The Australian General Election

[Flathead]

Plenty long enough and I believe I do....

...agreed...but all I can do is vote

[starlight7]

What would benefit the country is a Lib victory at the polls with a significant number in opposition- not a wipe out for the Libs because they do need to be kept in check. Worst case scenario would be another narrow Labour victory. Over the years it seems we do best with a Liberal federal government and a Labour state government.

[flag of convenience]

Sadly a Liberal whitewash looks to be in the making across the States as well as Federal Government. It may well be a generation before change is possible at a Federal level.

You are correct. Not good for the country. More a one party rule.(shades of Singapore)

[Paul1Perth]

Don't let the facts get in the way of the reality. Debt in this country is only 10% of GDP. That is at the lower end of international debt.

For example Canada, a similar nation in many respects,who are experiencing their own boom, has 30% debt to GDP. UK and USA a worrying 80%......Australia is aiming to reduce debt to 7.3% in the 2012-13 fiscal year. No mean feat.

 

The last Conservative/(Liberal) Govt was identified as having the only two periods of fiscal profigacy in recent years. Howard the former Liberal Prime Minister saw spending grow faster than any govt since the recession in the early 90s.

 

It may have looked like sound financial management but through good luck its revenue base expanded due to the unstainable expansion of private debt and a once in a century commodity boom.

 

Since the GFM Australia's debt's in mark contrast to the rest of the world are in fine shape. Definitely no reason to unleash Abbott on the country.

 

Your opening sentence sums up the way I feel too flag. The press and media are so biased towards the liberal party it's freaky. Just about any country in the world would love to have our economy and balance of payments yet the current government get no credit for it at all. In fact if anyone mentions how well Aus is doing, especially in the media or on TV, there seems to be an instant reference to John Howard and Peter Costello, as though it's because of the time they were in power.

 

Julia has just tried to get on with running the country since the day she got in in very difficult circumstances. All we get in the news about any policy she releases is negative views.

 

There are changes to the superannuation system announced today that are going to affect very few people. You have to be very well off and have a massive amount of super before any of the changes would affect you. I heard a discussion about it coming to work and you would think that everyone is going to lose out. Nothing but negative comments from all but one caller, before people have even had a look at the changes to see if they are going to be affected.

 

One of the concerns was that changes were being made and the government accused of "fiddling". I find that a good look at something that has been around for a while and involves millions of dollars of just about everyones money, may need a few tweeks every now and then.

 

From what i heard this morning the people that may lose out a bit are:-

1. Very rich and have massive amounts of super (millions)

2. Have been able to employ very good accountants over the years to find loopholes to give themselves tax breaks.

 

This is the type of people the Labour government try and get to contribute their fair share all the time. Unfortunately they are the ones who control a lot of the media and own the press.

 

I'm no massive fan of Julia btw but she is a lot better than Rudd, who came across as a fake working class wannabee, and way in front of anyone the opposition has.

[flag of convenience]

Rudd was anything but working class but a scholarisic understanding to do the correct thing towards them,in my view. Gillard I feel has a greater understanding and indeed a far more Fair Dinkum Aussie, in the old sense of the word.

 

I have arrived at having a respect for her after a period of dislike but really have great misgivings about Abbott. I would consider my vote if the other fellow was at the helm,who appears more a real Liberal ....lost his name but you'll know who I mean,I'm sure.

[northshorepom]

Ironically, compared to the UK, its immigration that will get the economy going here because people will need houses, cars etc. .

 

The same thing happens in the UK pretty much, it's just the rhetoric of newspapers that would have you believe otherwise. Migrants are younger than the population average, more skilled and most come to the UK to work. Therefore they generally pay more in tax than they take out in benefit and the country benefits (arguable, depends on what is spent and what is remitted) from their economic activity. Most migrants to the UK are NOT making the move to sign on

[Johndoe]

Rudd was anything but working class but a scholarisic understanding to do the correct thing towards them,in my view. Gillard I feel has a greater understanding and indeed a far more Fair Dinkum Aussie, in the old sense of the word.

 

I have arrived at having a respect for her after a period of dislike but really have great misgivings about Abbott. I would consider my vote if the other fellow was at the helm,who appears more a real Liberal ....lost his name but you'll know who I mean,I'm sure.

