Debt and Deficit - Coalition Budget Emergency

[Power Raid]

Don't forget the high gas and power. Thank goodness they repealed the carbon tax.

unfortunately the damage was done. just look at SA

 

[Rob]

Whats a 1/4 of a trillion dollars and why would it have to be paid "all in one hit"?

The Australian government's unfunded superannuation liabilities. That's off the top of my head though, i'm not certain. I know the future fund doesn't come close to covering it, and that's over $100 billion.

And it was in response to your comment that "The Future Fund should never have been established until the government had directly funded all of their outstanding employer superannuation contributions." Doing so would currently require a quarter of a trillion dollars (if i'm right about the amount).

 

[Elroo]

The Australian government's unfunded superannuation liabilities. That's off the top of my head though, i'm not certain. I know the future fund doesn't come close to covering it, and that's over $100 billion.

And it was in response to your comment that "The Future Fund should never have been established until the government had directly funded all of their outstanding employer superannuation contributions." Doing so would currently require a quarter of a trillion dollars (if i'm right about the amount).

The Australian government's unfunded superannuation liabilities. That's off the top of my head though, i'm not certain. I know the future fund doesn't come close to covering it, and that's over $100 billion.

The current unfunded superannuation liabilities aren't $250 billion, and they weren't in 2006 when the FF was established.

The FF should never have been established and instead the money should have been directly deposited into the superannuation funds of Commonwealth Employees from 2006 if not before.

 

[Power Raid]

The current unfunded superannuation liabilities aren't $250 billion, and they weren't in 2006 when the FF was established.

The FF should never have been established and instead the money should have been directly deposited into the superannuation funds of Commonwealth Employees.

but that's the point......they didn't exist rather they were IOUs on a piece of paper. By setting up the FF, it is now backed in part by assets rather than future income in the never never land.

 

[Power Raid]

The current unfunded superannuation liabilities aren't $250 billion, and they weren't in 2006 when the FF was established.

The FF should never have been established and instead the money should have been directly deposited into the superannuation funds of Commonwealth Employees from 2006 if not before.

http://www.theaustralian.com.au/bus...bilities-balloon/story-e6frgac6-1226953614923

 

[Elroo]

but that's the point......they didn't exist rather they were IOUs on a piece of paper. By setting up the FF, it is now backed in part by assets rather than future income in the never never land.

but that's the point......they didn't exist rather they were IOUs on a piece of paper.

Yes Ive mentioned that multiple times!

By setting up the FF, it is now backed in part by assets rather than future income in the never never land

You may want to look at the FF and it's relationship to the unfunded Commonwealth superannuation.

 

[Elroo]

http://www.theaustralian.com.au/bus...bilities-balloon/story-e6frgac6-1226953614923

Unrelated pr0n that PR likes to comment on.

 

[Maggie5]

unfortunately the damage was done. just look at SA

In your opinion!

 

[Power Raid]

In your opinion!

Backed by Centrelink, attested to lower wages and embarrassingly tried to be covered up by dodgy government jobs with f all productivity.

 

[Gough]

So privatisation, and subsequent gold plating of the infrastructure had nothing to do with the power price?

 

[Maggie5]

Backed by Centrelink, attested to lower wages and embarrassingly tried to be covered up by dodgy government jobs with f all productivity.

Seriously don't bother Mr Expert in all things.

 

[Rob]

The current unfunded superannuation liabilities aren't $250 billion, and they weren't in 2006 when the FF was established.

The FF should never have been established and instead the money should have been directly deposited into the superannuation funds of Commonwealth Employees from 2006 if not before.

How much is it then?

And how do you decide which accounts to put the money into (given they can't fund them all) and how much needs to go into them given most are defined benefit?

 

[Play by Numbers]

that was the claim last time and look what happened

Australia was at the beginning of an unprecedented resource boom.

Other recent examples show increase in sales tax have a cooling effect on growth.

Given our heavy reliance on the service sector it will belt spending.

 

[Power Raid]

Australia was at the beginning of an unprecedented resource boom.

Other recent examples show increase in sales tax have a cooling effect on growth.

Given our heavy reliance on the service sector it will belt spending.

the late 90s were the darkest days mining had seen, the exploration boom really kicked-in in 2004 and the mining boom only started in 07/08.

A circa 10 year lag is hardly the beginning

 

[pazza]

How much is it then?

And how do you decide which accounts to put the money into (given they can't fund them all) and how much needs to go into them given most are defined benefit?

Industry super funds. Better results.

 

[Play by Numbers]

the late 90s were the darkest days mining had seen, the exploration boom really kicked-in in 2004 and the mining boom only started in 07/08.

A circa 10 year lag is hardly the beginning

Japan is a great example. Huge QE which increased spending collapsed after the consumption tax increase.

If you disliked the carbon tax, you should loathe the GST

 

[Power Raid]

Japan is a great example. Huge QE which increased spending collapsed after the consumption tax increase.

If you disliked the carbon tax, you should loathe the GST

why?

one is a tax on Australian industry and the other a consumption tax creating an equal playing field for Australian industry

 

[Gough]

Industry passes the cost onto consumers, remember $100 lamb roasts, and the "great big new tax on everything"? A GST rise is no different.

 

[Power Raid]

Industry passes the cost onto consumers, remember $100 lamb roasts, and the "great big new tax on everything"? A GST rise is no different.

Industry can only pass it onto consumers if there isn't global competition, So sure, power is passed on to the consumer.

However if that consumer is a factory producing a product that could be sourced overseas, then this cost burden may not be passed on. This may mean the business closes down meaning we lose jobs here and export our pollution to a jurisdiction which probably has less environmental standards than here. Meaning more net pollution globally.

 

[Maggie5]

Not many big businesses around employing people in manufacturing so not a realistic example.
Shame the MV industry is not still around with the low dollar.

 

[Power Raid]

Not many big businesses around employing people in manufacturing so not a realistic example.
Shame the MV industry is not still around with the low dollar.

Omg.....What can be said. Go back and have a read again.

Then we can address your post which is a completely different issue......what do you define as manufacturing? Just because certain parts of manufacturing is reducing doesn't mean there isn't an opportunity for growth in others.

 

[Maggie5]

Omg.....What can be said. Go back and have a read again.

Then we can address your post which is a completely different issue......what do you define as manufacturing? Just because certain parts of manufacturing is reducing doesn't mean there isn't an opportunity for growth in others.

Please, just let go. Can't keep up with your waffle or so called expertise in all matters.

 

[Juddism]

the late 90s were the darkest days mining had seen, the exploration boom really kicked-in in 2004 and the mining boom only started in 07/08.

A circa 10 year lag is hardly the beginning

the boom coincided with Beijing's successful Olympic bid..the bust came not long after the flame was extinguished.

now, with the CCP cracking down on corruption, the Chinese economy has grown at it's slowest in 25 years...I wonder if the corruption crackdown and the economy slowing can be linked?!

 

[Power Raid]

the boom coincided with Beijing's successful Olympic bid..the bust came not long after the flame was extinguished.

now, with the CCP cracking down on corruption, the Chinese economy has grown at it's slowest in 25 years...I wonder if the corruption crackdown and the economy slowing can be linked?!

Yes this down turn has been caused by a crack down on corruption and tax evasion in china and globally.

Places like Indo are offering amnesty sometime in 2016 if tax is paid and the money reinvested in Indo.

The implications of the amnesty? The money will flow again, the economy will be stronger but assets may have to be sold into weak markets.

 

[TheHateful62]

Total Australian debt: $ 5,603,936,114,396 (5.6 trillion+)
- http://www.australiandebtclock.com.au/