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  • Nation's net worth fell since 2008 | Business Spectator
    China China Spectator Please log in or register to post comments Comments on this article Comments Policy Adrian lastName Wed 2013 12 11 12 40 That s one way to analyse it however I think there was a global financial crisis which might have impacted net worth more significantly than any government policies I know my net worth only got back to 2008 pre GFC levels this year with the rise of the sharemarket Chrispy 52 Wed 2013 12 11 12 58 That s exactly right This is just more political nonsense from the Coalition this time from Cormann And of course growth in government expenditure was much higher under the Coalition than under Labor If you look at the years 2002 03 to 2006 07 government expenditure grew from 197 2 billion to 253 3 billion or about 6 5 a year For the five full financial years of Labor expenditure grew from 316 0 billion in 2008 09 to 367 3 billion in 2012 13 or about 3 9 a year http www budget gov au 2013 14 content overview html overview 46 htm And of course the Howard government was labelled the most wasteful in our history by the IMF And the public service grew much faster under the Coalition Steven Smith Thu 2013 12 12 07 31 Chrispy 52 you do see where your analysis fall down don t you Your first data point for Rudd Labor should be the last year of Howard Lib Not the end of the first Rudd Labor year The rise in spending for Labor s full five years actually goes from 253 3 Billion 06 07 per year to 367 3 Billion 12 13 per year Labor s spending in their last year was 114 Billion more that Howard s last year or a 45 increase An inquisitive mind would then ask how does such a massive increase in the amount of spending be a less percentage of GDP But then you are a Labor supporter and what s a 50 Billion dollar error in your calculations Australia is use to it Next time you should get someone to check your work before BS ing all over the internet Doug DJ LoneRider Thu 2013 12 12 09 06 Steven Hi So what you are saying is that the economy the real economy not the government budget Only took 1 year to build up 500 billion in debt It had nothing to do with the combined tax regimes that artificialy inflated the price of housing The randian ideal of that people can live in permanent debt as being sustainable Yes the christian control freak being Krud fucked up much of the stimulus package mainly because he couldn t understand how the real world operates But the bail out was needed after a decade of pure despotism Steven Smith Thu 2013 12 12 17 59 Doug Hi Actually nothing you have written relates to what I posted I suggest you try waiting

    Original URL path: http://www.businessspectator.com.au/news/2013/12/11/federal-budget/nations-net-worth-fell-2008 (2014-01-12)
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  • MYEFO to show budget pain: Hockey | Business Spectator
    me Log in Request new password AAP Federal Treasurer Joe Hockey s mid year budget review will reveal in graphic detail the state of the budget and the economy he inherited from Labor Mr Hockey will release the mid year economic and fiscal outlook MYEFO at 12 30 pm at the National Press Club in Canberra next Tuesday What that will illustrate to the Australian people is that Labor were the most reckless government in modern Australian history he told parliament on Tuesday He took the opportunity to chastise Labor and the Australian Greens for blocking 20 billion of savings in the Senate including 13 4 billion that will result from scrapping the mining tax They are not savings that we ve announced since the election they are savings 15 billion of savings that we took to the last election he said And there are 5 billion of savings that the Labor party took to the last election and now the Labor party are opposing them Mr Hockey said these include Labor s planned cuts to research and development tax incentives and cuts to higher education to pay for its school reforms Shadow treasurer Chris Bowen says MYEFO should be regarded as Joe Hockey s mini Budget as it will include billions of dollars of new government spending and revenue commitments in 2013 14 and beyond The true state of the books as the charter of budget honesty provides was revealed by the Departments of Finance and Treasury with the release of the pre election fiscal and economic outlook in August he said in a statement The MYEFO will include Treasury s latest economic forecasts Mr Hockey said that based on last week s September quarter national accounts it will show economic growth locked below trend rising unemployment and falling terms of trade National Australia Bank s latest business survey implied further job shedding in still lacklustre trading conditions The bank is forecasting an unemployment rate of 6 5 per cent by late 2014 higher than the 6 25 per cent projected by Treasury in August and compared with 5 7 per cent currently Business confidence having soared in reaction to the September 7 election outcome edge down further in November given sub par business outcomes Nonetheless the changed political environment more accommodative monetary conditions and rising asset prices are helping confidence NAB chief economist said Other data suggested that consumers are acting on their improved post election confidence with the number of loans granted to owner occupiers in October reaching a four year high of 52 305 a one per cent increase on the previous month Loans for the construction of new homes were also at the highest since March 2010 Housing Industry Association chief economist Harley Dale said this was a good sign for new home building activity in early 2014 Meanwhile Christmas shopping appears to be in full swing for a projected 42 2 billion in sales a 3 5 per cent rise on 2012 Shoppers have

