Australian (ASX) Stock Market Forum

The Abbott Government

As a youth the old shearer's yoused to tell me the tales of raddled sheep and the birth of the AWU.

Before the Union was born the farmers would raddle (a chalk mark across the back) to indicate that sheep had not been shorn well enough and so was deducted from the number for which he was paid.

Very fast sheares by habit shear each one the same to a clean standard due to long flat strokes. Many farmers increasingly raddled large proportions of all the sheers tallies to of coursr save money. One example up to half those shorn to the point there was a strike and the AWU was born. Like it or not there needs to be checks and ballances for a fair go.

It was from such farmers that we have the Country Party.

And lets not forget dear Joe ("don"t you worry about that") Bejockie Peterson (someone correct my spelling. After he went and during the the Fitzgerald enquiry a friend of mine was appointed the QLD Chief Police Commissiiner. So Ibknow a bit about the Country Party. Also worked on staff for SirWilliam Gunn, but he was a good bloke among them from my point then

Bjelke Petersen

I remember dear old Russ Hinze, who was police Minister in Qld for a while. I didn't think governments could get any more rotten than Askin in NSW, but Hinze and Petersen showed the way for corruption.

Campbell Newman is taking as leaf out of their book by retrospectively legalising illegal mining by one of their donors.

Haven't heard much about the Senate enquiry into the Qld government. Has it started, finished ?
 
Poor Joe has just set himself up for a car crash. He must have been singing a long to his original ipod tunes

http://www.theaustralian.com.au/nat...d-growth-figures/story-fn59niix-1227143430279

Disposable income has dropped for two quarters in a row. Asked whether parts of the economy now appeared to be in recession, Mr Hockey said: “No.” “Fundamentally we are endeavouring to stabilise the rise in unemployment,” he said.

“Importantly, we are seeing strong export growth”…

I have no doubt 2015 will be better and beyond will be better than that,” he said…

He also repeated his call for shoppers to spend big over Christmas.

“Not just for Santa Claus but for Australia,” he said.

Really not sure what's smoking Joe is chomping in those cigars, but me thinks there's something a bit reality distorting in them if he truly believes that the economy will be performing better this time next year.

Seems strange though that the rhetroic has really toned down since the Liberals got into office.

Hockey just a few years back

http://www.joehockey.com/media/media-releases/details.aspx?r=124

The Government’s Mid Year Economic and Fiscal Outlook (MYEFO) is another con job that confirms Labor’s promises on the economy cannot be believed.

Labor is all talk and no action when it comes to delivering a Budget surplus. This year was meant to be the year of decision and delivery. Instead it’s been a year of economic confusion, wasteful spending and failure to deliver.

Change Labor to Liberal and it seems apt with what's gone on this year.

http://www.marketeconomics.com.au/1447-joe-hockey-just-made-his-black-hole-bigger

Shadow Treasurer Joe Hockey has made an astonishing commitment for a future Coalition Government with his “absolute guarantee” that the Coalition tax take will be less than under Labor.

Interviewed on Sky TV, Mr Hockey said:

“we’ll deliver lower taxes than under Labor, I can give you that absolute guarantee.”
I suspect Mr Hockey does not know what he has just guaranteed to deliver.

By way of background: For the most recent year that we have final data for, that is, 2010-11, the tax to GDP ratio was 20.0%.

Certainly they've cut the taxes down, but I don't see where the revenue is going to come from, nor appropriately targeted expenditure cuts either.
 
Yep, everyone is taking the pizz out of the government, trying to reduce spending.:xyxthumbs

Next they will do the same, when the government tries to increase taxes. :D

Then Labor will get in and be able to do nothing, due to their refusal to pass the required changes.lol

Then everyone in Australia, gets a real drop in living standards, that won't be recoverable.:xyxthumbs

http://www.smh.com.au/business/the-...cretary-martin-parkinson-20141203-11yz63.html

Best to get your recession plan in place,IMO
 
Yep, everyone is taking the pizz out of the government, trying to reduce spending.:xyxthumbs
Whilst also ignoring the advice of both Martin Parkinson, Chris Richardson and other well qualified people about the worrying trajectory we are on.
It's like little kids who put their hands over their eyes and say "I can't see you so you don't exist".
 
Yep, everyone is taking the pizz out of the government, trying to reduce spending.:xyxthumbs

Next they will do the same, when the government tries to increase taxes. :D

Then Labor will get in and be able to do nothing, due to their refusal to pass the required changes.lol

Then everyone in Australia, gets a real drop in living standards, that won't be recoverable.:xyxthumbs

http://www.smh.com.au/business/the-...cretary-martin-parkinson-20141203-11yz63.html

Best to get your recession plan in place,IMO

Seriously. What has the Government done to cut spending? Certainly none of their current proposals:

* were highlighted before the election
* help fix the broken tax system that leaks revenue by the billions.

