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Anthony Albanese - How long? -2-
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Absolutely
Chalmers is great at taking the credit - it's the responsibility part which he struggles with.
The Fin Review's Steven Hamilton lays the boot in good and proper into another ALP fraud:
www.afr.com
If only he focused a little less on managing political expectations and a little more on managing inflation expectations we might have avoided this mess in the first place.
But, thankfully, the treasurer’s subterfuge no longer seems to be fooling anyone.
And along with that loss of trust has gone the government’s economic credibility.
It’s genuinely stunning how quickly Chalmers has managed to burn to the ground the economic standing his forebears worked for decades to rebuild.
The Fin Review's Steven Hamilton lays the boot in good and proper into another ALP fraud:
Chalmers is smashing Labor’s economic legacy
If only the treasurer focused a little less on managing political expectations and a little more on managing inflation expectations we might have avoided this mess in the first place.
If only he focused a little less on managing political expectations and a little more on managing inflation expectations we might have avoided this mess in the first place.
But, thankfully, the treasurer’s subterfuge no longer seems to be fooling anyone.
And along with that loss of trust has gone the government’s economic credibility.
It’s genuinely stunning how quickly Chalmers has managed to burn to the ground the economic standing his forebears worked for decades to rebuild.
Chief
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Lol! Fin Review muppets.
Every day they tell us the Libs are the party of good financial management or whatever and Labor are just tax and spend animals.
Now Chalmers is destroying the economic rep of whatever he said... the people off the Lady Penrhyn?
Which ****wit wrote that?
Last seen loitering outside a Fernwood gym?
Every day they tell us the Libs are the party of good financial management or whatever and Labor are just tax and spend animals.
Now Chalmers is destroying the economic rep of whatever he said... the people off the Lady Penrhyn?
Which ****wit wrote that?
Last seen loitering outside a Fernwood gym?
Rustin Cohle
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Every article from this guy is pissing and moaning about something - even going back to previous governments.
All he ever does is place himself at the centre of every article he writes.
Chief
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I have to find a video of some libertarian w***er I saw.
Looked exactly like this guy and suggested the elderly could get out and find a flat share if they couldn't economically support living in a flat of their own and expected other citizens to pay tax to help with their heating bills.
Looked exactly like this guy and suggested the elderly could get out and find a flat share if they couldn't economically support living in a flat of their own and expected other citizens to pay tax to help with their heating bills.
‘It’s self-evident’: Chalmers stands firm on rates ‘smashing the economy’
Michael ReadEconomics correspondent
Sep 3, 2024 – 12.37pm
Treasurer Jim Chalmers hit breakfast television news programs on Tuesday morning in an attempt to clarify his view that the Reserve Bank’s interest rate calls were “smashing the economy” and to accuse the Coalition of making political capital out of the independent central bank’s decisions.
Dr Chalmers finds himself at the centre of an increasingly tense debate about whether the government has done enough to help households with cost-of-living concerns at a time when the Reserve Bank has kept rates on hold as it seeks to rein in inflation as part of its core mandate.
Jim Chalmers says his language about interest rates “smashing” the economy is nothing new. AAP
Higher rates, however, slow economic activity and weaken consumer confidence, leaving Dr Chalmers vulnerable to criticism about the health of the economy.
It was against this backdrop that Dr Chalmers declared that RBA interest rate rises were “smashing the economy”. The comments, made on Sunday, sought to shape how voters would perceive key economic data released on Wednesday that is expected to show the slowest pace of economic growth in more than two decades.
The Coalition has accused Dr Chalmers of waging a war on the central bank but on Tuesday he used three television appearances in less than 30 minutes to defend his right to have a say – while also emphasising that he and RBA governor Michele Bullock worked well together.
“I think it would be a bit strange, frankly, if the treasurer of Australia couldn’t point to the sorts of things which are slowing our economy,” he said on ABC TV’s News Breakfast.
“I think it’s self-evident from the economic data, whether it’s the global economic uncertainty, the persistent price pressures or these higher interest rates – those things are all combining to slow our economy in quite substantial ways.”
Attack on the opposition
Dr Chalmers said he and Ms Bullock were working towards the same goals.
