Woodside cutting 300 jobs
- Thread starter MTR
- Start date
= more rate cuts
+ vacant houses
Woodside has historically had job cuts and cost cutting initiatives every 3-4 years. The only time large job cuts stopped for awhile was when Don Voelte became CEO and pledged to stop the 3 year cycle.
This is the first time this has happened in large numbers in 2 consecutive years though I can't remember if many of last years ones were due to wind down of construction projects or not.
Sometimes large redundancies like this are achieved by outsourcing components of projects and staff are picked up by the outsourcer. But this is not shown in the news and uncertainties are created.
Low rates, falling prices = great time to get ready
Alas poor Don. Whiteanted by his own staff who could not handle having a foreigner as a CEO. Mind you, the leaked emails did not help - how BRW/Fairfax got hold of 'em is a story in itself.
Woodside cannot defy gravity. The writing was on the wall almost 3 years ago as spot gas prices crashed.
The time to buy Woodside was back in 2002/2003, when the company had seen a decade of increasing YOY ROE. The shares were trading for around ten bucks back then.
why is it scary? it's not a lot of people and - if oil co's pass on lower oil prices - the low fuel price should act as a spur for growth, creating way more jobs than this isolated cut.
not sure what you mean about rate cut being trigger for less confidence?? low confidence triggers rate cuts and we have been getting them. rates have been stupidly high for too long anyway.
who was it that just put on 800 people? they can jump ship and get a pay rise
but good news doesn't sell.
^^^ engineering....? geologists?
SLB just cut 11k worldwide.
The lower the better for those with loans.
I agree that currently the lower rates are not triggering more confidence. Most folks are reading it as a sign of an economy going backwards.
The ramification is the commentary and media that goes with them - reports of why the rates are being cute - job losses, less business investment, lower consumer confidence and spending, etc.
This is not helping.
Even when you here a media report of "X amount of new jobs created this month", and/or "unemployment eased this month by X%" - everyone I talk to cries out; "Booolshidd!"
Noone believes it for a second.
You would think lower rates would inspire consumers to spend again, but currently we are not seeing that across the board; compared to the savings on loans from the cuts.
Many folks are still cautious and worried about jobs and so forth.
Don't forget; the cost of living has only kept going up over the last several years, but wage growth for most folks has not matched it, because the business sector is hurting in a number of areas, and not expanding in many..
Conversely; many folks here in the fishbowl may have experienced stellar wage increases in recent years in their respective industries, but this place is not the real world of the majority of folk..
Last edited:
