Australia is on the 'brink' of a recession
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- Опубликовано: 8 сен 2024
- Former Labor senator Stephen Conroy discusses the Australian stock market's loss of $100 billion, falling more than 12 per cent, and what it means for Australia's interest rates.
"Let's be clear I have said it many times Reserve Bank has got it wrong, it's got it wrong for the last 12 months," Mr Conroy told Sky News host Andrew Bolt.
"It put too many interest rate increases into the system and now it's being stubborn and won't accept that it has tanked the Australian economy.
"The economy is on the brink of recession the market has now caught up with the economic statistics."
Australia is already in recession , if you ask the middle class and the less lucky ones.
But to the rich , it doesn't matter what time it is.
The rich just keeps on getting richer, at the expense of the middle class.
Well said. There's plenty of people who earn not even huge money, say 200K, who couldn't give a fuck. Most of us just want to live comfortably as we have for many many decades but it's slipping away.
@@simonsays1370 They want the middle class GONE. It's been the plan for years.
@@CRFLAus : The low wage earners are hit the hardest, we must stop that and put a time limit on the dole. You either work or starve but give the low wage earners a chance.
@@simonsays1370it’s not just the middle class sunshine!
Hurting is an understatement! These politicians have to go! Australia is corrupt to the core!!!
These past thirty years theyve sold and given away our jobs to American Chinese and Arab investors, brands such as Bonds Quicksilver, abillabong, Arnotts Colonial Mutual Perpetual all sold just to name a few. Tech jobs all overseas, government contracts to rebuild IT systems all in India and America, but yet will say yeah go to uni...architecture outsourced to the Phillipines...whats next
Albo will make sure it never happens by increasing immigration even more while most Australians suffer.
and we'll turn into england...
@@Othraerir Quite the contrary. Albo decreased immigration. Student visa renewals are curbed and permanent migration rules are tightened. People are leaving for the first time.
@@commentatorxyz5514
They're leaving because of what Albo has done to the country
@@commentatorxyz5514600,000 Indian immigrants right?
@@commentatorxyz5514 : Albo increased immigration then said they'll reduce later on in time. Of course he can reduce it a bit because he increased it dramatically. They haven't reduced student numbers, they are still increasing.
Conroy,Albo gov has funded this disaster!
This gov has F….. Australia
It was well effed by scommo before them. Labor just performed the last rites.
As night follows day labour ends in recession
While there is little doubt that Labor has horrible policies, esp. its ramp up of immigration, but to blame Labor for this situation is disingenuous. The Liberal govt would have fared no better.
@@davisutton1 : I disagree, look at history. Labor always spends too much.
@@davisutton1too many handouts
@@buildmotosykletist1987every time!
@@davisutton1 While there is little doubt that Labor has horrible policies, esp. its ramp up of immigration, but to blame Labor for this situation is not disingenuous. So, what if the Liberal govt would have fared no better? As long as Liberal is lesser, Labor has no responsibility?
*In America dems said Trump would cause a recession. He didn't. They did. Vote accordingly.*
Trump borrowed nearly USD 8 trillion. Spectacular success
Vote for father of vaccines. Funeral ETFs shot to the moon.
The Australian Reserve Bank is own by the Bank of England and the Rothschild Banking cartel. Central banking is a crime in progress.
This is Australia, not America. Australians can’t vote in America so how do we vote accordingly. So shut it and keep you’re poisen to a minimum
@@thecoolestkidinkalkallo9621
*I said "In America dems said Trump would cause a recession. He didn't. They did. Pretty self explanatory statement. Only the dimwitted cannot comprehend the intent of my post. The only visible poison was in your post. In Australia they have a power hungry, oppressive political party very similar to the U.S.DNC. Besides, 106 individuals liked my post. You are the only individual to take offense to it. Buckle up, if you are so sensitive, butter cup.*
Maybe we shouldn’t have flown in 1.2 million people in two years, then inflation would have been lower, and rates wouldn’t have increased as much. Thanks labour
And many of those people are permanently on disability benefits under our humanitarian scheme..
Not really, inflation is more complicated than that. Government spending is more crucial to inflation than migration.
