you dont think foreign owned co's need to worry about Australian laws?
Net foreign debt passes half a trillion dollars
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you dont think foreign owned co's need to worry about Australian laws?
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I just looked into my crystal ball.
A nasty recession is on the horizon.
Rudd knocks off the Tories at the next election.
Within a week or 2...recession hits and the arse falls out of the stock exchange. Interest rates go way up, inflation skyrockets, unemployment goes up.
Labor gets blamed.
Libs straight back in.
A nasty recession is on the horizon.
Rudd knocks off the Tories at the next election.
Within a week or 2...recession hits and the arse falls out of the stock exchange. Interest rates go way up, inflation skyrockets, unemployment goes up.
Labor gets blamed.
Libs straight back in.
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I just looked into my crystal ball.
A nasty recession is on the horizon.
Rudd knocks off the Tories at the next election.
Within a week or 2...recession hits and the arse falls out of the stock exchange. Interest rates go way up, inflation skyrockets, unemployment goes up.
Labor gets blamed.
Libs straight back in.
Surely the Australian voters wouldn't be that stupid? Hang on, what am I saying?
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Oh please enlighten us old wise one.
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Fevola4God
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Are you predicting a recession soon?
Absolutely agreed. Yield curve in the US has been the most inverted in history. Yield curve inversion is a very good (without being fool-proof) indicator of recession on the horizon.
If the US goes down hard, the effects on the Australian economy would most likely be just as bad due to the massive amounts of debt in both countries.
*edit* taking into account inflation, both countries are already in recession.
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And now that the farm has been pretty much sold there will be no quick fixes this time around.
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Aussie Post turned over $4.5 billion last year.
And once that's been flogged off, I reckon the Snowy Hydro might be one of the last rolls of the dice.
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Yep its like any debt ok while you have the means to pay BUT what if down the track you can't - S**t happens doesent John and Peter? our LARGEST STATE ECONOMY NSW IS ALREADY IN RECESSION
Shrinking economy will haunt Iemma
John Garnaut and Matt Wade
December 7, 2006
THE Premier, Morris Iemma, is in danger of campaigning for the March election with the NSW economy in recession and the budget deficit growing wider, after the state's economy shrank in the three months to September.
Yesterday's national accounts showed state final demand - the quarterly measure of state economic performance - fell 0.3 per cent in the September quarter.
It grew just 0.8 per cent in the year, or less than one quarter of the national average.
Mr Iemma has promised to revive the economy, but the state's trend economic growth rate has been steadily falling for two years.
The December quarter national accounts will be released less than three weeks before the state election on March 25.
Another contraction will mean the state economy is technically in recession, and this year's forecast $700 million budget deficit could prove optimistic.
"You don't have to be an economics professor to work out that if you're having a decline in private dwelling expenditure that it's likely to have an impact on the state budget," the NSW Treasurer, Michael Costa, said.
Mr Costa responded to the poor result with an extraordinary appeal to the Federal Government to strip the Reserve Bank of its independent power to raise interest rates. He likened rising interest rates to "chemotherapy" and said "NSW is part of the good cells that are getting wiped out".
The call was immediately dismissed by the federal Treasurer, Peter Costello. He said Mr Costa had achieved "one of the great feats of economic ignorance".
Mr Costa had called on Mr Costello to exercise his right under the Reserve Bank Act to override any future Reserve Bank decision to lift interest rates. The procedure requires Mr Costello to explain his reasons in Parliament and give the bank's governor a right of reply. No federal treasurer has exercised this power.
"The Reserve Bank Act provides the opportunity for the Federal Government to intervene if they believe the settings are not right," Mr Costa said. "I don't want the position that Peter Costello seeks to hide behind the Reserve Bank Act, when he has a clear responsibility for monetary policy through the act."
Asked to clarify what he wanted Mr Costello to do, Mr Costa said: "He has an opportunity to stop another interest rate rise and I think he ought to look at it."
The federal Labor shadow treasurer, Wayne Swan, distanced himself from Mr Costa's comments. "Labor supports the independence of the Reserve Bank, full stop," Mr Swan said.
ANZ's chief economist, Saul Eslake, said Mr Costa's attack on the Reserve Bank showed "appalling ignorance" of how national economies should be managed and smacked of "Sydney-centric arrogance".
The Reserve Bank left official interest rates on hold yesterday at 6.25 per cent and is expected to leave them there well into the new year.
With Jessica Irvine and Anne Davies
E
Shrinking economy will haunt Iemma
John Garnaut and Matt Wade
December 7, 2006
THE Premier, Morris Iemma, is in danger of campaigning for the March election with the NSW economy in recession and the budget deficit growing wider, after the state's economy shrank in the three months to September.
Yesterday's national accounts showed state final demand - the quarterly measure of state economic performance - fell 0.3 per cent in the September quarter.
It grew just 0.8 per cent in the year, or less than one quarter of the national average.
Mr Iemma has promised to revive the economy, but the state's trend economic growth rate has been steadily falling for two years.
The December quarter national accounts will be released less than three weeks before the state election on March 25.
Another contraction will mean the state economy is technically in recession, and this year's forecast $700 million budget deficit could prove optimistic.
"You don't have to be an economics professor to work out that if you're having a decline in private dwelling expenditure that it's likely to have an impact on the state budget," the NSW Treasurer, Michael Costa, said.
Mr Costa responded to the poor result with an extraordinary appeal to the Federal Government to strip the Reserve Bank of its independent power to raise interest rates. He likened rising interest rates to "chemotherapy" and said "NSW is part of the good cells that are getting wiped out".
The call was immediately dismissed by the federal Treasurer, Peter Costello. He said Mr Costa had achieved "one of the great feats of economic ignorance".
Mr Costa had called on Mr Costello to exercise his right under the Reserve Bank Act to override any future Reserve Bank decision to lift interest rates. The procedure requires Mr Costello to explain his reasons in Parliament and give the bank's governor a right of reply. No federal treasurer has exercised this power.
"The Reserve Bank Act provides the opportunity for the Federal Government to intervene if they believe the settings are not right," Mr Costa said. "I don't want the position that Peter Costello seeks to hide behind the Reserve Bank Act, when he has a clear responsibility for monetary policy through the act."
Asked to clarify what he wanted Mr Costello to do, Mr Costa said: "He has an opportunity to stop another interest rate rise and I think he ought to look at it."
The federal Labor shadow treasurer, Wayne Swan, distanced himself from Mr Costa's comments. "Labor supports the independence of the Reserve Bank, full stop," Mr Swan said.
ANZ's chief economist, Saul Eslake, said Mr Costa's attack on the Reserve Bank showed "appalling ignorance" of how national economies should be managed and smacked of "Sydney-centric arrogance".
The Reserve Bank left official interest rates on hold yesterday at 6.25 per cent and is expected to leave them there well into the new year.
With Jessica Irvine and Anne Davies
E
