one world]

During the last so-called slowdown in 2009, property prices actually rose. I cannot recall the world ending even though this was supposed to be the worst slowdown since the great depression.

Talk to some economic slow down denialists (some on Somersoft too) and they would have you believe the Australian economy is ticking along nicely, how does that view account for half the countries states in recession? More like depression.

That's right, stir it up a bit and scare people so they buy your overpriced gold trinkets.

 

[pieman]

Yep, hoping to pick up one of those acre plots on the Yarra in hawthorn for 500k as that's the "fair value" spruiked by such brilliant economists such as Steve keen

 

[kathryn d]

Talk to some economic slow down denialists (some on Somersoft too) and they would have you believe the Australian economy is ticking along nicely, how does that view account for half the countries states in recession?


More like depression.

I agree....but I finally gave up trying.

I like the saying, we are in a recession when your neighbour loses their job.
You are in a depression when it happens to you.

 

[hobo-jo]

During the last so-called slowdown in 2009, property prices actually rose.

Fueled by Gov funded truckloads of cash for FHB's (also supplemented by cash handouts), probably not something that would be repeated to the same extent given focus on balancing the budget.

 

[dredfern]

Dunno about the rest of Victoria, but Melbourne's property prices are starting to heat up regardless. Over 3% for the last quarter and rising fast!

 

[Aaron Sice]

what sort of recession?

(-0.1%) + (-0.2%) successive quarters? or are we talking (-10%) and (-25%)....?

 

[datto]

Don't worry.
Ms. Gillard plans on spending lots of money, to create all these new jobs.

What would be the chance of Ms Gillard visting Sydney's west and making all those promises if it weren't an election year?

 

[Aaron_C]

What would be the chance of Ms Gillard visting Sydney's west and making all those promises if it weren't an election year?

All politicians do that (pork barrelling) but Gillard doesn't even talk to the constituents while visiting that area. It's a farce.