"CONSUMERS are already cutting back sharply on their spending and have turned away from high-priced luxury items as fear grows that Australia faces a deep and sustained economic downturn."
The economy needs to be based on primary and secondary industry in slower economic times. People will have less disposable income and will use their income to drive their life. They will cut back on luxury items and service industries will deplete. It'll be interesting because we have a lot of people who haven't experienced tough economic times and they are probably going to look upon it as deprivation. Things will have to be practical and functional and people will start looking for things which will last. That ought to be interesting in today's throw away economy.