SA Economy

[abc]

We bought our first vacuum cleaner from Godfreys in the early 1990s. It's kind of surprising that an entity could have existed for so long with over 140 shops in such a narrow market segment.

You mean people who vacuum their floors? Didn't realise that was a narrow segment. I must be old fashioned.

Don't worry. We already know you are.

You do? Are you stalking me now?

[rev]

Godfrey's somehow got themselves into the position of not selling what people were buying. Eg Dyson and robots. I assume that was Godfrey's wanting more control over price and distribution but major manufacturers deciding they didn't need Godfrey's at all.

Mr Dishwasher I am sure started as dishwashers only but now sells a bunch more and changed to the Adelaide Appliance Gallery.

Jb hifi was cd's, then dvd's, then home theatre and now basically everything.

They do, or did, sell the robot vacuum's, the stick vacuum's etc.
They weren't selling cheap stuff either, they had some pretty pricey items.
Just not the Dyson's.

Dyson's is all marketing and hype, and as a result priced higher due to that induced demand. You can find other brands that are just as good if not better.
In somewhat of a comparison you barely saw a Godfreys advertisement.

They should have diversified into other household goods and appliances.
Don't know about anyone else, but I haven't bought a new vacuum cleaner in at least 10 years. The old Hoover that I got from Godfreys is still going strong.

[rev]

Global tech companies land in Adelaide
Two major tech companies have set up shop in Adelaide, with software company Zoho opening a new headquarters and international video company App Demo Videos relocating from New South Wales.


Isabella Kelly
Mar 21, 2024, updated Mar 21, 2024

Creating 50 jobs in Adelaide over the next three years, Zoho employs over 15,000 people around the world and has more than 100 million users of its applications.

Founded in Chennai, India, Zoho’s business solutions software is used by more than 700,000 businesses across 150 countries.

The company’s new Currie Street premises currently has 12 employees, with an additional six working remotely and Zoho is recruiting for its new Adelaide office.

Zoho’s regional manager for Australia and New Zealand Rakesh Prabhakar told InDaily that since the company’s beginnings in the 1990s it had made a conscious decision to “stay away from the larger cities”.

“When we were small what we realised was it’s difficult to go out and hire and retain employees in larger cities,” Prabhakar said.

“It made a lot of sense for us to go to smaller cities, wherein people are leaving such cities where…there are amazing educational institutions, there is amazing infrastructure, but then they are leaving these cities and moving to the larger cities only for employment.

“What we realised was employees are happier when they stay closer to their families, so this gave us validation that happy employees stay longer with us.

“The longer an employee stays [and] the happier the employee is, it helps the business immensely because the knowledge pool that an employee builds goes a long, long way.”

Prabhakar said Zoho had replicated this model around the world and had looked at Sydney and Melbourne as potential Australian office locations before deciding on Adelaide.

Prabhakar said the business was already established in the Australian market, and continued to grow rapidly.

“We are at a sweet point where we provide a lot of value to our customers,” he said

“In the current market quite a few of our customers are moving away from competitors such as Microsoft or Salesforce and are looking at us as an alternative.”

Minister for Trade and Investment Nick Champion initially met with Zoho representatives in India in November last year, where he said he saw “first-hand, the enormous impact this global company is having when it comes to supporting businesses”.

“South Australia’s hi-tech ecosystem is well-placed to provide business opportunities for Zoho to grow here,” Champion said.

Alongside Zoho’s arrival, international company App Demo Videos has announced its relocation to Adelaide from NSW.

Established in the United States in 2009, App Demo Videos creates marketing and tutorial videos for apps and websites, having worked with Microsoft, Netflix and Oracle.

The company offers guidance from the initial planning stages through to the production and delivery of videos.

App Demo Videos employs approximately 20 people across the US and Australia, with plans to double the workforce over the next ten years.

Founder and demonstrations lead Adam Weiss said “South Australia’s growing ecosystem” provided “exciting opportunities”.

“The mix of tech innovators, research institutions and forward-thinking companies combines with strong government support for innovation to give us confidence that this is an environment where we will be able to grow and thrive,” Weiss said.

Weiss said the lifestyle and liveability of Adelaide was ultimately the “biggest draw” in the company’s choice to relocate.

The two companies follow a recent influx of movements to the state.