@@saltymonke3682 over 10 thousand people turning up here every week with a suitcase….everything else they require needs to be purchased. So yes, immigration does add to inflation. No immigration = less inflation some time ago, so rate cuts would have been possible to get us out of this mess. Now we’re facing inflation increasing, a recession and rate hikes all at once.
@Deano00777 not really, because it means more economic growth and demand pull inflation rather than artificial hyperinflation. You need baby i flation like that to grow the economy and your wages but government spending caused more hyperinflation than migration, even in the communist country. You can read Professor Milton Friedman papers on that.
@Deano00777 rate cuts won't mean a thing if the US still has a higher interest rate. And you want to import stuff from the US or abroad? Then expect AUD to go down if you do that.
Let's not forget the Albanese government has squandered our money on a referendum which was destined to fail from day one. $450 million down the toilet. That's just one example.
Um that’s a donation matey
Never forget what they did in the name of science!
Yes, I’ll never forget that pharmaceuticals and vaccines have doubled our life expectancy in the past 150 years and saved hundreds of millions of lives.
Never forget, never forgive, never was any science all about money and control via fear through the media.
Safe and effective!
2 weeks to flatten the curve.
@@steely1neverwane one of the many lies told.
Governments borrowing and printing ... and throwing it away. What could possibly go wrong?
Not on the “brink of” a recession. We have been in a recession for 2 years now.
As an Aussie living in the North of England (and having lived in HareHills for 2 weeks when moving North from London) Steven Conroy simply doesn't know what he is talking about. Your average working class poms are good people but they have been promised and promised things by both the Torrys and now Labor and they never deliver. Labor is now fully captured by the Ethnic Vote. The political class just do not listen to what the majority want because they know better, although they do not live with the consequences. Pander to extreme minority groups through fear that they will resort to violence (just look at the police in Hare Hills) and come down hard on indigenous poms and call them all "far right". If Australia wants to avoid this, listen to the people, do what you say you will do and no two tier policing.
Very well put, and very true.
Thank you, I keep seeing what is happening in the UK and remembering Enoch Powell's Rivers of Blood speech and he was scorned, mocked and laughed at. Our intelligentsia here at home are hell bent on going down the same path even though they can see the end result. They are refusing to represent the interests of the people they are elected by. All the best mate and stay safe over there.
@@JohnWilliams-iw6oq Thanks for the good wishes. You expressed things very well when you said that both the Tories and Labour promise but never deliver. Many people have now begun to notice exactly that, and are not too impressed with the whole thing. The Tories promised lower immigration numbers and lower taxes, and we got the exact opposite. Now, I think we may have elected something even worse. All that said, these sporadic disturbances do seem to re-occur every 10 or 15 years for some reason, I don't know exactly why. Things then tend to become a little over-exaggerated in both local and international media, although it will all likely fizzle out after maybe another couple of weeks, if even that long. I've lived here for over 45 years now, and I've literally never ever seen any such disturbances personally, nor will 95% of the population have done.
If the cost of living rises 400% in 5 years, the recession is over and a depression has begun.
Australia is already in per capita recession for long time
It won’t be easy under Albanese
Great slogan for a tshirt.
@@balung
And sleazy
No matter who becomes Prime Minister, the results will be the same. They will all stuff there pockets. The whole system is fucked from the ground up
Us living in reality have been in a recession since covid started.
Australia's huge and growing administrative class has finally sunk the country!
that includes over regulations over spending over taxing. Roman empire collapsed as a result of these factors. The problem today is that they have not learnt from the history. As the saying goes, those who have not learnt from history are doomed to fail!
On the brink of a recession 😂 keep up, we’ve been in a per capita recession since 2022 🤪
But not a GDP recession thanks to Ag and mining.
Not a GDP recession but the reaction from Aussies will be about the same. Some will feel it, some won’t, some will care, some won’t, some will really struggle and live in tents, as they are already, some will buy up new stocks and go on international holidays, as they are already.
Absolutely
Recession since the bushfires 4 years ago, depression not far out..
@@tobybrown1179 : What is a recession? You obviously don't know or have experienced one. You'll learn.
on the brink of recession, we've been in recession all year.
2yrs
Nope. Wrong. You'll learn what a recession is really like soon.
Righto
@@buildmotosykletist1987 Yep. Its just early days. When interest rates go over 10% then we're in one.
