Memo to Mortgagors…get your house in order

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Whether you believe it or not, an economic tsunami is coming and if you think we will survive the damage and the fallout, as we did the GFC, you’re dreaming.
The next GFC will make the last one look like a vicarage fund raiser. Why? Because we are not just making the same mistakes as last time, we are making bigger ones.

One simple statistic reveals a frightening scenario. Currently, the big four banks have a combined equity of around $162 billion. Place that alongside their current exposure to domestic mortgage loans of $1.6 trillion and you begin to see the looming threat.

Read more at: The Australian Independent Media Network

The Myth of the Balanced Budget

CeRnyezWwAEoPysSomething will happen this week that will alert us to the reality of this government’s failures.
Despite all their rhetoric and their pathetic attempts to demonstrate their economic prowess, despite all attempts to gloss over their outright lies, their pretence at understanding economics, this week these champions of capital, of fiscal irresponsibility, will have the honour of taking our gross debt position beyond half a trillion dollars ($500,000,000,000).

Read more at: The Australian Independent Media Network

Incompetence and Expediency

Despite overly optimistic, but what should be called laughable forecasts in the budget, wage growth in Australia is now the lowest it has been since the mid-1990s. And it’s not hard to see why.
Private-sector annual wages growth, at the March 2017 quarter, was 1.8%. The latest labour force data released yesterday by the Australian Bureau of Statistics shows a modest decline in the unemployment rate from 5.9% to 5.7%.

READ MORE AT: The Australian Independent Media Network

A Budget Primed to Backfire

CeRnyezWwAEoPysWe will know pretty soon, probably next week, how Scott Morrison’s fiscal statement (aka the budget) has gone down with the electorate. Trying to judge the mood of the voters today is fraught with difficulty. It is safe to say, however, that at least 52% will not be swayed by this so-called Labor-lite document.

Some would even see it as a complete capitulation of long standing Liberal values in their desperation to remain in power. For indeed that’s all it is; a pathetic attempt, not to balance the books, for they now know that is a bridge too far, but to give the impression that they can make the right call given changed circumstances. They will fail.

Read more at: The Australian Independent Media Network

The Budget…an ongoing lie

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As a political commentator, I probably shouldn’t admit that I’ve given up on Q&A. I came to the conclusion late last year that it had lost its way. I felt it was pandering more to ‘gotcha’ moments for entertainment purposes rather than in-depth political analysis and holding politicians to account.

I haven’t watched a full program this year, tuning in only at the tail end to see if anyone had imploded or proclaimed Australia a Republic. None of that happened last night, but what I did witness toward the end was the Minister for Veterans Affairs, Dan Tehan, give us his view on how we were going to repay the national debt.

Read more at: The Australian Independent Media Network

Good and Bad Debt from Dumb and Dumber

da9aa5c89393e149e30ff3c04d9e2991Finally something of interest came forth from the mouths of our good Prime Minister and Treasurer this week.  They began talking about good and bad debt. It sounded a bit like funny money, at first, coming as it did from two staunch economic conservatives who hate debt of any kind while having little understanding of it.

What they were trying to tell us, albeit quite badly, is that they see no way out of the debt (so called) spiral they have been taking us and want to redefine it in such a way that shelters them from the harsh realities of their own incompetence.

Read more at: The Australian Independent Media Network

What They Say, Is Not What They Do

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“He’s a can-do prime minister,” she said, “He’s got a vision for this country, he’s got a lot of issues to deal with but he’s performing strongly and he will retain the support of the vast majority of the party room in order to lead us to the next election.”

These are the words of Foreign Affairs Minister, Julie Bishop on 26th March when asked if the Government might dump Malcolm Turnbull as party leader. Let’s unpack this seemingly simply statement and juxtapose it with the March 26th Fairfax-Ipsos opinion poll.

Read more at: The Australian Independent Media Network

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