“South Australia has made a name for itself around the world within the creative and critical technologies sectors, which is evident by the numbers of companies attracted to the state over the last few years,” Champion said.

https://www.indaily.com.au/business/202 ... n-adelaide

[bits]

Don't know about anyone else, but I haven't bought a new vacuum cleaner in at least 10 years. The old Hoover that I got from Godfreys is still going strong.

I had 2x Hoover's from Godfrey's. Well I bought 1, that died within 12 months and that got replaced under warranty with a brand new one that died after 12 months.
I then bought a Dyson and have been using that for about 10 years.

[abc]

Creating 50 jobs in Adelaide over the next three years, Zoho employs over 15,000 people around the world and has more than 100 million users of its applications.

massive news

I assume they'll be working out of one of those office share spaces

[rev]

South Australia records lowest employment rate in the nation for February
SA’s unemployment rate has dropped to a record low figure – the best result in Australia – as the national figure also dived, dashing hopes of an imminent cut to interest rates.

Kathryn Bermingham and Jack Quail
2 min read
March 21, 2024 - 2:14PM

South Australia’s unemployment rate has dropped to a record 3.2 per cent – the lowest of any state or territory in the nation.

Figures released by the Australian Bureau of Statistics on Thursday showed SA’s seasonally adjusted February rate fell 0.8 points from January.

Treasurer Stephen Mullighan said the result was “a remarkable achievement for the state’s economy”.

“Not only have we recorded the lowest unemployment rate ever in SA, it’s also the first time SA has recorded the lowest unemployment rate in the nation,” he said.
“I think there is a real sense of confidence and optimism throughout the economy.”

Mr Mullighan partly attributed the boost to investment in the defence and renewable energy sectors.

“There’s a real sense of buzz about our state and it’s really pleasing to see that translate into such great figures today,” he said.

However, opposition treasury spokesman Matt Cowdrey said the rise in employment was to be expected.

“This uptick is welcomed but comes as no surprise because during this period every year we see a huge increase in casual work because of the Fringe and other events,” he said.

Population data also released Thursday showed the number of departures from the state was greater than the number of arrivals for the year ending September 30 2023.

The data showed that 25,880 people left for interstate, while only 24,873 arrived – a net loss of 1007.

Nationally, the unemployment rate dropped to 3.7 per cent, down from 4.1 per cent the month prior, and far short of a 4 per cent reading economists had predicted following an uptick in job losses over the summer months.

Australia’s economy added a blockbuster 116,500 jobs in February, the Australian Bureau of Statistics reported on Thursday, far outstripping expectations of an increase of 40,000.

The unexpected jobs gain was fuelled by an increase in both full-time and part-time positions, up 78,200 and 38,300, respectively.

Oxford Economics lead economist Ben Udy said the recovery in employment clearly challenge the view that monetary policy was providing enough of a drag on the economy to bring down wage growth and inflation.

“The RBA will surely be watching the labour market data closely from here to see if the loosening in the labour market resumes in the months ahead.”

After keeping the cash rate on hold at 4.35 per cent earlier this week, RBA governor Michele Bullock said the central bank was keeping a close eye on measures of the jobs market, but was not targeting a certain jobless rate before it lowered interest rates.

“I think the unemployment rate is something that is mechanically going to rise as the economy slows,” governor Bullock said.

The Reserve Bank’s own forecasts predict the unemployment rate will rise only gradually, reaching 4.2 per cent by June, and 4.3 per cent by year’s end.

https://www.adelaidenow.com.au/subscrib ... nt-1-SCORE

[mattblack]

South Australia records lowest employment rate in the nation for February
SA’s unemployment rate has dropped to a record low figure – the best result in Australia – as the national figure also dived, dashing hopes of an imminent cut to interest rates.

Kathryn Bermingham and Jack Quail
2 min read
March 21, 2024 - 2:14PM

South Australia’s unemployment rate has dropped to a record 3.2 per cent – the lowest of any state or territory in the nation.

Figures released by the Australian Bureau of Statistics on Thursday showed SA’s seasonally adjusted February rate fell 0.8 points from January.

Treasurer Stephen Mullighan said the result was “a remarkable achievement for the state’s economy”.

“Not only have we recorded the lowest unemployment rate ever in SA, it’s also the first time SA has recorded the lowest unemployment rate in the nation,” he said.
“I think there is a real sense of confidence and optimism throughout the economy.”