 

Joe Hockey?

[Ellie 2]

Think he meant Malcolm Turnbull.

[Johndoe]

Turnbull seems like a "gent" to me (In the nicer sense) and Joe, seems "down to earth" for a liberal. Either would suit me over Budgie Smuggler

[Guest chris955]

Abbott just comes across as a loathsome, sleazy, untrustworthy sort which says a lot for Juliar if he goes on to beat her.

[Paul1Perth]

Turnbull seems like a "gent" to me (In the nicer sense) and Joe, seems "down to earth" for a liberal. Either would suit me over Budgie Smuggler

 

Turnbull speaks a lot of common sense I think. He had his chance though and when he was leader came across as a bit of a dictator and full of his own importance. He wasn't in the position very long and that's not a very good sign from his own party.

 

On top of that he has his own agenda to make Aus a Republic, which I am totally against.

[Parley]

Don't let the facts get in the way of the reality. Debt in this country is only 10% of GDP. That is at the lower end of international debt.

For example Canada, a similar nation in many respects,who are experiencing their own boom, has 30% debt to GDP. UK and USA a worrying 80%......Australia is aiming to reduce debt to 7.3% in the 2012-13 fiscal year. No mean feat.

 

The last Conservative/(Liberal) Govt was identified as having the only two periods of fiscal profigacy in recent years. Howard the former Liberal Prime Minister saw spending grow faster than any govt since the recession in the early 90s.

 

It may have looked like sound financial management but through good luck its revenue base expanded due to the unstainable expansion of private debt and a once in a century commodity boom.

 

Since the GFM Australia's debt's in mark contrast to the rest of the world are in fine shape. Definitely no reason to unleash Abbott on the country.

 

While you may consider $300 billion of government debt low, the government has to pay interest alone of nearly $20 million per day.

This is over $7B a year just in making interest payments, never mind paying off any of the debt.

 

Imagine what the government could be doing with that $7B a year.

That is contributing to the large deficit and not being used in areas like building new infrastructure.

 

That is the value of being debt free. Howard and Costello were spending from surplusses. Our money in the bank which is a big difference.

[flag of convenience]

Think he meant Malcolm Turnbull.

 

Turnbull is exactly who I meant.

[flag of convenience]

While you may consider $300 billion of government debt low, the government has to pay interest alone of nearly $20 million per day.

This is over $7B a year just in making interest payments, never mind paying off any of the debt.

 

Imagine what the government could be doing with that $7B a year.

That is contributing to the large deficit and not being used in areas like building new infrastructure.

 

That is the value of being debt free. Howard and Costello were spending from surplusses. Our money in the bank which is a big difference.

 

This government has done well under the circumstances to keep debt down to one of the lowest in the world. Few countries are debt free and none I suspect that offer a safety net to their people.

You can believe what you want from the Murdoch press but this govt has done well.

Howard was spending like a drunken sailor in order to buy a further term in office. Perhaps we should ask where and what happened to the dividend from their years in power during the biggest commodity boom in history?

Anyone would or should have left the country debt free under such circumstances. Luck more than politics.

[Parley]

I don't read the murdoch press, but I do know what a waste of money paying interest of $7 billion a year is.

That could be spent on Roads, Schools, Hospitals - heaps of stuff of lasting benefit to Australia.

 

But the good news is that change is coming quickly.

[flag of convenience]

Turnbull speaks a lot of common sense I think. He had his chance though and when he was leader came across as a bit of a dictator and full of his own importance. He wasn't in the position very long and that's not a very good sign from his own party.

 

On top of that he has his own agenda to make Aus a Republic, which I am totally against.

 

I do agree he appeared a little pompous at times and indeed full of himself but not unlike Keating in certain respects,though more refind. Still out of the present bunch I like his pose and either neutral or like his urban views.

For down to earth Aussieness though Gillard is the one with the most on display.

[flag of convenience]

I don't read the murdoch press, but I do know what a waste of money paying interest of $7 billion a year is.

That could be spent on Roads, Schools, Hospitals - heaps of stuff of lasting benefit to Australia.

 

But the good news is that change is coming quickly.

