Should you worry about the upcoming recession? If you believe the media, then, of course, you should.
But it’s important to get both sides of the story.
Today, in my discussion with Pete Wargent, you’ll hear about some of the negatives affecting our economy as well as the many positives that the media tends to forget.
We’ll give you a balanced assessment of what’s likely to be ahead.
This show is going to be valuable for property investors, future homeowners, and businesspeople as well.
Then, in my mindset moment, I’ll explain to you that you’ve won the lottery. Listen in to find out what I mean.
Some of the topics I discuss with Pete Wargent:
- Reported GDP is really historical information – it tells us what’s gone on before
- Credit is the lifeblood of the economy, so if you limit people’s ability to borrow, you slow the economy, as happened in the recent credit squeeze
- Nobody knows for sure if we’ll get a recession, but if you look at the probabilities and what markets are saying, it’s pretty unlikely
- Australia’s currency and low debt tends to help rebalance the economy quickly
- Construction is a big hole in the economy that needs to be filled
- International uncertainties may constrain growth, but there are always uncertainties to consider
- Interest rates have been cut and tax rates have also been cut. So far these incentives have not had a big effect on the economy, but they may with time
- Population growth fuels new construction and adds to demand in the economy.
- Immigration also helps as it slows the aging of the population and reduces the dependency ratio
- Business investment is improving
- Recession can often be a confidence issue, enhanced by scaremongering in the media
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Links and Resources:
Get more details about Michael Yardney’s Property Renovations and Development workshop
Some of our favourite quotes from the show:
“Economists have actually got a pretty poor track record of predicting recessions” – Michael Yardney
“Large parts of the retail sector are suffering from the trend of online purchasing and… the lack of consumer spending.” – Michael Yardney
“I’ve read that the probability of even existing comes out to one in something followed by 2 million zeroes.” – Michael Yardney
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