Costello warns Australians on DEBT.. Debt from now on?

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errol43

New Member
Silver Stacker
Peter Costello warned that Australia will probably find it much harder to get out of debt this time because of the increasing monies required for the NDIS , gonski, defence and welfare payment..The amount of people on disability pension has risen alarmingly as well as the people going onto the aged pension.

He can't see anyway out..No big assets left to sell. The silverware is gone. Raise the GST, he says will only mean that the states will spend more. Went on to say that superannuation benefits for the rich was too generous.

He was giving out this message prior to the election and he has not changed his views.

Just wait until all this extra $$ have to be found to pay for this now when we as a nation should be reducing our spending.

Now that the amount of $$$$ that can be borrowed has just gone out towards $500 billion. It won't be long now for it to get to $1trillion, then we will be in deep sh.. up to our necks.

What is the answer? If Peter Costello doesn't know, I am bloody sure I don't. :)

Maybe the camel called Clive.?

Regards Errol 43
 
Firstly, Australia should be buying the local gold while selling its overseas gold at the same rate. Secondly, the future fund should be buying local gold mine shares by the spade full. Thirdly, we should be investing in value added industries - mills for our wool, refineries for petrol, steel makers for our commodities etc. Fourthly, all foreign aid should be in kind - food, water, blankets, tents, medicine etc. Fifthly, no car subsidies, buy Holden instead.

That's a start.
 
I wonder if the 'powers that be' have given up, and know that the end result is going to be an inflationary default for all OZ treasuries, the same as in the USA.

And the Future Fund is already fully invested, it is not sitting in the bank waiting to be invested as suggested above. You would have to dump the lot on the markets to get the readies to invest elsewhere.

New woolen mills would have to compete on the world and local markets, and our high wages would kill the venture.

Agree about foreign aid, and let the car companies sink, we have no real choice. Give them $150 million a year and they will be back in 3 years looking for $250 million.


OC
 
If they just stopped wasting money on Arts grants to one-legged, Lesbian, South African surfboard riders etc... there'd be plenty of money to pay off debt.
 
Clawhammer said:
If they just stopped wasting money on Arts grants to one-legged, Lesbian, South African surfboard riders etc... there'd be plenty of money to pay off debt.
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Stop picking on Ilene!
 
Clawhammer said:
If they just stopped wasting money on Arts grants to one-legged, Lesbian, South African surfboard riders etc... there'd be plenty of money to pay off debt.
Click to expand...

As a lesbian, single mother, midget, unemployed, refugee, non white feminist who is doing an arts degree and trying to get onto a disability allowance I resent that remark........... I deserve my payments - I have rights.....
 
Newtosilver said:
Clawhammer said:
If they just stopped wasting money on Arts grants to one-legged, Lesbian, South African surfboard riders etc... there'd be plenty of money to pay off debt.
Click to expand...

As a lesbian, single mother, midget, unemployed, refugee, non white feminist who is doing an arts degree and trying to get onto a disability allowance I resent that remark........... I deserve my payments - I have rights.....
Click to expand...

But no left?
 
sammysilver said:
Firstly, Australia should be buying the local gold while selling its overseas gold at the same rate. Secondly, the future fund should be buying local gold mine shares by the spade full. Thirdly, we should be investing in value added industries - mills for our wool, refineries for petrol, steel makers for our commodities etc. Fourthly, all foreign aid should be in kind - food, water, blankets, tents, medicine etc. Fifthly, no car subsidies, buy Holden instead.

That's a start.
Click to expand...

But who would buy our value added commodities if it is cheaper to get it from a low labour cost country?
 
Naphthalene Man said:
sammysilver said:
Firstly, Australia should be buying the local gold while selling its overseas gold at the same rate. Secondly, the future fund should be buying local gold mine shares by the spade full. Thirdly, we should be investing in value added industries - mills for our wool, refineries for petrol, steel makers for our commodities etc. Fourthly, all foreign aid should be in kind - food, water, blankets, tents, medicine etc. Fifthly, no car subsidies, buy Holden instead.

That's a start.
Click to expand...

But who would buy our value added commodities if it is cheaper to get it from a low labour cost country?
Click to expand...

Give the blankets as aid, so we buy it. Make tents etc as aid. Subsidise all materials sold offshore. Let's develop an island mentality.
 
sammysilver said:
Let's develop an island mentality.
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sq1USv0.jpg
 
Clawhammer said:
If they just stopped wasting money on Arts grants to one-legged, Lesbian, South African surfboard riders etc... there'd be plenty of money to pay off debt.
Click to expand...

