Pete Wargent blogspot

Co-founder & CEO of AllenWargent property buyer's agents, offices in Brisbane (Riverside) & Sydney (Martin Place), and CEO of WargentAdvisory (providing subscription analysis, reports & services to institutional clients).

4 x finance/investment author - 'Get a Financial Grip: a simple plan for financial freedom’ (2012) rated Top 10 finance books by Money Magazine & Dymocks.

"Unfortunately so much commentary is self-serving or sensationalist. Pete Wargent shines through with his clear, sober & dispassionate analysis of the housing market, which is so valuable. Pete drills into the facts & unlocks the details that others gloss over in their rush to get a headline. On housing Pete is a must read, must follow - he is one of the better property analysts in Australia" - Stephen Koukoulas, MD of Market Economics, former Senior Economics Adviser to Prime Minister Gillard.

"Pete Wargent is one of Australia's brightest financial minds - a must-follow for articulate, accurate & in-depth analysis." - David Scutt, Business Insider, leading Australian market analyst.

"I've been investing for over 40 years & read nearly every investment book ever written yet I still learned new concepts in his books. Pete Wargent is one of Australia's finest young financial commentators." - Michael Yardney, Australia's leading property expert, Amazon #1 best-selling author.

"The most knowledgeable person on Aussie real estate markets - Pete's work is great, loads of good data and charts, the most comprehensive analyst I follow in Australia. If you follow Australia, follow Pete Wargent" - Jonathan Tepper, Variant Perception, Global Macroeconomic Research, and author of the New York Times bestsellers 'End Game' and 'Code Red'.

"Pete's daily analysis is unputdownable" - Dr. Chris Caton, Chief Economist, BT Financial.

Thursday, 23 January 2014

Trouble ahead for South Australia?

The AFR reported today that:

"A sharp deterioration in South Australia’s budgetary position of $380 million in less than two months has reinforced that economic management is the major issue in the State’s March 15 election."

Projected deficits have blown out. 

South Australia's economy is in a pickle, a point which I have come back to quite a few times in the last year or two.

The unemployment rate in the state is all the way up at 6.7% (and appears to be rising), a level not topped for a decade or more. And the state has failed to add jobs over the past year too. 

General Motors will no longer be manufacturing cars in Adelaide after the next few years.

And, the great hope of the massive BHP Billiton expansion at the Olympic Dam mine, looks highly questionable with commodity prices having faded. 

It's hard to see where growth is going to come from with a set of figures like that. 

Not good...