Hear today that another mine co is getting rid of more staff - to the tune of $500M. Latest stats is that mining staff make up the highest group of unemployed at 16% and rising rapidly as their employers cut costs and shed staff.
Many of these guys have cars and homes (and investment properties) with bank loans - and what alternative work is there around for them?
It also is having a huge impact on a number of other business sectors like retail, where the money is no longer there.
kiwijims said
07:30 PM Oct 1, 2015
Bruce and Bev wrote:
Hear today that another mine co is getting rid of more staff - to the tune of $500M. Latest stats is that mining staff make up the highest group of unemployed at 16% and rising rapidly as their employers cut costs and shed staff.
Many of these guys have cars and homes (and investment properties) with bank loans - and what alternative work is there around for them?
It also is having a huge impact on a number of other business sectors like retail, where the money is no longer there.
"Yep" you're right about people loosing their jobs Bruce,
My young bloke had been out of work for 6 months, he finally managed to get a start with a Mining Supply Company two weeks ago,
that Company ran out of work and now the young bloke is looking for another job, last in, first out.
luck for him, he's single and still at home, so he hasn't the worry like so many others, who have a new house, two new cars, everything in the house brand new, and in debt up their eyeballs.
K.J.
Wizardofoz said
08:05 PM Oct 1, 2015
Yes I sympathise with these people that are losing their jobs, but let's face facts, many of them gave up secure jobs elsewhere to chase the big bucks on offer, at the time up to $4000 per week. Really this was never going to last, it was a periodic boom industry and history shows that these things come and go as the market dictates.
unfortunately, that's life and these people now redundant should have done their home work prior and been well prepared for the hard landing that was obviously waiting for them down the track.
-- Edited by Wizardofoz on Thursday 1st of October 2015 08:05:57 PM
-- Edited by Wizardofoz on Thursday 1st of October 2015 08:08:14 PM
Hey Jim said
09:16 PM Oct 1, 2015
Hi Bruce & Bev,
Yes its so true, the young all want to start where we are finishing.
The smart ones are staying with mum and dad to save for their start in life.
We have in stilled in our two No cars till the deposits are saved for their first investment property. Joint owners with a tenant = Three paying off the loan ASPS . Then buying a second investment property with four incomes paying off two properties.
By age 30 our two will be secured and they will thank dad and mum for our wisdom.
A little sacrifice now and they can map out the rest.
It not rocket sience. We only wish they would teach this to all our kids in school.
Will be home soon.
Regards Jim & Lambie
aussie_paul said
09:49 PM Oct 1, 2015
Hey Jim wrote:
Hi Bruce & Bev,
Yes its so true, the young all want to start where we are finishing.
The smart ones are staying with mum and dad to save for their start in life.
We have in stilled in our two No cars till the deposits are saved for their first investment property. Joint owners with a tenant = Three paying off the loan ASPS . Then buying a second investment property with four incomes paying off two properties.
By age 30 our two will be secured and they will thank dad and mum for our wisdom.
A little sacrifice now and they can map out the rest.
It not rocket sience. We only wish they would teach this to all our kids in school.
Will be home soon.
Regards Jim & Lambie
Sooo true Jim & Lambie
Aussie Paul.
03_Troopy said
07:18 AM Oct 2, 2015
It's not just the mining industry, but all the ancillary industries as well. I was working for a company who built mine service vehicles. Due to the downturn in the mining sector, the company had very little work from 2 years ago. Twelve months ago the company finally had to make approximately 50% of their employees redundant. I was one of the ones who was made redundant. I still haven't got another job, and the company has since closed it's doors making the remainder of the workers unemployed.
spida said
09:02 AM Oct 2, 2015
Big wages = the best car/house/boat...... any savings??? Shame some dont understand about keeping debt down 'just in case' - and 'just in case' has now hit home. A hard lesson to learn.
But fun while it lasted and now maybe the government will give us a handout - it is the 'welfare state' after all....... and we have a 'right'.....with no responsibility!
sandsmere said
12:18 PM Oct 2, 2015
spida wrote:
Big wages = the best car/house/boat...... any savings??? Shame some dont understand about keeping debt down 'just in case' - and 'just in case' has now hit home. A hard lesson to learn. But fun while it lasted and now maybe the government will give us a handout - it is the 'welfare state' after all....... and we have a 'right'.....with no responsibility!
So true spida.
So many people get the big , high paying job, and then scream when the bust comes.
Spend, spend, spend instead of save, save, save.
One young bloke I know pretty well had 5 years in the mines doing FIFO stuff. Didn't buy the big house or the "toys",
has lost his job now but has over $350,000 in the kick.