 

And the other lot are going in for public spending you believe? Really. It will be more a case of cutbacks and making it easier for employers to fire....Change will sure be coming. Bit short on policy aren't they?

 

No Australia's debt is small bikkies on the global scene and few countries are debt free that run a welfare state. As I mentioned look at the rates of any other western country and Australia is close to top in having the Lowest Debt.....Fact of live.

Now personal debt that is something else and far far good.......Liberals will not make debt lower without a lot of cuts in services...for very little considering we have such a low debt at present.

[Paul1Perth]

I don't read the murdoch press, but I do know what a waste of money paying interest of $7 billion a year is.

That could be spent on Roads, Schools, Hospitals - heaps of stuff of lasting benefit to Australia.

 

But the good news is that change is coming quickly.

 

The main reason for the $7 billion of debt is borrowing money for the exact things you talk about, roads, schools, hospitals. Didn't the current account deficit fall by a lot more than the experts were predicting last quarter?

 

All governments around the world borrow money for capital expenditure. It's like you getting a mortgage for a house. If you tried to save up and pay cash for one it would never happen.

 

As long as there is enough money coming in to meet the repayments, mostly from taxes from working people, then everything's OK.

[Guest chris955]

I do agree he appeared a little pompous at times and indeed full of himself but not unlike Keating in certain respects,though more refind. Still out of the present bunch I like his pose and either neutral or like his urban views.

For down to earth Aussieness though Gillard is the one with the most on display.

 

Yes, what is the Aussie equivalent of an Oscar ?

[Parley]

The main reason for the $7 billion of debt is borrowing money for the exact things you talk about, roads, schools, hospitals. Didn't the current account deficit fall by a lot more than the experts were predicting last quarter?

 

All governments around the world borrow money for capital expenditure. It's like you getting a mortgage for a house. If you tried to save up and pay cash for one it would never happen.

 

As long as there is enough money coming in to meet the repayments, mostly from taxes from working people, then everything's OK.

 

Paul... It's $300 billion of government debt not $7 billion.

 

$7 Billion is just the annual interest payment on the debt.

[Guest chris955]

The current account deficit last quarter was slightly down from the quarter before it but significantly more than 2010, 2011 and the first half of 2012, the deficit is trending up.

 

The main reason for the $7 billion of debt is borrowing money for the exact things you talk about, roads, schools, hospitals. Didn't the current account deficit fall by a lot more than the experts were predicting last quarter?

 

All governments around the world borrow money for capital expenditure. It's like you getting a mortgage for a house. If you tried to save up and pay cash for one it would never happen.

 

As long as there is enough money coming in to meet the repayments, mostly from taxes from working people, then everything's OK.

[Petals]

Australia is in good position as regards public debt, not so sure about private debt. However its fine line, I think that all the middle class welfare has to disappear.

 

What do I think about the gov well not so good, what do I think about the alternative, will be better for us self funded retirees but would not trust them with a barge poll on job conditions, health and education. Been there done that. They have a history of hitting the employed tax payers with the brunt of cuts.

[Paul1Perth]

Paul... It's $300 billion of government debt not $7 billion.

 

$7 Billion is just the annual interest payment on the debt.

 

Yep sorry, but the same reasoning still works. If they can afford the debt repayments there is no problem. At least in theory.

Like I said, same as you and me having a mortgage or a few credit card debts. (we don't have those but know plenty of people who do).

 

I know it has to be paid off one day. No actually it doesn't. If we keep our triple AAA credit rating then it's a demonstration that there is confidence from the lenders in the economy and ability of the government to keep the interest payments up. You will know that the UK recently lost it's AAA rating?

[Guest chris955]

Seriously how is that last sentence relevant to anything ?

 

Yep sorry, but the same reasoning still works. If they can afford the debt repayments there is no problem. At least in theory.

Like I said, same as you and me having a mortgage or a few credit card debts. (we don't have those but know plenty of people who do).

 

I know it has to be paid off one day. No actually it doesn't. If we keep our triple AAA credit rating then it's a demonstration that there is confidence from the lenders in the economy and ability of the government to keep the interest payments up. You will know that the UK recently lost it's AAA rating?