What on earth does that have to do with the claim that the ALP (stupidly) made before the last election, which happens to be the current topic of discussion?
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Jim CHALMERS
- Thread starter Kwality
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- Nov 10, 2022
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What status do you have to define ‘the current discussion’?
Are you saying those who’ve invested in rooftop and reducing their power bulls are to be excluded from the discussion?
It seems the quote was an average of $275 ? Due to downward pressure because of renewables.
I get the $300 v $275 point. That was either joke or triggering depending on your view
I'd start with the post that you replied to...
Expecting bad economic news, Chalmers blames interest rate rises for 'smashing' economy
Treasurer Jim Chalmers has blamed successive interest rate rises for "smashing the economy", as the government braces for more weak economic figures due this week.
www.abc.net.au
Expecting bad economic news, Chalmers blames interest rate rises for 'smashing' economy
Treasurer Jim Chalmers has blamed successive interest rate rises for "smashing the economy", as the government braces for more weak economic figures due this week.
Even Wayne Swan would have done better than this humpty dumpty
haha.....that's the same Wayne Swan voted Finance minister of the year and only the second Australian to have that title?
Joshy Frydenberg might have been a better example
Gough
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- #308
How many surpluses did the Libs produce in government? For so long that was the gold standard for a Treasurer now it seems to have gone the way of the debt and deficit emergency.Even ScoMo would have been better and he already had 55 portfolios to deal with
The Howard/Costello years were Australia's greatest. The best tag team combination since The Hart Foundation.
Just a shame they sold a lot of our assets and we could have been set up like Norway but now we are paying more for our gas than we export it for.
Apart from the gun reform the only other memorable thing Howard did was show off his amazing cricket skills.
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...and that's with record immigration propping up the numbers.
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The wholesale spot price of electricity is falling…
Retailers aren’t passing on the savings because they need to hedge for price spikes.
Those price spikes are going to disappear soon due to large batteries and connectors. This will cause a drop in retail price IMO.
Australia’s most powerful battery ready for commissioning after achieving grid’s biggest connection
The most powerful battery in Australia, and biggest single power unit ever to be connected to the country’s main grid, has completed the first stage of its connection and commissioning proces…
reneweconomy.com.au
That's all well and good, but it's not what the then-opposition promised...The wholesale spot price of electricity is falling…
Retailers aren’t passing on the savings because they need to hedge for price spikes.
Those price spikes are going to disappear soon due to large batteries and connectors. This will cause a drop in retail price IMO.
Australia’s most powerful battery ready for commissioning after achieving grid’s biggest connection
The most powerful battery in Australia, and biggest single power unit ever to be connected to the country’s main grid, has completed the first stage of its connection and commissioning proces…
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Be patient .. 2025 hasn’t arrived yet.
You genuinely think that household power bills will be $275 a year lower next year than what they were in 2022?**
I'm talking average households, not ones that choose to go shopping or that can rely on rooftop solar to lower their annual costs.
**That is the very generous interpretation of what both the Leader of the Opposition and Shadow Treasurer claimed in the 2022 election campaign.
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Growth will remain poor while land prices are too high - this flows into everything in the economy. It can't be avoided.
Every single business is paying sky high prices just to exist - whether it is a new GP practice starting up, or a small business on the corner, to the family who are paying 60% of their income on the mortgage or rental payments.
This is not sustainable - and it will end in absolute carnage - i can't stress that enough - and the likes of Howard and Costello are to blame from the get go in my book. They openly encouraged the fetish of balanced budgets, while encouraging households to take on enormous debts just to live.
Land prices follow an 18 year cycle - 14 years up and 4 years down - when they crash - they take the economy with them.
1955
1972
1990
2008
?2025/26 - this one will be the BIG one in Australia. I expect banks to go bust.
In a nutshell, land prices get too high (through speculation - the tax system encourages people into land speculation afterall) - and people spend too much money on rent, leaving not enough to sustain the productive element of the economy. In other words, speculative debt crowds out productive enterprise.
I have some sympathy for Chalmers and what he will be facing in the next 12 to 18 months - our economy is like a rock climber who has become stuck on the cliff face, they can't go up or down, and their fate is now sealed.
We will be looking at asset price devaluations of considerable magnititude - both in the property and stock markets.
Anyone interested in what is coming - have a read of "The Secret Life of Real Estate and Banking" by Phillip Anderson. Make an effort.
First of all, welcome and quite a first post.
When was the last time a big Australian bank went bust?
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- #319
Thank you.
Bankwest in 2008 was in a catastrophic position - at the height of the GFC. Bankwest was an icon in Western Australia - having started out as the Rural & Industrial Bank (R & I).
Bankwest was cut loose by HBOS - and left to fend for itself. Bankwest, at the time, was Australia's fifth largest lender. Bankwest's impaired loans had reached a staggering 28% of their total loan book value - this was an appalling rate.
Of course, Bankwest was taken over by CommBank and APRA ensured that the above never came into the mainstream. The superb book by Nathan Lynch, "The Lucky Laundry - How the Aussie Economy Got Hooked on the World's Dirtiest Cash" goes over all the details.
I don't think Australia's banks are well run at all. We will find out in due time of course.
Which was more due to HBOS issues not Bankwest. I know a lot of people who worked for Bankwest at the time and the staff that came in from HBOS were cowboys.
Royal Bank of Scotland and other UK banks had similar issues.
Compared to the US and UK banks I think our banks are relatively run well courtesy of APRA and ASIC.
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I disagree fundamentally with that. Quite strongly indeed. It depends on your definition of, "relatively well run".
A few years ago there were money laundering issues and compliance. Mortgage fraud. RAMS has been in the media lately. The list is long.
Time will tell of course. Let's agree to disagree.
Sexual orientation and gender questions to feature in next census
Questions on both sexual orientation and gender will feature in Australia's next census, as the federal government seeks to repair the fallout from earlier efforts to abandon questions about LGBTIQ+ identity.
www.abc.net.au
