Sunday 17 November 2013
Federal Treasurer Joe Hockey in danger of becoming a walking talking sovereign risk
Sunday 1 September 2013
Coalition Policies and the Environment
* The scrapping of the Biodiversity Fund (originally $1 billion but which now stands at $600 million) and replacement with a $300 million "Green Army".
* Slashing of the $10 billion renewable energy fund and replacement with a $1 billion solar roofs program. Plans to review and possibly weaken the current renewable energy target.
* A proposal to build up to 100 dams throughout the country.
Tuesday 13 August 2013
Friday 2 August 2013
Australian Government Economic Statement August 2013
Thursday 16 May 2013
Post-Budget 2013 reaction on the NSW North Coast? Yawn......
Friday 10 May 2013
The state of the Australian economy confuses the average voter?
It rather beggars belief that so many political commentators have been talking down the Australian economy for the last five years, when overall that same economy has been the envy of the developed world during that same period.
It seems that hardly a week has gone by when somewhere in the national media there hasn’t been a journalist reporting economic doom and gloom, aided and abetted by various Liberal and National Party politicians.
Tuesday 16 April 2013
I don't know how many times reputable economists have to say it before the Murdoch media will believe it....
Wednesday 10 April 2013
Has the Australian small business community stopped listening to Opposition Leader Tony Abbott's doom and gloom?
Click on tables to enlarge
Tuesday 12 March 2013
Stephen Koukoulas on the subject of Tony Abbott as an economic forecaster
Friday 1 February 2013
Liberal Party Lies: What is wrong with this graph?
Saturday 26 January 2013
Something to think about in the 2013 federal election year
Wednesday 23 January 2013
It's an election year and some Coalition candidates will probably mention productivity growth and labour costs
Monday 24 September 2012
Oops! Uncle Joe spoke too soon
Australian Shadow Treasurer Joe Hockey on the 19th September 2012 at 2.17pm, presumably waving a report he hadn't read and relying on something he watched on the tube or heard on the radio as he chomped his morning cornflakes:
Saturday 18 August 2012
49 Days Since That Carbon Tax Ended Life As We Know It
PAY RISE $17.10 per week for low-paid workers
TAX FREE THRESHOLD No tax until $18,200
TAX CUTS For everyone up to $80,000
PENSION INCREASE 1.7% from May 2013
FAMILY TAX BENEFIT BOOST $300 per child
DOUBLE NSW FIRST HOME BUYERS GRANT $15,000 for purchase of new home
CREDIT CARD LENDERS Forced to clear high interest debts first
TICK AND FLICK BANK SWITCHING Sign one form once
TOUGHER MEDICARE LEVY SURCHARGE 1.25% to 1.5% for high earners without private insurance
LOWER PRIVATE HEALTH INSURANCE REBATE 10% to 20% instead of 30% for high earners
INSTANT ASSET WRITE-OFF Up to $6500 per small business
MINERALS RESOURCE RENT TAX To raise to $3 billion in its first year
Indicator | Change since end June 2012 |
Market Indicators | |
Official cash rate | No change |
Australian dollar (vs USD) | +2.0% |
10 year govt bond yield | -0.14 percentage points |
ASX200 | +2.1% |
Change in market cap of ASX | +$23 billion |
Economic Indicators | |
RP Data house prices | +0.6% |
Change in Housing Wealth | +$24 billion |
Westpac index of Consumer sentiment | +3.7% |
Monday 11 June 2012
Reserve Bank Governor reminds Australia that its economy is sound
Peter Martin quoting Governor Glenn Stevens on 8th June 2012:
Of course that didn't stop a privileged blowin like South African-Israeli-Australian Ivan teh Grate from spouting this nonsense, from atop the dizzying peak of his 'on paper' fortune, to the Herald Sun on the very same day:
"IVAN Glasenberg, the nation's second wealthiest person, says Australia is a less attractive place to invest than the world's poorest country, the Congo.
Mr Glasenberg, pictured, the South-African-born head of commodities giant Glencore, said the carbon tax and mining resources rent tax had damaged Australia's reputation.