    Original URL path: http://www.businessspectator.com.au/news/2013/12/10/federal-budget/myefo-show-budget-pain-hockey (2014-01-12)
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  • Govt spending outstrips growth: PBO | Business Spectator
    Spending also averaged four per cent annually when growth averaged 3 6 per cent However while economic growth slowed to 2 4 per cent over the second half of the decade under Labor 2007 08 to 2012 13 spending was 47 per cent faster The PBO said the rate of spending growth under Labor initially accelerated due to the fiscal stimulus measures adopted to combat the effects of the 2008 09 global financial crisis These measures were subsequently withdrawn by 2012 13 The largest contributors to growth in spending over the 10 year period were social security and welfare and health which accounted for over one half of the growth in total spending The report is the first part of a study into government spending The second part will be released after the government releases the mid year economic and fiscal outlook and will address forecast and projected spending trends over the 2013 14 budget forward estimates period Print this page Related articles 13 Jan Abbott to pursue red tape cuts 10 Jan Unemployment coming to a suburb near you 10 Jan Robb casts doubt on handouts 10 Jan Alcoa gives up on aid report 09 Jan A fast to follow the spending binge More from Business Spectator Technology Adapt or die Commercial The Future of Energy Family Business Alan Kohler s Family Business China China Spectator Please log in or register to post comments Comments on this article Comments Policy Ian Macallan Tue 2013 12 10 15 35 The largest contributors to growth in spending over the 10 year period were social security and welfare and health which accounted for over one half of the growth in total spending Our greatest growth industries The Inspirator Tue 2013 12 10 21 06 The problem Ian is that even though we might intuitively consider that a household with say 2 young kids earning 80k shouldn t be entitled to benefits of any kind issues of housing affordability make this assistance necessary It is in the same light that I sympathise with claims for more and more wage rises Its not right but its the only means by which the politi rich can be made to return some of their plunder from the poor through ever increasing housing process The Inspirator Tue 2013 12 10 21 07 last word should read prices Ian Macallan Sun 2013 12 15 17 04 the Inspirator I agree house prices are an issue but I think that has multiple threads and is a bit more complex than many of the comments I have seen in recent months Upcoming generations of Australians have a low uptake of owning property for a myriad of reasons but one is certainly the speculative conduct they have to compete with to secure a property I think house prices tend to be one of a number of indicators as to our wealth and health as a nation and I don t believe building permits is the right measure We also seem to

    Original URL path: http://www.businessspectator.com.au/news/2013/12/10/australian-news/govt-spending-outstrips-growth-pbo (2014-01-12)
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  • Morgan Stanley warns on SMSF crisis | Business Spectator
    to a suburb near you 10 Jan Robb casts doubt on handouts 10 Jan Alcoa gives up on aid report 09 Jan A fast to follow the spending binge More from Business Spectator Technology Adapt or die Commercial The Future of Energy Family Business Alan Kohler s Family Business China China Spectator Please log in or register to post comments Comments on this article Comments Policy lyle essery Tue 2013 12 10 08 13 Companies like Morgan Stanley caused the GFC The US budget deficit and total US Govt debt is unimaginable The us has leverage rules for equities and it didnt help in 2008 The us has self directed IRA s where ypu can use leverage Using leverage to buy SMSF property is smart Oz Bubble Tue 2013 12 10 12 02 Spot the property spruiker Matt Lao Wed 2013 12 11 01 19 hear hear property is like a bond bubble right now except slightly worse People paying up big for a 2 3 return with a loan of 4 5 with the hope someone else will come in to push up the capital value These guys need to be taken away and have their head checked edwin lastName Tue 2013 12 10 08 26 We were lead to believe that superannuation was intended to minimize the amount of pensions that had to be paid by the taxpayer when people retired Governments provide significant encouragement and incentives by way of taxation concessions to enable this form of self funded retorement to be maximized Yet we now see a proliferation of SMSFs which still attract substantial taxation benefits being able to borrow on that super fund to invest gamble on real estate It is an absolute contradiction of terms and as stated in this Morgan Stanley comment fraught with huge danger and being aided and abetted by government support Superannuation contributions with tax