Thread: why people should pay me to stay away!

I'd like to welcome you all to my world. A country I have recently left, is enjoying a consumer confidence boom. A country I have just joined, is enjoying the worst consumer confidence slump in 15 years.

So tell me guys and girls, am I not shit luck for a country - people should pay me to stay away

CONSUMER CONFIDENCE

Index at 11-month high POST REPORTERS
Thai consumer confidence rose to the highest level in 11 months in February, spurred by an improved political situation and anticipation of economic stimulus measures that the government confirmed this month, according to a survey released yesterday.

The overall confidence index increased to 72.6 last month from 71.2 in January, but consumers were still concerned about high oil prices, said Saowanee Thairungroj, vice-president for research at the University of the Thai Chamber of Commerce.

The index, which rose for a fourth consecutive month, is based on interviews conducted each month with 2,239 respondents nationwide.

According to the survey, the index for job opportunities increased to 72.7 from 71.6 and the index on future income rose to 93.2 from 91.4.

''Consumers are hoping the newly elected government will be able to drive economic growth, and the political situation will become more stable this year,'' said Thanavath Phonvichai, an economist at the university.

The government last week endorsed a 40-billion-baht stimulus package consisting mostly of tax breaks to stimulate public spending and restore momentum to the economy.

Prime Minister Samak Sundaravej also announced on Wednesday an ambitious goal to complete 770 billion baht worth of Bangkok mass-transit projects within 3.5 years.

Finance Minister Surapong Suebwonglee said last week that economic growth could reach 6% this year, compared with 4.8% last year. His projection was much more optimistic than that of the National Economic and Social Development Board (NESDB). The government think-tank has forecast expansion in a range of 4.5% to 5.5% this year.

The consumer confidence gauge has been climbing since last October, when it reached the lowest level since January 2002, capping 12 consecutive months of declines after the September 2006 coup.

However, all of the indices remained under 100, reflecting the fact that consumers remain concerned about factors such as inflation _ the 5.4% annual rate in February was a 20-month high _ the strong baht and oil prices.

Mr Thanavath predicted that local consumption would start to show signs of a clear recovery starting in the second quarter of the year as confidence continued to improve.

source: Bangkok Post : Business news

Consumers lose their nerve as rate rises bite

Nassim Khadem
March 13, 2008 - 1:46PM




CONSUMER sentiment has hit a near 15-year low and three-quarters of Australians say they are worried about their ability to pay bills, providing further evidence interest rates are biting.
While economists expect inflation to remain high this year, they are less sure about an interest rate rise in May. Some are even predicting the Reserve Bank will keep rates on hold this year, and cut late next year.
Higher interest rates and rising food and fuel costs reduced consumer sentiment to its lowest level since September 1993.
The Westpac-Melbourne Institute Consumer Sentiment Index fell 9.1% this month to 88.6 points — below the crucial 100-point level.
Westpac chief economist Bill Evans said gloom over the RBA's interest rate increases had been compounded by added mortgage rate increases by lenders. "Confidence on issues such as employment, inflation, international conditions and overall economic conditions has collapsed relative to a year ago," he said. But inflation would remain uncomfortably high this year and would not abate before the second half of next year at the earliest, Mr Evans said.
JPMorgan economist Helen Kevans said consumer confidence would remain low because of high petrol prices and financial market volatility but she predicted a 25-basis-point rate rise in May because of inflation.
TD securities global strategist Stephen Koukoulas said that given the cooling in the economy, the next rate move would be down. He said the first cut could come in mid-to-late 2009.
Another report on consumer sentiment, by Sensis, also found confidence had plummeted and that Australians would have to cut back on activities such as eating out to cope with higher debts.
A separate phone poll by consumer credit check company Veda Advantage found 75% of Australians were worried about their ability to pay bills. Galaxy Research did the poll for Veda at the start of the month, before the Reserve Bank raised the cash rate to a 12-year high of 7.25%.
Meanwhile, lending figures released by the ABS show credit commitments have plummeted since the sharemarket declines in November. Over the past five months, $70 billion of credit was cancelled or reduced.
"A massive $18 billion of credit commitments were cancelled in January," said CommSec equities economist Savanth Sebastian. "(This is) the largest value in the history of records being maintained over 23 years."
Jobs data to be released tomorrow is expected to show a slight rise in the unemployment rate to 4.2%. Access Economics tips retail growth will also slow.



source: Management - Executive Style Home - smh.com.au

A country I have recently left, is enjoying a consumer confidence boom

wanta buy a bridge ?