Steve Steve seven this is what you’re government has done, take responsibility
New Zealand been in recession for 18months
The Government is raking in so much money via the increase in prices and the benefits the Gov't receives from Vat and GST
Bad government policy has caused our poor economy. With no manufacturing, low productivity, small business closing all the government does is bring in more migrants from countries who have been in conflict, who bring their hatred into Australia. If the government didn't sell off our utilities we wouldn't be at the mercy of international corporations like woolworths, Westfarmers and the like who deliberately cause food disruptions to increase prices. We Australians have been sold out to the highest bidder. Our government has lost its credibility and has no way to reclaim its authority. Yeah let's import more radicals just to fudge the economic books. What about our Australian families who are doing it tough?
And yet Labor spends as if there's no tomorrow.
No, it’s people still spending and paying ludicrous amounts for homes.
It’s just so fucking stupid.
Interest rates are not high! They were forced down to ridiculously unsustainable levels causing people to spend stupidly inflated money on houses. How did you think it was going to end!?
The RBA completely screwed this up with these rate increases. We are getting screwed from both ends here!
So basically in short - we’re screwed
Own nothing, eat bugs, and all is well - Klaus Schwab
You need to add five words after Schwab... CEO of the Australian government.
Labor, the old misinformation.
The Government are the ones who have stuffed the system just look at the power cost
And housing costs. Power and housing are two things they easily and quickly fix but that is against their diverse and green ideology.
We are in a recession!
Nope. You will learn what a recession is soon enough with Labor in power.
@@buildmotosykletist1987 your meaning the depression.
Ya know what gets us out of depressions ???
Good old WORLD WARS , big fat juicy WARS .
Australian dollar is trading below 65 US cents today; and that happened with falling USD.
If interest rates are cut I expect that the Australian dollar will be cheaper that 60 US cents.
If a falling dollar is not the best indicator of inflation then I don't know what the best indicator is.
And don't forget that the Bank of Japan killed the yen carry trade by hiking the interest rate to save the yen.
Which means the lack of liquidity in the markets, which means that the RBA will have to print yet more money,
which, in turn, means inflation.
Good luck with your rate cut.
It’s the limitless printing of the USD and our addiction to the USD.
Labor has to go!
Yes lm sure mr potato head has all the answers!
@@petersanders2815 : Look at Spuds policies, he does have the answers.
@@petersanders2815 He seems more switched on then Biden 2.0
Just go One Nation
They all are same
Like Paul Keating, Albo will come out and say "The most important thing about that is that this is a recession that Australia had to have." He should know, he's in charge of it.
The reserve bank did what they had to do to try and fix the f ups from the government, don't go blaming the reserve bank Conroy because thus all sits with Labor!
The rich are about to go on a bargin spending spree buying up cheap properties.
Where is the government? Behind closed doors looking at taxes to fix their budget and debt black holes.
Governments should not be involved in interest rates.
theyre not in theory thats the whole point of the central bank mate
@@HoiSourced : They shouldn't be but they influence is becoming obvious lately.
@@HoiSourcedif you believe that I got a vaccine to sell ya!
Come on guys.. Australia is already in recession.. Just except it.. Can't keep on lying to yourself
Mmmm work 100hrs+ a fortnight (that’s including 20hrs+ overtime) and get paid $32.25 per hour, earn $2500 a fortnight and pay $1200 in tax 💀that’s me
Albo has to go.
I blame Labor for this. Time for them to go.
Agreed. Tell the Judo bank economist to keep quiet with unnecessary and unrealistic rate hike predictions. Need rate reductions now. Need land and council rate tax reductions now, too.
Hogan has a history of being right. Show me one other economist who has a record as good as his.
Mr hogan with others have common sense rates need to rise near 5%.
Inflation is still near 4% which is dam terrible is allowed to continue hence why other countries have it below 3% already. Hopefully rba raiees today and does its job
Thats a Shock, we only been banging on about this for decade.
TRUMP NEEDS TO GET BACK INTO OFFICE OR WE DONT HAVE A COUNTRY HERE IN AUSTRALIA AT THIS POINT!!!!
Hell no , NO ONE needs a crooked dictator in the Whitehouse , this man has already stated this is his intention , and he also wants full immunity against any crimes committed, he has already stated this !
