The Abbott Government

[sydboy007]

It's also funny how for the last six months, while Abbott and Hockey have been saying we have a huge tax deficit problem.
All the "financial gurus" have been poo pahing it saying " we haven't got a problem, just Tony and Joe talking it up"

Now the Treasury and the RBA are saying it, there is a general change of rhetoric, so the gurus don't looked as stupid as they are.lol

It is classic, just dumb reporting, they blew their feet off when Labor were in. Is there any wonder SMSF are on the rise? When you see the so called gurus, making fools of themselves.

I think they were using the term BUDGET CRISIS!!! (yes at least 3 ! because that is how exclaimed they were about it)

Since getting into Govt they have rolled back most attempts by Labor to increase revenues, borrowed another 8 odd billion to pass to the RBA, and well that sense of pre election CRISIS!!! has pretty much disappeared. Throw in Abbott is OK with 5K 2 hour meetings and well, it just feels like they've changed their attitude to the CRISIS!!! now they're actually responsible for balancing the budget, which is going to be VERY VERY difficult now that most of us are actually saving again and consumption is not growing faster than GDP. GST is rising about half the rate of the Howard years, but I don't think the household sector is capable of going on another debt binge like that where we had a couple of years with negative savings.

I'll admit there's plenty of wasteful spending in the budget, even more rent seeking tax reductions like NG and half CG, but there's also a revenue issue since the GFC due to the spending of the transitory mining boom income on tax cuts. Time to pay the piper now that the ToT has started to turn against us and it's only the early stages so far. Mining CAPEX cliff is more like a gentle hill at the moment, but next year is going to be a shocker. Coking coal already down to $140 tonne and still falling, thermal coal is around break even for a lot of Australian mines, iron ore has probably got a long way to fall once the new supply comes online late this year and through 2015 and China continues with their economic rebalancing.

All this while the banks are busily leading as much as they can for housing "investment" while the productive side of the economy is contracting at an alarming rate with nothing to replace it, and the complacency of our politicians is bordering on treason as far as I'm concerned. Abbott picking an ex CBA CEO to run his Financial Services enquiry is just another nail in the coffin of the economy. How does he expect meaningful reform to come from someone so close to the cause of many of the issues?

 

[sptrawler]

I think they were using the term BUDGET CRISIS!!! (yes at least 3 ! because that is how exclaimed they were about it)

Since getting into Govt they have rolled back most attempts by Labor to increase revenues, borrowed another 8 odd billion to pass to the RBA, and well that sense of pre election CRISIS!!! has pretty much disappeared. Throw in Abbott is OK with 5K 2 hour meetings and well, it just feels like they've changed their attitude to the CRISIS!!! now they're actually responsible for balancing the budget, which is going to be VERY VERY difficult now that most of us are actually saving again and consumption is not growing faster than GDP. GST is rising about half the rate of the Howard years, but I don't think the household sector is capable of going on another debt binge like that where we had a couple of years with negative savings.

I'll admit there's plenty of wasteful spending in the budget, even more rent seeking tax reductions like NG and half CG, but there's also a revenue issue since the GFC due to the spending of the transitory mining boom income on tax cuts. Time to pay the piper now that the ToT has started to turn against us and it's only the early stages so far. Mining CAPEX cliff is more like a gentle hill at the moment, but next year is going to be a shocker. Coking coal already down to $140 tonne and still falling, thermal coal is around break even for a lot of Australian mines, iron ore has probably got a long way to fall once the new supply comes online late this year and through 2015 and China continues with their economic rebalancing.

All this while the banks are busily leading as much as they can for housing "investment" while the productive side of the economy is contracting at an alarming rate with nothing to replace it, and the complacency of our politicians is bordering on treason as far as I'm concerned. Abbott picking an ex CBA CEO to run his Financial Services enquiry is just another nail in the coffin of the economy. How does he expect meaningful reform to come from someone so close to the cause of many of the issues?

Like I've said before, IMO you will have a better chance of meaningfull tax reform under this Government, than the last. Band aid tax policy, irrational unfunded social policy and poorly thought out infrastructure policy, has to lead to disaster.

Lets just see what eventuates, in the first 12 months, currently Labor/Greens are a stumbling block. Some may say they are doing the right thing, however as per usual, I think the silent majority agree with Abbott.
Time will tell.

 

[noco]

Who just got appointed to London by Abbott?

Its got every thing to do with this government

I was referring to your post #1994.....about something you maintained happened in 2009.

