Employment and unemployment stats can come from monitoring job ads in the papers/online. Some of the country's largest employers are Hospitality and Retail. These businesses do not advertise, they have burgeoning piles of resumes from drop in job-seekers to use instead. O and they are all casual or part-time positions too. We don't all have professional positions advertised on Seek.
Which way is the economy heading?
- Thread starter TMNT
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The stats and Bayview's anecdotes are both correct. Growth is certainly there but it's below trend and slowing. Spoiled by 2 decades of exceptional growth, we now feel like we're going backwards but, on average, we're not.
One thing that warps our perception is the unequal distribution of growth. The wealthy are taking a disproportionate share of it, so not only is the growth pie getting smaller but the lowly are getting less of it. With jobs being sent offshore and increasingly replaced by technology, the traditional middle class is being hollowed out while those who have the right skills, knowledge and attitude will thrive even more.
To make the divide worse, the very measures that governments take to counter the loss of growth and jobs (e.g. monetary policies) tend to inflate assets and reward the owners of these assets.
So yes, many people are right in saying they're hard done by, especially those with few assets and not in growth industries. The stats are showing exactly that by portraying Australia as quite a mixed bag (for example productivity, terms of trade, wages, etc are not very flash) however overall they're correct in saying we're growing and doing relatively well. Travel a bit and see by yourself how lucky we still are.
While anecdotes are all about personal experience, stats deal with large cold numbers. Because of their different measure the two appear to be divorced from time to time, but nothing to worry about.
One thing that warps our perception is the unequal distribution of growth. The wealthy are taking a disproportionate share of it, so not only is the growth pie getting smaller but the lowly are getting less of it. With jobs being sent offshore and increasingly replaced by technology, the traditional middle class is being hollowed out while those who have the right skills, knowledge and attitude will thrive even more.
To make the divide worse, the very measures that governments take to counter the loss of growth and jobs (e.g. monetary policies) tend to inflate assets and reward the owners of these assets.
So yes, many people are right in saying they're hard done by, especially those with few assets and not in growth industries. The stats are showing exactly that by portraying Australia as quite a mixed bag (for example productivity, terms of trade, wages, etc are not very flash) however overall they're correct in saying we're growing and doing relatively well. Travel a bit and see by yourself how lucky we still are.
While anecdotes are all about personal experience, stats deal with large cold numbers. Because of their different measure the two appear to be divorced from time to time, but nothing to worry about.
You're absolutely right, none of it is 100% perfect. However, if you have anything better I'm sure you would have mentioned it.
When the multi $T markets of stocks, bonds, futures, etc take notice of the ABS, bank sponsored stats et al then so do I.
The alternative you're putting forward is anecdotal evidence from a tiny subset of the 98% of the population who can barely make it to next payday, are backward looking, get their 'information' from the newspapers, and have probably never heard of the term cognitive dissonance.
Your kidding aren't you. When HFT algo's rule the markets and dark pool trading with clueless complacent underfunded regulators you think the market gives a flying fig for wobbly ABS stats.
HSBC, JPM, Citi et al are the biggest cowboys in the market. They effectively control Australia's banking sector (controlling shareholding of the big four) having a say in 90% of financial products. Coupled with that their shareholding of the biggest corporations means they set the market. ABS stats and bank reports are just noise for the muppets who think they're real.
By understanding who they are, their relationships with the corporatocracy, the global banking network/cartel and their political lackeys. By keeping abreast of the widespread fraud and criminality of these entities and where they are active.
10 corps that own almost everything
http://www.newscientist.com/article...e-capitalist-network-that-runs-the-world.html
The idea that a few bankers control a large chunk of the global economy might not seem like news to New York's Occupy Wall Street movement and protesters elsewhere (see photo). But the study, by a trio of complex systems theorists at the Swiss Federal Institute of Technology in Zurich, is the first to go beyond ideology to empirically identify such a network of power.
The work, to be published in PLoS One, revealed a core of 1318 companies with interlocking ownerships (see image). Each of the 1318 had ties to two or more other companies, and on average they were connected to 20. What's more, although they represented 20 per cent of global operating revenues, the 1318 appeared to collectively own through their shares the majority of the world's large blue chip and manufacturing firms - the "real" economy - representing a further 60 per cent of global revenues.
The work, to be published in PLoS One, revealed a core of 1318 companies with interlocking ownerships (see image). Each of the 1318 had ties to two or more other companies, and on average they were connected to 20. What's more, although they represented 20 per cent of global operating revenues, the 1318 appeared to collectively own through their shares the majority of the world's large blue chip and manufacturing firms - the "real" economy - representing a further 60 per cent of global revenues.
...dark pool trading
http://wallstreetonparade.com/2014/07/shades-of-1930-in-wall-street-banks-dark-pools/
The bombshell, that mainstream business media has yet to comprehend, was that the same mega Wall Street banks whose share prices crashed in the 2008 financial crisis are today not only running dark pools for stock trading but they?re trading the stock of their own corporate parents ? to the tune of tens of millions of shares a week. Those Wall Street banks include JPMorgan Chase, Bank of America Merrill Lynch and Citigroup.
..I could go on but you get the picture
That chart is going to be so useful for Logo Quiz, thanks! 
Me thinks Freckle is not stupid...You'd have to have your red in line instead of black if that's the way you want to hedge your bets...You know it's all wizardry of oz but at the same time you have have to look at the real facts and not rely on crumpets that are after all full of holes.
...and it continues
"Ultimately, it is unrealistic to expect the ABS to deliver champagne statistics on a beer budget, and it is the Government that is to blame for the ABS? diminished capacity and increasingly unreliable data."
"Ultimately, it is unrealistic to expect the ABS to deliver champagne statistics on a beer budget, and it is the Government that is to blame for the ABS? diminished capacity and increasingly unreliable data."
That chart is going to be so useful for Logo Quiz, thanks!
I can feel a headache coming on, mind you just noticed if you step back from Freckle's logos I clearly see a map of the US, that's interesting, there is a hidden message there
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