I've seen this happen in Newcastle when BHP closed down. Not a remote mining town but a city.
Tesla is sacking lots of people right now. IT jobs adds are down 33% and the unemployment rate is going UP. This trend is expected to accelerate. Even Chalmers admits this.
It can get a lot worse than they currently think. External shocks are almost certainly coming eg Trade war between China and USA when Trump wins and puts on 100% tariffs. Australia will be one of the worst countries affected by this. Our iron ore and coal revenues could plummet and there goes the jobs and there goes the budget surplus. Banana republic days back again.