Not bad for a 30 year old who started with SFA.
banjo said
05:35 PM Oct 2, 2015
Sorry but I've got no sympathy for them, they were earning big, they spent big, cars, boats and houses, booze, stick it on the credit card then boom ! someone pulls the rug from under them, no savings no forward thinking.
We have a FIFO son in law been in the mines in NW WA for several years, he's got his head screwed on the right way, he owns his house now, owns his car, has some money in the bank just in case, but so far he's one of the lucky one's and still got his well paid job.
If it hits the fan he will drop back to his trade as a painter and decorator, it's that old "not so common sense", nothing lasts forever, and anyone that thinks it does has rocks in their head, make plans for the future just in case.
in transit said
07:04 PM Oct 2, 2015
Now the personnel are available, the plant is available and Australia has numerous infrastructure projects on the shelf that can utilize these resources. What a great time for the Govt to advertise tenders for new and upgraded roads, dams and irrigation channels. The draglines, and a lot of the dump trucks would still sit idle, but the tractors, scrapers, graders, excavators, water trucks and minor equipment like lighting plants, compressors, pumps, generators and more would be attractive to contractors, and successful contractors would have jobs for a lot of redundant mine workers.
Will it happen? I am not holding my breath.
Bruce and Bev said
11:01 PM Oct 2, 2015
whether those directly made redundant from mining companies "deserved it" or not - and I agree that many wasted their money each week (I was a contractor on various sites and watch them gamble huge sums of money, spend up on booze each night (and run the risk of getting the sack the next money for blowing more than zero) - a lot of these guys had no trades or work skills at all and would have been unemployed from school had it not been for the mining industry as it WAS.
But it has a huge ripple effect right across the country - retail, banking, manufacturing - you name it and these industries will lay off staff as a result of the mining downturn.
We always knew this would be a boom then bust, cyclic, industry and the Federal and State govts (especially WA, SA and QLD) failed to invest the mining royalities and taxes wisely in order to "re-tool" up our workers into skilled technicians and invested in high tech type businesses. Now the govts are crying theyre broke and laying off their own staff, only making unemployment even worse
done dreaming said
02:13 PM Oct 3, 2015
Lets not forget the big money they were on is a lot less than a lot of our public servants who don,t have to work in atrocious conditions and be away from their families 2-4 weeks at a time.
03_Troopy said
04:45 PM Oct 3, 2015
spida wrote:
Big wages = the best car/house/boat...... any savings??? Shame some dont understand about keeping debt down 'just in case' - and 'just in case' has now hit home. A hard lesson to learn. But fun while it lasted and now maybe the government will give us a handout - it is the 'welfare state' after all....... and we have a 'right'.....with no responsibility!
How do you know they don't have any savings? Bit of a broad statement to make.
Woody n Sue said
05:30 PM Oct 3, 2015
Well our son is an electrician over there and he has his savings right up there no fancy cars boats bikes or multiple houses just good old savings for later on he seen writing on the wall for mining ( iron ore )and switched to offshore gas there is still lots of work ahead where he is at the moment he has a 5 year plan and is half way through it .
Not all of them spend it faster than they earn it all his mates over there have also saved and invested wisely those who do have two houses waited till they had very good equity in the first one .
The Phantom said
08:05 PM Oct 3, 2015
I spent 40 years in and around the mining industry in WA and have employed hundreds of guys (and gals) in that period.
I never saw or heard of anyone who wasted their money so they could go on the dole.
But it must have happened because several very informed posters here have stated it.
The Phantom
JayDee said
10:25 AM Oct 4, 2015
Whilst all these mining workers were earning huges $$$$$$$$$$$$$$, they were spending it just as fast.
So I guess that there were a hell of a lot of businesses who enjoyed the rewards from these workers.
But ...... the party is over ... for now... but the mining boom will come again, and it is to be hoped that the workers will learn from their mistakes.
$4000 a week is only something that some of us can only dream about.
A lesson can be learnt from that you chap who save $350,000, he will be a self made millionaire in the future.
Jay&Dee
dogbox said
01:52 PM Oct 4, 2015
IT IS NEVER ABOUT HOW MUCH YOU EARN its about how much you spend and how much you earn on the money you earn. if only they would teach financial literacy in schools
brickies said
03:11 PM Oct 4, 2015
If they do get the dole they have paid some big tax in the past
jab160 said
03:26 PM Oct 4, 2015
"Teach the youngins to save, think beyond tomorrow" etc etc.....................best of luck. Can clearly remember my folks saying exactly that.......50+ yrs ago, and my thoughts were something along the lines of.........yea, right.
