killarava2day
Ex-Bluelighter
Most of the Howard governments economic "strengths" were a result of the hawke/keating reforms, indeed their only genuine independent policy was the GST. All they did was tinker with existing policies to appear credible, at least if the ALP had remained at the wheel we wouldn't be now facing a ballooning trade defecit, hidden by a trumped up and illusiory budget surplus.
Sure interest rates are lower (a worldwide trend, just as the high rates during the eighties were) but the are still quite high, comparative to the rest of the world. Anway, what good are low interest rates when home ownership is being pushed out of reach for millions of Australian's by an army of speculative investors, who have been falling over themselves to get their snouts in the trough ever since Howard and his cronies opened the sluice-gates by reducing capital gains tax, effectively halving the rate paid on profits from trading in shares and real estate.
Hence, the reserve has to sustain high real interest rates and the record high currency exchange, as we have experienced over the last few years, with the $AU fallingll to about $0.50, putting pressure on export trade and contributing to the ever widening trade defecit.
All the while wages are being taxed at an excessively high 49.5% and household debt is spinning out of control with Australian's borrowing $1.50 for ever dollar earned, creating the illusion of economic strength as consumers spend themselves silly with all those hard-earned loans.
Rewarding speculative spending for short-term gain, while maintaining pumitive restrictions on wages, isn't good economic policy. If it were we would all be gamblers rather than wage-earners, but we all know that gambling is too risky in the long run. It is a short sighted, slash-and-burn method of economics, which we will all be paing the price for down the track.
Oh, and just for the record. There is no evidence the ALP would be any less inclined towards undermining our economic stability for the benefit of that section of society which holds the vast majority of capital. Whether be Liberal or Labor, the all still represent the interests of the oligarchial elite and no ballot will ever change that.
One state, one party, different shades of shit. UBER ALLES AUSTRALIS!
Sure interest rates are lower (a worldwide trend, just as the high rates during the eighties were) but the are still quite high, comparative to the rest of the world. Anway, what good are low interest rates when home ownership is being pushed out of reach for millions of Australian's by an army of speculative investors, who have been falling over themselves to get their snouts in the trough ever since Howard and his cronies opened the sluice-gates by reducing capital gains tax, effectively halving the rate paid on profits from trading in shares and real estate.
Hence, the reserve has to sustain high real interest rates and the record high currency exchange, as we have experienced over the last few years, with the $AU fallingll to about $0.50, putting pressure on export trade and contributing to the ever widening trade defecit.
All the while wages are being taxed at an excessively high 49.5% and household debt is spinning out of control with Australian's borrowing $1.50 for ever dollar earned, creating the illusion of economic strength as consumers spend themselves silly with all those hard-earned loans.
Rewarding speculative spending for short-term gain, while maintaining pumitive restrictions on wages, isn't good economic policy. If it were we would all be gamblers rather than wage-earners, but we all know that gambling is too risky in the long run. It is a short sighted, slash-and-burn method of economics, which we will all be paing the price for down the track.
Oh, and just for the record. There is no evidence the ALP would be any less inclined towards undermining our economic stability for the benefit of that section of society which holds the vast majority of capital. Whether be Liberal or Labor, the all still represent the interests of the oligarchial elite and no ballot will ever change that.
One state, one party, different shades of shit. UBER ALLES AUSTRALIS!
Last edited:

