I think I know what this is all about. Alan Austin is mistaking Australia for Austria.

Alan

actually Alan it was Barrie Cassidy on The Insiders on the ABC last Sunday who was the most definitive. But there again you think the ABC biased against the Government, don't you?

lol you really are looking really daggy now.

The only way the Labor government could have continued to run surpluses since the GFC drastically reduced revenues would have been to subject the economy to crippling austerity cuts. This would have, in turn, destroyed Australia’s consumer and infrastructure spending, sending unemployment soaring to unmanageable levels. This is the huge mistake that the US and EU made, with crippling consequences for their economies from which all the countries concerned may never recover.

Abbot and his minions in the media are cheerleading the cause to apply these same horrors to Australia come September.

Howard got clean away with his death-by-a-thousand-cuts savagery simply because revenue – from the GST, corporate tax, privatisations and capital gains tax during the boom - was running high. Along with a blindly sympathetic media, the rapid deterioration of Australia’s social spending, infrastructure and badly needed environmental reforms (while, of course, making available plenty of money for keeping desperate people from landing here and for chasing imperial wars) were reframed as ‘sound economic management’.

Even so, fate was catching up with Howard by 2007, when despite still riding high on the revenue boom, his government still racked up almost a $60 billion gross debt due in large part to his government’s obsession with throwing tax rebates and incentives at every privatization scheme going. I’d hate to think what mess we’d be in now if he hadn’t lost government and, thankfully, his seat in 2007. But in about 18 months, I guess we’ll finally know.

Morning all,

Just a few matters:

@individual, re: “What conditions do pensioners of other countries live in if Australia is the best country?”

Fair question, Indi. Several points. First, observing that Australia's economy is the world’s best does not imply that ALL Australians are better off than everyone else everywhere else. The world is experiencing the most severe crisis since the Great Depression. Every country is impacted, including Australia.

Second, Australia’s pensions funding system is unique in that your superannuation scheme is like no other. So comparisons with other places are tricky.

Third, Australia now ranks third in caring for pensioners, behind Denmark and the Netherlands.

Fourth, that’s way better than any time in the past, but could be better.

Fifth, a strong case exists that pensioners are bearing a disproportionate share of the burden imposed by the crisis.

Sixth, there is extraordinary pressure on your Government regarding spending. Outside Australia your deficits are considered puny. But internally there is a bizarre campaign – mostly from the Murdoch-led mainstream media – to reduce federal spending and keep taxes low. This is completely unwarranted, of course. Your tax rate is 25.6%. Denmark’s is 48.1% and the Netherlands’ 38.7%.

Seventh, we shall see the Coalition's plans when policies are released. Historically, the Conservatives have been far less generous than Labor.

Re: “Do those managers who run away with peoples' Super funds get away with it in other countries as they do here?”

Crimes like embezzlement are not confined to Australia, Indi, and certainly not just to Australia today.

Re: “[other countries] CREATE manufacturing industries in contrast to Australia LOSING them.”

Not really, Indi. Swings and roundabouts. Some industries are up, others down. Manufacturing overall is down because of the high dollar. Other sectors are up.

@Spindoc, re: “They [JEG and the ALP ] have lost credibility because they have failed to convince the public that they deserve it.”

Hmmm. By what means do the public perceive what any Government is accomplishing – or failing to accomplish, Spindoc?

Can you see how these observations support the thrust of the article?

@Killarney:

Correct.

Cheers,

Mornin' Allen

I see you have not lost your creative talent to think up reasons why Australia's $365 billion deficit was a cost effective bargain. Did you pluck these issues out of your overly fertile imagination? Or did you Google Australia+Labor+electoral catastrophe+Implausible excuses, and find a site?

If it is the latter, could you please display a link? I would love to see the costings of the 23 amorphous concepts that you enumerated, that you claim were solid investments for Labor's $365 billion dept black hole.

I am particularly interested in item 13, Personnel Savings. Are you implying that some of that $365 billion went into the personnel savings bank accounts of certain notorious Labor power brokers and politicians? Well, if that is your implication, I am still surprised that they managed to stash that much loot. I suppose our economy will benefit from the frequent overseas travel, lengthy lunches, and lingerie sales to ladies of easy virtue.

Item 18, Economic freedom? How many billions did that cost us? And what was the return on investment? I look forward to your astute economic analysis on that topic.

Item 23. Quality of life. Since I am now entering my 9th week of unemployment I most earnestly assure you that we did not get much return on that investment.

2 out of 10 for effort. 9 out of 10 for audacity.

Spot on LEGO,

It’s amazing what you can do with $330Bn borrowed from our children and grandchildren.

Like many of us AA won’t be around to see that debt paid off.

Well done Alan.