Tuesday 30th of April 2024

scarecrows...

scarecrows

...

The big change in the statement is inclusion of the phrase: “…cautious behaviour by households and the high level of the exchange rate are having a noticeable dampening effect.”

Europe’s well-publicised fears have played a role in that, but so have Tony Abbott and Glenn Stevens himself.

Abbott’s fear campaign over the carbon tax – consistently telling workers they will lose their jobs and the Australian economy will be severely damaged – has worked, as all opinion polls show.

And the RBA governor’s jawboning over promised/threatened rate rises has functioned equally well, effectively doing the job of tighter monetary policy, helping to scare people into saving more and spending less.

It is a curious, double-edged success story of economic fear and political loathing removing for some months the threat of an interest rate rise that was itself a key element of the fear.


Read more: http://www.smh.com.au/business/fear-and-loathing-scraps-rate-rise-20110705-1h09q.html#ixzz1RE5a9THX

abbott is being beached, slowly...

Opposition Leader Tony Abbott questioned the timing of the announcement and called for the Government to release the details sooner.

"Given that the details of the carbon tax have been decided, will she bring forward her carbon tax announcement to today so that this Parliament can fully scrutinise the biggest structural change in our economic history?" he said.

Ms Gillard hit back, saying Mr Abbott uses Parliament for "hurling slogans and abuse" rather than scrutinising policy.

She maintained her policy will not escape scrutiny, despite the timing of the announcement.

"I will be wearing out my shoe leather literally, Mr Speaker, around the country making sure that Australian families who want answers about the carbon pricing package get those answers," she said.

She criticised the Opposition's direct action plan, saying it will cost families more and would be unworkable as it would mean planting trees in an area the size of Germany.

http://www.abc.net.au/news/stories/2011/07/05/3261885.htm

a clown for a country of clowns...

From unleashed

...

Staffer: Like we were saying before, people are just wondering how long you can keep getting a free run in the press.

Abbott (stops his arm curls. Stands up):  Look, how many times do I have to say this? While the media is running around distracting everyone with stories about keeping the Greens accountable, we are 18 months away from slipping into office with precisely zero costed policies, a climate change policy that defies climate science and all known economics, a communications policy that defies physics, an immigration policy that defies human decency and an industrial relations policy that, despite the best efforts of that dickhead Reith, has managed to just about bury the name WorkChoices, and we are likely to do it in a landslide.

So look, you tell whoever it is that has this 'disquiet' that we can worry about accountability and policies and all that other stuff once we're in power.

Until then we just have to keep our nerve, keep backgrounding the usual pets, and keep insisting that the strongest economy in the world is on the verge of collapse.

Remember, we campaign in soundbites and govern in our own good time. Or if you prefer, we campaign in Lindsay and govern in Mosman.

freedom to press...

I have added uncle Rupe in the cartoon at the top... His newspapers' support for Tony is obscene...

Meanwhile at the Darth Aussie farm:

Rupert Murdoch's Australian newspapers have launched a review of all editorial expenditure over the past three years to "confirm that payments to contributors and other third parties were for legitimate services".

John Hartigan, the chairman and chief executive of News Limited, said he had "absolutely no reason to suspect any wrongdoing".

"However I believe it is essential that we can all have absolute confidence that ethical work practices are a fundamental requirement of employment at News Ltd," he said.

The review will have an "independent element" according to the chair of the Australian Press Council, Professor Julian Disney. He said discussions about the nature of that element had been taking place since Monday and further discussions were expected on Thursday.

http://www.guardian.co.uk/media/2011/jul/13/news-corp-australian-phone-hacking

 

Gus: one thing one can remember is that John Hartigan is in "favour of the freedom of the press" which of course gave him quite a lot of brownie points with journalists at his "Andrew Olle lecture"... A few smart people though smelled the rotting carcass of proper news under the banner of News Ltd's style of "freedom" and that of pooling competitors' services to lower costs... Hartigan was heavily involved in the South Sydney Rabbitohs/News Ltd affair, mostly in News Ltd's favour...

a big fillip...

Exports soar: second biggest trade surplus
October 4, 2011 - 2:52PM
Australia boasted its second-largest trade surplus on record in August as demand from China and Japan drove exports of iron ore and coal, providing a vital boost to economic growth ahead of the latest bout of turmoil on global markets.

The surplus on goods and services came in at $3.1 billion in August, up from $1.8 billion in July and way above expectations. Today's data also showed a sharp 11.4 per cent rebound in approvals to build new homes as some large apartment projects went through.

That would have been some comfort to the Reserve Bank as it weighed what to do with interest rates at its monthly policy meeting today. The central bank decided to keep rates at 4.75 per cent, though the risks of a future cut are growing, given the gloom engulfing markets.

"Export volumes are really kicking along and that will be a big fillip for the economy in the quarter," said Brian Redican, a senior economist at Macquarie. "That fits with the positive tale the RBA has been telling."



Read more: http://www.smh.com.au/business/exports-soar-second-biggest-trade-surplus-20111004-1l68o.html#ixzz1ZoSY4o7U

 

see toon at top...

never good enough...

The Federal Government says strong demand for Australian resources in Asia is behind the $2.56 billion trade surplus for September.

The surplus fell to $2.56 billion from $2.95 billion in August on a seasonally adjusted basis, Australian Bureau of Statistics data show.

The result was lower than some economists had forecast, but still one of the highest since the ABS began tracking the surplus in 1971.

Trade Minister Craig Emerson says exports to Asia increased significantly over the past year, especially to China and Korea.

The value of exports fell 3 per cent to $27.3 billion during the month as non-monetary gold and resource exports declined.

Imports dropped by 1 per cent to $24.8 billion.

JP Morgan economist Ben Jarman says Australia is unlikely to see a trade deficit in the near future as the strong mining sector carries the economy.

"We'd expect on the trade side to stay in surplus even with the downgrades that are still coming through the numbers from China and India and the like, so we still think we'll hang in there," Mr Jarman said.

The Australian dollar fell slightly after the result, continuing a downward trend in morning trade.

http://www.abc.net.au/news/2011-11-08/trade-surplus-september/3652270

 

I remember when Rattus was PM and Costello was treasurer... rarely, the country had a trade surplus despite the "mining boom"...

and remember:

Staffer: Like we were saying before, people are just wondering how long you can keep getting a free run in the press.

Abbott (stops his arm curls. Stands up):  Look, how many times do I have to say this? While the media is running around distracting everyone with stories about keeping the Greens accountable, we are 18 months away from slipping into office with precisely zero costed policies, a climate change policy that defies climate science and all known economics, a communications policy that defies physics, an immigration policy that defies human decency and an industrial relations policy that, despite the best efforts of that dickhead Reith, has managed to just about bury the name WorkChoices, and we are likely to do it in a landslide.

So look, you tell whoever it is that has this 'disquiet' that we can worry about accountability and policies and all that other stuff once we're in power.

Until then we just have to keep our nerve, keep backgrounding the usual pets, and keep insisting that the strongest economy in the world is on the verge of collapse.

Remember, we campaign in soundbites and govern in our own good time. Or if you prefer, we campaign in Lindsay and govern in Mosman.


http://www.yourdemocracy.net.au/drupal/node/12890#comment-16241

 

See toon at top...