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Originally Posted by American Dave
Brendon I dont like to be the bearer of bad news but the light switch is being dimmed very quickly right now and I expect it to turn off pretty quickly at the rate we seeing things decline right now. I have a lot of employees who are for the first time in a long time very concerned about where there next pay check is coming from. Stay tuned because its going to be lack back to the future 90's style.
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I know that people like the exploration drillers have been very quiet. There have been 3 nickel mines in Kal shut down in the last month. No doubt more to follow. But my argument is that any good people will be swept up by the gold mines et al and the ones that cant find a job probably only had one on the mines because of the chronic labour shortage and probably should not have been there in the first place. We are doing some work in Port Hedland and it took seven (7) weeks to book a hilux ute into the toyota dealership to get it serviced. Hopefully the downturn will bring things like this back to reality.
If you look at the stock market and also the exchange rates etc you need to go back 5 years to 2003 to find some sort of parity. The stock market was at about 3200 points. Housing market has not caught up yet but hopefully that will follow.
I am sorry but maybe it will be a really good reality check for these guys that have gone out and hocked themselves up to the eyeballs and running around with extravagant lifestyles and super flash cars / boats that they have bought on credit and cant afford. A lot of young people have never been through a recession before and believe that if they get pissed off in their current job they can either a) hold their employer to ransom or b) go and get another job somewhere else that will no doubt be paying more.
As an employer I think the wheel is finally starting to turn and by christ am I going to get my retribution on smacktard employees that thought they could tell me how to run my business. They will be the first ones to go!