And Abbot's extended paid parental leave and and baby bonus and a raft of middle class welfare initiated by Howard and cemented by Costello to win votes. A bit of tax reform on negative gearing (as discussed elsewhere) might save 10 billion or so as well. Not to mention reducing the public service by a third or so through natural attrition.

The Euro politician summed it up nicely, along the lines of "we know what to do but we don't know how to do it and get re-elected afterwards, so we won't do it".
 
JulieW said:
The Euro politician summed it up nicely, along the lines of "we know what to do but we don't know how to do it and get re-elected afterwards, so we won't do it".
Click to expand...

That is 100% spot on the money! hell I could come up with a plan to fix a lot of things but a lot of it would be very unpopular! it would work but people would whinge.
 
errol43 said:
He can't see anyway out..No big assets left to sell. The silverware is gone.
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Yes, this was a stupid, myopic policy, wasn't it? Both sides are guilty of it.
They sold the farm for a song and then pissed the money up a wall, now there's nothing left to sell.
Better keep pumping up that housing bubble then, seeing as there's NOTHING ****ING else.
 
"They sold the farm for a song and then pissed the money up a wall, now there's nothing left to sell."



The socialists sold what they could, such as the CBA, TELSTRA.1. and QANTAS. The handed it all over to the bogans who pissed it up against the wall. JWH sold the rest of TELSTRA and founded the Future Fund. It is STILL THERE, and growing!


I am sure there is a lot more they can sell, including land all over OZ. If they do not, then the socialists will sell it when they get back in.


OC
 
Only one thing is needed to be done.
Print $AUD and buy gold with it, until exchange rate is capped at 65cents.

Removing neg gearing would be smart to counterbalance imported inflation.
 
Old Codger said:
"They sold the farm for a song and then pissed the money up a wall, now there's nothing left to sell."



The socialists sold what they could, such as the CBA, TELSTRA.1. and QANTAS. The handed it all over to the bogans who pissed it up against the wall. JWH sold the rest of TELSTRA and founded the Future Fund. It is STILL THERE, and growing!


I am sure there is a lot more they can sell, including land all over OZ. If they do not, then the socialists will sell it when they get back in.


OC
Click to expand...

If a government privatises things, they're not socialists, are they?
Get your head out of your arse.
 
fiatphoney said:
Removing neg gearing would be smart to counterbalance imported inflation.
Click to expand...

:P A much smarter thing to do is to figure out W I I F M

Whats in it for me is 100% Anne Rand Philosophy, also called Objectivism or dumbed down also known as rational self interest

So much wasted energy is spent on this board complaining about things you have no control over.

The lyrics in the tract Money Pink Floyd's album Dark Side of the moon, I'm all right Jack keep your hands off my stack :lol:

Kind Regards
non recourse
 
nonrecourse said:
A much smarter thing to do is to figure out W I I F M
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Exactly. It would be much better for me if negative gearing was abolished.

Don't give a rats what it would do to your investments.
 
"f a government privatises things, they're not socialists, are they?
Get your head out of your arse."


Sonny, the ALP claims in their Constitution they are a socialist party, and then flog off "the peoples bank" and "the peoples airline" etc.

The Libs don't!

Mummy did not give you enough spanks when your were a kid a couple of years ago.




OC
 
Old Codger said:
"They sold the farm for a song and then pissed the money up a wall, now there's nothing left to sell."



The socialists sold what they could, such as the CBA, TELSTRA.1. and QANTAS. The handed it all over to the bogans who pissed it up against the wall. JWH sold the rest of TELSTRA and founded the Future Fund. It is STILL THERE, and growing!


I am sure there is a lot more they can sell, including land all over OZ. If they do not, then the socialists will sell it when they get back in.


OC
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T1, was floated in 1997, first year of JWH.. elling the silverware IMO is Ok as long as you pour the monies raised back into assets..

Now the future fund is like the QIC in Qld, there to fun the future super of public servants..Future fund means that the Armed forces, Federal police, ASIO and Canberra screen watchers will maybe get to see some $$$.

OC Please tell me which party (red or blue) is an incorporated body?

sell that blue wheel barrow and get a tartan one M8 before it is too late. :|

Regards Errol 43
 
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