Anthony Albanese - How long? -3-

[schneebly111]

All I am saying is that there is no money left to fund both dental and mental health under Medicare. Everyone knows it and if Albo went to an election with it he would have to advise how they would be funded. Then it would definitely be all over for him

Monies for these things don't come out of thin air.

PS: if it was so easy, don't you think governments would have proposed this a long time ago?

I guess the same place the funding for the nuclear reactors and submarines is coming from.

How we can fund dental and mental health in Medicare? Well by estimates the yearly cost of full dental in Medicare is 6% of the projected military budget so I’d rather our citizens have healthy teeth and minds rather than funding soldiers to play war.

 

[MPMonkeys]

I guess the same place the funding for the nuclear reactors and submarines is coming from.

How we can fund dental and mental health in Medicare? Well by estimates the yearly cost of full dental in Medicare is 6% of the projected military budget so I’d rather our citizens have healthy teeth and minds rather than funding soldiers to play war.

Without a military Australia would cease to exist as we know it.

 

[Ghost Patrol]

Without a military Australia would cease to exist as we know it.

Is this the same Australia that you keep complaining about in it’s current form?

 

[nut]

All I am saying is that there is no money left to fund both dental and mental health under Medicare. Everyone knows it and if Albo went to an election with it he would have to advise how they would be funded. Then it would definitely be all over for him

Monies for these things don't come out of thin air.

PS: if it was so easy, don't you think governments would have proposed this a long time ago?

Do you want us to list countries with free dental?
Same arguments were used before the NDIS.

 

[schneebly111]

Without a military Australia would cease to exist as we know it.

“Cease to exist as we know it”???

So a nation run by stooges of the mining and resource industries who’ve priced an entire generation out of housing with crowded cities and crumbling infrastructure?

Hey if China did take us over at least we’d get high speed rail, mental healthcare under the universal system and cheaper housing and cost of living.

Plus I only said the cost of free dental under Medicare would equate to a 6% cut in the military budget. There’d still be enough to “defend” the country, just not enough to take part in American wars in far off lands

 

[CM86]

Just a repost from the first version of this thread.
Good reminder while we're talking about debt, inflation and funding issues etc etc.

The article was published December 14 2021. For reference to time frames mentioned within.
Please read the full article, if it interests you at all. As I've just taken parts of it.
2021 was a period of time when the media seemed to forget that the Australian economy might impact Australians.

​

How the Reserve Bank rescued Australia from Scott and Josh​

​

Extraordinary details have emerged of how the Reserve Bank intervened to stop Treasurer Josh Frydenberg crashing the economy as the pandemic took grip, how, contrary to their fable of “superior economic management”, the Morrison Coalition pursued political gain over good government, and how they have been borrowing its billions almost for free.​

So committed is this duo to winning political points, so dedicated their pursuit of the economic myths of “debt and deficit”, that the Reserve Bank has been forced to intervene to stop Prime Minister Scott Morrison and Treasurer Josh Frydenberg sabotaging Australia’s economy. Yet they are the masters of marketing and media management, of spin, and that is why you will not read this story anywhere else.​

It is a story best told in the life cycle of a bond, a bond issued by then treasurer Morrison and then secretly bought back by now treasurer Frydenberg – yes actually purchased by Frydenberg as the sharemarket was crashing during the pandemic.​

A bond is simply a debt created by the government to raise money. It is an IOU. Bonds outstanding have increased by $283 billion since the start of the pandemic, allowing the Federal government to finance things such as the $89 billion in JobKeeper. When the banks buy these bonds, they are lending this money to the government. Now, it’s payback time.​

In January 2017, Morrison was treasurer. It was 18 months before the Liberal Party putsch ended the prime ministership of Malcolm Turnbull. Mathias Cormann had been finance minister for three years. And a youthful Frydenberg was minister for environment and energy, scrambling to deliver a semblance of action on climate change while appeasing the Coalition’s corporate fossil-fuel donors.​

Debt was on the rise. The Morrison treasury planned to issue $9.3bn of brand new bonds. These new bonds were designed to pay whoever bought them at auction 2.0% interest over 4 years.​

But the market wanted more. The banks demanded a higher interest rate on their investment: they wanted 2.24%. So the Treasury got $100m less than it bargained for; it had to pay back $9.3bn but it only got $9.2bn.​

The government was to repeat the process 15 times until April 6, 2018; until it borrowed $17.8bn, all in this same series of 4-year bonds, all paying 2%. And these borrowings are to be repaid, by the government, next Tuesday. (article released in 2021).​