He told an industry dinner in London that mining companies were disadvantaged in Australia as they had less leverage.
"At least in the Congo they need you, they want you there, and if they start changing the rules you may not continue investing," said Mr Glasenberg, an Australian citizen whose wealth is estimated at more than $7 billion.
The war-torn Democratic Republic of Congo this year was named by The Richest magazine as the world's poorest nation."
Tuesday 15 May 2012
Teh Kouk kicks out at Abbott's economic credentials and Pure Poison follows with a boot to the rear
Stephen Koukoulas of Market Economics had this response to the Australian Leader of the Opposition’s Budget Reply Speech on his blog on 10 May 2012:
ABBOTT: People who work hard and put money aside so they won’t be a burden on others should be encouraged, not hit with higher taxes.
FACT: The tax to GDP ratio of the first 5 Labor Budgets averaged 21.1%. The lowest ever tax to GDP recorded under the Howard government was 22.2% and the average was 23.4%. The last time a Coalition Government delivered a tax to GDP ratio below 21.1% was in 1979-80. Cannot see where the “hit with higher taxes” statement fits these facts in the current Budget context.
ABBOTT: And people earning $83,000 a year and families on $150,000 a year are not rich, especially if they’re paying mortgages in our big cities.
FACT: Average annual earnings are around $53,500 in NSW and $51,500 in Victoria. Maybe they are “not rich”, but someone on $83,000 is earning around 60% above the average wage whether they have a mortgage or not.
ABBOTT: Madam Deputy Speaker, from an economic perspective, the worst aspect of this year’s budget is that there is no plan for economic growth; nothing whatsoever to promote investment or employment.
FACT: After registering a 19th straight year of economic growth in 2010-11, the Budget shows Australia growing at 3% in 2011-12, 3.25% in 2012-13 and 3% in 2013-14. Having risen a Chinese-type 18% in 2011-12, business investment is forecast to rise a further 12.5% in 2012-13. Employment is forecast to rise by 1.25% in 2012-13, which will see the creation of around 175,000 new jobs from now until June 2013.
Read the rest here.
The full transcript of Tony Abbott's budget reply (containing no specific economic/funding information concerning his own inchoate policies) can be found here.
Over at Pure Poison they are wondering when the press gallery is finally going to call Abbott out on the rubbish he's spouting:
Thursday 10 May 2012
Australia's unemployment hits 4.9% low. Something the Federal Coalition has to suck up before Abbott's Budget Reply Speech 10 May 2012
ABS MEDIA RELEASE |
| |
10 May 2012 | 67/2012 | |
Australia's unemployment rate decreased 0.2 percentage points to 4.9 per cent in April 2012 |
Australia's seasonally adjusted unemployment rate decreased 0.2 percentage points to 4.9 per cent in April, as announced by the Australian Bureau of Statistics (ABS) today. There was also a decrease in the labour force participation rate of 0.1 percentage points in April to 65.2 per cent.
The ABS reported the number of people employed increased by 15,500 to 11,501,000 in April. The increase in employment was driven by increased part-time employment, up 26,000 people to 3,438,200, and was offset by decrease in full-time employment, down 10,500 people to 8,062,800. The increase in employment was mainly driven by an increase in male part-time employment.
The number of people unemployed decreased by 28,800 people to 598,200 in April, the ABS reported.
The ABS monthly aggregate hours worked series showed an increase in April, up 6.6 million hours to 1,633.9 million hours.
There has been some interest recently in how changes in the Australian population impact on the estimates of employment from the Labour Force Survey. The responses collected from the sample of people in the survey are weighted to projections of the Australian population for the current quarter. These population projections are based on the most up-to-date information available, but are different to the official estimates of resident population that are calculated at a later date. In order to explain these issues, the ABS has produced a special feature article "Population Benchmarks and the Labour Force Survey" in this month's publication.
More details are in the April 2012 issue of Labour Force, Australia (cat. no. 6202.0), as well as the upcoming April 2012 issue of Labour Force, Australia, Detailed (cat. no. 6291.0.55.001) due for release next week on May 17. Both publications are available for free download (after release) from the ABS website - www.abs.gov.au.