Australian economy heading for meltdown!

[numbercruncher]

Correct me if I'm wrong, but didn't we go to an election with the libs saying they will introduce the GST? And we voted them in.

Hello,

I dont recall the Neo-Cons saying that.

John Howard was re-elected leader of the Liberal party in 1995, and pledged to "never, ever" introduce the GST.[1] Howard led the Liberal-National Coalition to a large victory in the 1996 elections.

http://en.wikipedia.org/wiki/Goods_and_Services_Tax_(Australia)


Yes seems the Neo-Cons are compulsive liars - least their ex-leader got a shining new medal from the Neo-Con overlord Bush before it all ended.


Thankyou.

ps. I dont like Labor much either.

 

[roofa]

Hello,

I dont recall the Neo-Cons saying that.




http://en.wikipedia.org/wiki/Goods_and_Services_Tax_(Australia)


Yes seems the Neo-Cons are compulsive liars - least their ex-leader got a shining new medal from the Neo-Con overlord Bush before it all ended.


Thankyou.

ps. I dont like Labor much either.

I do recall, and infact we are the only Country to vote in a Government and a GST.

 

[numbercruncher]

I do recall, and infact we are the only Country to vote in a Government and a GST.

I think most people voted against Beazley and lathom if all truth be known .... not for Howard and GST.

 

[Glen48]

I read were UK banks were within 3 hrs of closing down and stopping all services including ATM's last yr when there was a run on the Banks.
So no we know how much time we have to get money out.

 

[dalek]

I think most people voted against Beazley and lathom if all truth be known .... not for Howard and GST.

Sadly, all too often we end up with the least worst entity winning as we find ourselves forced to vote against, rather than for.
Donald Duck would have beaten whacko Mark Latham.

 

[noirua]

One person who does not deserve to be nominated is Tony Abbott.

He has suggested that John Howard's US Presidential Medal of Freedom is superior to hero Trooper Mark Donaldson's Victoria Cross!!

He said: "If there was anyone in politics who deserved a medal for political courage, it was John Howard".

John Howard would probably say, I served Australia for 11 years and 8 months and it was you lot who voted me in. I received 9 honours in office and if you had a gripe with that you needn't have let me stay there. So you lot know where to stick it.

Quite right John, you tell'm m8.

 

[Julia]

Hello,

I dont recall the Neo-Cons saying that.




http://en.wikipedia.org/wiki/Goods_and_Services_Tax_(Australia)


Yes seems the Neo-Cons are compulsive liars - least their ex-leader got a shining new medal from the Neo-Con overlord Bush before it all ended.


Thankyou.

ps. I dont like Labor much either.

Your post is completely disingenuous, NC. You quote John Howard's declaration of 'never, ever'
as if it was said in the run up to the 1998 election. It was said long before that.

In the 1998 election campaign Howard and &Co. clearly ran on the proposition that they would introduce a GST. The people voted them in.
Therefore they did not lie in this instance.

Raise your objections to any and all politicians by all means. But do so honestly.

 

[Glen48]

Julia is correct and I was wrong but i think the voters were more worried about Latham than the GST

 

[doctorj]

Time to get some real expertise in to bolster the economy?

 

[roofa]

Julia is correct and I was wrong but i think the voters were more worried about Latham than the GST

I don't think Latham had much to do with that GST election.

 

[brty]

Hi,

Time to get a few facts straight....

The Federal election of 3 October 1998 was held six months earlier than required by the Constitution. Prime Minister John Howard made the announcement following the launch of the coalition's GST policy launch and a 5-week advertising campaign. The ensuing election was almost entirely dominated by the proposed 10% Goods and Services Tax and proposed income tax cuts.

The Howard government entered the campaign with a 40-seat majority. The government suffered a nationwide swing of approximately 5% against it and the loss of 19 seats in the House of Representatives. It was returned with a 12 seat majority.

The government was re-elected with 49.02% of the two-party-preferred vote, compared to 50.98% for the Australian Labor Party.

One Minister, Warwick Smith, the Family Services minister, lost his seat. The Foreign Affairs Minister, Alexander Downer, fought off a strong challenge from the Australian Democrats in his South Australian seat of Mayo.

Whilst polling around 8% of the national vote, the One Nation party lost its leader, Pauline Hanson, who was defeated on preferences by the Liberal candidate in the Queensland electorate of Blair. One Nation won no seats in the lower house, but Heather Hill gained a Senate seat in Queensland at the expense of the National Party's Bill O'Chee. She was subsequently disqualified under Section 44 of the Constitution.

As a result of the election, the balance of power in the Senate reverted to the Australian Democrats after July 1, 1999.

The Democrats increased their numbers from 7 to 9, including the election of the second Aboriginal member of parliament, Senator Aden Ridgeway, in New South Wales.