advantages must not be allowed in any way to effectively become a taxpayer subsidized gambling pool deviation from that must incur removal of those tax incentives And by having this sector enter the residential market they are also significantly disadvantaging genuine first home buyers and distorting the entire real estate structure Be a brave honest Treasurer that will try to now upset that juicy apple cart But wouldn t that come under the definition of middle class welfare entitlement Graham Middleton Tue 2013 12 10 09 32 As usual big funds managers or industry super funds kicking SMSFs Their primary concern is that people are voting with their feet and shifting money to SMSFs Most of the commentary about SMSFs gearing into housing is a beat up as only 0 8 perccent of SMSFs assets are in geared property I view the investment choices of several hundred SMSFs and can attest to the fact that 98percent of the criticism of their administration and investment choice is uninformed heavily biased by vested interests Graham Middleton Tue 2013 12 10 09 36 P S Gearing at a super

    Original URL path: http://www.businessspectator.com.au/news/2013/12/10/australian-news/morgan-stanley-warns-smsf-crisis (2014-01-12)
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  • Hockey works 'miracle' deal: PM | Business Spectator
    t get responsibility out of the Labor Party Mr Abbott told a rowdy parliamentary Question Time on Thursday But Mr Hockey did get responsibility out of the Greens what a miracle worker this treasurer is Mr Hockey on Wednesday finalised the agreement to scrap the ceiling in exchange for greater transparency The deal requires additional debt reporting in the budget and its updates and a debt statement whenever borrowings increase by 50 billion The Senate considered the Greens amendments on Thursday but time ran out With the government having the numbers in the upper and lower houses it should be passed on Monday Greens leader Christine Milne said the debt ceiling had been a toxic political tool that rendered the Australian debate around debt artificial But Opposition Leader Bill Shorten wondered how the government could enter the tawdry deal with the Greens Mr Abbott said the government was relying on the Greens to pass one particular piece of legislation whereas Labor relied on the minority party to survive in government for three years really and truly the extraordinary hypocrisy and double standards of the members opposite Shadow treasurer Chris Bowen said the suggestion the new requirements would boost transparency was a big call He accused the Greens of an about face on debt saying Senator Milne had originally opposed Mr Hockey s proposal to lift the ceiling to 500 billion Mr Hockey said Labor s reaction was like a husband being upset that their ex wife went off and had a cup of coffee with some other man But Labor MP Kelvin Thomson joked that the Greens coalition alliance was a bit more than a cup of coffee I think it s the candle lit dinner and flowers he told reporters in Canberra on Thursday JP Morgan chief economist Stephen Walters said while the coalition and the Greens did not usually make comfortable bedfellows on economic policy an unfortunate fiscal mishap had been avoided Australian Industry Group chief executive Innes Willox strongly supported the removal of the ceiling describing it as artificial device that imposed unnecessary inflexibility and created unhelpful openings for political opportunism Print this page Related articles 13 Jan Govt interest bills surging report 13 Jan Abbott to pursue red tape cuts 13 Jan Palmer wants to repeal Newman laws 12 Jan Vic energy minister to step down 12 Jan Trade pact is close Robb More from Business Spectator Technology Adapt or die Commercial The Future of Energy Family Business Alan Kohler s Family Business China China Spectator Please log in or register to post comments Comments on this article Comments Policy Brent Mitchell Fri 2013 12 06 09 27 The debt ceiling is meaningless and I m glad it s gone It was the responsible thing to do to get rid of it and also negotiate with another political party to do so It was also very hypocritical the Coalition carried on like pork chops when the Labor Party increased the debt ceiling a few years they

    Original URL path: http://www.businessspectator.com.au/news/2013/12/5/national-affairs/hockey-works-miracle-deal-pm (2014-01-12)
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  • Budget is deteriorating: Hockey | Business Spectator
    your Email Address Remember me Log in Request new password AAP The Australian economy is stuck in second gear the budget is deteriorating and the federal government will have its work cut out trying to stimulate growth and jobs So says Treasurer Joe Hockey as he warns the budget update he ll hand down in the next few days won t be good news The fact is the economy is stuck in second gear he said on Wednesday after the release of soft gross domestic product GDP numbers for the third quarter We have inherited an economy with below trend growth rising unemployment and a deteriorating budget The economy expanded by a modest by 0 6 per cent in the September quarter the Australian Bureau of Statistics reported This left the annual growth rate at 2 3 per cent and below a trend pace of around 3 25 per cent Economists overall viewed the numbers as soft and reflecting a lack of confidence in the