Do you remember when housing loan interest rates hit 19 percent in the early 1990’s, it was a tough time. Paul Keating Prime Minister of Australia at the time said – This is the recession Australia had to have. We found that hard to swallow, as we had huge unemployment rates at 10. 5 percent and there certainly was not a lot of positivity in the business world at the time. Car loan rates were over 20 percent and many real estate sellers were taking losses on sales of their properties after having bought at the peak in the late 1980’s. It was certainly a tough time for everyone in Australia.
Fast Forward To Today.
Well, I am consistantly asked how the action sports market is, and I am also in tough discussions with friends who have businesses which are struggling, having to reduce staff levels and finding the banks tough to deal with.
The unfortunate thing is, it is not the first time it has happened and certainly it will happen again in the future. Sometimes people on the West Coast of Australia feel a little isolated as we hear The Reserve Bank Of Australia talk about high real estate prices on the East Coast of Australia and prices still climbing.
It just proves things do not stay the same forever and that adjusting to your local trends and economy are the keys to success in business. The challenge can be working your way through some of the information from the media and on – line news sources that is not necessarily correct.
There are opportunities out there today, as there were back in the 1990’s, you just have to understand the game and how it applies to your own set of circumstances.
So look out for solid advice, not just any advice.