Debt and Deficit - Coalition Budget Emergency

[Ice-Wolf]

please refer above

Refer to what? Stop being obtuse and explain your position.

 

[Power Raid]

What and who is breaching the RDA, and how?

http://www.austlii.edu.au/au/legis/cth/consol_act/rda1975202/s12.html

 

[Ice-Wolf]

http://www.austlii.edu.au/au/legis/cth/consol_act/rda1975202/s12.html

I'm pretty certain if taken before the courts they'd define a person for purposes of that part of the act to be a legal permanent resident.

 

[Power Raid]

I'm pretty certain if taken before the courts they'd define a person for purposes of that part of the act to be a legal permanent resident.

nup

you could refuse a sale on the basis you didn't want the sale to be subject to FIRB approval though.

 

[Power Raid]

What and who is breaching the RDA, and how?

 

[Ice-Wolf]

nup

you could refuse a sale on the basis you didn't want the sale to be subject to FIRB approval though.

So how is it breaching then RDA then? Unless you're contending the the FIRB and laws relating to foreign investment are in breach of the RDA.

 

[Power Raid]

So how is it breaching then RDA then? Unless you're contending the the FIRB and laws relating to foreign investment are in breach of the RDA.

I'm suggesting you couldn't cite the race or nationality issue as a reason for not entering into an agreement. You could however cite the condition of FIRB approval as a reason for not proceeding.

One is a breach, the other is not.


and no I am not contending that at all.

 

[Ice-Wolf]

I'm suggesting you couldn't cite the race or nationality issue as a reason for not entering into an agreement. You could however cite the condition of FIRB approval as a reason for not proceeding.

One is a breach, the other is not.


and no I am not contending that at all.

So in other words you have no point at all and were just posting crap.

 

[CM86]

What and who is breaching the RDA, and how?

 

[Power Raid]

So in other words you have no point at all and were just posting crap.

????

no, the point is we do not need knee jerk tightening of foreign ownership rules as suggest by PBN

 

[Maggie5]

I'm pretty certain if taken before the courts they'd define a person for purposes of that part of the act to be a legal permanent resident.

RACIAL DISCRIMINATION ACT 1975 - SECT 5
Additional operation of Act
Without prejudice to its effect apart from this section, this Act also has, by force of this section, the effect it would have if:

(a) there were added at the end of sections 11 and 13 the words "or by reason that that other person or any relative or associate of that other person is or has been an immigrant";

(b) there were added at the end of subsections 12(1) and 15(1) the words "or by reason that that second person or any relative or associate of that second person is or has been an immigrant";

(c) there were inserted in subsection 14(1), before the words "is invalid, the words or by reason that that person is or has been an immigrant";

(d) there were added at the end of subsection 14(2) the words "or by reason that that other person is or has been an immigrant";

(e) there were added at the end of subsection 15(2) the words "or by reason that the person so seeking employment or any relative or associate of that person is or has been an immigrant"; and

(f) there were inserted in section 18, after the word "person", the words "or by reason that a person is or has been an immigrant".

 

[Play by Numbers]

So in other words you have no point at all and were just posting crap.

To further highlight my point.

Rents rise in most Australian cities as investors flood into the housing market

http://gu.com/p/4afx6?CMP=Share_AndroidApp_Copy_to_clipboard

From the comments:

China has become Australia's biggest source of approved foreign investment for the first time after a $12.4 billion splurge on real estate last financial year.
Chinese investors planned to spend $27.7 billion here according to the Foreign Investment Review Board annual report, issued Thursday, overtaking United States investors who were approved to spend $17.5 billion.



Investments in real estate accounted for almost half China's total, with its $12.4 billion approved investment more than twice the amount spent by the Americans on real estate."

The current crisis in China could do one of two things. Cause a huge spike in investment in realestate further over heating the market or cause capital flight back to China as investors face liquidity problems due to losses and a trading freeze of stocks.

 

[yibbida]

$100 Billion increase in debt since the Abbott-Truss government took office.

 

[Power Raid]

a disgrace

when will we get a govt that can manage the books again?

 

[Admiral Byng]

a disgrace

when will we get a govt that can manage the books again?

When we get some pragmatists instead of ideologues in power?

 

[BurningBright]

$100 Billion increase in debt since the Abbott-Truss government took office.

This was from 2012 --->





MORE DEBT THAN MONEY IN AUSTRALIA
Individuals and Businesses

Cash notes $50 billion
Bank deposits $1 000 billion
Bank loans $2 000 billion
Reserve Bank of Australia data May 2012 slightly rounded

Observation One: Loans exceed deposits. Thus there is More Debt than Money.
Observation Two: The cash does not match the deposits. If you thought the banks have the cash to pay back the depositors, think again. The numbers in accounts must be virtual and are called Commercial Bank Money.
Observation Three: Might they be lending out money that does not exist?
Observation Four: For those of you that talk about 'Fractional Reserve Banking', there is $50 billion cash, $1000 billion deposits. The Fractional component must be held as virtual deposits. It is certainly not cash. There is only $50 billion cash, and that is mostly in peoples back pockets.
Observation Five: Interest is charged on the loans. Thus the level of debt in the nation will have an upward trend.
Conclusion: There is more 'so called' money in deposits than cash available to pay back the depositors. The depositors cannot be paid back in cash, only in more virtual money.
Conclusion: Bank deposits are virtual. They do not exist as 'Legal Tender'.
Conclusion: There is More Debt than Money.
Conclusion: It is impossible to pay off the loans. Australian individuals and businesses are in perpetual debt.
UNPAYABLE DEBT