“We’ve got different responsibilities, the governor and I, but we’ve got the same objective, and our objective is to get on top of this inflation challenge in our economy without making life harder for people or smashing an economy, which is already weak enough.”
The treasurer then used his interview to turn the tables on the opposition. Coalition MPs have tried to portray his words as an attempt to unduly pressure the RBA board, which is meant to make decisions free from political influence. At the same time, the opposition argues that relatively high state and federal government spending is stoking inflation and making it more difficult for the RBA to contemplate an interest rate cut.
“The Liberals and Nationals … want higher interest rates because they think the more people are hurting, the more it will suit their political objectives,” Dr Chalmers said.
Liberal senator Jane Hume accused the treasurer of waging a two-year war on the RBA, and shadow treasurer Angus Taylor said Dr Chalmers had given up fighting inflation, and was instead fighting the RBA and the “laws of economics”.
“Jim Chalmers blamed overseas factors for high inflation, then he blamed [former RBA governor] Philip Lowe, and now he’s blaming his hand-picked replacement for Philip Lowe, Michele Bullock,” Senator Hume said.
Mr Taylor said the treasurer “has failed and now he’s just lashing out at everybody”.
On Wednesday, critical GDP figures will give a clearer picture of how the economy is responding to the RBA’s decision to keep rates on hold since November following 13 rate increases since May 2022.
The data is expected to show that the economy expanded by just 0.2 per cent in the three months to June 30, which would cause annual GDP growth to slow to 0.9 per cent, from 1.1 per cent in the March quarter. Since 2000, the economy has grown at about 2.8 per cent a year, on average.
The outcome would represent the slowest rate of GDP growth since the early 1990s recession, excluding the pandemic downturn.
Dr Chalmers said his language about interest rates “smashing” the economy was nothing new. The treasurer had made similar comments about monetary policy “hammering” activity in June and July.
Government’s big challenge
The sharp rise in the cost of goods and services over the past few years is a big challenge for the Albanese government, and has fuelled public concerns about the cost of living and contributed to the continuing slide in Labor’s standing in opinion polls.
The latest The Australian Financial Review/Freshwater Strategy poll in August showed the Peter Dutton-led Coalition leading Anthony Albanese’s government by 51 per cent to 49 per cent on a two-party-preferred basis for the second successive month.
Figures released on Monday showed annual growth in wages for workers in the private sector cooled to a two-year low of 5.3 per cent in the June quarter, while profits fell across sectors most vulnerable to a slowdown in consumer spending such as construction, retail and wholesale trade.
Although the markets are pricing in a 70 per cent chance that the RBA will cut the cash rate from 4.35 per cent to 4.1 per cent by December, Ms Bullock has effectively ruled out such a move before Christmas amid lingering concerns about price pressures.
The earliest date that the central bank could raise the cash rate next year would be on Tuesday, February 18.
Dan won because he had a terrible opposition, byt even he knew his lies, deceptions corruption, and undeliverable/unplanned/unfunded promises couldn't be hidden forever hence he left and now Jacinta is dealing with disasters on all fronts
Albo should stand up to the media more but is a far better man than Dan and knows that a campaign built on lies and bluffs doesn't lead to sustained federal.success.
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Dutton's Liberal opposition is every bit as terrible as Pessutto and Guy and friends. The only difference is that Rupert and friends (Bolt and Mitchell and other boomer-faves) thought they had enough power to bring Andrews down themselves. When they started resorting to pictures of "conspiratorial porch steps" on the front page, you knew they'd lost.
Albanese doesn't need to lie. He just needs to jack up the corporate tax rate and reduce personal income taxes in the lower bands and when the corporate media complains, he needs to tell everyone whose side he's on and everyone will understand.
At the moment, he's trying to please the corporate media to tell the plebs that he's supporting them while actually doing nothing for them. He's playing the media's game.
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A lot of people agree with chalmers higher interest rates is putting more money in the pockets of an increasing proportion of the population
Albo and Chalmers. What a team!
GDP result weakest since early 1990s recession
Growth in Australia’s economy slowed to a crawl in the June quarter with an increase in government expenditure and a jump in spending by foreign students propping up an economy otherwise shuddering to a halt.
