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Bye bye tony

  • Thread starter Thread starter kranky al
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Balls In said:
Have you forgotten Labors last term? We haven't recovered. Wont for years. Inherited billions in the bank, a trillion dollar construction investment pipeline and record terms of trade and still managed to set us back 20 years.
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‘Least that’s what you’ve been told
 
Grin said:
‘Least that’s what you’ve been told
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This might or might not be a useful read for some posters. (Doubt they will understand/accept it though).

Australia’s net Government debt was $96 billion in June 1996. By June 2007, Australia had net financial assets (negative debt) of $29 billion. The Howard Government and the current Liberal Party point to this turn in the finances of the Government with pride and say it is a sign of good economic management.

To be sure, this is a significant turnaround but there are some interesting facts behind the issue of Government debt in the past 30 or so years.

The first point to note is that the $96 billion of debt inherited by the Howard Government from the Labor Party in 1996 comprised around $39.9 billion of debt accumulated by the Fraser Government under the Treasury-ship of Mr Howard and left to the Hawke Government in 1983! See Table 3 of Budget Paper 10 for more details.

As I discussed a while back, http://alturl.com/4o973 , when the Coalition talks of the $96 billion of Labor debt that it inherited, recall that just under half of it was in fact Liberal Party debt that was a hangover from the Fraser era.

That slightly embarrassing issue aside, let’s look at how else the Howard Government “got rid” of that debt.

Asset sales loom large in that discussion. The list of government assets sold by the Howard government is here: http://alturl.com/bjhqk . This table shows the asset, the time of sale and the price.

To get an accurate indication of the true dollar impact on debt of those asset sales, I have converted them into June 2007 dollar terms. Take the sale of DASFLEET, for example, which was sold for $408 million in July 1997. In June 2007 terms, this was worth $536.8 million. Or perhaps the first tranche of Telstra is interesting. Sold for $17.2 billion in November 1997, that converts to $22.6 billion in June 2007 terms.

The value of all asset sales under the Howard Government totalled a very hefty $71.8 billion in June 2007 dollar terms. This means that around three-quarters of the pay-down of the $96 billion of government debt was simply from selling assets to the private sector. Nothing more, nothing less.

To summarise the above facts:

The $96 billion “Labor debt” inherited by the Howard Government in 1996 comprised $39.9 billion of Fraser Government debt that carried through the Hawke/Keating period meaning that the true level of Labor debt in 1996 was $56 billion. To pay that $56 billion off, the Howard Government sold almost $72 billion of Government assets meaning the move to negative net debt was not really due to any miraculous and bold fiscal settings, but owed everything to a series of asset sales
 
At some point certain politicians become so morally repulsive (Abbott, Dutton, Abetz, Joyce etc) that even if an independent has some politics that don't quite match what I would hope for ideally I will still laugh, sing and dance with joy if they get elected.

I actually think Abbott means well to some extent, he's just such a gigantic narcissist with the attendant lack of any ability to self critique that he genuinely doesn't seem to see the irony when he does something like criticise his opponent for negativity.

He can parade his Christianity around while demonising the poor and less fortunate in society, or do volunteer work while billing taxpayers for all his expenses while ranting about welfare, do the bidding of Murdoch and the IPA without any regard to what is genuinely best for society while bemoaning the Union influence on the Labor Party.
His cognitive dissonance is just completely off the chart.

Someone like Dutton though is more like a Mobster or a despot. A pure sociopath who I don't think would care which side of the law he was on provided he was granted power over others and unlimited opportunities for corruption.

It will be a great day if all of them get thrown out.
 
Balls In said:
Have you forgotten Labors last term? We haven't recovered. Wont for years. Inherited billions in the bank, a trillion dollar construction investment pipeline and record terms of trade and still managed to set us back 20 years.
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We were also the one of the incredibly few countries that didnt undergo a recession in the greatest worldwide recession since the great depression.

Howard gave tax cuts that he shouldnt - we have a deficit that is still going up as we take in less in tax that we spend - howard covered this by selling shit. Privatising profitable public services and selling gold reserves.

One off sales versus ongoing income.
 
kranky al said:
We were also the one of the incredibly few countries that didnt undergo a recession in the greatest worldwide recession since the great depression.

Howard gave tax cuts that he shouldnt - we have a deficit that is still going up as we take in less in tax that we spend - howard covered this by selling shit. Privatising profitable public services and selling gold reserves.

