The ScoMo Government

[wayneL]

It is difficult for people to do much about it, their pay goes into the bank and most have a credit card, it is hard not to use a bank so how do you chose?

I don't see your problem if people are using the bank as a transaction account, but those who have substantial cash savings should be very concerned, as bail in provisions can apply before the government's $250,000 guarantee. Bale in is designed to obviate bailouts via.

It is also worth noting that the invocation of the deposit guarantee is discretionary, it only applies if the government decides to apply it.

I'm quite well acquainted with the family of a federal senator and they keep as little cash in the bank as is practical.

 

[sptrawler]

I don't see your problem if people are using the bank as a transaction account, but those who have substantial cash savings should be very concerned, as bail in provisions can apply before the government's $250,000 guarantee. Bale in is designed to obviate bailouts via.

It is also worth noting that the invocation of the deposit guarantee is discretionary, it only applies if the government decides to apply it.

I'm quite well acquainted with the family of a federal senator and they keep as little cash in the bank as is practical.

That's difficult if you have a SMSF term deposit.
However the repercussions of raiding superannuation accounts, would have far reaching implications.

 

[wayneL]

That's difficult if you have a SMSF term deposit.
However the repercussions of raiding superannuation accounts, would have far reaching implications.

Yep, one should be very concerned about.

 

[sptrawler]

Yep, one should be very concerned about.

If they raided the super accounts, how much is in super? 3 trillion? a class action that size would hurt.
Having said that, from memory the last time I rolled over the U Bank term deposit, I think I read they are not taking any more new SMSF term deposits. That might suggest a flag.

 

[wayneL]

If they raided the super accounts, how much is in super? 3 trillion? a class action that size would hurt.
Having said that, from memory the last time I rolled over the U Bank term deposit, I think I read they are not taking any more new SMSF term deposits. That might suggest a flag.

Technically, your cash deposit is converted to equity to recapitalise the bank, however that equity is then subject to the vagaries of the market, which will take a dim view of the bank having to recapitalise.

 

[sptrawler]

Technically, your cash deposit is converted to equity to recapitalise the bank, however that equity is then subject to the vagaries of the market, which will take a dim view of the bank having to recapitalise.

I think with super the ability of the bank to do anything with it would be problematic, as it has special legislative protections, as when a company goes belly up.
So that could be the reason Ubank no longer offers accounts for SMSF's, but is honouring established ones, that becomes a known and fixed cost. Who knows?

 

[PZ99]

If you're thinking of taking your cash out make sure it's less than $10k each time.

Do it on a Tuesday when the petrol's cheap

 

[wayneL]

If you're thinking of taking your cash out make sure it's less than $10k each time.

Do it on a Tuesday when the petrol's cheap

Cash is trash.

Hard assets are the go.

 

[orr]

Hardly surprising that people are drawn to the conclusion of equivalence between the National financial security of Cyprus and that of Australia under the appalling tenure of Aloha Schmo and his cabal of donkey's arses....

The bigger question;
a/ Bail-in?
b/ Bail-out?
Or c/ let'm fail?

Of course For Schmuck schmo there's option;
d/ that it all goes down on the day of the rapture... hallelujah...

Nationalisation of course is in another unobtainable dimension...

 

[sptrawler]

Hardly surprising that people are drawn to the conclusion of equivalence between the National financial security of Cyprus and that of Australia under the appalling tenure of Aloha Schmo and his cabal of donkey's arses....

The bigger question;
a/ Bail-in?
b/ Bail-out?
Or c/ let'm fail?

Of course For Schmuck schmo there's option;
d/ that it all goes down on the day of the rapture... hallelujah...

Nationalisation of course is in another unobtainable dimension...

So I guess Scott, is off your Christmas card list, orr?

 

[Clansman]

Hardly surprising that people are drawn to the conclusion of equivalence between the National financial security of Cyprus and that of Australia under the appalling tenure of Aloha Schmo and his cabal of donkey's arses....

The bigger question;
a/ Bail-in?
b/ Bail-out?
Or c/ let'm fail?

Of course For Schmuck schmo there's option;
d/ that it all goes down on the day of the rapture... hallelujah...

Nationalisation of course is in another unobtainable dimension...

We can all pretend to be intellectuals online, but doing the crossword in the weekend newspaper doesn't qualify you as one. Morrison hasn't claimed to be the perfect or "final" solution. But the alternatives have never even had a pre cursor to either?
Speaking of Donkeys, orr kind of strikes a chord with them.... Because you and I know that's the slant.
.