Mr Mullighan partly attributed the boost to investment in the defence and renewable energy sectors.

“There’s a real sense of buzz about our state and it’s really pleasing to see that translate into such great figures today,” he said.

However, opposition treasury spokesman Matt Cowdrey said the rise in employment was to be expected.

“This uptick is welcomed but comes as no surprise because during this period every year we see a huge increase in casual work because of the Fringe and other events,” he said.

Population data also released Thursday showed the number of departures from the state was greater than the number of arrivals for the year ending September 30 2023.

The data showed that 25,880 people left for interstate, while only 24,873 arrived – a net loss of 1007.

Nationally, the unemployment rate dropped to 3.7 per cent, down from 4.1 per cent the month prior, and far short of a 4 per cent reading economists had predicted following an uptick in job losses over the summer months.

Australia’s economy added a blockbuster 116,500 jobs in February, the Australian Bureau of Statistics reported on Thursday, far outstripping expectations of an increase of 40,000.

The unexpected jobs gain was fuelled by an increase in both full-time and part-time positions, up 78,200 and 38,300, respectively.

Oxford Economics lead economist Ben Udy said the recovery in employment clearly challenge the view that monetary policy was providing enough of a drag on the economy to bring down wage growth and inflation.

“The RBA will surely be watching the labour market data closely from here to see if the loosening in the labour market resumes in the months ahead.”

After keeping the cash rate on hold at 4.35 per cent earlier this week, RBA governor Michele Bullock said the central bank was keeping a close eye on measures of the jobs market, but was not targeting a certain jobless rate before it lowered interest rates.

“I think the unemployment rate is something that is mechanically going to rise as the economy slows,” governor Bullock said.

The Reserve Bank’s own forecasts predict the unemployment rate will rise only gradually, reaching 4.2 per cent by June, and 4.3 per cent by year’s end.

https://www.adelaidenow.com.au/subscrib ... nt-1-SCORE

But as abc pointed out, what business would ever want to do business here because we have the highest power prices in the world!!!

Additional, this is horrible news as we will probably get more of those pesky migrants to fill positions that can't be filled and that can only mean higher house prices.

Man this state is in the shit.

[abc]

South Australia records lowest employment rate in the nation for February
SA’s unemployment rate has dropped to a record low figure – the best result in Australia – as the national figure also dived, dashing hopes of an imminent cut to interest rates.

Kathryn Bermingham and Jack Quail
2 min read
March 21, 2024 - 2:14PM

South Australia’s unemployment rate has dropped to a record 3.2 per cent – the lowest of any state or territory in the nation.

Figures released by the Australian Bureau of Statistics on Thursday showed SA’s seasonally adjusted February rate fell 0.8 points from January.

Treasurer Stephen Mullighan said the result was “a remarkable achievement for the state’s economy”.

“Not only have we recorded the lowest unemployment rate ever in SA, it’s also the first time SA has recorded the lowest unemployment rate in the nation,” he said.
“I think there is a real sense of confidence and optimism throughout the economy.”

Mr Mullighan partly attributed the boost to investment in the defence and renewable energy sectors.

“There’s a real sense of buzz about our state and it’s really pleasing to see that translate into such great figures today,” he said.

However, opposition treasury spokesman Matt Cowdrey said the rise in employment was to be expected.

“This uptick is welcomed but comes as no surprise because during this period every year we see a huge increase in casual work because of the Fringe and other events,” he said.

Population data also released Thursday showed the number of departures from the state was greater than the number of arrivals for the year ending September 30 2023.

The data showed that 25,880 people left for interstate, while only 24,873 arrived – a net loss of 1007.

Nationally, the unemployment rate dropped to 3.7 per cent, down from 4.1 per cent the month prior, and far short of a 4 per cent reading economists had predicted following an uptick in job losses over the summer months.

Australia’s economy added a blockbuster 116,500 jobs in February, the Australian Bureau of Statistics reported on Thursday, far outstripping expectations of an increase of 40,000.

The unexpected jobs gain was fuelled by an increase in both full-time and part-time positions, up 78,200 and 38,300, respectively.

Oxford Economics lead economist Ben Udy said the recovery in employment clearly challenge the view that monetary policy was providing enough of a drag on the economy to bring down wage growth and inflation.