In the three months to June, Australia’s GDP expanded by a tepid 0.2 per cent, the Bureau of Statistics reported on Wednesday, as stubborn inflation, a soaring income tax take, and elevated interest rates squeezed households, curtailing private sector activity.
That figure was in-line with economists’ expectations.
The quarterly GDP reading brought annual growth to just 1 per cent – the weakest annual GDP result since the end of the early 1990s recession outside of the coronavirus pandemic.
GDP per capita, a proxy for living standards, slipped a further 0.4 per cent, marking the sixth consecutive quarter where an increase in Australia’s population, still running at a brisk annual rate of around 2.5 per cent, outpaced economic growth.
Despite the soft figures, the reading is unlikely to spur the Reserve Bank – whose own economists tipped annual GDP growth of 0.9 per cent – to press ahead with rate cuts.
Even as money markets ascribe a near 70 per cent chance that the RBA will reduce the cash rate from 4.35 per cent to 4.1 per cent at its December meeting, RBA governor Michele Bullock has effectively ruled out any relief until 2025 due to stubborn price pressures.
GDP result weakest since early 1990s recession
Growth in Australia’s economy slowed to a crawl in the June quarter with an increase in government expenditure and a jump in spending by foreign students propping up an economy otherwise shuddering to a halt.
In the three months to June, Australia’s GDP expanded by a tepid 0.2 per cent, the Bureau of Statistics reported on Wednesday, as stubborn inflation, a soaring income tax take, and elevated interest rates squeezed households, curtailing private sector activity.
That figure was in-line with economists’ expectations.
The quarterly GDP reading brought annual growth to just 1 per cent – the weakest annual GDP result since the end of the early 1990s recession outside of the coronavirus pandemic.
GDP per capita, a proxy for living standards, slipped a further 0.4 per cent, marking the sixth consecutive quarter where an increase in Australia’s population, still running at a brisk annual rate of around 2.5 per cent, outpaced economic growth.
Despite the soft figures, the reading is unlikely to spur the Reserve Bank – whose own economists tipped annual GDP growth of 0.9 per cent – to press ahead with rate cuts.
Even as money markets ascribe a near 70 per cent chance that the RBA will reduce the cash rate from 4.35 per cent to 4.1 per cent at its December meeting, RBA governor Michele Bullock has effectively ruled out any relief until 2025 due to stubborn price pressures.
So we are effectively in recession but pollies won't cut immigration to sensible levels (by cutting immigration in areas we dont have current critical shortages in and making students leave on completion of courses if we dont need that qualification at the time
) because the current excessive levels allow them to technically say we are still growing.
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How's the gall on that dickhead Chalmers, having basically destroyed our economy in every conceivable way claiming "credit" for government spending on the public sector being the only thing stopping us being in a recession.
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I’m a little confused. Isn’t low growth or perhaps a small recession been expected for a long time?
You can’t do what interests have done and expect a booming economy. Surely any economist in their right minds would have known this was coming? The economy will be in a holding pattern for the next 6-12 months whilst inflation continues to fall and at which point the RBA can drop rates and push the economy along again.
You can’t do what interests have done and expect a booming economy. Surely any economist in their right minds would have known this was coming? The economy will be in a holding pattern for the next 6-12 months whilst inflation continues to fall and at which point the RBA can drop rates and push the economy along again.
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- Kidding, right?
So now there’s talk within the govt of finally correcting the long-standing anomaly that dental care is not covered by Medicare.
With what we now know about how important dental health is in relation to other health issues like heart disease, and dementia, it has taken on new urgency.
And of course, it’s yet another thing the Greens have been calling for for years.
Like that Royal Commission into child abuse that Gillard had to be dragged kicking and screaming into after seven years of the Greens calling for one.
Then you consider the Greens (and others) have always been about real action on the climate emergency. Not taking action with one hand whilst announcing new fossil fuel projects with the other.
Or how the Greens managed to hold firm and incur the ire of everyone in the media and get Labor to make some big improvements to their Clayton’s joke of a housing policy.
And you have to conclude anyone who wants meaningful action on any number of fronts that are vital to the wellbeing of the nation would welcome a Labor minority government after the next election.