One off sales versus ongoing income.
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1. Thanks to China
2. Of course Howard should have given tax cuts. Taxpayers deserve to receive their hard earned dollars without the government stealing more than they need. Plus, bracket creep more than covered this tax reduction and some. The Federal budget spending per financial year was around $350b when Howard left office. Rudd increased it by nearly $80b within 2 years of taking office.
Abbott tried to reduce spending but the hangers on and socialists didn’t like it. Spending will never be reduced again until the next GFC forces us to.
 
Lebbo73 said:
1. Thanks to China
2. Of course Howard should have given tax cuts. Taxpayers deserve to receive their hard earned dollars without the government stealing more than they need. Plus, bracket creep more than covered this tax reduction and some. The Federal budget spending per financial year was around $350b when Howard left office. Rudd increased it by nearly $80b within 2 years of taking office.
Abbott tried to reduce spending but the hangers on and socialists didn’t like it. Spending will never be reduced again until the next GFC forces us to.
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Thanks to china?

So china gets zero credits for the massive boom in the howard years and all the credit in the greatest recession in 100 years.

The same china that sells most of its shit around the world - that was having a massive recession and not buying its shit.

All the countries that went with austerity had recessions - every single one.

Rudd went with stimulus - we didnt have a resession.
 
kranky al said:
Thanks to china?

So china gets zero credits for the massive boom in the howard years and all the credit in the greatest recession in 100 years.

The same china that sells most of its shit around the world - that was having a massive recession and not buying its shit.

All the countries that went with austerity had recessions - every single one.

Rudd went with stimulus - we didnt have a resession.
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Keep drinking the Koolaid. Now we have a debt that will never be paid off. Recessions can be good as it results in renewal. Old companies and businesses are replaced by new businesses with new technologies. Bailouts not only reduce competition but they encourage corrupt and inefficient practices.
 
Lebbo73 said:
Keep drinking the Koolaid. Now we have a debt that will never be paid off. Recessions can be good as it results in renewal. Old companies and businesses are replaced by new businesses with new technologies. Bailouts not only reduce competition but they encourage corrupt and inefficient practices.
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You're gagging for a recession aren't' you?
 

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Lebbo73 said:
Keep drinking the Koolaid. Now we have a debt that will never be paid off. Recessions can be good as it results in renewal. Old companies and businesses are replaced by new businesses with new technologies. Bailouts not only reduce competition but they encourage corrupt and inefficient practices.
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You are of course aware that a massive recession means even less tax is paid - so the government has even less money to pay for essential services and borrows more.

Most of the countries that went through austerity increased their government debt levels.

But yeah - im drinking kool aid.
 
Balls In said:
Tony Abbot is the most principled politician in Australia and the most capable of delivering good policy. Great man.
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AHAHAHAHAHAAAAAAA

Fooling no one
 

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Balls In said:
Its because of Abbott we aren't paying the worlds biggest pointless carbon tax, our mining industry is finally recovering from Labors attempt to nationalise it and thousands of welfare seekers haven't drowned on their way to centerlink.
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It's because of abbott no multi-nationals like FOX don't pay any tax and we find ourselves in a hole.


but yeah go tony.....
 
Tony Abbott is a treasonous snake who sold out the country to appease a handful of masters. The fact he's held his seat for over 20 years tells me everything there is to know about modern Australia
 
cartwright said:
Reminded me of this, you know -- all those policies, none of which were implemented... lolz

Hang on. Scomo just told us the liberal pms were excellent and labor’s were baad. Wonder why they have a revolving door then

It’s all the big bad press according to Chrissy Pyne. Is this the same press which goes rabid at ALP policy, no matter what?

Ef in do something about NEG and we might start listening you useless sorry bunch

Not what you are gunna do in future. What you said you were gunna do just last year

https://www.news.com.au/finance/wor...y/news-story/524da090ced72d6f6e512e3be17d6675
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Hang on. Scomo just told us the liberal pms were excellent and labor’s were baad. Wonder why they have a revolving door then

It’s all the big bad press according to Chrissy Pyne. Is this the same press which goes rabid at ALP policy, no matter what?

Ef in do something about NEG and we might start listening you useless sorry bunch

Not what you are gunna do in future. What you said you were gunna do just last year
 

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