“The RBA will surely be watching the labour market data closely from here to see if the loosening in the labour market resumes in the months ahead.”

After keeping the cash rate on hold at 4.35 per cent earlier this week, RBA governor Michele Bullock said the central bank was keeping a close eye on measures of the jobs market, but was not targeting a certain jobless rate before it lowered interest rates.

“I think the unemployment rate is something that is mechanically going to rise as the economy slows,” governor Bullock said.

The Reserve Bank’s own forecasts predict the unemployment rate will rise only gradually, reaching 4.2 per cent by June, and 4.3 per cent by year’s end.

https://www.adelaidenow.com.au/subscrib ... nt-1-SCORE

But as abc pointed out, what business would ever want to do business here because we have the highest power prices in the world!!!

Additional, this is horrible news as we will probably get more of those pesky migrants to fill positions that can't be filled and that can only mean higher house prices.

Man this state is in the shit.

Interesting headline though. I'm sure its gone over your head.

Regardless, unemployment rates are notoriously manipulated by successive governments, much like AFL memberships.

Population data also released Thursday showed the number of departures from the state was greater than the number of arrivals for the year ending September 30 2023.

that's one way to reduce unemployment

people still continuing to leave SA in droves just underlines my point that its not competitive with other states in Australia... but don't let this fact get in the way of political spin

[mattblack]

https://www.adelaidenow.com.au/subscrib ... nt-1-SCORE

But as abc pointed out, what business would ever want to do business here because we have the highest power prices in the world!!!

Additional, this is horrible news as we will probably get more of those pesky migrants to fill positions that can't be filled and that can only mean higher house prices.

Man this state is in the shit.

Interesting headline though. I'm sure its gone over your head.

Regardless, unemployment rates are notoriously manipulated by successive governments, much like AFL memberships.

Population data also released Thursday showed the number of departures from the state was greater than the number of arrivals for the year ending September 30 2023.

that's one way to reduce unemployment

people still continuing to leave SA in droves just underlines my point that its not competitive with other states in Australia... but don't let this fact get in the way of political spin

OH MY GOD!!! The government manipulates AFL membership!! When will they stop corrupting our children!!

[abc]

But as abc pointed out, what business would ever want to do business here because we have the highest power prices in the world!!!

Additional, this is horrible news as we will probably get more of those pesky migrants to fill positions that can't be filled and that can only mean higher house prices.

Man this state is in the shit.

Interesting headline though. I'm sure its gone over your head.

Regardless, unemployment rates are notoriously manipulated by successive governments, much like AFL memberships.

Population data also released Thursday showed the number of departures from the state was greater than the number of arrivals for the year ending September 30 2023.

that's one way to reduce unemployment

people still continuing to leave SA in droves just underlines my point that its not competitive with other states in Australia... but don't let this fact get in the way of political spin

OH MY GOD!!! The government manipulates AFL membership!! When will they stop corrupting our children!!

no, the AFL manipulates AFL memberships. You can buy a dog a membership and its included as a member in their final figures.
Its an allegory to what the government does. You might need to look that word up.

I see you still haven't figured out what the headline actually says.

[mattblack]

Interesting headline though. I'm sure its gone over your head.

Regardless, unemployment rates are notoriously manipulated by successive governments, much like AFL memberships.


that's one way to reduce unemployment

people still continuing to leave SA in droves just underlines my point that its not competitive with other states in Australia... but don't let this fact get in the way of political spin

OH MY GOD!!! The government manipulates AFL membership!! When will they stop corrupting our children!!

no, the AFL manipulates AFL memberships. You can buy a dog a membership and its included as a member in their final figures.
Its an allegory to what the government does. You might need to look that word up.

I see you still haven't figured out what the headline actually says.

Finally figured out what thr headline says;

SA HAS THE LOWEST UNEMPLOYMENT RATE IN THE COUNTRY!!

Thanks for the education, missed that entirely. You are so wise.

[abc]

OH MY GOD!!! The government manipulates AFL membership!! When will they stop corrupting our children!!

no, the AFL manipulates AFL memberships. You can buy a dog a membership and its included as a member in their final figures.
Its an allegory to what the government does. You might need to look that word up.

I see you still haven't figured out what the headline actually says.

Finally figured out what thr headline says;

SA HAS THE LOWEST UNEMPLOYMENT RATE IN THE COUNTRY!!