I’m not dissing Labor out of hand - true to their origins they have introduced a lot of measures that have meaningfully improved the lives of Australian workers, which is like a breath of fresh air after years of the Coalition gaslighting the nation that what’s good for employers is all that matters. When you change the government, you change the country, and those changes are positives that will be with us for the foreseeable future.
But they’re just too timid on so many fronts.
Australian politics is moving inexorably away from a two party system. I welcome it with open arms and look forward to a minority Labor government working constructively with the Greens, Teals and other independents.
And personally I can’t see the Coalition forming a majority government again in the next twenty years, and that is a very good thing.
With what we now know about how important dental health is in relation to other health issues like heart disease, and dementia, it has taken on new urgency.
And of course, it’s yet another thing the Greens have been calling for for years.
Like that Royal Commission into child abuse that Gillard had to be dragged kicking and screaming into after seven years of the Greens calling for one.
Then you consider the Greens (and others) have always been about real action on the climate emergency. Not taking action with one hand whilst announcing new fossil fuel projects with the other.
Or how the Greens managed to hold firm and incur the ire of everyone in the media and get Labor to make some big improvements to their Clayton’s joke of a housing policy.
And you have to conclude anyone who wants meaningful action on any number of fronts that are vital to the wellbeing of the nation would welcome a Labor minority government after the next election.
I’m not dissing Labor out of hand - true to their origins they have introduced a lot of measures that have meaningfully improved the lives of Australian workers, which is like a breath of fresh air after years of the Coalition gaslighting the nation that what’s good for employers is all that matters. When you change the government, you change the country, and those changes are positives that will be with us for the foreseeable future.
But they’re just too timid on so many fronts.
Australian politics is moving inexorably away from a two party system. I welcome it with open arms and look forward to a minority Labor government working constructively with the Greens, Teals and other independents.
And personally I can’t see the Coalition forming a majority government again in the next twenty years, and that is a very good thing.
Gralin
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While I agree with a lot of this I have two thoughts
Current conditions are just a likely to push people right as they are left
In this country your average voter is more likely to vote against a party than for one, and they'll vote coalition against Labor more than they will vote greens, because it's about getting labor out of government and the media tells them the coalition is the only way to do that
So while it's tempting to see the Greens getting a seat in the NT as evidence of a shift left, you gotta remember the CLP is now in power up there and the greens have one seat
The overall response in the NT with dissatisfaction with labor was to the right
This is because at heart he's a neoliberal who wanted the status quo under Scummo to continue, just with him and Labor at the top. Some would have taken one look at the unfair treatment Labor got from the media companies when in opposition (and the last time they were in government) and pledged to break them up so they would never have that much power to screw Labor again. But not Albo, who as you say, still thinks he can placate the media and win them to his side. He is deluded.
Except he hasn't done anything the Coalition weren't already doing, beyond making the stage 3 tax cuts a bit less of a handout to the wealthy.
I find it bemusing how much LNP and Labor cheerleaders want to pretend their parties are so different, when they're really just two cheeks of the same arse, at best modifying some things slightly but leaving most things exactly the same.
Albanese thinks his job is to land as close to the LNP party line as possible so that he wins more people in the middle.
But his actual job should be to lead from a progressive position and draw people that way.
He's so passive and reactionary it's sickening. Slugs have stronger backbones and are more driven to lead than Albanese.
Absolutely the one thing we can all be certain of is that this historically bad economy, the worst in 30 years with Australians real incomes dropping faster that all other developed economies in the world is not Labor's fault.
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Economic decline of a reduction of GDP of 1.5% per capita year on year.
In hindsight Chalmers has done well to make the discussion an RBA v Govt thing rather than everyone talking about how poorly the economy is doing.
www.aljazeera.com
In hindsight Chalmers has done well to make the discussion an RBA v Govt thing rather than everyone talking about how poorly the economy is doing.
Australia’s economy posts worst performance since 1992, excluding pandemic
Gross domestic product declines 1.5 percent on per capita basis following successive interest rate hikes.
Please explain how the Liberals would have done better. I'm not saying Labor are good, but that all neoliberal parties are dependent on market conditions.
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