His recent posting has been well earned, being the longest serving Foreign Minister in Parliament.

Peter Beattie was an absolute rogue in Queensland but they nevertheless gave him a fat cat job in the USA.

 

[IFocus]

I was referring to your post #1994.....about something you maintained happened in 2009.

His recent posting has been well earned, being the longest serving Foreign Minister in Parliament.

Peter Beattie was an absolute rogue in Queensland but they nevertheless gave him a fat cat job in the USA.

I don't know of any public person from any Federal political party who has charged $60K for helping out another Australian using Australian embassy for delivery boy.

- - - Updated - - -

irrational unfunded social policy

Supported by Abbott?

 

[Julia]

I don't know of any public person from any Federal political party who has charged $60K for helping out another Australian using Australian embassy for delivery boy.

In the interview with Alexander Downer on the ABC a few nights ago he said that ultimately he did not charge anyone for any consular services he performed.
Do you have information to the contrary?

 

[IFocus]

In the interview with Alexander Downer on the ABC a few nights ago he said that ultimately he did not charge anyone for any consular services he performed.
Do you have information to the contrary?

Weasel words I think, an Australian family paid $60K for Downer to make a representation to a foreign government official using the local Australian embassy to deliver the message.

Note there were two parties involved but one could not afford the payment, Downer claimed he didn't know about the 2nd so didn't include them unfortunately for Downer his claim has since been discredited.

So yes he is correct still fails to address the morally bankrupt point about $60K.

I could understand a fee to cover costs but $60K?

Like Sinodinos I am surprised at this outcome I thought Downer would have had more empathy but clearly he doesn't

Is his behaviour suitable for one of the plum jobs for the boys?

 

[noco]

Weasel words I think, an Australian family paid $60K for Downer to make a representation to a foreign government official using the local Australian embassy to deliver the message.

Note there were two parties involved but one could not afford the payment, Downer claimed he didn't know about the 2nd so didn't include them unfortunately for Downer his claim has since been discredited.

So yes he is correct still fails to address the morally bankrupt point about $60K.

I could understand a fee to cover costs but $60K?

Like Sinodinos I am surprised at this outcome I thought Downer would have had more empathy but clearly he doesn't

Is his behaviour suitable for one of the plum jobs for the boys?

Was Peter Beattie suitable for his plum job in the USA after wrecking Queensland.....he was also having an affair with another woman for some 7 years while he was married..

 

[Julia]

Weasel words I think, an Australian family paid $60K for Downer to make a representation to a foreign government official using the local Australian embassy to deliver the message.

Note there were two parties involved but one could not afford the payment, Downer claimed he didn't know about the 2nd so didn't include them unfortunately for Downer his claim has since been discredited.

Yes, I heard an interview with him on ABC Radio on this point, and his explanation was less than convincing.

Like Sinodinos I am surprised at this outcome I thought Downer would have had more empathy but clearly he doesn't

In the end it seems the prime motivation of pretty much all politicians is self-interest, sadly.
Not confined to one side or the other.

 

[Calliope]

As Polonius said (in an aside) regarding Hamlet;

Though this be madness, yet there is method in ’t

I have racked my brains trying to find a method in Abbott's apparent madness in resurrecting "sirs" and "dames". The only conclusion I can come to is that he wants to have a "dame" title handy to pay off Bronwyn Bishop who is presently as mad as a cut snake and is well past her use-by-date or any value to her party.

 

[noco]

As Polonius said (in an aside) regarding Hamlet;



I have racked my brains trying to find a method in Abbott's apparent madness in resurrecting "sirs" and "dames". The only conclusion I can come to is that he wants to have a "dame" title handy to pay off Bronwyn Bishop who is presently as mad as a cut snake and is well past her use-by-date or any value to her party.

Calliope, Having known the Labor Party would obviously criticize Abbott for his decision on Sirs and Dames, perhaps he did it to be able to throw a bit of "sucker bait" to Shorten by making his mother-in- law a Dame...Since Quentin Bryce accepted the honor, Shorten may have been wedged into going soft on the idea.

It probably would have been better for Shorten had his mother-in-law declined the honor.

As far as Bronwyn Bishop is concerned that is another matter......she has been in parliament for some 18 years and is now speaker....whether she would be entitled to the honor remains to be seen.

IMHO. I can't see the harm in bestowing these honors on someone who has served Australia with honor and distinction, so long it is not a burden on the tax payer.....If there is an ongoing payment or benefit, then I am against it.