Thanks for the education, missed that entirely. You are so wise.

look again

[SBD]

no, the AFL manipulates AFL memberships. You can buy a dog a membership and its included as a member in their final figures.
Its an allegory to what the government does. You might need to look that word up.

I see you still haven't figured out what the headline actually says.

Finally figured out what thr headline says;

SA HAS THE LOWEST UNEMPLOYMENT RATE IN THE COUNTRY!!

Thanks for the education, missed that entirely. You are so wise.

look again

Does that mean most of us are sitting quietly on our superannuation, and neither employed nor unemployed?

[SBD]

South Australia records lowest employment rate in the nation for February
SA’s unemployment rate has dropped to a record low figure – the best result in Australia – as the national figure also dived, dashing hopes of an imminent cut to interest rates.

Kathryn Bermingham and Jack Quail
2 min read
March 21, 2024 - 2:14PM

South Australia’s unemployment rate has dropped to a record 3.2 per cent – the lowest of any state or territory in the nation.

Figures released by the Australian Bureau of Statistics on Thursday showed SA’s seasonally adjusted February rate fell 0.8 points from January.

Treasurer Stephen Mullighan said the result was “a remarkable achievement for the state’s economy”.

“Not only have we recorded the lowest unemployment rate ever in SA, it’s also the first time SA has recorded the lowest unemployment rate in the nation,” he said.
“I think there is a real sense of confidence and optimism throughout the economy.”

Mr Mullighan partly attributed the boost to investment in the defence and renewable energy sectors.

“There’s a real sense of buzz about our state and it’s really pleasing to see that translate into such great figures today,” he said.

However, opposition treasury spokesman Matt Cowdrey said the rise in employment was to be expected.

“This uptick is welcomed but comes as no surprise because during this period every year we see a huge increase in casual work because of the Fringe and other events,” he said.

Population data also released Thursday showed the number of departures from the state was greater than the number of arrivals for the year ending September 30 2023.

The data showed that 25,880 people left for interstate, while only 24,873 arrived – a net loss of 1007.

Nationally, the unemployment rate dropped to 3.7 per cent, down from 4.1 per cent the month prior, and far short of a 4 per cent reading economists had predicted following an uptick in job losses over the summer months.

Australia’s economy added a blockbuster 116,500 jobs in February, the Australian Bureau of Statistics reported on Thursday, far outstripping expectations of an increase of 40,000.

The unexpected jobs gain was fuelled by an increase in both full-time and part-time positions, up 78,200 and 38,300, respectively.

Oxford Economics lead economist Ben Udy said the recovery in employment clearly challenge the view that monetary policy was providing enough of a drag on the economy to bring down wage growth and inflation.

“The RBA will surely be watching the labour market data closely from here to see if the loosening in the labour market resumes in the months ahead.”

After keeping the cash rate on hold at 4.35 per cent earlier this week, RBA governor Michele Bullock said the central bank was keeping a close eye on measures of the jobs market, but was not targeting a certain jobless rate before it lowered interest rates.

“I think the unemployment rate is something that is mechanically going to rise as the economy slows,” governor Bullock said.

The Reserve Bank’s own forecasts predict the unemployment rate will rise only gradually, reaching 4.2 per cent by June, and 4.3 per cent by year’s end.

https://www.adelaidenow.com.au/subscrib ... nt-1-SCORE

But as abc pointed out, what business would ever want to do business here because we have the highest power prices in the world!!!

Additional, this is horrible news as we will probably get more of those pesky migrants to fill positions that can't be filled and that can only mean higher house prices.

Man this state is in the shit.

"...international video company App Demo Videos relocating from New South Wales." was a couple of lines back. There was a press release from the Premier and Nick Champion about it too.

[Norman]

South Australia has had negative interstate migration since the 1970s, as has New South Wales. It's been an ongoing issue for both states for a very long time.

I'm not sure that's entirely true. I thought S.A's net interstate migration losses only became entrenched from 90/91 onwards (State Bank collapse and extended recession). Happy to see some stats though, I might even look it up myself at some point.

Here's the net interstate migration flow from 1981 onwards. Keep in mind that these are quarterly figures.

For data before 1981, check this document from the ABS here: https://www.ausstats.abs.gov.au/ausstat ... 6_1981.pdf
The relevant data is on the final page under Table 25.