A few months later, in January 2020, Frydenberg quietly began spending government money buying back our bonds, the very four-year bonds which mature in seven days. First, he bought $299m worth, but paid $306m. On the day the pandemic began, the day financial markets went into a tailspin, he bought another another $350m worth. Again, he paid overs, forking out $359m.​

The banks would hardly complain. They were buying low and selling high, thanks to Josh and Scott’s Treasury.​

Covid-19 had arrived. As markets plummeted, they bought more and more bonds, paying higher and higher prices.​

Even as the economy and financial markets were in distress they kept going for another month. Bear in mind, this was money, public money, which they would need to rescue a foundering economy. This was a serious crisis; and yet they kept spending money buying their own bonds, presumably trying to get their debt down for some political purpose, to crow about their prudent fiscal management.​

Down in the nation’s capital, in Lobbyland, somebody was instructing Treasury again to buy big on March 18, 2020. In eight weeks, as the world was gripped by the spectre of mass death and financial market destruction, Frydenberg had spent $1.4bn of public money, buying our four-year bonds at top dollar.​

The next day, the RBA stepped in and put a stop to it. The very next day.​

Over six months from March till September 2020 the RBA bought $3.74bn of our particular four-year bond issue, the Morrison debt – as well as loads of other bonds.​

It would pay $3.86bn, a nice price and a very tidy profit for the banks.​

This is where the magic starts.​

Tuesday is pay day. Firstly, the government pays all the bond holders, including the RBA. The RBA gets $3.7bn.​

Second, funding the repayment destroys this money, cancelling it. The money supply goes down. It’s a nice weapon too in the armoury of the RBA in its key job of managing inflation and interest rates.​

​

According to the RBA’s 2021 annual report, $3.9bn is now payable to the government by the RBA.​

​

Investigation by Michael West and @13foot7.​

 

[Johnny Bananas]

Australia is already deep in debt and everyone knows it.

As usual, conservatives prefer their feelings over the actual facts.

 

[Taylor]

View attachment 2207354

As usual, conservatives prefer their feelings over the actual facts.

I think interest payment on debt compared to budget commitments of existing services is a better measure on debt, not just showing how stuffed the whole world is on this.

 

[Bloods86]

Without a military Australia would cease to exist as we know it.

Someone suggests using a small amount of the military budget, a sizeable chunk of which is dedicated to nuclear subs, to healthcare for Australians facing cost of living pressures.

Unsurprisingly this is interpreted as slashing all defence spending, destroying all equipment, firing all troops.

 

[Johnny Bananas]

I think interest payment on debt compared to budget commitments of existing services is a better measure on debt, not just showing how stuffed the whole world is on this.

You're welcome to your thoughts, but it misses the point, which is that the government does have the ability to borrow easily if more indebted countries can.

 

[peetoo]

Musk might deliver a discount on AUKUS (not holding my breath)

If Musk gets DOGE right it will be a game-changer — The Australian

Nobody knows if the Musk-Trump relationship will work, but if it does the Western world will become a very different place.

apple.news

 

[Jane Doe]

Amazing as soon as someone has a different point of view to the usual posters on here they get attacked. No wonder it becomes an echo chamber in here.

 

[schneebly111]

Musk might deliver a discount on AUKUS (not holding my breath)

If Musk gets DOGE right it will be a game-changer — The Australian

Nobody knows if the Musk-Trump relationship will work, but if it does the Western world will become a very different place.

apple.news

That’s a piece from the Australian. Can we not have rubbish propaganda filth posted here as fact?

 

[Ghost Patrol]

Amazing as soon as someone has a different point of view to the usual posters on here they get attacked. No wonder it becomes an echo chamber in here.

If you don’t want people to reply to your posts, maybe it’s time to start a blog?

 

[geoffjennings79]

Musk might deliver a discount on AUKUS (not holding my breath)

If Musk gets DOGE right it will be a game-changer — The Australian

Nobody knows if the Musk-Trump relationship will work, but if it does the Western world will become a very different place.

apple.news

Is that before or after he decides Aus politicians should be jailed!? He's a venture capitalist with fascist/apartheid leanings, who DGAF about community or society. Just a POS example of humanity. IMO.

 

[MPMonkeys]

Is this the same Australia that you keep complaining about in it’s current form?

Not sure where you get this from.