consumer sector despite a pick up in exports due to rising commodities exports Treasury growth forecasts released in August before the federal election have been undershot and the government now faced a repair job Mr Hockey said We need to speed up the Australian economy and I would say to our political opponents now is not the time to play silly games in relation to the budget he said These figures clearly illustrate the fact that budget has deteriorated significantly While the government would not necessarily deliver deep budget cuts Mr Hockey didn t rule out cuts to public sector spending We re not obsessed with cuts We re obsessed with getting the budget back into good shape into robust shape Mr Hockey said We re obsessed with growth and job creation The government also must find ways to fill the hole left by slowing investment in the resources sector and stimulate the non mining side of the economy which could mean greater infrastructure investment Shadow treasurer Chris Bowen agreed the upcoming mid year economic and fiscal outlook MYEFO was likely to show a deterioration in the budget bottom line But he mostly blamed actions taken by Mr Hockey since the election including the decision to give the Reserve Bank of Australia RBA an almost 9 billion grant to replenish its reserves I do accept the terms of trade and economic activity also of course have an impact Mr Bowen told the National Press Club ACTU President Ged Kearney said slash and burn policies would harm the economy With the economy slowing any move by the federal government to make additional cuts to spending will cost jobs and harm growth she said National Australia Bank senior economist David de Garis said the disappointing growth outcome leaves the door open for a further interest rate cuts next year to head off a potential rise in unemployment It s our continuing expectation that the RBA will come back with more monetary support in 2014 he said The

    Original URL path: http://www.businessspectator.com.au/news/2013/12/4/federal-budget/budget-deteriorating-hockey (2014-01-12)
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  • Michelle Grattan | Business Spectator
    Grattan 7 31am November 20 31 comments Rudd makes his final zip Kevin Rudd walked out of parliament for the last time as a respected former prime minister After the farewells all eyes will be on his hotly contested former seat of Griffith by Michelle Grattan 7 35am November 14 21 comments Can Abbott transcend the tribe mentality Tony Abbott s determination to hunt down his prime ministerial predecessor is a waste of time and energy by Michelle Grattan 3 04pm October 28 17 comments Labor s unbreakable factional heart Jilted Labor MPs sore at missing out on a spot in the new ministry have hit out at the party s ingrained factionalism and its influence on the shadow cabinet by Michelle Grattan 11 32am October 15 10 comments Shorten must show he can do the job Labor s decision not to opt for the high octane style of Anthony Albanese will work well for the party But opposition will be a strange game for Bill Shorten by Michelle Grattan 11 47am October 14 6 comments Labor gets Shorty and aims for recovery Labor s decision not to opt for the high octane style of Anthony Albanese will work well for the party But opposition will be a strange game for Bill Shorten by Michelle Grattan 11 22am October 14 3 comments The last day of Labor s love in As ALP leadership ballots close today Bill Shorten is seen leading the caucus vote Anthony Albanese the rank and file It s been a time of renewal but can the party sustain momentum by Michelle Grattan 7 02am October 11 13 comments Abbott sails through his first diplomatic test Tony Abbott made as much headway as he could have hoped on asylum seekers in Indonesia but he can t afford to drop the ball by Michelle Grattan 7 03am October 04 43 comments Labor favourites play Mr Nice Guy Bill Shorten is tipped to win Labor s caucus ballot and Anthony Albanese the rank and file vote but each is treading a fine line between contest and party unity by Michelle Grattan 3 33pm September 18 8 comments A Labor battle the rank and file will relish Anthony Albanese and Bill Shorten are both quality candidates but Labor s new voting system may not secure the best man for the job by Michelle Grattan 8 35am September 14 11 comments Will Shorten s hunger be enough Bill Shorten has angled his argument for the Labor leadership well distancing himself from past ructions and envisioning a team effort But his pitch may come to naught if Albanese also steps up by Michelle Grattan 7 06am September 13 35 comments Labor faithful urge Albo to come to the party Popular with the rank and file Anthony Albanese would benefit from Labor s new leadership rules in a ballot But Bill Shorten long having held leadership ambitions is up for a fight by Michelle Grattan 8 33am September 11 2 comments Labor awaits Albanese s decision Either Bill Shorten or Anthony Albanese will be Labor s next leader Post election it s the toughest job in politics but a serious political aspirant should take the opportunity regardless by Michelle Grattan 8 03am September 09 7 comments Eight to watch for election day With the outcome seemingly assured here is where the action will be on election day by Michelle Grattan 8 30am September 07 5 comments Familiar problems for Rudd on the fly Kevin Rudd s candidness won favour in last night