389 - The Economic Weather Forecast For Adelaide

It’s estimated that half of all Australians are now living from payday to payday, with no money saved up for emergencies. And yet last weekend’s opening of the Fringe saw record, pre-covid levels of people on the streets of Adelaide. We will get stuck into these seeming contradictions with our special guest, Jordon Tomopoulos from the Adelaide Economic Development Authority. Here’s a taste.

And in the Musical Pilgrimage, Atlas Genius has two new singles that just dropped. We’ll play one of them and build a link between them, Taylor Swift, and P!NK!

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Running Sheet: The Economic Weather Forecast For Adelaide

00:00:00 Intro

Introduction

00:00:00 SA Drink Of The Week

There is no SA Drink Of The Week this week this week.

00:05:00 The Economic Weather Forecast For Adelaide

There is no doubt climate change is making our weather unpredictable, but what are things like in the economic realm? Jordon Tomopoulos from the Adelaide Economic Development Agency, spends his days conducting economic research looking for insights into data and he joins us to share some of his findings.

This talk is partly about data and partly about sentiment.

According to some data from the financial comparison site, Finder, half of all Australians are now living pay cheque to pay cheque with no savings, with no money saved up for emergencies. Meanwhile, an Advertiser story towards the end of the first year of Covid, stated that it’s essential to transfer any spare cash into a buffer account that could see you through 3 to 6 months.  It quoted Dominic Beattie, editor of online financial resource Savings.com.au, telling readers to prioritise that buffer account. The article warns people that while it’s tempting to go to the pub or eat out now that restrictions are lifting, recessions can last for a while – you don’t know what might happen down the track.”

And now I turn to you, Jordon. At the Adelaide Economic Development Agency, you want to see a thriving economy. Before we dive into your data and analysis, as a fellow citizen here in South Australia, what’s your reaction to these two bleak items, especially when your latest weekend foot traffic report shows people have flocked to the city for the opening of the Adelaide Fringe?

I just came back from Melbourne for Taylor Swift. The city was swarming with swifties. I hear that bead bracelet kits were sold out for months in the lead up and that international leaders were begging Tay Tay to Stay Stay in their countries for the economic impact. The Australian reports that hotel occupancy during the Friday and Saturday nights of the concerts was sitting at 83%, which is pretty impressive when you consider how many hotels exist in Melbourne. However, we have Pink coming to Adelaide next week and your numbers suggest a bigger impact?

What is the importance of big events like concerts, conferences, and sport (AFL Gather Round), events like the Fringe, etc (although. I get the impression they are like Carbs for the city – we get a big rush and then we’re craving again. Is that fair? And is there anything that provides that lovely, Protein-like, slow release goodness over time?

Hindley Street has been in the news with the City of Adelaide calling some special meetings to address the rapidly shrinking number of nightclubs and bars. This begs the question: Are there business models that rely too heavily on over consumption of alcohol? I ask because La Trobe University recently published a report titled, Generation Dry: why young people are drinking less. How can we cultivate that “buzz-based entertainment” when less people are chasing that high-margin buzz product?

Has working from home stopped spending or just spread it out more through the suburbs?

And can we get too much of a good thing? Tay Tay made us wait for going on stage – and we got the pay off. I am taking a break from Fringe because I was becoming jaded. Is there a role for peaks and troughs in a healthy economy (absense makes the heart grow fonder), or does that make you shiver?

What was 2023 like?

How is 2024 looking?

00:41:12 Musical Pilgrimage

In the Musical Pilgrimage, Steven Jeffrey had told us a new Atlas Genius song was on the way and it just dropped this week. So we’ll listen to Nobody Loves Like You.

This fits in well with our discussion this week because we looked at the economic impact of big artists performing in a city, especially those that aren’t saturating our radio stations. Atlas Genius has a huge following in the USA and a passionate group of followers in Australia, so when I saw someone starting a petition to bring Atlas Genius back to their hometown of Adelaide, the main thing I can hear is the sound of cash registers tinkling all around the city.

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