 

[peetoo]

That’s a piece from the Australian. Can we not have rubbish propaganda filth posted here as fact?

Was meant for derision. Not many parts of the world have as much ‘cost plus’ in their economy as the US fed has. It ridiculous the musk stuff has any relevance to other countries as the article suggests

Which other country shuts down tourist attractions when the Congress has problems approving supply?
Which country has so much stupid regulations that most of its shipping is registered elsewhere?

It’s bloated but a bit too happy with itself.

Make it great again? It was always thus

 

[MPMonkeys]

A reality check for those wanting free everything is to look at NDIS as an example. The costs were $44b for the 23/24 FY and this is for a service that only impacts a small percentage of the Australian population.

Dental would impact everyone and mental health would be on a par with NDIS.

 

[geoffjennings79]

No I just think its hilarious that you have blind loyalty to Albanese and the labor party and you think he is doing such an outstanding job.

Where have I posted anything resembling loyalty to Albanese? I'm neither a LNP or ALP voter.

I just enjoy your uneducated melts, lacking any substance.

FWIW, I hoped Albanese might be a half-decent and half-competent PM, but he's incredibly disappointing. However, sadly, the alternative is a POS. So I'm on the minority govt outcome bandwagon, with a cross-bench that forces a minority govt to actually do something along the lines of governing for all Australians. Neither major seems remotely interested in that atm, just that one major wants to punch down on minorities more than the other.

If that paragraph above is too challenging for you. I can provide a drawing in crayon that's more to your capabilities?

Cheerio.

 

[MPMonkeys]

Is that before or after he decides Aus politicians should be jailed!? He's a venture capitalist with fascist/apartheid leanings, who DGAF about community or society. Just a POS example of humanity. IMO.

How can he jail Australian politicians?

 

[MPMonkeys]

Where have I posted anything resembling loyalty to Albanese? I'm neither a LNP or ALP voter.

I just enjoy your uneducated melts, lacking any substance.

FWIW, I hoped Albanese might be a half-decent and half-competent PM, but he's incredibly disappointing. However, sadly, the alternative is a POS. So I'm on the minority govt outcome bandwagon, with a cross-bench that forces a minority govt to actually do something along the lines of governing for all Australians. Neither major seems remotely interested in that atm, just that one major wants to punch down on minorities more than the other.

If that paragraph above is too challenging for you. I can provide a drawing in crayon that's more to your capabilities?

Cheerio.

This from someone who thinks Elon Musk will jail Australian politicians.

 

[Taylor]

You're welcome to your thoughts, but it misses the point, which is that the government does have the ability to borrow easily if more indebted countries can.

They can, the cost of which is beginning to show itself now.

If I believe the parliamentary budget office forecast of $41.2 billion in interest costs in 2024-25 rising to $61.3 by end of next term (2027-2028) then we are talking about serious public spending programs that are not possible because that money has been committed to paying back previous attempts at either providing cheaper cost of living, higher productivity etc... which obviously hasn't turned out so well.

Also important to consider that you can increase government spending, thereby increasing GDP, with debt and it will soften the impact of total debt as a measure of total GDP.

The case can be made that if Albo committed $60 billion into building bulk housing to scoop the entire bottom half of the housing market out into free, albeit cheap, boxes because it will free up significant dollars not longer being spent on rent or interest payments, or transport allowing more private money into luxuries or new businesses - increasing productivity.

You can also make the case for building power generation and giving power to the people for free to the same effect.

 

[Bloods86]

Amazing as soon as someone has a different point of view to the usual posters on here they get attacked. No wonder it becomes an echo chamber in here.

Bit hysterical. Having people disagree with you, or showing why you've responded with an irrelevant point, doesn't equate to being attacked.

Maybe if the posts were substantive, higher quality arguments, you might get a different reaction.

 

[Bloods86]

A reality check for those wanting free everything is to look at NDIS as an example. The costs were $44b for the 23/24 FY and this is for a service that only impacts a small percentage of the Australian population.

Dental would impact everyone and mental health would be on a par with NDIS.

Can you point to a post where someone has advocated for "free everything"?

 

[geoffjennings79]

How can he jail Australian politicians?

This from someone who thinks Elon Musk will jail Australian politicians.

FFS Can you read? Do you take notice of overseas news?! He's been widely reported with his opinion Starmer should be jailed. Seems to have an opinion on politics in Europe too. Shouldn't be too long until he weighs in on our politics...

You really are a turnip.

Cheerio