Oz Economy Stuffed. No Wizards Available

Discussion in 'Markets & Economies' started by JulieW, Oct 25, 2019.

  1. JulieW

    JulieW Well-Known Member Silver Stacker

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    Badly managed? Really? However did that happen said 6 (!) Prime Ministers since 2010.

    I've not seen this level of apparent corruption and mismanagement in my lifetime. There's been some drop kicks in charge before but "the lucky country" saved us from most of their incompetence. The margins for error are tighter now and so the gap between rhetoric and effective action brings greater consequences.

    Keep stacking!

    (Read the full article for the gaps shown by ...)

    An influential global wealth survey has highlighted the world’s greatest loser in economic outcomes this year — Australia. Although the report is in $US, and reflects the impact of falling house prices and a falling $A – and although Australians remain among the richest people in the world – it also confirms that Australia’s economy is being poorly managed.

    ...

    The data embedded in both the report and the databook are damning of Australia’s extraordinary loss of wealth. Regarding average wealth per adult, the report states:

    “The main loser was Australia (down $US28,670), with other significant losses in Norway (down $US7,520), Turkey (down $US5,230) and Belgium (down $US4,330).” Clearly the other losses are chicken feed compared with Australia’s $US28,670 — which is a thumping $A41,750. Australia is one of a tiny minority of countries with wealth per adult lower in 2019 than back in 2012.

    ...

    It bolsters recent analyses showing Australia now has the worst, or close to the worst, trajectories in the developed world on retail trade, infrastructure investment, new houses, productivity, expansion of government debt, value of the currency, wagesgrowth and care for welfare recipients.

    ...

    How can Australia export record volumes of commodities at eye-popping prices yet lose wealth at this unprecedented rate? Australia has recorded fresh all-time high monthly export values in 14 of the last 19 months. That must be close to world’s best. The answer, as this journal and just a few others have demonstrated in recent years, is that vast quantities of wealth are being shunted straight offshore with little or no return to the federal budget, or to the people of Australia.

    There is no mineral resources rent tax, no other scheme to retain wealth in Australia, tax avoidance and evasion are rife, the Tax Office’s audit and enforcement divisions are severely understaffed and the Government keeps giving handouts to its foreign corporate mates.

    These all stifle economic growth, prevent investment in infrastructure for the future and impoverish workers today. That impoverishment has now been quantified: by $A41,750 per adult over the last year. That is a major reason the housing market is struggling and the other indicators are deteriorating.

    It has never been like this before. It looks unlikely to change under the current Government.

    https://www.michaelwest.com.au/australia-falls-to-stone-cold-last-in-credit-suisse-wealth-report/

     
  2. bubblebobble2

    bubblebobble2 Well-Known Member Silver Stacker

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    This is not what Joe Hockey thinks.."Housing boom!"
     
  3. madaw1

    madaw1 Active Member

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    Gold ,silver, whatever... That's the only way to survive the Government mismanagement!
     
  4. Oddjob

    Oddjob Well-Known Member Silver Stacker

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    And maybe it's just part of the plan. Politicians are puppets who's strings are pulled by the behind the scenes bureaucrats and global players.
     
    spannermonkey and Jim4silver like this.
  5. JulieW

    JulieW Well-Known Member Silver Stacker

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    It also helps if your politicians are at the ethical level of gold-toothed used car salesmen.
     
    Silver260 and Oddjob like this.
  6. Shaddam IV

    Shaddam IV Well-Known Member Silver Stacker

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    It’s easy to blame the government. It’s what people do when they don’t take responsibility for themselves. The government reflects the population. A lazy, irresponsible comfort seeking populace looking for easy answers to complex issues will naturally generate a lazy, incompetent government. A population that glorifies irresponsibility, narcissism and innanity should not be surprised that they get leaders who are the same as them.

    It’s like people in their car complaining about being “stuck in traffic”. You aren’t stuck in traffic, you ARE traffic.
     
  7. JulieW

    JulieW Well-Known Member Silver Stacker

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    Another update on the current position here in Oz.

    Apart from stacking to grab the benefits of a falling dollar I can't see any other safety.

    Australia joins the league of losers
    An even bigger story worldwide in the last few days has been Credit Suisse’s findings that Australia is currently the world’s stand-out loser on several measures of wealth.

    The French language Nouvelles du Monde (News of the World) headlined its report ‘Le marasme du marché de l'habitation signifie que l'Australie a perdu 124 000 millionnaires’ which translates as ‘Housing market slump means Australia has lost 124,000 millionaires’.

    The article reported that:

    'The average Australian lost 36 000 USD during the year, according to the Credit Suisse report [and] No country in the world has lost as much as Australia.'


    Britain’s Daily Mail headlined its coverage, ‘Revealed: How Australians became $42,000 poorer on average this year — as people in most other developed nations got richer’.

    The story noted:

    ‘As individuals in most developed nations saw their wealth increase, Australians saw the value of their assets dive by $41,758 or $US28,670 ... Collectively, Australia's wealth levels plunged by $645.2 billion, putting it in the same league of losers as Turkey and Pakistan.’

    China’s Epoch Times headed its report, 澳洲百万富翁人数大减 全球财富排名暴跌, which translates as ‘The number of millionaires in Australia has fallen sharply’.

    How Australians became $42,000 poorer on average this year - as people in most other developed nations got richer http://a.msn.com/01/en-au/AAJ9fTd?ocid=st …

    Revealed: How Australians became $42,000 poorer on average this year - as people in most other...
    Credit Suisse's Global Wealth Report for 2019 has revealed average wealth levels in Australia have plunged by $41,758 in one year - as people in the United States and New Zealand got richer.


    Some reports ran Credit Suisse’s short, sharp promotional video, which highlighted Australia’s shame at the 39 second mark:

    “The biggest losses in US dollars per adult: Australia."

    For the record, these were Australia’s outcomes over the last year, according to Credit Suisse’s global wealth databook:

    • The world’s worst fall in mean average wealth per adult;
    • The worst decline in house values;
    • The worst decline in total household wealth in dollars;
    • The sixth-worst decline in total household wealth in percentage terms;
    • The greatest decrease in the number of millionaires;
    • The greatest loss in mean wealth per adult between 2012 and 2019; and
    • The second worst decline in median wealth since 2012, after Norway.
    Fortunately, most previous governments have helped build Australia’s impressive wealth, so the economy is still among the leaders on several tables. On median wealth per adult, Australia remains second to Switzerland, although that’s down from first during the Labor period.

    https://independentaustralia.net/po...gly-weak-economy-makes-global-headlines,13253
     
  8. Slimey

    Slimey Active Member

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    House prices go up.....bad news
    House prices go down.....bad news
    Moral of the story.....don't read the news.
     
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  9. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    Australia is well run in comparison to USA and UK/EU when was our last recession?

    $42,000 in context to Sydney/Melbourne/Brisbane property is not much at all.

    Also if you track down all 124,000 people who aren’t millionaires anymore, doubt anyone of them lost sleep much over it. These are people who had MILLION net worth and if their property went down 20% (highly unlikely) they still have $800,000 net assets.

    ie these aren’t people who have $500,000 mortgage on million dollar homes
     
  10. willrocks

    willrocks Well-Known Member Silver Stacker

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    It's OK. The genius who ushered in Australia's last recession is speaking out with his solution.

    https://www.smh.com.au/politics/fed...ds-real-spending-keating-20191029-p5357q.html
     
    mmm....shiney! likes this.

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