Quantative easing in the EU and US must be a factor behind our dollar gaining strength.
What the article doesn't mention, at least in SA is that the public sector is now feeling the brunt of the GFC now that the government decides to no longer go into debt during a recovery, reduced services to those in need and unemployment will increase as a result. The Rann Government has lost some $8 billion in projected tax reciepts since 2007 and thus is looking at a slash and burn operation of services within the states economy which has resulted in their own wave of 'workchoices' type stripping of workers rights. Also the cutting of $600,000 in funding to my old high school which means 'keep maths and science, the rest can get ****ed for now.'
I think we have already seen a large movement of workers to the mining industry, I guess a second wave is possible. Our company finds that the work can get done in the city, but in some projects the 'best' or most experienced commissioning engineers and team will be tied up in the mining sector. The deal of the mining design jobs can still be done in the city, a few poeple will obviously have to do FIFO work whilst they can stand it and enjoy the extra money. What he of course doesn't mention is the environmental costs of expended mining; is chasing the $$ to maintain our economic prosperity going to have long term adverse effects on our environment and also traditional lands?
Last edited by Redbacks; 17-10-2010 at 10:06 PM.