Won't affect you William. Australia is still booming in some parts and a lot of people are still making a lot of money. Just that a lot (not all) got greedy and now they are paying the price.

^^nope, the Yanks already fell for that one

MM, I tend to agree. There's enough work out of the resources sector in WA (and to a lesser degree SA) to last a good few years.

If it is not already so, I'd say it won't be long before China is Aus biggest trading partner. And Aus has a very healthy trade surplus with China at the moment.

Thats it. Most (not all) of these people starting to cry poor are people who re mortgaged their homes because 'it's now worth so much more' because they wanted to live outside their means.

pssst .......Consumer Confidence Index rises slightly in February to 79.5 from 78.1

best put the Bollinger back in t' esky .................

I hear the Ozzie Big 4 banks are expecting a crunch coming up because it is anticipated they have underprovided for NPL's.

I hope not because I just bought a shit load of CBA shares.

Originally Posted by MeMock

and now they are paying the price.

yes, me. but i wasnt being greedy.

Why did you re mortgage it?

no not the house, but i've been suffering the last few months due to the state of the aussie economy

Originally Posted by MeMock

I hope not because I just bought a shit load of CBA shares.

Really, I bought a shit load of Tabcorp. I think I'll take a hit in the short-term, but long term I like the look of things - if the b'sards can sort Star City out -which is a major dump.

Originally Posted by William

MM, I tend to agree. There's enough work out of the resources sector in WA (and to a lesser degree SA) to last a good few years.

If it is not already so, I'd say it won't be long before China is Aus biggest trading partner. And Aus has a very healthy trade surplus with China at the moment.

West Australia has a large shortage of tradesman as all the good ones are being headhunted for work up north on the mines, electricians are pulling $ 60 an hour, fly in fly out.

Tradesman in Perth are now earning big money as theres such a shortage, we are also losing key staff from our fire service as they are being lured away up north for safety officers and to train the punters in fire safety.


Its been a disaster for the average punter in the city as house prices have gone mad and rentals have followed, 600 people a week are moving to Perth as theres that much work available.

Originally Posted by MeMock

I hope not because I just bought a shit load of CBA shares.

I am sure they will be OK MM, not too long ago it was 4 Dollars for a Non CBA Withdrawal, 6 months ago it was 12, last week it was 18 fvcking dollars.

Haha, plus the just raised their interest rates higher then anyone else!

Are you telling me that If I took a CBA keycard to a NAB ATM I would get charged $18?

That is wrong.

MM. I only pull non CBA money out here in Thailand, but assume Non CBA means the same domestic or OS.
Next time I am in OZ I will transfer my vast wealth To a Building Society, same benifits as a mainstream bank without the usurious lending rates and exorbitant charges.

^CBA charged me for using a CBA ATM at the airport (A$8 for the withdrawal). I phoned them up to complain and was told that as my account was at Martin Place, I was outside my area.

With a A$6 per month "account handling fee", I told them they were taking the piss. The transaction represented at 40% fee on the amount withdrawn (because it was a flat fee).

But that's nothing compared to Macquarie. They'll charge you a low three figure sum for a withdrawal, despite the fact they charge a mid three figure sum as "account handling fees".

At a guess, I'd say that this year I'll lose in the region of A$1,000 in "account handling fees" alone.

After my experience in Thailand, "bank handling fees" in Aus really piss me off!!

Can you come back to Thailand please William?

I want the baht to crash.

Better sheila's here anyway.

william, if you are with cba, why don,t you have the professional pack?
no account fees no handleing charges, visa gold with all the goodies attached,
i was just a normal grub, paying all this extra crap when a mate tuned me into what was/is available, my broker set it all up for me and i,m fairly happy with all at this point, you do however have to be a customer with erm i think the word is leverage, im not a professional but i,ve done ok..might be worth a looky see.. good luck

William. You are saying that you have a CBA keycard and you used a cba atm at the airport and got slugged $8.

Am I reading that right?

That has got to be illegal.

^as far as I see, from my statement and discussion with CBA, that's right.

But Nedwalk has just mentioned something I have never heard of (thanks mate), which may correct that.

Originally Posted by sabang

Can you come back to Thailand please William?

I want the baht to crash.

Better sheila's here anyway.

better, there are none here mate - place is dry as a D....

This is the only shelia I see these days

Originally Posted by William

better, there are none here mate - place is dry as a D.... This is the only shelia I see these days

som nam nah!