Does anyone else have a creepy feeling about the strength of the Australian economy?
I can’t seem to shake the sensation that we’re all in some kind of 80s teen horror film: all dancing to the drum machine at summer camp with a frothing cup of beer in one arm and the entire cheerleading team in the other. This is of course moments Jason returns from the dead once more – announcing his entrance to the party by beheading the captain of the football team with an efficient slash of his machete.
If you think this overly pessimistic just remember all good things end: the record high Dow Jones Industrial Average was recorded on this date, October 11 2007, on day high 14,198.10 points. Almost exactly one year later, October 10 2008, the you have the largest intra day point swing on the Dow Jones since 1987, of 1,018.77, that day the market hits a low of 7,882.51 points.
Perhaps your economic analysis is more sophisticated than mine (in that perhaps it doesn’t provide Corey Feldman with a role) but with more good unemployment figures and the Aussie dollar almost at parity with the greenback, The Punch though it might go down to Sydney’s Martin Place and ask those in financial heart how they see the economy travelling over the next year.
In the tradition of unscientific Punch surveys, this to does not claim to do anything other than take the pulse of younger people who work in different roles in Sydney finance.
The feeling from Martin Place on Friday afternoon was generally speaking more positive than my slasher movie scenario when asked what they thought of the Aussie economy, here’s a few answers:
Matt Burgess, 32, Property development and construction industry
“Well in a year’s time we’ll still be a five years behind where we should be with this Labor Government. But that being said, I think we all look more to the Asian markets now that the United States. Look at the US Dollar, America is really losing its power and I think our markets are thinking more locally.”
Tabitha and Alise, both 24 work for Commsec
Tabitha – “Well the strong Aussie dollar means everyone is sending links to set up paypal accounts in US dollars. So yea, I think I’d set up a US dollars account. More people will probably bye a lot of stocks in US dollars too.”
Alise – “But interests rates will go up next month I think. But it’s good, we’re just not as reliant on the Dow Jones as we used to be.”
Ashlyn Jennings, 26, works for a recruitment firm
“I am from Ireland and I came over here because the economy is Ireland was so bad, and it is so much better here. Working in recruitment for finance, telecommunications and IT there’s still a lot of work around. However there is a discernable increase in the amount of contract work that people are getting put on because employers a more cautions about people on as permanent staff.”
Anna Reid, 24. Works in administration at Macquarie Bank
“We’re actually doing okay compared to the rest of the world - in Europe it seems everyone is getting sacked. We all love bad news, and the financial crisis really gave everyone a bit of a shock in banking and finance. People are a lot more cautious generally, so maybe the Christmas party this year might not be as festive.”
Matt, 28, works at Macquarie Bank
“Yea I best not say what I think will happen in the next year, but needless to say I don’t think it will be great.”
Silvia Barros, 21, receptionist in finance
“I think we are going to have another economic crisis this time next year. And this time it will be really, really bad. That’s what my uncle reckons anyway.”
Apresh Singh, 32, works at Macquarie
“The strong Aussie dollar is great for our economy, it increases our buying power and from a consumer perspective means people are probably more relaxed and likely to spend. However it may hurt local tourism because people will be more likely to holiday overseas.”
Tim, 38, works at Commonwealth Bank
“The strength of the Aussie dollar certainly hurts my English pounds. I came here a few years ago, and now looking at property market here and its becoming increasingly unaffordable. But the economy is certainly going well, stronger than Europe.”
So how do you think the economy is travelling? And where do you see the Australian economy in a year’s time?
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