December 12th, 2010
Both Harvey Norman and Myer have below par internet strategies, so it’s no wonder consumers shop at other websites, both local and international.
Online buying decisions are not only made on price but are also based on user experience, customer service, delivery times and costs, just to name a few.
To Read More…
December 12th, 2010
iiNet’s landmark win against the Australian Federation Against Copyright Theft has highlighted how the major film and television companies are shooting themselves in the foot by denying Australian consumers timely access to online content. To Read More Click Here….
December 1st, 2009
Today, the RBA increased interest rates again by 25 basis points, now up to 3.75%. Either they can see well into the horizon or are living in a global vacuum.
Sure unemployment numbers are looking better, but unemployment is tipped to go higher before it goes back down (in Australia and most other parts of the developed world). Most major economies have decided to maintain their interest rates just above zero, much lower than Australia’s.
On my recent trips to the USA and to Europe, it was clear their economies were still reeling from one of the biggest economic downturns since the Depression. Sure, Australia has moved on from the sheep’s back and is now making its living through commodities, especially to China. And whilst I am a great believer in the Asian Tiger, and see this as a significant advantage for Australia’s long term prosperity, it would be naïve to think that China alone can save Australia or the rest of the world.
We live in a multi dimensional economy, where events in every part of the world impact other countries - including our beloved Australia. If you believe all the stats and that the global economy isn’t likely to start recovering for another 12-18 months, why would Australians believe downturns in other countries won’t affect us, let alone the business confidence in the SME sector which is already badly shaken (I won’t dwell on Work Choices and the removal of unfair dismissal legislation for small business).
I ask the board of the Reserve Bank of Australia, for the future of Australia, take a tax payer funded Junket and see how the rest of the world is actually faring… Just remember that you were responsible for the rate rises to well above 8% when the rest of the world was cutting them.
I think that small business owners won’t be complaining about this tax payer funded Junket to help you get a sense of reality (and feel free to fly first class - just remember to offset with carbon credits :-)
June 11th, 2009
Figures released last week showing that Australia wasn’t in a recession took me by surprise. Maybe it was that $900 cheque from the Ruddbank that helped save the day? I think not! Maybe it was those statisticians playing with the parameters around how they calculate GDP (they have been playing with the CPI basket of goods for years, so why stop?!?)
My view is that the feeling on “the street” isn’t one of optimism and hope; reinforced by the fact that Australians are now saving more than what they have done for decades (aka: sticking cash into the piggy bank for a rainy day!)
So the question is; if Australia isn’t technically in a recession, will we have a recession (2 quarters of negative growth) in the next year or so? Remember we don’t live in a vacuum - most economies globally are inter-dependant.
On the basis that Aussie unemployment is set to rise to at least 8.5% by 2011 (if not more), there is a strong argument that the worst of this crisis is far from over.
I predict (and I really hope that I am wrong) the following:
1. The current global stock market rally is a “fools rally”
2. We will see another decline in the stock market later this year (October 2009 is my bet)
3. Big banks globally will air further dirty laundry
4. General Motors won’t be the last major global corporation to file for Bankruptcy
Therefore, if my predications are correct and analysts’ predications of 8.5% unemployment are correct – I will bet that Australia will technically be in recession at some point between now and the end of 2011. So my dear friends, keep saving for that rainy day!
March 3rd, 2009
Dear RBA Governor Glenn Stevens,
Your decision to maintain interest rates at 3.25% when the whole world is going into an economic free fall tells me that either you either have access to information that no other Australian has (including other Reserve Banks from around the world) or that you have spent a little too much time in your ivory tower.
Let me cast your mind back to early 2008 – when other Reserve Banks around the world were decreasing their interest rates – you on the other hand were increasing them; only to reverse this when the reality of the global financial meltdown hit you!
I urge you to go down the street and speak to Small Businesses, the backbone of the Australian economy and gauge their feeling towards the economy; I think you maybe shocked by the lack of confidence in the economy and towards your decision today.
I am afraid that by the time you realise that Australia is headed towards a recession, you will once again be late to the interest rate party.
Please Governor Glenn Stevens, follow the lead of other reserve banks and keep pushing interest rates lower to help boost our fragile economy.
December 26th, 2008
Hope you all had a great XMAS. I bought TheScene.com.au when I was CEO at destra corp a couple of years ago. TheScene.com.au was a leading website targeting Gen Y with a focus on Music, Fashion and Lifestyle. As you may know, destra went into VA about a month ago and yesterday we completed the acquisition of the website (thanks to my investor Danny Wallis who also helped fund the MP3.com.au acquisition from destra).
Over the coming months, we’ll focus on rebuilding the website, content and audience (as it was neglected by destra for over 6 months - very sad in my view as the new owners of destra didn’t seem to understand that you need to update content on the site in order to keep it fresh). Well their loss is my gain! Have a great New Year and looking forward to bigger and better things in 2009!
December 5th, 2008
It’s always been a dream to of mine to launch an investment fund focused on high growth Internet companies. Finally with the help of some great people, we have taken over the Future Capital Development Fund (see press article).
Our core focus will be to invest some “smart money” into smartly operated Internet businesses that want to grow. We will certainly be hands on helping grow the company, helping them raise further capital if required and then driving a trade sale. This helps provide liquidity for the original founders and provides for a capital gain on our investment if we do it right. Better still, any Capital Gains in our PDF are tax exempt (under the Pooled Development Fund Act 1992 - but i need to tell you; always seek your own financial and legal advice yadda yadda :-)
If you have any ideas, why not drop me an email via this websites contact form. I will have an Information Memorandum (IM) available next week for any interested parties.
October 13th, 2008
I am speaking at the Hive tomorrow -
The Hive Melbourne is networking for entrepreneurs. We get together to share advice, talk and hang out. Membership is free and easy, and everyone’s invited. If you have an idea and want to launch a venture or already have a venture then jump on board today.
Who: Domenic Carosa
When: 7pm, October 14th, 2008
Where: The Carlton Hotel, 193 Bourke St Melbourne.
RSVP: Email firstname.lastname@example.org or RSVP through the Facebook event.
October 8th, 2008
After co-founding MP3.com.au 10 years ago, hitting my head against a brick wall with the record co’s to accept the ubiquitous MP3 format, listing into a public company (aka: destra); the record companies finally accepting the MP3 format (finally!) - I just bought back my little baby!
We are now in the process of moving servers - so the website will be down for another 24 hours - so check back next week.