Tony is still forcing his chaplaincy program on to schools, and his PPL is the anchor that keeps dragging him down.

Till they can come up with some adult policies that don't target the poor they deserve the current brickbats they're getting.

Whilst also ignoring the advice of both Martin Parkinson, Chris Richardson and other well qualified people about the worrying trajectory we are on.
It's like little kids who put their hands over their eyes and say "I can't see you so you don't exist".

Considering the Govt has already come out to say there wont be any policy changes when the MYEFO is released, isn't that an apt analogy that the bad new doesn't exist. $5-10B is lower revenue is likely to be announced, but the Govt is saying there's no need to do anything about it.

This Govt has pretty much ignored all the advise any centrist economists have tried to provide them. Less tea party ideology in the policy and more centrist sharing the pain and making the tax system a lot more efficient is what's required.
 
Seriously. What has the Government done to cut spending? Certainly none of their current proposals:

* were highlighted before the election
* help fix the broken tax system that leaks revenue by the billions.

Tony is still forcing his chaplaincy program on to schools, and his PPL is the anchor that keeps dragging him down.

Till they can come up with some adult policies that don't target the poor they deserve the current brickbats they're getting.



Considering the Govt has already come out to say there wont be any policy changes when the MYEFO is released, isn't that an apt analogy that the bad new doesn't exist. $5-10B is lower revenue is likely to be announced, but the Govt is saying there's no need to do anything about it.

This Govt has pretty much ignored all the advise any centrist economists have tried to provide them. Less tea party ideology in the policy and more centrist sharing the pain and making the tax system a lot more efficient is what's required.

I tend to think we are past that for W.A, next year will be very interesting, if commodity prices stay where they are.
Eastern States, especially Sydney, Melbourne are probably o.k, they really have a self generating service economy.
W.A is still very geared toward the resources sector, it goes down, we go down.

Syd, you still seem to have a problem with the fact Governments spend money and raise taxes to pay for the expenditure.
Your whole focus seems to be on improving the tax base, without addressing any wastage in the welfare system.
Your whole arguement, seems to be based on the fact the welfare system, is effecient and just. Therefore all that is required, is more money to expand it.
 
Don't worry guys. The Government have hired an ex treasury public servant who advised the Howard Government to look at how the next budget should look. He has been working overseas so they had to lure him back.
I think they are realising they need professional help and their lawyer training and experience of discussions at morning TV shows is not good enough to run the Australian economy.
 
Seeing as the economy is tanking I thought we could reminisce about the good old days:




Thursday, 15 November 2012 16:31

Last month, David Bradbury, Assistant Treasurer had this to say:

“Shadow Treasurer and good news hater Joe Hockey was belting out tunes from his favourite broken record again today with his relentless talking down of Australia's economy.

“The hard facts that Mr Hockey wants to deny are:

“Yesterday's IMF's October 2012 World Economic Outlook showed Australia is now the world's 12th largest economy and has leapfrogged three places ahead under the Labor Government, after slipping back three places under the previous government.

“The Australian economy has been growing for 21 consecutive years, not shrinking as Tony Abbott has said.

“Tax to GDP is lower under this Labor Government than it was when the Liberal Government left office.

“Interest rates are lower than at any time under the former Liberal Government.

“Unemployment remains low at just over 5 per cent and at a time when the world has shed millions of jobs, Australia has created around 800,000 jobs.

“The day after the IMF upgraded the ranking of the Australian economy, Mr Hockey insisted on peddling his doom and gloom in a disgraceful effort to undermine confidence and make life harder for Australian families and businesses…Mr Hockey just wants to distract attention from his $70 billion budget crater and his secret plans to slash tens of thousands of jobs and cut frontline services. Mr Hockey should stop talking the economy down and come clean with how he is going to fund his gaping budget hole.”

When Wayne Swan was named Treasurer of the Year by Euromoney magazine, Hockey talked Swan's accolade down as reported in Swan soars before hit with the hockey stick. In doing so, Hockey managed to insult the economies of several developing countries, whose chief finance ministers have previously received the Euromoney award. Said Hockey: ''Over the last few years we've had two Slovakian ministers, a Serbian, a Nigerian, a Bulgarian . . . 2001 a Pakistani finance minister, that's quite an extraordinary one, that one…That's not any basis upon which I can give my endorsement to the Treasurer.€
 
Syd, you still seem to have a problem with the fact Governments spend money and raise taxes to pay for the expenditure.
Your whole focus seems to be on improving the tax base, without addressing any wastage in the welfare system.
Your whole arguement, seems to be based on the fact the welfare system, is effecient and just. Therefore all that is required, is more money to expand it.

Syd has never said anything like that.

Syd has given more time, research and intellectual thought to this stuff than the rest of us put together.

