Australia has posted its worst monthly trade deficit on record, with imports exceeding exports by nearly $3.9 billion.
Bureau of Statistics data show the deficit of $3,888 million in April just edged the previous record of $3,881 million set in February 2008 as commodity prices slumped during the peak of the global financial crisis.
Australia's trade deficit of $3.9b its worst on record
http://www.abc.net.au/news/2015-06-04/trade-deficit-more-than-trebles/6521468
Sydboy I would have been most disappointed if you had not come back with some adverse comment.
Was Swannie honest with Australians?...Was Gillard honest with Australians?...Don't shout your answer too loud....Was Combet honest with Australians?
You have to admit this latest news is a large improvement on the 2007/2013 Labor era.
My comments are adverse because that's the reality. GDP growth doesn't matter when incomes are falling. GDP doesn't matter when the ToT is falling over 11% in a quarter, making us all poorer.
What is positive news? The largest monthly trade deficit on record. Real incomes falling for most people. Housing growth unsustainable in Sydney and Melbourne. Household debt levels the highest on record, and still climbing. Savings rate in decline.
IS your argument that because person A wasn't totally honest that this then makes it OK fro person B to do the same. I thought you were always saying the Abbott Govt was better than labor, but not you're justifying them doing exactly the same mistakes as Labor.
in 6-9 months Hockey is going to rue his comments from yesterday as people suddenly realise the economy is tanking, and wonder why they were told by the Govt that everything was good in June 2015.
But don't worry Noco, keep your head in the sand along with the Govt and she'll be right mate.
Why would I admit things are better now when everything points to a deteriorating economy. You're just too ideologically biased to read the stats and see if for yourself. It'as as much the fault of Abbott as it was Rudd or Gillard, but they like to pretend they control and manage the economy like a car, so they can take the negatives since they like to boast when things they're not in control of go their own way.
Well, obviously this a trait of the Green/Labor left wing socialist....Talk doom and gloom...talk the economy down.
Typical Fabian modus operandi...Criticize the conservative government and its leader at every turn.....Shame...Shame ..Shame.
The Corpus Christi project is designed for up to three trains with production capacity of approx. 13.5 million tonnes per annum, three LNG storage tanks with capacity of about 10.1 Bcfe, two LNG carrier docks and a 22-mile, 48″ natural gas supply pipeline.
The first train is expected to start operations as early as 2018, with the second train expected to commence operations approximately six to nine months thereafter.
Total project costs of about $11.5 billion for the first two trains, two LNG storage tanks, one dock and the natural gas supply pipeline, will be funded with $3.1 billion of project equity and $8.4 billion of debt.
Bill Shorten must be the shelf.I see Abbott got pipped by Rolf Harris as most hated public figure, book ended by Kyle Sandlands. Another one of those indepth pollsters
How is talking about reality a socialist fabian plot?
This is where we are Noco.
http://www.lngworldnews.com/cheniere-starts-construction-on-second-lng-export-project/
$16 billion for three trains producing 80% of the output of the $54 Gorgon project or a quarter of the cost for six trains on Curtis Island. I know that the western gas will have a cheaper cash cost once flowing but, jeez, good luck getting more investment here!
Just exactly how is Australia competitive in just about anything these days? Profitless exports after tens of billions in writedowns. But don't worry. The Abbott Govt would love for more LNG to be dumped to an already over supplied market. The only positive is east coast has prices may not totally decimate manufacturing, unless we're forced to subsidse a billion dollar pipeline to bring in gas from the NT. Ship it from QLD as LNG via expensive infrastructure, sucking it out of the east cost economy, and then spending to pipe it from the NT. Go Australia.
Yes it is a Fabian plot that has been going on for over 6 decades....They have been set on a course of economic destruction.
Thanks to the corrupt communistic dominated unions, we now import goods we used to make in Australia...Can't make it here because wages are too high.......We used to make foot wear, clothing, woolen knitting mills, motor vehicles and steel......all gone overseas and we ask ourselves why are the imports $3.6 billion over imports.
The cost to build a submarine is 3 times that of a sub built overseas.
On top of that, demand for iron ore and coal has decreased....
Business running as oligopolies has nothign to do with our lack of competitiveness eh?
As the Trade Minister Andrew Robb has noted "We are an oligopoly community. We shouldn't fight it. We should make the most of it. It does provide us with the critical mass and the size and innovation and for that ability to compete with overseas countries"
Just how exactly is competition going to thrive when you have a mindset within Govt that see oligopolies as good for the country???
Was it sane for 3 different companies to all build LNG trains at the same location at the same time? Was it so unforeseeable that there would be an explosion in wages for all types of labor involved, that the high demand would cause cost blowouts for pretty much all inputs? Would it have been smarted for those same companies to have set up a LNG company and shared the costs of building the LNG trains one at a time, thereby bringing production online faster and at a cost competitive rate.