Anyone with a brain should be utterly terrified of trump getting back into power.
Why the fuck we need trump for oz anyway? 😂
How did trump made life better in Aust🤔
@@SmithyAnton74 none, they're just dummfcks cultist like the leftards
Are you listening to yourself mate you're talking about the guy like he's the new Messiah
Thanks Albo. You have Dr Jim orchestrating all of this.
So long as they have there rental properties all will be good 😊
This Steven is a bloody clown.
that's saying it nicely. I have have more choice words for c@#khead conroy
Yup. Thank god for the mining industry who pays F all tax compared to the rest of us.
He is definitely a clown, but then, he is a Labor man. He has to defend the Labor party at all costs.
Pathetic pom
@@joshuasinclair4463 The fact I get paid franked dividends every 6 months from my mining stocks tells me you are talking out of your arse
we need to vote Trump in!
Fk that.
What is he going to do? The US and the rest of the Western world are addicted to wasting money
@@oldbloke204 better than albo
@@raine6634 According to you?
@@amz33894 Trump could be the leader of all nations! Id vote for him
Albo and Charmers stuffed up?! You don't say! 😂 Labor must go.
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I feel sympathy for our country, low income people are now suffering to survive yet inflation and recession keep increasing daily, many families can't even enhance the good cost of living anymore. You've helped me a lot Sir Brian! Imagine I invested $50,000 and received $190,500 after 14 days
Very possible! especially at this moment. Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals.
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Brian demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit
I'm surprised that you just mentioned and recommend Mr Brian Nelson. I met him at a conference in 2018 and we have been working together ever since.
I guess China won't be needing the OZ mining industry so much for a while.
Yes they do.
@@adiintel1 In a world wide depression they won't.
@@tonyp2865 china will do what they did in 08 or just after tbh.
@@adiintel1 Not this time around, China won't be saving the West from a recession when the West puts 40 to 100% tariffs on its products.
@@adiintel1you are wrong, they sold and stopped buying 2008/09
Can’t pump it up and cook the books forever. Eventually, there won’t be any buyers.
Every politician will always point the finger at someone else...
Our problem is that we now have a two stage economy when you look at wage earners. Those on construction or public service jobs have huge discretionary spending, while those working for other enterprises have had below cpi wage increases for so many years that they will continue to do it hard even if interest rates decrease.
Considering house prices are still going up the reserve should raise interest rates and the only way to drop
The cost of living is a recession a recession is needed it’s supply and demand
The great reset is all over the world. Thanks Klaus!
Well he aint santa klause😂😂😮
Albo has to go and stop bringing in immigrants until you look after Australians first .
Victoria has how big a debt! Who has to pay the "funny money" back? How can anyone live and pay that back. Then the "national" debt that's us again ☹️
Victoria will need a federal bail-out. All Aussie will pay for our stupidity in returning the Andrews catastrophe.
Conroy the ConBoy…
If Australian has any chance to remain a good place to live and have a thriving economy we will need manufacturing of some sort. We lived off the sheep's back, then the miners back, we fooled ourselves thinking we would just be the technologically smart country and live off of that. Now the government wants to prop us up living off immigration, the cracks are stating to show in many countries right now all through out Europe. This what lays in wait for Australia, arrests in 2022 were carried out following investigations into jihadist terrorism, in France (93), Spain (46), Germany (30) and Belgium (22).
The Reserve bank jacked up interest rates to curb inflation, how did that go? It just amplified it. Good government policy should run the economy and not the Reserve bank.
Prim-ministers wages should be performance based. Life is not easy under Albanese.
The total tax take increased more than 8% in one year, doesn't this cause inflation???
4:14 Unbelievable. He is blaming social media for the riots in England rather than expressing sympathy with the parents of the brutally murdered children and acknowledging the real problem.
The great depression is coming.
and you'll be happy
Greater recession
100% it's going to hit hard. Look at all the business going out of business, then being taken over by the "newer arrivals". The empty shopfronts? It's building up to something. And the debt load of the government will hit "the people" soon we gotta start paying it back.
When everything fails we still can depend on the bottle! Nothing to worry bro👍
Australia has been in one for 12 months
Labor just does not know what is economics. Even an uneducated person like me can tell what is good for the economy. Albo is just a joke.