To me he states the bleeding obvious pointing out the inherit faults with this government and its complete lack of policy that meets the any thing that resembles fairness.

Australians will wear pain but not for the sole benefits of the elites who Abbott is a total sycophant for.

Honestly this mob couldn't run a chook raffle never mind a budget.

14 months into their term and their excuse is its all Labors fault and the Coalition supporters chant is we are better than Labor.

The mid year budget review will be a complete shambles as the number will be meaningless.
 
I tend to think we are past that for W.A, next year will be very interesting, if commodity prices stay where they are.
Eastern States, especially Sydney, Melbourne are probably o.k, they really have a self generating service economy.
W.A is still very geared toward the resources sector, it goes down, we go down.

Syd, you still seem to have a problem with the fact Governments spend money and raise taxes to pay for the expenditure.
Your whole focus seems to be on improving the tax base, without addressing any wastage in the welfare system.
Your whole arguement, seems to be based on the fact the welfare system, is effecient and just. Therefore all that is required, is more money to expand it.

Nope.

I'd like to see middle class welfare hacked into, and one way to do this is by making the tax system more efficient. Lower income taxes and it makes cutting welfare easier because you're not actually reducing lowering the incomes of those at the bottom of the income ladder.

You do remember this is the Govt that has gotten rid f a number of taxes that broadened the tax base. They've narrowed it to rely more heavily on income and corporate taxes than Labor did.

Just for interest can you say

* What expenditure cuts you support in the budget
* What revenue raising measure you support in the budget.

The Australian has reported today

A troubling economic slowdown is forcing a reassessment of the PPL scheme, including the offer of 26 weeks of paid leave at a new mother’s full pay up to an annual salary cap of $100,000.

The new childcare policy will alter $7 billion in annual spending in response to a Productivity Commission inquiry that recommends simpler payments to families but tighter controls to scale back benefits to the wealthy. The policy will also incorporate an adjusted PPL scheme aimed at improving conditions for women and lifting their participation in the workforce.

Mr Abbott is determined to introduce a more generous scheme but he is facing renewed pressure to amend the proposal because of its gross cost of $4.1bn in its first year and increasing costs after that…

So against the advise of the productivity commission, the Govt is still trying to force their platinum plated PPL onto the voters and may now do so by cutting funding to childcare that has actually helped increase workforce participation.

Yep, we have a Government full of economic wunderkids all right /sarc
 
Nope.

I'd like to see middle class welfare hacked into, and one way to do this is by making the tax system more efficient. Lower income taxes and it makes cutting welfare easier because you're not actually reducing lowering the incomes of those at the bottom of the income ladder.

You do remember this is the Govt that has gotten rid f a number of taxes that broadened the tax base. They've narrowed it to rely more heavily on income and corporate taxes than Labor did.

Just for interest can you say

* What expenditure cuts you support in the budget
* What revenue raising measure you support in the budget.

The Australian has reported today



So against the advise of the productivity commission, the Govt is still trying to force their platinum plated PPL onto the voters and may now do so by cutting funding to childcare that has actually helped increase workforce participation.

Yep, we have a Government full of economic wunderkids all right /sarc

The ppl has always been a dogs breakfast, can't understand why Abbott is so stuck on it.
Even the people who would benefit from it appear to not want it, if there is an advantage to its introduction, it has not been sufficiently explained.

Some form of medicare co payment is required to reduce over servicing and over use, anyone who knows elderly people nows of the draws full of prescriptions. Don't want to get into a slanging match, with people.
Maybe some form of payment per visit, that is refunded annually to those that qualify as disadvantaged.

Universities degrees that have a relevance should be subsidised, degrees for personal fullfillment should recieve less funding.
Where possible public hospitals and schools, should be given the teaching role again. Tafe and or Uni's supply the theoretical component as a part time basis, Unlike what happens now where nurses spend three years at uni gaining make believe experience. This would also help with the staffing of hospitals and schools.

As we've talked about on other threads, super tax rules need a major shakeup.

With an ageing population requiring more welfare and a falling tax base to cover it.
The answers aren't easy, but as you say broadening the tax base is required.
But there is no point in raising more tax, to pay for unwarranted and unsustainable subsidies.
Free hand outs, end up growing, to match the supply. The more you supply the more want it.
 
From the Liberal Daily News


How the public service conned Joe Hockey
SUDDENLY, one of the root causes of the Abbott government’s problems and Australia’s falling growth rate is becoming apparent.

While the Senate quagmire is a clear obstacle, it is also in part a symptom of a much deeper problem ”” too many government ministers have become puppets for parts of the public service that have lost touch with the nation.

As a result, ministers who are not doing enough of their own research and policy formation are in terrible trouble.


