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.

Tuesday, 21 April 2015

More jobs to go in Elizabeth

Manufacturing jobs cuts

Elizabeth in Adelaide already has by a huge margin the highest capital city unemployment rate in Australia, and as considered here previously, there may be worse to come.

Reported News:

“Holden will make 270 more workers redundant at its car assembly line in Elizabeth, South Australia, next month as demand for locally-made vehicles hits new lows.

So far this year sales of the Holden Commodore are down by 17 per cent and deliveries of the Cruze small car are down by 5 per cent in a market that has just posted the strongest first three months on record.

Staff numbers will fall from 1530 production line workers to 1260 as a result of the cutbacks, and vehicle production will drop from 290 cars per day to 240 cars per day from May 25, when the redundancies are due to take place.”

According to the report, there could be further job cuts to come later in 2015:

“Holden has not ruled out further redundancies later this year: “As difficult as this process is, the contraction of the manufacturing will happen on a sliding scale. One of our priorities is to not release everyone onto the job market at the same time.”

“Despite the new round of job cuts, and persistent rumours of early shutdowns, each of Australia’s three remaining car manufacturers insists production will continue all the way to their respective closure dates.

Ford is due to close its Broadmeadows and Geelong facilities in October next year, with Holden and Toyota are due to shut their factories in late 2017.