Edward Bernays: “Those who manipulate the organized habits and opinions of the masses constitute an invisible government which is the true ruling power of our country.” [Edward Bernays, assistant to William Paley, founder of CBS]

MORE DEBT THAN MONEY IN AUSTRALIAThe Nation
Total Australian Debt ~$4 700B ~$4.700T (trillion)
Broad Money Supply ~$1 570B ~$1.57T (trillion) Data from The Australian Debt Clock
Conclusion. There is More Debt than Money.
Conclusion. It is impossible to pay off the loans.
$4.7 trillion works out at $188 000 per person. And we are supposed to be in a good financial position. Let us ask the banks to justify the imbalance of debt against money.
UNPAYABLE DEBT

David Korten: “The professional study of economics has become ideological brainwashing. It is a defense of the excesses of the capitalist system.”


http://www.moredebtthanmoney.com.au/

 

[BurningBright]

MORE DEBT THAN MONEY IN THE WORLD
World Public Debt
(Government Debt) $51 000B $51T
The World Debt Clock
Total World Debt $220 000B $220T
ING report
Total World Money M2 $US $10 500B $10.5T
How Stuff Works
Total World Money M3 $75 000B $75T
Gizmodo Blog Comment
Total World Money M3 2009 $59 000B $59T
Mike Hewitt on DollarDaze
If you look at the The Global Debt Clock you will notice that all countries are coloured. All countries have debt. Doesn't that seem wrong?
To whom are they all in debt? Is it possible to pay back this money? Does this worldwide debt increase? Why don't we have direct trade between nations and bypass the international banks?
ING economists report that total indebtedness of the world is $220 trillion. This includes all parts of the public and private sectors. The ING economists found that Per-capita indebtedness is about $11,600 in emerging economies. It is ~$170,000 for developed economies.
This is what struck me when I wrote some pamphlets for Occupy. As an ex mathematics teacher, average debt should come to zero.
UNPAYABLE DEBT

 

[Power Raid]

When we get some pragmatists instead of ideologues in power?

agree

I didn't like Howard but I certainly miss his pragmatism. I loved Keating and miss his pragmatism and visionary approach.

My preference is a steady hand to re-stabalise the debt ridden ship but then have someone who can work with the states to transform the commonwealth and prepare the nation for the century ahead.

Unfortunately we had 2 governments who felt the need to sell out democracy and now a limp dick government who tried to do too much in the first year, failed and now too scared to roll out reform. Perhaps we should just follow Greece and let our debt holders make the tough decisions if our electorate and governments can't.

 

[Gough]

I'd have expected with all the cuts this government has made, for some significant inroads being made into the debt, it seems curious then that this government, having spent five years screaming blue murder about a debt, and deficit emergency, is spending more than the previous one. Where are the $$$ going now then?

 

[Power Raid]

I'd have expected with all the cuts this government has made, for some significant inroads being made into the debt, it seems curious then that this government, having spent five years screaming blue murder about a debt, and deficit emergency, is spending more than the previous one. Where are the $$$ going now then?

Have we seen cuts? lot's of talk but no action through parliament

 

[Ratts of Tobruk]

agree

I didn't like Howard but I certainly miss his pragmatism. I loved Keating and miss his pragmatism and visionary approach.

My preference is a steady hand to re-stabalise the debt ridden ship but then have someone who can work with the states to transform the commonwealth and prepare the nation for the century ahead.

Unfortunately we had 2 governments who felt the need to sell out democracy and now a limp dick government who tried to do too much in the first year, failed and now too scared to roll out reform. Perhaps we should just follow Greece and let our debt holders make the tough decisions if our electorate and governments can't.

Your analysis over the period of those governments has been very weak, and so we'll all happily ignore your comment on what we could do in the future. "Howard's pragmatism" is exactly why we are in structural debt. People assume they will get cash hand outs from governments and the income tax cuts proposed by him and agreed to by Rudd are a big reason for the revenue shortfall we've experienced from the GFC onwards.

But as has been shown to you in the past, even the current debt can be paid off relatively quickly. 15 years if European and Chinese economies don't have any more scares (and we reverse the revenue problem by increasing taxation through income tax or a consumption tax).

 

[Power Raid]

Your analysis over the period of those governments has been very weak, and so we'll all happily ignore your comment on what we could do in the future. "Howard's pragmatism" is exactly why we are in structural debt. People assume they will get cash hand outs from governments and the income tax cuts proposed by him and agreed to by Rudd are a big reason for the revenue shortfall we've experienced from the GFC onwards.

But as has been shown to you in the past, even the current debt can be paid off relatively quickly. 15 years if European and Chinese economies don't have any more scares (and we reverse the revenue problem by increasing taxation through income tax or a consumption tax).

I'm glad to see you finally agree that we have a generation of debt or did you agree before but were just being deceitful?

 

[RightorKhan]

Interesting article from the Australian. Actually acknowledges real things like GFC's and economical data/history .

http://www.theaustralian.com.au/nat...ey-history-shows/story-fn59niix-1226056371414

 

[Ratts of Tobruk]

I'm glad to see you finally agree that we have a generation of debt or did you agree before but were just being deceitful?

A further clue to how ancient PR must be - he thinks a 'generation' is 10-15 years.

 

[Power Raid]

A further clue to how ancient PR must be - he thinks a 'generation' is 10-15 years.

another deceitful tactic

We have been talking about a generation of debt for years now. So 15 + what 7? years (2008 being the years we went into deficit) = ???

hmmmm

personally I think we will not pay this debt off for more than 20 years from here......possibly even 40 years.