I arrived in Bangkok last night and now planning to stay in Thailand for at least the next month or so. After my passport/visa nightmare, it feels good to have a brand new passport and the freedom to go where I want.
The flight from Melbourne was full of holiday makers. It was a discount airline, but it made me wonder how the impact of the economic crisis is having on people’s spending decisions. Perhaps the holiday makers “downgraded” their travel plans from the US or Europe and opted for a cheaper trip to Thailand.
For me, interest rates are down, the Australian dollar is down and my income is so far unaffected. Being a property investor and making most of my money in US dollars, I am currently better off. Rental rates are set to increase in Australia as they suffer a shortage of rental properties – all good things for property investors (as long as you are not forced to sell).
It is hard to know how internet businesses will be affected. Some people suggest that some companies might even increase spending on their PPC campaigns, as it can be more targeted and cheaper form of advertising, than traditional media. I imagine there will be less money going around for new internet startups that don’t have proven revenue models.
It was funny to see economists saying how they “predicted” the crisis. The stock market, gas prices and property values, were going out of control, I don’t think it takes a genius to see what was happening.
Just as a former Australian treasurer Paul Keating once said, “It’s a recession we had to have”.