Your economic problems are not isolated or unique to Australia. Think globally. Connect the dots.
Australian economy is being on wrong path since Howard years in government.
Small and medium size business pay more taxes than corporations .
Personal tax income is total disaster,how person on $50000 is paying nearly $9000???? And another $3000 in Medicare levy is beyond me.
When you open your tax spendings pay attention on administration,military and interest payments which excites social payments….ask yourself how this happen.
I am in Germany but the economy worldwide is not in recession, the main mistake is picking fight with global south when we are not producing anything anymore.
Fkng oath we are hurting. Work is drying up, inflation is impoverishing us to the point it's getting very hard to just pay the essentials let alone discretionary spending.
Bets on negative gearing not to be toched. We are spending billions to support it.
We were in a technical recession under Morrison, these things happen in all developed economies from time to time.
it'll just go up again, continued clown world sheit. no real accountability.
Only reduce interested rates when this former Labor toddler and the Labor reduce spending. Gubbermint spending is the problem. Conservative financial analysts have always claimed the main contributor to inflation is government spending.
That's spot on. Subsidies fuel inflation.
Australia business will hold the line. Relax My brothers 👍🏼🇦🇺🇦🇺🇦🇺
cmon, living expenses *PERIOD* are eating at us all.. yet record profits... oh i can only wonder why....🙃
Its not just the mining industry keeping us afloat, its the building industry and albo is killing it
Inflation is transitory ! , words from Yellen !!!
Low interest rates are a big cause of the problem. Let the market set the rate and not the RBA
Oh yes thank you mining industry…. An industry that pays about 5% tax rate while the rest of us pay 30%.
Pull the other leg mate
Ahh the smell of freedom in the coming dawn
6 Rules of the magna carter lol
The Magna Carta is almost gone, it has no influence in law. Try a search.
The Reserve Bank of Australia (RBA) is Australia's central bank and derives its functions and powers from the Reserve Bank Act 1959 . Its duty is to contribute to the stability of the currency, full employment, and the economic prosperity and welfare of the Australian people.
This isn't as bad as sky news said it is, I went to the shops yesterday and the place was packed, they are gaslighting us again, everything has to be really scary, "Bombshell" "Exclusive" I hope that interest rates go up, I lived off my saving for 4 years at 0.01%.
While the rich enjoy buying houses to rent out with expensive rental prices, young Australians can't afford their first home let alone have 1 income to support it!
We’ve known this for awhile now right? Wow, where are the economists?
Hogan is there and right yet again.
The only good economists are working for banks. You'll never find one in parliament.
LOL........... hearing about it for the last 30 years
the good news never stops...
Did some of you well off's just wake up or something?
Been a recession since lockdowns and never really recovered, Or didn't you notice how many businesses closed, We lost some great Sunday markets as well like Caribbean Gardens.
wow, your editing skills are incredible!
Lower the rates and inflation will spike again.
And let’s not forget the Libs promised a budget surplus and never delivered one despite high mining revenues in the 10s. Very convenient for sky news to forget this
Stagflation is inbound……can’t reduce interest rates for fear of inflation, can’t keep interest rates at the current levels for fear of recession.
Let’s get W Hogan to become the new RBA Governor. His the only economist (not a leading economist btw) that we need to raise interest rates bc of sticky inflation… Once the US economy starts to tank bc of massive debt, Australia will eventually catch a cold!
We have higher import costs, raise interest rate won’t bring it down
'fell more than 12%" ??
Are you aware of the fact that futures are being traded after the markets are closed?
It was 3% over 2 days. Simple fact. Easily confirmed at the ASX website.
All by design 👌
They have to cut rates? Geez people must be in alot of debt.
First to go should be most public servants there is more than 2 billion saved most are employed to reduce unemployment levels to make the gov look good the upside is no one will notice they still will get sharty service.
The Australian market wasn’t tanked by the RBA. Inflation data still shows residual inflation. What’s happened is an American side economic blow reverberating throughout the global economy. Stephen is pulling out the Labor lines. Labor has added around $180 billion in spending and despite these claims of surpluses helping, they don’t when more money is flowing through the economy than before.
Been a recession since the bushfires 4 years ago on the far south coast nsw, bring on the depression