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Posts Tagged ‘economic crisis’

If you haven’t seen this clip already, set aside eight and a half minutes and watch:

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A message on behalf of the Opposition

These are difficult and uncertain times. The Australian economy faces the pressures being generated by global economic turmoil. We told you what would happen if you removed us from power.

But this is not a time for recriminations. This is a time for leadership that will keep Australia on a steady course. And even though we have no meaningful power beyond the capacity to be obstinate in the Senate (until and unless Steve Fielding decides to stop being even more obstinate), we will provide that leadership.

Recently, Prime Minister Kevin Rudd and Treasurer Wayne Swan provided a Government guarantee on all bank deposits for the next three years. While this has prevented panic in the banking sector, it has created a series of consequences that the Government did not adequately anticipate. Australians are attempting to adjust the allocation of their money to mitigate risk, which is impacting on business sectors that are not covered by the guarantee.

In the days to come, confidence and assurance in one’s investments will be crucial to the vitality of Australian society. We do not believe that the Government has done enough to give Australians the necessary attitude to forge onward in the days ahead.

Consequently, we call on the Government to issue an immediate and unconditional guarantee of all Melbourne Cup bets and sweeps entries. We cannot allow the nation to stop, as this would disrupt the race that stops the nation.

That is all.

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Chuckles

Dennis Shanahan is back to his hilarious best. Bernard Keane takes him down.

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Terry McCrann thinks going ahead with the ETS is bad in the current economic climate:

The ETS is a tax and a tax specifically on energy. If increased taxation is what we need now, why then did the Prime Minister actually hand out $10 billion last week?

It seems to me that the impact of the ETS on overall fiscal policy would indeed be as he stated – if one assumes that all other revenue and expenditure streams are unchanged.

But doesn’t additional taxation coming in from the ETS simply mean that the overall budget position can remain the same just by changing other parts of fiscal policy? Several seemingly obvious options:

  • McCrann seems to have overlooked any of the compensation/redistribution elements to the Government’s ETS that would see the money go back out of the public coffers.
  • Perhaps the additional revenue could be frittered away/spent on worthless/worthwhile (delete as appropriate based on political ideology) Government initiatives such as keeping people healthy, making people smarter, looking after people who have fallen on hard times, etc.?
  • Perhaps another area where the Government collects money could be adjusted so they collect less?

In other words, the ETS is about creating a tax system where companies’ tax burden is determined, to some extent, relative to their environmental impact. On the other hand, fiscal policy is about the overall tax revenue relative to Government expenditure. The two principles appear to be largely independent of one another and yet both within the Government’s control – why assume that they would only act on one without addressing implications for the other?

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Good on Kevin

I guess Andrew really doesn’t want our PM to be anything more than a “me too” man. How dare he display principles and a commitment to doing what is right – doesn’t he know that he is supposed to follow the lead of the European business lobby?

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