s debate but new revelations on superannuation and Chinese land investment raise questions about Party consultation by Michelle Grattan 7 56am August 29 8 comments Cracks emerging in Rudd s campaign With a negative response to Labor attack ads and disquiet among the ranks on the Northern Territory tax policy day 15 of the campaign wasn t Rudd s finest by Michelle Grattan 7 38am August 20 17 comments Page 1 Growing pains for the adults in parliament Three months in the government is wracked with division and drama as spy scandals Gonski backflips and Holden exits drag on popularity The question is whether it will be a lasting trend by Michelle Grattan 8 43am December 13 33 comments Can iron man Abbott counter Hockey s muscle Joe Hockey s first budget will be a defining moment in the complex relationship between treasurer and prime minister What he delivers will set the tone for coming years by Michelle Grattan 9 50am December 06 17 comments The Abbott Office learns the limits of control The latest attack on the Prime Minister s Office over its obsessive need for control shows how Abbott s attempt at an iron grip is backfiring by Michelle Grattan 3 14pm December 05 19 comments Christopher Pyne s good day at the office Tony Abbott and Christopher Pyne flipped the switch off on Gonski then back on The move leaves them both looking dodgy while the future of federal education funding is still murky by Michelle Grattan 7 02am December 03 32 comments Fast and loose with truth and trust Labor botched the Gonski reforms but Christopher Pyne s description of revelations about the Shorten shambles is an insult to voters given his prior knowledge by Michelle Grattan 7 04am November 29 31 comments Abbott s hollow presidential peace offering Tony Abbott regrets President Yudhoyono s embarrassment but won t apologise for any eavesdropping It s making for an awkward stand off and the relationship is being badly strained by Michelle Grattan 7 31am November 20 31 comments Rudd makes his final zip Kevin Rudd walked out of parliament for the last time as a respected former prime minister After the farewells all eyes will be on his hotly contested former seat of Griffith by Michelle Grattan 7 35am November 14 21 comments Can Abbott transcend the tribe mentality Tony Abbott s determination to hunt down his prime ministerial predecessor is a waste of time and energy by

    Original URL path: http://www.businessspectator.com.au/contributor/michelle-grattan (2014-01-12)
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  • Federal Budget | Business Spectator
    Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Federal Budget Hockey defends MYEFO forecasts 18 Dec 2013 8 12 AM Treasurer denies suggestions he padded numbers to bolster case for cuts ALP warns of more cuts business urges reform 17 Dec 2013 2 50 PM Shadow treasurer warns Hockey is softening up public for more budget cuts Govt confirms car funding cuts 17 Dec 2013 12 46 PM MYEFO confirms cut in assistance to automotive industry from FY2015 Shorten urges govt on MYEFO motor support 17 Dec 2013 9 27 AM Oppn leader says Abbott government should take responsibility for fixing the budget Defence project may need 1bn bailout 17 Dec 2013 7 25 AM Govt may have to inject cash into nation s largest defence project report MYEFO to flag 120bn of deficits 17 Dec 2013 3 15 AM Treasurer Joe Hockey set to outline four years of deficits spending cuts ahead Govt spending to blame for deficit Bowen 16 Dec 2013 1 13 PM Shadow treasurer says expected 50bn deficit due to govt spending PM warns of decade of deficits 16 Dec 2013 8 40 AM Federal deficit expected to blow out to 50bn in MYEFO on slowing growth Tighter budget rules needed CIS 12 Dec 2013 2 02 AM Think tank calls for independent fiscal commission to replace PBO Nation s net worth fell since 2008 11 Dec 2013 12 10 PM Govt figures show liabilities outweigh assets after Labor terms GFC MYEFO to show budget pain Hockey 10 Dec 2013 11 59 PM Treasurer says Dec 17 review will show state of books govt inherited Govt spending outstrips growth PBO 10 Dec 2013 3 11 PM PBO finds increase in spending on health social security and GFC stimulus Morgan Stanley warns on SMSF crisis 10 Dec 2013 7 26 AM Group s Aust boss says budget deficits to linger fears property risk for SMSFs Hockey works miracle deal PM 5 Dec 2013 11 26 PM Abbott praises treasurer as debt ceiling to be scrapped next week Budget is deteriorating Hockey 4 Dec 2013 11 37 PM Economy stuck in second gear leaving budget facing challenges The Spectators Joe needs a revenue Hockey stick Stephen Bartholomeusz 17 Dec 2013 4 32 PM 28 Deep cuts won t get Joe Hockey out of a budget hole Today s MYEFO statement was designed to rebuild trust in economic management and get business to start investing and spending again Income tax has to go up Alan Kohler 16 Dec 2013 8 14 AM 218 The Coalition has made little headway in cleaning up Labor s structural deficit and nipping and tucking the budget won t offset election spending commitments Christopher Pyne s good day at the office Michelle Grattan 3 Dec 2013 7 02 AM 32 Tony Abbott and Christopher Pyne flipped the switch off on Gonski then back on The move leaves them both looking dodgy while the

    Original URL path: http://www.businessspectator.com.au/politics/federal-budget?destination=taxonomy/term/2985 (2014-01-12)
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