Startling Stats
Some stats
For a full comparison table download this small .pdf and anyone who thinks it’s time for a change will be able to clearly see what sort of change they are contemplating.
Speaks for itself.
For a full comparison table download this small .pdf and anyone who thinks it’s time for a change will be able to clearly see what sort of change they are contemplating.
Speaks for itself.
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You spelt LABOR wrong for starters, and you are comparing chalk with cheese, totally different world economic climates between 1996 and now.
The Different world economic climate theory would only work if all our major trading parties suffered the same interest rates over the same period – they didn’t! Labor, particularly Keating, won it hands down. The US, peaked at 8, went as low as 3.6 and back to almost 6 over Keating’s reign. The Japs only got to 6% while Keating stood on the podium in 1st place with his 16 %.
Economic climate may change but economic principles don’t. With a union top-heavy front bench on the offering and a socialist as Deputy I fear for the economy. The only Labor PM to control the unions was Hawke (ex ACTU Pres) but Rudd isn’t cut from the same cloth as Hawke and he owes the Unions and the Left big-time for their support in his ascendancy.
Will he be able to hold them back? I doubt it
Re typo; Labour vs Labor. This from the ALP web site;
During the early years of the ALP, the Party was referred to by various titles differing from colony to colony. It was at the 1908 Interstate (federal) Conference that the name ‘Australian Labour Party’ was adopted. In its shortened form the Party was frequently referred to as both ‘Labor’ and ‘Labour’, however the former spelling was adopted from 1912 onwards, due to the influence of the American labor movement.
I think it’s my subconscience railing at the influx of American spelling (not to mention the American labor movement ideology) into our language that makes me spell it the old way.
I find it strange that a party that doesn’t really like the Yanks and is itself very much a part of the Australian culture accept US spelling in their title.
Still, you are correct.
So what of our relatively high rates compared with the rest world at the moment?
It would be the Labor Party to spell their own name incorrectly wouldn’t it?
Just about as particular as their budget
It’s a lot more than just interest rates – look at the debt the last ALP left the country. Jobless, GDP growth, inflation and a whole host of other subjects that I’m not a master at but when compared with our trading partners we don’t shake up too badly.
……………….O/N % Rate….Inflation…….GDP Growth……..Jobless
AU………………..6.5………….2.5…………..4.3……………….4.2
US………………..4.5………….2.1…………..2.6……………….4.7
UK………………..5.75………..1.5…………..3.3………………..2.6
EUR………………4.0………….1.8…………..2.5………………..7.3
Higher growth and lower jobless is a formula for the reserve bank to raise rates to slow the economy down. Ie because we are traveling so well it needs to be slowed.
The lowest O/N% Rate (EUR) has the highest unemployment so there is obviously a balance required but whichever way you look at we are traveling fairly well. It doesn’t matter how much you hate Howard, he and Costello have managed the economy well and historically the ALP haven’t, at least since Whitlam’s debacle they haven’t; and more than likely won’t if they get in. A socialist Deputy and a union dominated bench is not a good mix for the economy and it doesn’t matter how smart or economically conservative Rudd is, he owes for his appointment and the economically radical socialists and unionists will collect.
Therin is the lie. Rudd rattles on about how he is economically conservative but we will be lucky if his party is.
Kev, the liberals have spent no money on infrastructure, hence the high inflation these days, due to capacity constraints. At least the ALP spent money on infrastructure etc hence the debt. It really amazes me that when interest rates go up under the libs it is because we are going well, but when they go up under the ALP it is because they are hopeless.
Put it this way if I sold my house and my cars (like the libs sold telstra, etc) increased my income (like the libs did with the GST) and then cut all my utilities and outgoings (like the libs have with no spending on infrastructure) I would have a heap of coin too and no debt.
Time for LJH to go, in 8 days and counting.
It really amazes me that when interest rates go up under the libs it is because we are going well, but when they go up under the ALP it is because they are hopeless.
It shouldn’t. It’s a matter of degree. When they go up under the Libs they go up .25% each time to peak at 6.5%; When they go up under the ALP they go up 2.5% to peak at nearly 17%.
Nothing amazing there, just maths.
Your capitalization theory has one major flaw. The state governments get 100% of the GST income. Now should we talk about ALP infrastructure in Queensland?
No better not.
Happy to take your point there Kev, but do you really think Seeny, and Flegg could do any better, I mean these clowns cannot even agree who would be premier if they were elected.
No, Seeny and Flegg are useless. We conservatives definitely need some talent at the state level.
I wrote Seeny a letter, and said, “we all want to vote Beattie out, but all you come up with is negatives, when you come up with an alternative plan perhaps you may be beginning to make a trail out of the wilderness”. He didn’t respond.
Kev
These statistics are history, and next Saturday we don’t get to vote for what used to be, but for what will be. Having said that, if history in terms of fiscal responsibility is relevant, it’s worth looking at some past Coalition performances –
The day after Bob Hawke took power in 1983, he asked John Stone, Treasury Undersecretary at the time, to report on the state of the economy. Inter Alia; Stone reported unemployment of 11%, inflation at 11%, interest rates of 22% and a deficit of $9.6 Billion in 1983 dollars. This $9.6 billion deficit is more than $40 billion in today’s terms.
John Howard was Treasurer at the time. Stone characterised his record as the “worst economic performance since the end of WW2” with the Budget deficit “unprecedented in peace time at 6% of GDP”.
During Howard’s tenure as Treasurer, the 90-day cash rate peaked at 21% on 8 April 1982, while home loan mortgage rates were capped at 13.5%, and inflation peaked at 12.5% in September 1982. Peter Costello commented, in 2007, that “The Howard treasurership was not a success in terms of interest rates and inflation… he had not been a great reformer.”
Whitlam’s not up for election – Howard is. But I guess he’s learned a bit since then.
This little piece of history shows that Howard’s line that the Liberals are always better economic managers is shaky. Most objective commentators maintain that much of the strength of the Australian economy today is because Labor under Hawke and Keating had the courage to reform, something that the Liberals lacked… Costello’s comment is interesting in that context.
And the China boom has something to do with it.
Kev said it before, 1735099 .
If the ALP stop going on about it he will.
Go harp at them that it’s in the past.
“Australian economy today is because Labor under Hawke and Keating had the courage to reform”
Yes they started privatization (Good for them). Eddie must have not been around.
Do you get paid to spread ALP talking points, 1735099?
No, but all donations will be gratefully received (supporting strong caffeine habit, wife who shops, two vintage Peugeots, three poverty stricken students and an addiction to travel).