Returning to the budget, had the government stuck to its original agenda, the problems would not have been nearly so serious. For example, by December 2014, the savings to be achieved by eliminating duplication in health and education should have been in prospect for the budget bottom line.

Education Minister Christopher Pyne and Health Minister Peter Dutton plus Hockey once again became puppets for a public service that had a different agenda. The duplication will stay for a long time, thereby putting pressure on other areas of the budget.

Meanwhile Pyne mixed up budget savings with necessary reforms in the university system and the result has been a shocking mess

http://www.theaustralian.com.au/bus...onned-joe-hockey/story-fnp85ntp-1227144306954
 
Nope.

I'd like to see middle class welfare hacked into, and one way to do this is by making the tax system more efficient. Lower income taxes and it makes cutting welfare easier because you're not actually reducing lowering the incomes of those at the bottom of the income ladder.

You do remember this is the Govt that has gotten rid f a number of taxes that broadened the tax base. They've narrowed it to rely more heavily on income and corporate taxes than Labor did.

Just for interest can you say

* What expenditure cuts you support in the budget
* What revenue raising measure you support in the budget.

The Australian has reported today



So against the advise of the productivity commission, the Govt is still trying to force their platinum plated PPL onto the voters and may now do so by cutting funding to childcare that has actually helped increase workforce participation.

Yep, we have a Government full of economic wunderkids all right /sarc
Isn't the tax reform white paper due in the next couple of days?
Abbott has already flagged concern that major tax reform is needed.
Hockey has already bought the issue of big company tax avoidance to discussion multiple times.

Syd has given more time, research and intellectual thought to this stuff than the rest of us put together.

No he has regurgitated script and is often so far off base with comments its questionable. He ignores any research that is liberal friendly, only pushing the government is bad message without even checking any facts.
He is the political equivalent of a downramper and I often wonder if he isn't one of the labor script kiddies they employ to attack the government (yes its a real job). If he isn't he should apply for a job:D
 
He is the political equivalent of a downramper and I often wonder if he isn't one of the labor script kiddies they employ to attack the government (yes its a real job). If he isn't he should apply for a job:D

As opposed to all the Liberal scriptwriters in here ?
 
As opposed to all the Liberal scriptwriters in here ?
Are you saying Noco is that high of quality:D
You should already know liberals are too cheap to pay for scriptwriters.

Rumpole at least you can be objective, I've even seen Noco diss the liberals on many occasion.
 
Universities degrees that have a relevance should be subsidised, degrees for personal fullfillment should recieve less funding.

This too is a belief of mine but I'm unsure how to implement it, where to draw the line. Degrees like surfing are obvious ones that don't deserve any subsidies. I would think art degrees have the highest participation to lowest job availability if that makes sense and I would like to see a lot of them culled or reduced (subsidies that is) but then life would actually be quite boring without some of the entertainment that art forms provide. Finance and Law degrees can be quite self centered degrees and often those that partake in such a degree have the capacity to do a medicine or science degree that offers greater benefit to society but for smaller financial gain.
I guess to sum up we need a way to gauge which degrees offer a greater benefit to society, kind of the old question about the space shuttle that holds 20 or so people, which people with what profession do you choose to start a new society.
 
Isn't the tax reform white paper due in the next couple of days?
Abbott has already flagged concern that major tax reform is needed.
Hockey has already bought the issue of big company tax avoidance to discussion multiple times.



No he has regurgitated script and is often so far off base with comments its questionable. He ignores any research that is liberal friendly, only pushing the government is bad message without even checking any facts.
He is the political equivalent of a downramper and I often wonder if he isn't one of the labor script kiddies they employ to attack the government (yes its a real job). If he isn't he should apply for a job:D

I'm glad you feel like you know me well enough to call my integrity into question. How about you just stick to debating facts than making personal attacks?

I wish we had a truly Liberal Govt. Instead we've got one pushing religious chaplains into schools, while non secular counsellors lose their jobs. Now it sounds like the Govt is going to fund religious teaching and training institutions. How does that compute when we have a budget crisis, when money is short for supporting education as it is? Should we just toe the Government line and let this kind of idiocy stand?

Now here's what a true Liberal Govt from our NZ neighbours looking to take some worthwhile action has to say:

[Housing minister, Nick Smith] talked in particularly direct terms about changing the expectations of land bankers this week.

“If they see land prices continue to appreciate at 15-25% per year, then they will have the incentive to sit on their land and not to develop it, and that’s why a critical part of the Accord is making plain that the Metropolitan Urban Limit is dead,” Smith said.

“The Government and the Council are determined to release sufficient land supply and we’re not going to allow land price inflation of the sort we’ve seen over the last decade,” he said.

“I want the land owning development community to realise that the Government is serious with Council about freeing up land supply, and they cannot bank on ongoing high land price appreciation that has encouraged land banking over the last decade.”
 
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