Troy Hancock, Westpac - Head of NSW & ACT Specialists Financial Markets -addressed the ‘Tweed Heads Chamber of Commerce’ Tuesday breakfast this week on the state of the economy.
One matter that came up by both presenter Troy Hancock and Tweed Shire Councillor Warren Polglase who also holds the Presidency of the Tweed Chamber of Commerce was ‘water and the economy’.
‘Water’ is one of the big issues associated with Australian academics and the Population Debate. Australia is a dry continent and the current drought statistics with the realities-on-the-ground illustrate the number of rural communities having to have water trucked in.
This is not only an academic matter. The Australasian Religious Press Association this month at its Christchurch annual conference and highlighted over many years when discussing ‘refugees’, is Australia’s lack of water infrastructure.
Economy and water
Troy Hancock recounted the numerous NSW regional centres he had visited recently where the lack of water was the focus point and should a large regional centre such as Armidale start to run short of this basic resource for community survival, to too will the electorate pressure politicians. Water is the key to so much else.
Warren Polglase meanwhile gave a detailed account of the water infrastructure supply for the Tweed Shire which has water enough, considering current population growth, with creative development of the current dams and increasing dam height levels, through to 2025-30. It is noted the Tweed region has a high rainfall annual intake from the hinterland all the way through to the coast line.
Wage level concern
Troy Hancock highlighted many aspects of the economy as it is today, one of which has been the levelling of the wage and salary levels for a number of years. In effect this means that the spending capacity within the nation has not been a growth factor, and therefore the graph illustrated this situation for the economy. This affects consumer confidence.
The China – USA trade issues were raised as Australia has such a focus on trade with China. The Chinese have effectively manipulated (weaponised) the value of their currency which affects every other trading nation, including Australia.
Troy Hancock – the from here ….
- RBA to cut again before year end (Oct possibly), and again early in 2020
- Housing prices stabilising in Sydney & Melb, less volatile in SE Qld
- Headwinds; private investment, cautious consumer, wage stagnation, tight credit
- Bright spots; infrastructure pipeline, exports, population growth, lower AUD
- AUD to USD 0.66 in 2020
- US not heading for a recession in 2020, but trade war is starting to hurt, substantial series of US Fed rate cuts on the way
- China growth to continue to slow, impacts on our commodities exports
- Global uncertainty is constraining growth… Central Banks and monetary policies stretched as currencies become the next battleground
Chamber of Commerce acknowledges ‘The Gutenberg’
As a member of the Tweed Heads Chamber of Commerce of many years, Dr Mark Tronson was invited to celebrate his ministry ‘Press Service International’ (PSI) being presented the Australasian Religious Press Association’s premier award three days previously in Christchurch – ‘The Gutenberg’.
The Gutenberg is presented each year to a Christian media ministry. PSI is a young writer’s ministry (18-30) in conjunction with Christian Today Australia, providing young people international column publishing with ‘comment’ in which many Christian publications republish with permission as fillers. This ensures the young people get their ‘by-lines’ out there. See feature article.