 

[IFocus]

Hot air and pants on fire: Fact checking the PM’s gas lighting

Hot air and pants on fire: Fact checking the PM's gas lighting | The New Daily

The Prime Minister was in full #ScottyfromMarketing mode on Tuesday to sell his government’s increased commitment to fossil fuels – but was it all hot air?

thenewdaily.com.au

 

[sptrawler]

Hot air and pants on fire: Fact checking the PM’s gas lighting

Hot air and pants on fire: Fact checking the PM's gas lighting | The New Daily

The Prime Minister was in full #ScottyfromMarketing mode on Tuesday to sell his government’s increased commitment to fossil fuels – but was it all hot air?

thenewdaily.com.au

It is interesting that at last someone is doing something about the strategic oil reserves, it has been a problem for a long time.

 

[Smurf1976]

It is interesting that at last someone is doing something about the strategic oil reserves, it has been a problem for a long time.

It's fair to say that the COVID-19 situation has scared the proverbial out of government over a few things, not least because the effects and economic cost of the pandemic has thus far been rather trivial compared to what a major fuel disruption would do. All of a sudden there's a realisation that bad things actually can happen.

 

[basilio]

How many times does the Government need to be told hey are acting illegally ?

Robodebt court documents show
government was warned 76 times debts were not legally enforceable
Exclusive: statement of claim names Alan Tudge as among a handful of insiders aware program flawed

The federal government was warned 76 times by a tribunal that Centrelink robodebts were not legally enforceable, according to court documents.

Gordon Legal claims that the dozens of judgments– which were previously hidden from public view – show the government knew the scheme was unlawful because it declined to appeal on every occasion.

In a fresh statement of claim filed days before a federal court trial, the firm also names government minister Alan Tudge among a handful of insiders said to be aware the program was flawed as early as January 2017.




And it alleged several instances through 2017 and 2018 where top officials were made aware how people caught up in the program were threatening self-harm while on the phone to Centrelink staff.

Robodebt court documents show government was warned 76 times debts were not legally enforceable

Exclusive: statement of claim names Alan Tudge as among a handful of insiders aware program flawed

www.theguardian.com

 

[orr]

How many times does the Government need to be told hey are acting illegally ?

Robodebt court documents show
government was warned 76 times debts were not legally enforceable

My Answer to your question Bas would be... Once. If the a Fedral ICAC was in place . One that the vast majority of Australians want. The one that Schmo is working as dilagently and studiously to avoid.
Viva a gas fired economic delinquent future if Scmuck from Marketing is able to jam it down an incredulous populations neck.

p.s I was unable to touch this thread whilst the last poster was the 'Clansman'... you don't play with perfection.

 

[sptrawler]

Viva a gas fired economic delinquent future if Scmuck from Marketing is able to jam it down an incredulous populations neck.

All the ducks seem to be lining up for the man from marketing, the rhetoric will resonate with the majority IMO, it will be difficult for the green sector to argue against common sense, that will just undermine their credibility. Interesting times.

Hydrogen to follow gas in bid for net zero emissions

Hydrogen power will be central to a new federal energy road map to move Australia away from fossil fuels.

www.smh.com.au

A national bet on hydrogen power will be central to a new federal energy road map to move away from fossil fuels, as Prime Minister Scott Morrison promises a plan to achieve net zero carbon emissions.

The technology road map will be aimed at creating a clean energy industry that can ship hydrogen to customers such as Japan and South Korea and building a new export industry to replace gas.

"We are committed to investing in the technology which reduces emissions in this country. And I think those sort of things are achievable with the right investments in the right technology."

I think Albo will reach a make or break situation over this issue, I guess time will tell, but to me there is a lot of gapping holes Albo could fall through chasing this subject. He really needs to tread carefully IMO.

 

[PZ99]

Albo should do the sensible thing and just wait for the lights to go out when people working from home overload the grid with air-con use during summer.

2 points if he can time it right

 

[Chronos-Plutus]

Albo should do the sensible thing and just wait for the lights to go out when people working from home overload the grid with air-con use during summer.

2 points if he can time it right

It is all going to fall apart for the Scomo administration. Trimming the JobKepper and JobSeeker now is going to be an absolute disaster.

What I find absurd is that the main argument that the Coalition have for trimming the JobKeeper and JobSeeker is that a small group of businesses, who are unrepresentative of the economy, have complained that they can find people to work.

Well these businesses complaining should be blasted all over the media. Who are these businesses? What industries are they in? What jobs are they offering? What pay are they offering for these jobs?

 

[moXJO]

Never agreed with libs scrapping nbn and now its fibre to the home.

Mega backflip.