Australia: In for huge troubles?

[Twiddly]

http://business.financialpost.com/20...p%20Stories%29.

http://www.couriermail.com.au/news/s...rom=public_rss


Not looking very good, if another countries economy is in shambles soon, the entire world will have areas that are going flat out broke, from the US to europe to asia to Australia!

[Deleted]

http://business.financialpost.com/20...p%20Stories%29.

http://www.couriermail.com.au/news/s...rom=public_rss


Not looking very good, if another countries economy is in shambles soon, the entire world will have areas that are going flat out broke, from the US to europe to asia to Australia!

Dues Ex: Human Revolution obviously had to right. Australian Civil War incoming.

[Twiddly]

I mean look at the values lost on those properties O.o there has to be some corruption or something there.


And I do not remember an Australian civil war in the Deus ex..however I only played for a couple hours.

[Jakexe]

Labor just announced the new budget so we need to see how that plays out, the government so far has managed to avoid recession thanks to Wayne Swan being a world leader in treasury management to the point where other countries are jealous of us.

So far under Labor we have been doing amazingly on the world scale partly due to the previous liberal government and Costello's ability to manage the GST and I expect it to continue, the worry is if/when the liberals get in we have to handle Abbott at the helm who has admitted he has nfi how to manage the economy and still has his $50b hole in the budget plan.

[Twiddly]

Yeah it was odd to see all this, when you realize that per capita Australia has an amazing economy, but that is the definition of "bubble" I guess...time will tell.

[Deleted]

And I do not remember an Australian civil war in the Deus ex..however I only played for a couple hours.

It wasn't actually an event you saw in the game, it was just mentioned in newspapers and bits of lore.

[Anakso]

I don't think we'll be in for 'huge' trouble, so long as China keeps buying all the stuff we mine.

The mines did go through a bit of trouble where they laid lots of people off a year or two ago, but since then they've hired back much more people than they ever laid off, and are still screaming for more people to go work up there.

[Friendlychap]

I mean look at the values lost on those properties O.o there has to be some corruption or something there.


And I do not remember an Australian civil war in the Deus ex..however I only played for a couple hours.

Um...do you know anything about Australia at ALL?

I am Australian. A 4 bedroom home in a semi-average surburb sold for $150-250k during 1990-2000. The same exact houses have been selling for $600-800k in 2005-2012. There is a reason for it....housing prices are absolutely INSANE for the past 5-7 years.

The average person here can literally sell their shit hole in an average area and go buy like 2-3 good size houses in good areas in the US.

Please get knowledge of the Australian housing market before you post pls thanks!


example : My parents sold one of their houses back in 2001 for $275,000. The same house in 2010 sold for $843,000.

[Deleted]

Sounds pretty sensationalist, and not very scientific. Second article is making a big deal out of some gov investment (obviously its bad) but its more a corruption scandal not an economic issue as prices are already down on those properties.

First article talks about some obvious bubble but fails to give any sort of numbers to explain the scope and scale of the said bubble. Find some better sources.

[lakhesis]

It's nothing the financial sector doesn't already know about. That's just the more sensationalist version of the bears' attitudes.

The government still has decent credit. The business sector here has good credit. Public debt isn't great & most of that's wrapped up in housing.

Two out of three isn't too bad, especially considering the government will bust a gut to smooth things out to mollify the general public's stupidity (housing support = votes). Banks' greed doesn't have that much to do with them not passing on full reserve interest rate cuts - it's got more to do with their exposure to the Australian housing sector making overseas funding expensive, so the Australian housing market is getting the brakes put on by external forces too.

Plus because we have nothing but full-recourse loans, any crash in the housing market is likely to be less vicious than seen with non-recourse subprime style loans. The owners in the US could just hand the keys to the house over & walk away, rather than having to declare bankruptcy & sell everything they own like in Oz. When people would have to give up everything they own, they try harder.

When the Chinese slow down we're gonna get hit badly, especially considering the near recessionary condition of our manufacturing et al, but our housing market is more likely to deflate over the next decade or so rather than crash. IMO.

[nyc81991]

With all of these countries having issues with their economies you would think that might be telling us (the world) something important.. Maybe we should think about not having a currency system.

That is going to sound weird for most people since there isn't really anyone alive that would be familiar with a system like this (and change is scary!), But think about it. In a system where money doesn't rule and determine everything that happens we would be able to make a lot more progress as a group of people. We wouldn't have groups like super rich Oil companies and Big Pharma keeping things stuck the way they are, And we could do things based on what actually helps people and is more efficient / useful.

I'm not saying switching would be an easy thing to do, But it just might be something that would help us all in the long run.

[Kivimetsan]

Our problem:

- Liberal (Right) vs. Labor (Left). I swear, people in Australia think that those are the only two parties, so every 4 years its time for change back to the other one we kicked out the 4 years before... People are just so god damn ignorant. There are so many other parties that would be much better at running the country, hell I think the Greens would be better, sure they would regulate and destroy the economy before you could say ninja turtles, but at least there would be some discussion about policy with those guys, rather than two monkeys throwing shit at each other.