So..........what's changed............nothing has, oldies are old.......what do they know. ( but we oldies, do know, we care, we've been there, done that......listen to me )
The Phantom said
08:11 PM Oct 4, 2015
JayDee wrote:
Whilst all these mining workers were earning huges $$$$$$$$$$$$$$, they were spending it just as fast. So I guess that there were a hell of a lot of businesses who enjoyed the rewards from these workers. But ...... the party is over ... for now... but the mining boom will come again, and it is to be hoped that the workers will learn from their mistakes. $4000 a week is only something that some of us can only dream about. A lesson can be learnt from that you chap who save $350,000, he will be a self made millionaire in the future. Jay&Dee
Those ones were, obviously, on the lower paid end of the scale
Hear today that another mine co is getting rid of more staff - to the tune of $500M. Latest stats is that mining staff make up the highest group of unemployed at 16% and rising rapidly as their employers cut costs and shed staff.
Many of these guys have cars and homes (and investment properties) with bank loans - and what alternative work is there around for them?
It also is having a huge impact on a number of other business sectors like retail, where the money is no longer there.
"Yep" you're right about people loosing their jobs Bruce,
My young bloke had been out of work for 6 months, he finally managed to get a start with a Mining Supply Company two weeks ago,
that Company ran out of work and now the young bloke is looking for another job, last in, first out.
luck for him, he's single and still at home, so he hasn't the worry like so many others, who have a new house, two new cars, everything in the house brand new, and in debt up their eyeballs.
K.J.
Yes I sympathise with these people that are losing their jobs, but let's face facts, many of them gave up secure jobs elsewhere to chase the big bucks on offer, at the time up to $4000 per week. Really this was never going to last, it was a periodic boom industry and history shows that these things come and go as the market dictates.
unfortunately, that's life and these people now redundant should have done their home work prior and been well prepared for the hard landing that was obviously waiting for them down the track.
-- Edited by Wizardofoz on Thursday 1st of October 2015 08:05:57 PM
-- Edited by Wizardofoz on Thursday 1st of October 2015 08:08:14 PM
Hi Bruce & Bev,
Yes its so true, the young all want to start where we are finishing.
The smart ones are staying with mum and dad to save for their start in life.
We have in stilled in our two No cars till the deposits are saved for their first investment property. Joint owners with a tenant = Three paying off the loan ASPS . Then buying a second investment property with four incomes paying off two properties.
By age 30 our two will be secured and they will thank dad and mum for our wisdom.
A little sacrifice now and they can map out the rest.
It not rocket sience. We only wish they would teach this to all our kids in school.
Will be home soon.
Regards Jim & Lambie
Sooo true Jim & Lambie
Aussie Paul.
But fun while it lasted and now maybe the government will give us a handout - it is the 'welfare state' after all....... and we have a 'right'.....with no responsibility!
So true spida.
So many people get the big , high paying job, and then scream when the bust comes.
Spend, spend, spend instead of save, save, save.
One young bloke I know pretty well had 5 years in the mines doing FIFO stuff. Didn't buy the big house or the "toys",
has lost his job now but has over $350,000 in the kick.
Not bad for a 30 year old who started with SFA.
We have a FIFO son in law been in the mines in NW WA for several years, he's got his head screwed on the right way, he owns his house now, owns his car, has some money in the bank just in case, but so far he's one of the lucky one's and still got his well paid job.
If it hits the fan he will drop back to his trade as a painter and decorator, it's that old "not so common sense", nothing lasts forever, and anyone that thinks it does has rocks in their head, make plans for the future just in case.
Will it happen? I am not holding my breath.
But it has a huge ripple effect right across the country - retail, banking, manufacturing - you name it and these industries will lay off staff as a result of the mining downturn.
We always knew this would be a boom then bust, cyclic, industry and the Federal and State govts (especially WA, SA and QLD) failed to invest the mining royalities and taxes wisely in order to "re-tool" up our workers into skilled technicians and invested in high tech type businesses. Now the govts are crying theyre broke and laying off their own staff, only making unemployment even worse
How do you know they don't have any savings? Bit of a broad statement to make.
Not all of them spend it faster than they earn it all his mates over there have also saved and invested wisely those who do have two houses waited till they had very good equity in the first one .
I spent 40 years in and around the mining industry in WA and have employed hundreds of guys (and gals) in that period.
I never saw or heard of anyone who wasted their money so they could go on the dole.
But it must have happened because several very informed posters here have stated it.
The Phantom
So I guess that there were a hell of a lot of businesses who enjoyed the rewards from these workers.
But ...... the party is over ... for now... but the mining boom will come again, and it is to be hoped that the workers will learn from their mistakes.
$4000 a week is only something that some of us can only dream about.
A lesson can be learnt from that you chap who save $350,000, he will be a self made millionaire in the future.
Jay&Dee
So..........what's changed............nothing has, oldies are old.......what do they know. ( but we oldies, do know, we care, we've been there, done that......listen to me )
Those ones were, obviously, on the lower paid end of the scale
The Phantom