Australia is rich, dumb and getting dumber

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DAlembert

All Australian
Mar 12, 2019
653
442
AFL Club
Geelong
If Labor's good economic management is down to good luck, is the Coalition's poor economic management just bad luck? Or are they just inept?
The point is Australian Govts. have very little control over Global economic outcomes. We are a minnow in the grand scheme of things and both Liberal and Labor could be described as inadequate to the task. Our success as a nation has been predicated by our relationship with China and our good fortune will shine on us as long as China does business with OUR COMPANIES. Our governments are tax collectors who spend our money in the main badly.
 

SBD Gonzalez

Brownlow Medallist
Jul 5, 2012
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Kidding, right?
So you think running an ever growing deficit is economic competence?
Sometimes surpluses are good and sometimes they are bad. It depends entirely on the circumstances. Sometimes deficits are good and sometimes they are bad. It depends entirely on the circumstances.

To suggest that delivering surpluses is a measure of economic competence only reveals one’s ignorance of basic economics.
 

Bulldog Joe

Premiership Player
May 23, 2008
3,429
1,014
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Sometimes surpluses are good and sometimes they are bad. It depends entirely on the circumstances. Sometimes deficits are good and sometimes they are bad. It depends entirely on the circumstances.

To suggest that delivering surpluses is a measure of economic competence only
reveals one’s ignorance of basic economics.
Not sure how you deduced that I considered a surplus as the measure of competence, but in isolation it is preferred to ever increasing deficit.
 

SBD Gonzalez

Brownlow Medallist
Jul 5, 2012
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Kidding, right?

cartwright

Norm Smith Medallist
Jun 7, 2007
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ICT in 2007 = 4.84% of export
ICT in 2017 = 4.18% of export.
^^& that includes Atlassian

"The government of the day must decide on its long-term vision for Australia."

- coalition, "I know.... lets dig more coal! "
 

medusala

Hall of Famer
Aug 14, 2004
35,834
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I'm not sure both sides of politics should equally wear the blame when one of them has been in power with one six year interuption for the best part of a quarter century and they repealed or neutered pretty much everything Labor did in that time when they regained power. The parlous state of the country's economy lies with one Party alone even though Scummo would have us believe his government is still on L plates.
Yeah too true. Australia would be so much RICHER with mining and carbon taxes, Rudd's green car, pink batts for all, mass illegal immigration, cheques to all dead people, more summits with Kate Blanchett, underwriting MacBank etc.
 

Emptyorangeseat

Team Captain
Suspended
Oct 6, 2019
580
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AFL Club
Fremantle
Mining isn’t the problem with Australia. Housing is. The Coalition and Labor have turned Australia into a debt funded rentier economy.
The greens and labor and they’re immigration policy is the main driving factor!
As there hasn’t been enough housing built for the population boom and most of the lower socioeconomic housing For the less fortunate financial people of the country have been kicked out for the immigration

supply and demand is the biggest driving factor foranything
 

Austoraisetheurn

Senior List
Aug 25, 2019
221
306
AFL Club
Collingwood
Not sure how you deduced that I considered a surplus as the measure of competence, but in isolation it is preferred to ever increasing deficit.
A family member of mine worked as a financial trader for 20 years. He always said to me to never trust an economist...they never risked any money on their opinions and thus they were never punished when they were wrong, as a speculator or trader would be if they got market turning points wrong.

Around a bbq in 2008 someone asked where America got all the money from to bail out their bankrupt banks and AIG.....etc....

His answer..."oh....they just punch in the numbers and the zeros on a computer and the money is there".....

All this surplus talk he explained is political bullshit that resonates with the average uneducated voting pleb....in reality....it is not relevant to any country that issues their own currency....in fact....insisting on running surpluses causes needless suffering....misery and undoubtedly, and I'm not being hyperbolic, untimely deaths due to suicide and the like.

This ideaology of surpluses will change at some point....the question will be when and after how much suffering?

A huge housing bust? Mass unemployment?

Who knows. But it will come
 

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Austoraisetheurn

Senior List
Aug 25, 2019
221
306
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Be careful with statements like this. You are inviting the ridicule of the left.

We can blame the coalition for the ills and ignore that it only took 1 term for Rudd/Gillard/Swan to spend all the accumulated surplus of Howard/Costello
Answer me this..



1) When a government runs a surplus....they essentially pull more money out of an economy then they put in? Agree?

2) when a gov pulls out more money then they put in....an economy will go backwards unless the private sector puts more money in by going into debt.....which is what has happened since the mid 90s


What we are seeing now is the people are all loaded up on debt....the last sucker is being sucked in to getting a million dollar mortgage for a dump....


The time of reckoning is near.

I know which side of the fence I'm on....
 

