Wayne Swan - Economic Pygmy

[moXJO]

How does it compare to other economies through the same timeline?

You would compare it to other economies with similar exports, not the dud ones to try and make it look better then what it is.

 

[Some Dude]

You would compare it to other economies with similar exports, not the dud ones to try and make it look better then what it is.

I agree completely. One would compare the same time periods against similar economies, unless one was trying to assert a conclusion lacking veracity.

 

[sails]

I posted this in one of the Gillard threads, however, it is probably more appropriate here:

Has Swanny lied or didn't he know his numbers? Tax revenue is up 9.2% - see below:

THE Labor government is yet to show it can rein in spending, with each of its five budgets packed with high-cost initiatives and consuming a much larger share of the economy than the last five Howard government budgets.

Wayne Swan has blamed the failure to reach surplus this year on the shortfall in tax revenue, but figures for the first four months of this financial year show total receipts are 9.2 per cent ahead of last year.

http://www.theaustralian.com.au/nat...-rising-revenues/story-fn59niix-1226542121468

Why should we believe anything coming from labor any more? Is there anything they have got right?

 

[sails]

SameDude - I see you are from Brisbane. From your posts I take it you were one of the 25% who voted for Anna Bligh to continue her massive spending spree. Unbelievable...

 

[So_Cynical]

I congratulate you GG on your indomnitible spirit and tireless determination to open endless numbers of new threads devoid of any real substance apart from proffering yet another sensantional excuse to bash the labor party.

Damned if they do and damned if they don't, who cares lets just point the finger and launch into another thread.

Well done.

^^^ As i have been saying for over 2 years.

Indomnitible, tireless, determind, sensantional and devoid of any real substance... ironically that pretty much sums up the ASF right...and its as boring as watching paint dry.

 

[dutchie]

^^^ As i have been saying for over 2 years.

Indomnitible, tireless, determind, sensantional and devoid of any real substance... ironically that pretty much sums up the ASF right...and its as boring as watching paint dry.

Boring??

But your still here.

Indomitable, determined, sensational - for sure, but mainly frustrated - that we have to put up with Labor and have no power to end their incompetence for so long.

Besides which, we are having fun.

 

[MrBurns]

Boring??

But your still here.

Indomitable, determined, sensational - for sure, but mainly frustrated - that we have to put up with Labor and have no power to end their incompetence for so long.

Besides which, we are having fun.

^^^^^^^^

 

[Garpal Gumnut]

^^^ As i have been saying for over 2 years.

Indomnitible, tireless, determind, sensantional and devoid of any real substance... ironically that pretty much sums up the ASF right...and its as boring as watching paint dry.

Thanks SC.

Not being an Esperanto speaker, I didn't understand it all, but I get yer drift.

gg

 

[IFocus]

Alternatively we could just strat printing cash to weaken our dollar. All the other cool kids are doing it with no care, so why should we be penalised for having low debt/no printing?

While i dont agree with doing it from a financial viewpoint, it is the way the game is being played these days and to try and make some sort stand which weakens the economy/jobs is like a football team deciding they will play with no interchange

Unfortunately printing is an option for the RBA but the effects against the big boys would be totally pointless.

Really the only real option the RBA has is to drop interest rates further to kill the yield which we should see next year

Another issue is our banks ratings being high and particularly European banks rating falling, Frances banks will really come under pressure 2013/14

 

[sptrawler]

Unfortunately printing is an option for the RBA but the effects against the big boys would be totally pointless.

Really the only real option the RBA has is to drop interest rates further to kill the yield which we should see next year

While trying to keep a lid on the housing bubble. LOL
While at the same time the government is trying to pump up the bubble, by relaxing foriegn ownership restrictions and recently allowing SMSF to buy residential property. Everything labor touches turns into a stuff up, can't wait to see the outcome in the housing market.

 

[Ves]

and recently allowing SMSF to buy residential property.

False - they always have been able to (subject to related party transaction restrictions - which havent changed).

 

[McLovin]

False - they always have been able to (subject to related party transaction restrictions - which havent changed).

But they weren't able to borrow previously. All those warrant products were designed to allow SMSF's to gain leverage without borrowing.

 

[Smurf1976]

Commonsense and life experience generally tells me that whenever something is "good" for an extended period, the following "bad" period will also be of lengthy duration and/or severity.

The AUD has been high now for years, harming and in some cases wiping out many domestic industries in the process. Whenever it does fall, there's not a lot there to support it. It's not as though manufacturing etc will start exporting again in a hurry when the factories have been closed and in many cases literally razed to the ground. We'll need a sustained period, years, before investment starts flowing and in the meantime it's likely to be painful.

 

[Ves]

But they weren't able to borrow previously. All those warrant products were designed to allow SMSF's to gain leverage without borrowing.

Pre 1999 Unit Trust anyone? What about an unrelated private unit trust?

Howard government bought the borrowing rules btw, not Gillard.

 

[IFocus]

While trying to keep a lid on the housing bubble. LOL

Yes the RBA would like to see housing drift sideways for some time but they would like to see a up tick in construction particularly on the eastern sea board

 

[sptrawler]

Yes the RBA would like to see housing drift sideways for some time but they would like to see a up tick in construction particularly on the eastern sea board

It is hard to balance construction growth and price stagnation.

 

[sails]

Here's a graph which shows labor have clearly been enjoying record revenues and yet they have taken us into record debt and deficits.




Read more:
http://www.michaelsmithnews.com/2012/12/these-data-show-an-awful-picture-for-the-future-of-jobs.html

 

[sptrawler]

False - they always have been able to (subject to related party transaction restrictions - which havent changed).

They may have been able to do it, but as a SMSF trustee I can tell you it was actively discouraged.
This year it is being encouraged.

 

[Some Dude]

Here's a graph which shows labor have clearly been enjoying record revenues and yet they have taken us into record debt and deficits.


View attachment 50085

Read more:
http://www.michaelsmithnews.com/2012/12/these-data-show-an-awful-picture-for-the-future-of-jobs.html

Is the black line the change of government or the GFC. You have stated your opinion about one but what do you believe is the effect of the other on that plot?

 

[sptrawler]

It really doesn't matter, the change of government or GFC. The exponential government debt shows bad management.
If you keep ramping up your household spending, when your wages aren't increasing. You end up bankrupt.
Unfortunately for us, the government doesn't go bankrupt, just hits us with more taxes.

But that's o.k because we think they are fabulous and brilliant and good managers. Jeez give me a break.