The ALP made the single biggest gain by an Opposition party following an election defeat. The swing was sufficient in all states to deliver government to the party, but the uneven nature of the swing denied Kim Beazley the extra few seats necessary to command a majority in the House.

from australianpolitics.com

1/ There was no Latham
2/ Libs/NP turned a 40 seat majority into a 12 seat majority
3/ Coalition got less than 50% of the vote.

In that election I voted for the coalition in the house and the democrats in the senate (to keep the bastards honest and block the GST). There was no other way to vote in that election if you wanted the Libs in, but no GST.
The turncoat Democrats got their just deserts later.

brty

 

[greggles]

Lots of doomsaying in the mainstream media at the moment about the Australian economy, especially at news.com.au.

https://www.news.com.au/finance/eco...s/news-story/e65644df8cf03bb045055ef1dba5736b
https://www.news.com.au/finance/eco...e/news-story/e8393c8a51e19e8fcec17111ebd2ac54

Is the current housing market downturn really going to be the catalyst that sends us spiraling into economic disaster?

 

[PZ99]

Cheap housing + the first home buyers' grant will fix that one real quick

 

[satanoperca]

Is the current housing market downturn really going to be the catalyst that sends us spiraling into economic disaster?

Hi Greegles, think if you reverse you question you will find the answer.

"Was the current housing market upturn <2018 the catalyst that boosted Australia economy"

So while I strongly believe that the current housing market downturn has started and is far from over, I don't think it will cause economic disaster, just a change of think and investment class.

I personally hope, after the downturn has stabilized, investors will start to investigate opportunities in innovation instead of homes.

 

[Smurf1976]

I personally hope, after the downturn has stabilized, investors will start to investigate opportunities in innovation instead of homes.

Last year I bought what I'd describe as a fairly normal 1960's house in SA.

Amazing how many people I've met who are stunned that I haven't knocked the place down and put multiple apartments on the site. Could make a fortune apparently.

Such is the mentality at present with people seeing property as a way to make money rather than somewhere to live.

I've zero intention of knocking anything down - I bought it to live in which to my thinking is the purpose of a house.

 

[So_Cynical]

Is the current housing market downturn really going to be the catalyst that sends us spiraling into economic disaster?

Housing hasn't had a wealth destruction cycle in 28 years, wealth creation requires wealth destruction.

 

[greggles]

Housing hasn't had a wealth destruction cycle in 28 years, wealth creation requires wealth destruction.

My concern is the massive level of personal debt in Australia. If the housing market drops 15% to 20% it could be like the first domino falling. That will push distressed sellers into the market driving down prices further and sending people to the wall financially, especially in Sydney and Melbourne.

Add into that declining commodity prices, slowing economic growth, stagnant wage growth, a rising unemployment rate and you could have a serious economic situation on your hands. If overseas financial markets take another serious dive that will just be the coup de grâce.

Too many people in Australia expect the good times to keep on rolling and that the high standard of living we enjoy will always be there. I reckon inevitably we're going to have to eat an economic sh*t sandwich. The only question I have is when.

 

[Ann]

My concern is the massive level of personal debt in Australia. If the housing market drops 15% to 20% it could be like the first domino falling. That will push distressed sellers into the market driving down prices further and sending people to the wall financially, especially in Sydney and Melbourne.

Add into that declining commodity prices, slowing economic growth, stagnant wage growth, a rising unemployment rate and you could have a serious economic situation on your hands. If overseas financial markets take another serious dive that will just be the coup de grâce.

Too many people in Australia expect the good times to keep on rolling and that the high standard of living we enjoy will always be there. I reckon inevitably we're going to have to eat an economic sh*t sandwich. The only question I have is when.

Then there is Disposable Personal Income which is rising. This may well manage to service the debt levels we are carrying. I also wonder if more people are buying with credit card to attract flybuy points? This will look as though our debt is growing when in fact we may just be moving away from using cash. Just a thought.
Here is the chart for the fourth quarter figures for 2018 of Australian Disposable Personal Income.

 

[SirRumpole]

Last year I bought what I'd describe as a fairly normal 1960's house in SA.

Amazing how many people I've met who are stunned that I haven't knocked the place down and put multiple apartments on the site. Could make a fortune apparently.

Such is the mentality at present with people seeing property as a way to make money rather than somewhere to live.

I've zero intention of knocking anything down - I bought it to live in which to my thinking is the purpose of a house.

There is quite a fashion to knock down 1960's houses and put up more modern premises to keep up with the Joneses.

I don't have a problem with this as it creates work in the construction industry

 

[greggles]

Then there is Disposable Personal Income which is rising. This may well manage to service the debt levels we are carrying.

It might be, but it's also buying those new iPhones and innumerable other gadgets that a lot of us seem to have these days. Don't forget the $20 smashed avo on toast that Millennials and hipsters are tucking into at cafes. There has never been a time in history when there were more things to buy with all that disposable income.

Back in the 70s (when I was a young bloke) the choice was far more limited and consumerism was somewhat muted. Now it's a raging beast that threatens to devour us all. Spend we can and spend we apparently will, mostly on stuff that will be obsolete in a couple of years.