so much for the recovery, page-20

Hi Legume,

I don't see how the mine services thing is overdone nor how WTP is oversold. Oz is on the verge of a recession on the scale of what we had 20+ yrs back. We are stuck with high wage costs that only a serious carnage can push back to sensible levels. We can't produce anything at a profit now - coal, iron ore, copper, gold, alumina...there are plenty of mines in Latin America, Africa and Asia with far lower costs..heck even the US and Canada can undercut us without breaking sweat.

And mining losses is the first domino - the govt is in deficit so they can't step in with spending to make up for fall in investment. Sit back and watch the job losses start from mining and flow on to practically all sectors. WTP like all building, construction and project engineering companies will find the environment very tough for the next few years. Sorry to sound so gloomy but I think the shorters have it right.