mining boom finished, page-38

Our son works for one of the major resource companies in central Qld. I asked him yesterday what was happening re cut backs.He replied that "the s--t hasn't even hit the fan yet." Also made some other comments which I posted on the economics thread.

As an engineer he is a protected species but every other position particularly in Head Office is closely being looked at.Major cuts in BHP Adelaide office.These positions involved planning and implementation of new projects.If you cut these positions you are not seeing a turn around in commodity prices in the short term or the likelihood that Australia will be a preferred investment location.

Martin Ferguson is probably the only Labor minister with a clue but the rest of them are not worth feeding.

I guess that if the Chinese engage in another massive round of infrastructure development and economic stimulus things may improve,however,the whole system is built on very unstable foundations. Wouldn't take much for everything to come tumbling down.