- States having pretty much no rights. They need to compete more, like the US. The country is too big to be run by one big fat bureaucratic mob of Keynesian's in Canberra, let them compete with each other and stop sharing the money they make with the crappy states (hey SA and NT im looking at you).

- People are too reliant on welfare and entitlements. The baby bonus for example is a complete load of crap, id much rather a lower population than a booming population of kids born into families with two 14 year old parents who will turn out to be welfare leeches like there entire family.

- Our reliance on USA for military protection, the defence cuts we just saw is a death sentence if China happened to stop by one day.

- Forced voting. People go out and vote because they dont want to get fined. Let the educated ones vote, not everyone has knowledge of whats going on, if they cant be bothered to get informed and vote realistically (they vote for the party there parents and family indoctrinated them into) then dont vote at all.

- Put the capital in Melbourne and Sydney so people can actually protest the shit thats happening... I dont feel like travelling 2 hours to do that, especially with work and uni.

- Cut tax for companies, they only stick that cost onto the consumer, with the mining tax and carbon tax there is only going to be more pressure on people (and seriously, if the government thinks they can stick there hands in and stop them from passing it on to the consumer, then lets just call it for what it is... National socialism... hell I reckon people here would love it anyway, they're so fixated on free shit that they wouldn't even notice the oppression).

Also... anyone hear about what the Attorney General has just done? Well if you know what the TSA is in America, then guess what?! We are getting it here
And some good old wire tapping laws to protect us from the big bad old terrorists hiding in the caves who want to blow us up for our freedoms...

[Shadzta]

I just want good internet -_-

[Sickbro]

Labor just announced the new budget so we need to see how that plays out, the government so far has managed to avoid recession thanks to Wayne Swan being a world leader in treasury management to the point where other countries are jealous of us.

So far under Labor we have been doing amazingly on the world scale partly due to the previous liberal government and Costello's ability to manage the GST and I expect it to continue, the worry is if/when the liberals get in we have to handle Abbott at the helm who has admitted he has nfi how to manage the economy and still has his $50b hole in the budget plan.

you realise there was no debt before labor got in right

[Kivimetsan]

With all of these countries having issues with their economies you would think that might be telling us (the world) something important.. Maybe we should think about not having a currency system.

That is going to sound weird for most people since there isn't really anyone alive that would be familiar with a system like this (and change is scary!), But think about it. In a system where money doesn't rule and determine everything that happens we would be able to make a lot more progress as a group of people. We wouldn't have groups like super rich Oil companies and Big Pharma keeping things stuck the way they are, And we could do things based on what actually helps people and is more efficient / useful.

I'm not saying switching would be an easy thing to do, But it just might be something that would help us all in the long run.

Yeah I used the love the no currency idea as well, but I realised we need capitalism because its the only thing that will keep people motivated to produce things. In a perfect world the idea would work, but all we need is less government and more freedom (you're a Ron Paul supporter, im sure you know what I mean, because I am too).

[lakhesis]

With all of these countries having issues with their economies you would think that might be telling us (the world) something important.. Maybe we should think about not having a currency system.

Currency is just another way of assigning a value to things. People's mental hangups about money are their problem, not a flaw of money.

Unless you're talking about pure barter, there'll always be an abstract valuing counter. Arguably there even is with barter, it's just it's totally non-numerical & internalised there.

[Kivimetsan]

I just want good internet -_-

Dont worry man, the government is giving us the NBN (government monopolly and easy to control). Dont worry they love us

[Nyaldee]

Let the educated ones vote, not everyone has knowledge of whats going on, if they cant be bothered to get informed and vote realistically (they vote for the party there parents and family indoctrinated them into) then dont vote at all.

I'm afraid nobody has knowledge of what's going on exept top government officials in any country of the world. Besides peoples tend to have different opinions and standarts that leads them to "vote subjectively", not "vote realistically".

[Kivimetsan]

I'm afraid nobody has knowledge of what's going on exept top government officials in any country of the world. Besides peoples tend to have different opinions and standarts that leads them to "vote subjectively", not "vote realistically".

True.

I meant; if you dont want to vote because you dont follow or dont care, dont vote. If you want to vote, you're entitled to vote, even if you're an idiot. It would be better than 49% voting for one party and 49% voting for the other party, just because they think the party leader would be a good person to have a drink with...

[Riavan]

you realise there was no debt before labor got in right

I'm pretty sure he was being sarcastic about Wayne Swan.

True.

I meant; if you dont want to vote because you dont follow or dont care, dont vote. If you want to vote, you're entitled to vote, even if you're an idiot. It would be better than 49% voting for one party and 49% voting for the other party, just because they think the party leader would be a good person to have a drink with...

You realise we all have to vote right? Legally. You do actually live in Australia, no?