"storm in a tea cup". damn thats confidence for you.
Yes, and why not,
In the face of overwhelming evidence from 2008 and the Steve Keen news coverage, when everything was apparently a 1930s style meltdown - and very easy to be negative
Australia didn't even have a recession. Melbourne even had one of the best years EVER in property price increases 2010.
Why do you think now with 5% mortgages, unemployment at 5.6%, bank capital cheaper over recent year and flat property prices generally mid 2010-11 that a few wind ups in WA in a troubled sector will translate to anything but a teacup ripple..
Mining troubles are just that - storm in a teacup. Investment in capital is VERY high still compared to historical standards, and the investment in these mines/ LNG plants are yet to produce the goods at max capacity, the huge LNG plants in QLD and Darwin yet to come online.
We have 20-30 years of huge output ahead.
Construction jobs to operational jobs are 5:1 yes, but capital expenditure wont just stop overnight. Slowdown yes.