Was it sane for BHP and RIO to expand production as much as they did? Was it sane for FMG to go from 0 to 150M+ tonnes of production based on high cost low quality ore? All these projects running at the same time, once again pushing up the cost of all inputs, to the determinant of not only shareholders but to national income.
Should we even allowed for so much export expansion of gas from the east coast? Have we given up what was an economic advantage of cheaper energy? Why doesn't Australia have an energy policy? Why don't we have a gas reservation policy like the USA?
These issues aren't even on the radar Noco. It's so easy to blame the workers for high wages, when it generally poor management that is the underlying problem. Funny how CEO pay is all about attracting the best, but when it comes to the average worker higher wages is suddenly an issue.
We have an RBA flip flopping on the AUD, leaving it at a still uncompetitive levels. We're still up 20% against the Brazilian Real, so Vale is getting a massive boost from that.
So if demand for iron ore has fallen, is it sensible for the WA Govt to be giving the mining juniors royalty rebates? Is keeping extra production in play detrimental to the long term national interest? Do you think the Abbott Govt will allow a Chinese propping up of FMG, or even a takeover? It would be suicide to allow the Chinese to keep 150+M tonnes of uneconomic production in play, but the chinese would love it.
Take your ideological blinkers off and start asking the right questions.
Bill Shorten must be the shelf.
http://www.afr.com/news/politics/na...l-shorten-down-newspoll-shows-20150602-ghejnw
Yes it is a Fabian plot that has been going on for over 6 decades....They have been set on a course of economic destruction.
Thanks to the corrupt communistic dominated unions, we now import goods we used to make in Australia...Can't make it here because wages are too high.......We used to make foot wear, clothing, woolen knitting mills, motor vehicles and steel......all gone overseas and we ask ourselves why are the imports $3.6 billion over imports.
The cost to build a submarine is 3 times that of a sub built overseas.
On top of that, demand for iron ore and coal has decreased....
Asked by shadow Treasurer Chris Bowen why Australian living standards were falling, Mr Hockey said “that is a ridiculous statement, and it’s wrong … because we have got asset values going up in Australia.
…”The incomes of Australian families are under significant pressure and the Treasurer hasn’t bothered to acquaint himself with the facts,” Mr Bowen said. “Mr Hockey should ask Treasury for a briefing on real net national disposable income per capita.”
…Saul Eslake, an economist at Bank of America Merrill Lynch, said it was “reasonable” to describe living standards as having fallen after four quarters of contraction in net national disposable income per capita.
“It’s a better measure of living standards than per-capita GDP because it takes account of change in Australians’ command over goods and services produced by foreigners as a result of changes in the terms of trade,” he said.
…”What Hockey’s doing is in essence confusing income statements with balance sheets,” Mr Eslake said.
Sums up Hockey's lack of economic comprehension quite nicely
http://www.afr.com/news/economy/hoc...ng-as-trade-deficit-blows-out-20150604-ghgvix
Hockey doesn't seem to grasp that a rising house price doesn't make paying the weekly grocery bill any easier.
I have a feeling you haven't been to the land of the free and witnessed the standard of living our American cousins enjoy? Many (most) would be lucky to see a Sunday, even for church, by our standards they dress poor, live poor, are educated poorly, but food is cheap and they eat to excess in the absence of brain food. They give over any difficulties of conscience to Jesus so they can concentrate on making a hand to mouth living. Friendly though, very friendly.
No , but it makes those in the negative gearing welfare industry a lot better off, and guess who Hockey cares about most ?
This Treasurer is a joke, blathering on about entitlements while paying his wife taxpayers money so he can stay at home. The sooner he's booted out the better.
Business running as oligopolies has nothign to do with our lack of competitiveness eh?
Over the past 25 or so years we have effectively outsourced pretty much everything to "the market".
First it was big things like aviation and power. Now we're down to WA selling the street lights (yes really) and Tas doing some dodgy "no need for a tender" deal to outsource the traffic lights. That's scraping the bottom of the barrel stuff surely.
Over the past 25 or so years we have effectively outsourced pretty much everything to "the market".
First it was big things like aviation and power. Now we're down to WA selling the street lights (yes really) and Tas doing some dodgy "no need for a tender" deal to outsource the traffic lights. That's scraping the bottom of the barrel stuff surely.
What is the (insert policy area here) of Australia or of any particular state? That's up to the market to decide.
The trouble with all this is that markets focus on what's good for the individual, they don't focus on what's good for the nation in the long term. You can't even fly from one city to another these days without paying monopoly rent to the private owner of the relevant airports - and they are indeed in the rent seeking business when you look at how much money they're making simply having planes take off and land on their property.
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