 

[Calliope]

IMHO. I can't see the harm in bestowing these honors on someone who has served Australia with honor and distinction, so long it is not a burden on the tax payer.....If there is an ongoing payment or benefit, then I am against it.

No harm done.? He has made himself a laughing stock. That's harm.

 

[noco]

No harm done.? He has made himself a laughing stock. That's harm.

Yes Calliope, I am afraid I will have to agree with ...I believe Abbott was a bit foolish to have done it without cabinet approval, unless of course he did it to wedge Shorten.

 

[Calliope]

Yes Calliope, I am afraid I will have to agree with ...I believe Abbott was a bit foolish to have done it without cabinet approval, unless of course he did it to wedge Shorten.

Abbott is the one who ended up being wedged. The opposition gave him a good wedgie in Parliament last week. If he just confines this nonsense to Governors General, he might live it down; although I doubt it. This stupidity along with the nonsensical PPL will remain as an albatross around his neck until the next election.

I am afraid noco, that you are now one of a small minority prepared to make excuses for his strange habit of shooting himself in the foot.

 

[noco]

Abbott is the one who ended up being wedged. The opposition gave him a good wedgie in Parliament last week. If he just confines this nonsense to Governors General, he might live it down; although I doubt it. This stupidity along with the nonsensical PPL will remain as an albatross around his neck until the next election.

I am afraid noco, that you are now one of a small minority prepared to make excuses for his strange habit of shooting himself in the foot.

Not at all Calliope regarding being in the small minority.......I agreed with you about the sirs and dames and I did comment some time ago that the PPL is unaffordable along with many other hare brain schemes that Labor has imposed upon us including the Gonski, the NDIS, the carbon and mining tax........the former two will have to be modified and the latter two will need to be scrapped.

 

[IFocus]

Yes Calliope, I am afraid I will have to agree with ...I believe Abbott was a bit foolish to have done it without cabinet approval, unless of course he did it to wedge Shorten.

So not in the national interest then purely for political gain..............

 

[noco]

So not in the national interest then purely for political gain..............

I really don't see what it has to do with National interest.......Do you believe the Carbon tax and the mining tax is in the National interest?

Political gain???????????????well you can't tell me both sides don't do it....The Labor/Green Party are past masters at it.

 

[SirRumpole]

I really don't see what it has to do with National interest.......Do you believe the Carbon tax and the mining tax is in the National interest?

Yes.

In a time of "budget crisis", why give big polluters and mining companies earning billions a tax break, at the same time contemplating hitting the rest of us with an expanded GST ? And make no mistake, that is what all the conservative politicians want to do.

Why do you think the Libs had a shocker in the WA Senate re-run ?

 

[noco]

Yes.

In a time of "budget crisis", why give big polluters and mining companies earning billions a tax break, at the same time contemplating hitting the rest of us with an expanded GST ? And make no mistake, that is what all the conservative politicians want to do.

Why do you think the Libs had a shocker in the WA Senate re-run ?

And Labor didn't fair too well either in WA Senate election.

$6 billion Labor didn't raise in the mining tax but spent it before they even raised $200,000.

The Carbon tax has cost us $550 per year extra in the cost of living.

Keating wanted to introduce a 15% GST but Hawke stopped him...in the national interest or political gain?

The Carbon tax has driven several companies off shore.............less jobs..........but that is all Abbott's fault.

 

[DB008]

Since getting into Govt they have rolled back most attempts by Labor to increase revenues, borrowed another 8 odd billion to pass to the RBA, and well that sense of pre election CRISIS!!! has pretty much disappeared.

Hold on.

I'm calling you out on a flat out lie here.

And you know it.

Swan took profits from the RBA, to try to get into surplus.

 

[sydboy007]

Hold on.

I'm calling you out on a flat out lie here.

And you know it.

Swan took profits from the RBA, to try to get into surplus.

So did the previous Howard Govt. Over $17B actually. Not one year did Howard not have his hand in the RBA cookie jar. Labor received just under $9B.

http://www.rba.gov.au/publications/annual-reports/rba/2013/html/earnings-dist.html

The issue I have is why provide the RBA over $8B (costing $320M interest each year) when they didn't request it and all they'd asked for to be allowed to keep their profits over the next few years to build their reserves?

Will Ponzi Joe reduce the headline deficit figure by the amount he provided the RBA, or will he bundle it up and blame Labor for the entire deficit?? How many years before Ponzi Joe starts to dip into the RBA funds again to help his quest for a budget surplus?