Politics Benefits of mining in Australia?

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nut said:
The Norwegian fund was started in 1990....lul. So its is 4 times as big per person than our Supa ... your point?

http://www.economist.com/news/speci...are-probably-best-governed-world-secret-their
Click to expand...

there are lots of positives about the scheme and australia has a lot to learn regarding the discipline of saving before we spend and then re-investing rather than just spending.

the only issue that I can see is the "enron" type issue of effectively investing employees salaries back into their companies meaning that people lose their jobs, savings and super in the case of corporate collapse. but I'm sure they have inbuilt portfolio protection.

out of interest, that is 4 times bigger with an oil price over $100 a barrel. What is it worth at today's prices? I am sure it is still great but it does demonstrate the risk.

but well done Norway. If only we were that disciplined to save.
 
Power Raid said:
there are lots of positives about the scheme and australia has a lot to learn regarding the discipline of saving before we spend and then re-investing rather than just spending.

the only issue that I can see is the "enron" type issue of effectively investing employees salaries back into their companies meaning that people lose their jobs, savings and super in the case of corporate collapse. but I'm sure they have inbuilt portfolio protection.

out of interest, that is 4 times bigger with an oil price over $100 a barrel. What is it worth at today's prices? I am sure it is still great but it does demonstrate the risk.

but well done Norway. If only we were that disciplined to save.
Click to expand...

They have spread the risk and own 1 % of the worlds stocks and have restrictions in how much they can be exposed to a company... and are also buying high end property in NY, London etc..... So the risk is spread around every where
 
nut said:
They have spread the risk and own 1 % of the worlds stocks and have restrictions in how much they can be exposed to a company... and are also buying high end property in NY, London etc..... So the risk is spread around every where
Click to expand...

very sensible
 
Power Raid said:
there are lots of positives about the scheme and australia has a lot to learn regarding the discipline of saving before we spend and then re-investing rather than just spending.

the only issue that I can see is the "enron" type issue of effectively investing employees salaries back into their companies meaning that people lose their jobs, savings and super in the case of corporate collapse. but I'm sure they have inbuilt portfolio protection.

out of interest, that is 4 times bigger with an oil price over $100 a barrel. What is it worth at today's prices? I am sure it is still great but it does demonstrate the risk.

but well done Norway. If only we were that disciplined to save.
Click to expand...


The socialist part of social democracy
 

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Gough said:
Are the benefits worth the cost?
http://www.theguardian.com/environm...minute-in-subsidies-says-imf?CMP=share_btn_tw
$10 mil a minute, and we've got Twiggy having a sook about the free market.
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I lost interest when I read the following bonded bs:
"The vast sum is largely due to polluters not paying the costs imposed on governments by the burning of coal, oil and gas. These include the harm caused to local populations by air pollution as well as to people across the globe affected by the floods, droughts and storms being driven by climate change."

What a load of ******* bs Gough!
 
Hows that boom looking now? Hows all that benefits we got?

Norways soviergn fund about to hit a Trillion dollars.
 
nut said:
Hows that boom looking now? Hows all that benefits we got?

Norways sovereign fund about to hit a Trillion dollars.
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we would have to change our constitution if we were to replicate. it is interesting though that the norway government chooses to save money and invest money in stock (circa 70%) including stock overseas. yet our government chose to use IOUs (yep I owe you) to fund government super liabilities. Essentially it was spending money it didn't have. This has been partly remedied by the sovereign wealth fund set up under Howard.

but all is not lost as our super funds and real estate make our nation one of the riches on the planet. http://economics.uwo.ca/people/davies_docs/credit-suisse-global-wealth-report-2014.pdf

"Australia’s wealth per adult in 2014 is USD 430,800, the second highest in the world after Switzerland. Its median wealth of USD 225,400 is the highest in the world"

We also have better wealth distribution than Norway.


So the question is: do you want a government that takes the investment risk or do you want a government that takes 40% risk free? The answer is obvious

Then: Do you want a government that is frugal or a government that is reckless in spending? the answer is obvious

Perhaps both nations could learn something from each other.
 
Power Raid said:
we would have to change our constitution if we were to replicate. it is interesting though that the norway government chooses to save money and invest money in stock (circa 70%) including stock overseas. yet our government chose to use IOUs (yep I owe you) to fund government super liabilities. Essentially it was spending money it didn't have. This has been partly remedied by the sovereign wealth fund set up under Howard.

but all is not lost as our super funds and real estate make our nation one of the riches on the planet. http://economics.uwo.ca/people/davies_docs/credit-suisse-global-wealth-report-2014.pdf

"Australia’s wealth per adult in 2014 is USD 430,800, the second highest in the world after Switzerland. Its median wealth of USD 225,400 is the highest in the world"

We also have better wealth distribution than Norway.


So the question is: do you want a government that takes the investment risk or do you want a government that takes 40% risk free? The answer is obvious

Then: Do you want a government that is frugal or a government that is reckless in spending? the answer is obvious

Perhaps both nations could learn something from each other.
Click to expand...

Better Wealth distribution than Norway? please explain.

I think we can learn more form a country that has the highest standard of living in the world and a Trillion in the bank.
Whilst we have over inflated house prices, in debt, overspending, dutch disease, decreasing pension standards, cuts to Health and education, Uni fees going up .... etc etc....
 
nut said:
Better Wealth distribution than Norway? please explain.

I think we can learn more form a country that has the highest standard of living in the world and a Trillion in the bank.
Whilst we have over inflated house prices, in debt, overspending, dutch disease, decreasing pension standards, cuts to Health and education, Uni fees going up .... etc etc....
Click to expand...

1) Australia has better wealth distribution (read the link)
2) we have more wealth

3) Norway has higher wealth tied up in real estate. Highest in the world! Higher than Oz!

4) we had $1.6 trillion in 2013 and increased since. Putting us behind the U.S., Japan and Britain but way ahead of Norway.


Norway is great but Oz wins.
 
Last edited:
Oh and my 40% Australian risk free participation rate is only federal corporate tax and Gst and doesn't include other federal taxes. Nor does it include the rough 10% state royalties on a profit basis, annual rates, annual property rates, stamp duty, native title 2-10% of profit.
 
nut said:
Better Wealth distribution than Norway? please explain.

I think we can learn more form a country that has the highest standard of living in the world and a Trillion in the bank.
Whilst we have over inflated house prices, in debt, overspending, dutch disease, decreasing pension standards, cuts to Health and education, Uni fees going up .... etc etc....
Click to expand...

the "cuts" to education have to be put into perspective.

Do a bit of research about the nations requirement for university education during WW2, the flow on benefits post war and then the desire to provide university to the ordinary man in the 60s and 70s. by the late 80s the Labor government identified the "job" was done and reduced the free ride by introducing the very fair system of HECS. By understanding this you will see the policies have changed based on the needs and situation and thus understand the future better.

Wind the clock forward, we now find ourselves with way too many useless degrees and operate in a global economy. Consider that every Indian and Chinese parent wants their kid to be a a doctor, lawyer or accountant! So we can chose to compete there or we could chose to compete with no skills on $1 per day.

So have a guess where the biggest opportunities are when you consider the impact of India and China? You guessed it! We will compete and win with the combination of "education" and "know how". This is what is driving our education reforms and reallocation of resources. We do not need more academic courses that lead to no or little outcomes. We need to prepare for the challenges and opportunities ahead to do so we not only need to be "smart" we need to be "clever" about it.
 
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