Emptyorangeseat

Team Captain
Suspended
Oct 6, 2019
580
1,087
AFL Club
Fremantle
ICT in 2007 = 4.84% of export
ICT in 2017 = 4.18% of export.
^^& that includes Atlassian

"The government of the day must decide on its long-term vision for Australia."

- coalition, "I know.... lets dig more coal! "
Every one uses coal in their daily lives! Really!
it is needed as a raw produce in and to melt steet, as well as to bond most other metals!

so be thankful we still have coal to sell the world! Some of the highest quality! To help fund the economy

chump
 

DidakDelight

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Jun 5, 2008
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Every one uses coal in their daily lives! Really!
it is needed as a raw produce in and to melt steet, as well as to bond most other metals!

so be thankful we still have coal to sell the world! Some of the highest quality! To help fund the economy

chump
It will be an interesting dilemma when electricity is only available during a certain daily time frame window.

Choose between coal and unlimited internet or no coal and internet occasionally.
 

QuietB

Brownlow Medallist
May 13, 2008
22,582
26,886
Melbourne
AFL Club
Hawthorn
Answer me this..



1) When a government runs a surplus....they essentially pull more money out of an economy then they put in? Agree?

2) when a gov pulls out more money then they put in....an economy will go backwards unless the private sector puts more money in by going into debt.....which is what has happened since the mid 90s


What we are seeing now is the people are all loaded up on debt....the last sucker is being sucked in to getting a million dollar mortgage for a dump....


The time of reckoning is near.

I know which side of the fence I'm on....
Not only are they running a surplus, they are also pulling massive amounts of money out to fund tax cuts.

We are living in a time of huge government austerity right now dressed as a fair go for those who have a go or whatever the fu** their latest learners and lifters thing is.
 

Austoraisetheurn

Senior List
Aug 25, 2019
221
306
AFL Club
Collingwood
Not only are they running a surplus, they are also pulling massive amounts of money out to fund tax cuts.

We are living in a time of huge government austerity right now dressed as a fair go for those who have a go or whatever the fu** their latest learners and lifters thing is.
It is idiocy....so much so, that I am convinced that the government is actually taking the piss...no one could be that stupid. Or perhaps they don't need to be. The public largely is ignorant of the origin of money.

People cite countries like Spain or Greece as examples of countries that live beyond their means....so to speak. Conveniently forgetting that those countries, as well as others, freely gave up their sovereignty to use a shared currency. Madness.

Australia will never be like Greece or Spain....never.

Those who believe otherwise should put their money where their mouth is and go out and short the Australian dollar waiting for the imminent devaluing of the Australian dollar to the worthless currency the neoliberals think it will become if the gov does not run a surplus.

Anyone who believes you we will become like Greece or Spain deserves to be mercilessly mocked....held up as an ignoramus....the worst kind of uneducated voter......
 

Seeds

Hall of Famer
Sep 15, 2007
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It is idiocy....so much so, that I am convinced that the government is actually taking the piss...no one could be that stupid. Or perhaps they don't need to be. The public largely is ignorant of the origin of money.

People cite countries like Spain or Greece as examples of countries that live beyond their means....so to speak. Conveniently forgetting that those countries, as well as others, freely gave up their sovereignty to use a shared currency. Madness.

Australia will never be like Greece or Spain....never.

Those who believe otherwise should put their money where their mouth is and go out and short the Australian dollar waiting for the imminent devaluing of the Australian dollar to the worthless currency the neoliberals think it will become if the gov does not run a surplus.

Anyone who believes you we will become like Greece or Spain deserves to be mercilessly mocked....held up as an ignoramus....the worst kind of uneducated voter......
Australia has close to the largest net external debt as a share of gdp in the developed world. This is what you should look at. Not government debt.

Yes i have made a quite a lot of money betting against the australian dollar over the past 6 years. Down from 1.10 to under 0.7. It has further to go despite the fact our tradeable goods are now undervalued.
 

Seeds

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Sep 15, 2007
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63 to 65 cents would be perfect for the AuD
Except ofcourse for people who want to buy stuff and people who owe debt. Low exchange rates force prices up. They also force banks overseas borrowing costs up which flow back to all borrowers.

Policies to lower exchange rates is how governments sneakily lower real wages.
 

Seeds

Hall of Famer
Sep 15, 2007
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The greens and labor and they’re immigration policy is the main driving factor!
As there hasn’t been enough housing built for the population boom and most of the lower socioeconomic housing For the less fortunate financial people of the country have been kicked out for the immigration

supply and demand is the biggest driving factor foranything
Immigration has nothing to do with housing prices except over a very short time period and thats only if the government doesnt release enough land. It does not impact the trend.
 
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