Gloom and Doom for Oz Thread

Discussion in 'Markets & Economies' started by JulieW, Jul 27, 2015.

  1. Silverthorn

    Silverthorn Well-Known Member

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    When I studied a semester on public economics in my third year I still clearly remember the text pointed out several empirical studies showed public health was actually more efficient. I remember it so well because it went against the current meme of the day of privatisation which was getting going back in the day.
     
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  2. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    That would be interesting to read, I can't see how it would be, the public provision of any service is always less efficient.
     
  3. leo25

    leo25 Well-Known Member Silver Stacker

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    I would love to see this study and also what their definition of an "empirical" studies is. Because a lot of "empirical" studies have a tendency of cherry picking data.
     
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  4. Silverthorn

    Silverthorn Well-Known Member

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    There was a number of reasons given though I don't really recall it well enough but if I were somewhere like the US I'd want a health advocate helping me if I was quite ill.

    I did keep some texts in subjects I was interested in, like economic history, but public economic was something I just wanted to pass.
     
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  5. Silverthorn

    Silverthorn Well-Known Member

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    As it turns out my brother got on to me yesterday about all the text books I had stored at his place. Went up today to pick them up today and sure enough a text book by Stiglitz, Economics of the Public Sector, was on top of one stack covered in dust.

    Turns out my memory wasn't that good which is not atypical. A quick look through it and in one of the early chapters it cites several studies where specific government enterprises are more efficient than their private counterpart but from a variety of different enterprises not health.

    The chapter on health does out line it is particularly vulnerable to various market failures but the one study that I can see it citing is in regard to HMOs versus regular fee for service providers. HMOs provides better service more efficiently.

    Looks like those two seperate things got tangled in my memory.

    I haven't gone through all the books, I kept more than I thought, so there might be a second text on public health that has something different.
     
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  6. PM

    PM Active Member Silver Stacker

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    Apple store pumping again today.
    As a side note my other half sent me an email about making money on cryptos. Time to get out people.
     
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  7. House

    House Administrator Staff Member

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    More bad news :(

    • total employment increased for a 13th consecutive gain, the best stretch in 23 years
    • 236,000 full time jobs added since the beginning of the calendar year
    • unemployment rate continues to fall, down to a 57-month low of 5.4 per cent
    • NSW unemployment rate continues to trend down, now to a post-financial crisis low of only 4.71% (and just 4.6% in seasonally adjusted terms
    • Not including bonuses, NSW wage increases tracking at +2.1%. Some sectors as much as 2.8% and 3%
    • long term arrivals into Australia hitting a record high 777,440 over the year to September, YoY increase of 5.5%. No doubt absorbding all these 30,500 oversupplied apartments
    • Short-term arrivals also hit a record high of 8.72 million over the year to September
    • In aggregate, households have buffers that would cover 2½ years of scheduled repayments in offsets at current interest rates.
     
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  8. leo25

    leo25 Well-Known Member Silver Stacker

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    • Interest rates at emergency lows
    • Government spending like crazy, as if they think the economy will crash tomorrow.
    • Inflation and price inflation ramping up faster and faster (housing, energy, healthcare, insurance, core quality foods)

    Yep everything is fine people, move along nothing to see here. Didn't you know doctors only give medication to people because they are healthy ;)
     
  9. House

    House Administrator Staff Member

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    Well it is the gloom and doom thread after all, good place to disregard what is some very good news for the Aus economy.

    The Gov is spending because it has to. Infrastructure required for all incessant population growth. Gov figures undershot actual expectations by a good 12%.

    What exactly do you mean inflation ramping up faster and faster? Looks like a downward trend to me

    184F9A9C-8DDB-4F5A-898F-888B1264AEB9.jpeg

    Housing prices have slowed, will decline marginally and stagnate for a good long time. Repayments are still $20k+ a year cheaper than 30 years ago for the median priced house.

    Energy prices have been increasing by an average of 9.5% a year for the last two decades. New price rise won’t have as much of an effect as the media will lead you to believe. Or suck it up and install some bloody solar panels.

    Insurance... what specifically? Haven’t noticed any major increases on any renewals for car, house or IP’s in at least 4 years.

    Core quality foods... some have gone up, some have gone down. $1/L for milk, $1 loaves of bread, $5 for 12 jumbo eggs, $7/kg mince etc all seems pretty reasonable to me.
     
  10. leo25

    leo25 Well-Known Member Silver Stacker

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    We have different views on this one, so I'm just going to accept you have heard all the reason why government should not get to much involved with the market and i have heard all the reason why they should. So I'm happy to just leave it as we have different opinions.

    I hope this is true, but lets wait and see. Also this one is location dependent, some are going to start seeing declines and some will still see price rises. Unfortunately for me, areas around me are still seeing price rises.

    Just got my car comprehensive insurance and was shocked to see it went up by 30%. Also note it had nothing specifically to do with me, my area or my provider. And clearly private health has been going up a lot year after year for a while now.

    This can be viewed in two ways, a true empirical way or a fudged hedonics way. If you say an egg is an egg or meat is meat then yes cost are the same or maybe down. But if you compare the same quality of product then prices are going up. Also depending on location you will see different prices.

    Point being is Australia has got it's self where the economy is running at different speed/circumstances. So some people will see things are getting better while some will clearly see things are getting harder. And to have the government give some BS generic massaged data to apply for everyone only makes many people angry.

    Also the fact that our debt, public and private is very high and growing also shows that we are borrowing to pretend everything is fine. It's like saying I'm medically fine because I'm taking pain killers and therefore can't feel pain.
     
    Last edited: Nov 19, 2017
  11. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    @Leo re: car insurance, time to comparethemarket methinks.
     
  12. leo25

    leo25 Well-Known Member Silver Stacker

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    yep done that and every provider shows the same increase :( and non can give a reason why, apart for the generic lines.
     
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  13. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Mmmm, I knocked 19% off my annual premium yesterday.
     
  14. leo25

    leo25 Well-Known Member Silver Stacker

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    i tried negotiating, but since every other provider was the same or more expensive i had no leverage. The person on the phone just said that's the best we can do. And since it's a newish car i didn't want to go without. Also i was on whirlpool forum and read many other people complaining about the same price rise.
     
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  15. Silverling

    Silverling Well-Known Member Silver Stacker

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    So did mine and I promptly checked out of that one and into Woolworths Car Insurance. It was $200 cheaper.
     
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  16. leo25

    leo25 Well-Known Member Silver Stacker

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    I just double checked again with Woolworths and they quoted me even more then what I'm paying now. The provider I'm with now seems to be the cheapest due to it being bundled with home insurance. So i just have to suck up the 30% rise I'm afraid.

    I canceled my private health insurance as the price rises was getting out of control (more so in NSW), so i guess some of the saving there will go to the car insurance. I'm way better off paying the loading when i decide to get private cover again when I'm older.
     
    Last edited: Nov 19, 2017
  17. Silverling

    Silverling Well-Known Member Silver Stacker

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    ^^ Not fair, would you be willing to try the "drive less pay less" one? You pay for the amount of kilometres you think you will drive. That might work if you don't drive too much.
     
  18. leo25

    leo25 Well-Known Member Silver Stacker

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    unfortunately the car gets driven a lot, well about 15,000km per year. I'm not sure if that's deemed a lot?
     
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  19. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    15000 is deemed average by insurers.
     
  20. leo25

    leo25 Well-Known Member Silver Stacker

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    Yea i guess for NSW that's average. When i was living in Adelaide that would have been a lot :). But i don't think 15,000km is low enough to get much of a discount with car insurance.
     
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