So what do you think should happen, rehctub?

No implementation of ‘essential reforms’ and just a hunkering down, with the same old dodgy style of governance, combined with austerity measures?

Is that really a better option than what we’ve seen under Gillard and Rudd?

Of course what we need is the implementation of progressive policies AND responsible fiscal management.

By all indications Labor is more likely to do this than the Libs. But of course they would need a considerable revamp… and an entirely new leader, NOT a recycled one that has proven himself to be the worst of all time.

Few economic comments of this question make sense so far.

Money is really a promissory note; an IOU issued by a sovereign government when it pays for something it buys or when it issues a benefit to anyone.

Individuals need to accumulate some of these to pay their taxes or other government charges such as a car registration so the IOUs have value to everyone.

Anyone who reads and understands Modern Money Theory realizes that if there is balance in the Current Account then unless the currency issuing government runs a deficit (i.e. instead runs a surplus) the private sector loses financial assets. That is what happened in the Howard /Costello era. The Federal Government (FG) ran surpluses and as a consequent the private sector became increasingly indebted to the banks.

The FG sold real assets so the common good lost out both ways. The collective community owned less income earning assets such as Telstra and power stations and owed more to the financial institutions.
I prefer to be in debt and own incoming earning assets of real value than own fewer assets and have a few dollars earning peanuts in a bank.

Anyone wanting to really understand can read the articles written by very competent authors at New Economic Perspectives. Read them and be more enlightened.

Dear Oh Dear !
The politically bound and the economists are here pushing last centuries solutions.
We are now fronting the era of zero growth and all the money manipulation,
printing, buying back of bonds, selling bonds, pixel money etc etc is all to no avail.
When will they learn that it is all tied up with energy and its cost ?

Why do you think governments and now the Chinese have joined the
scramble to balance their books ?

It is not money it is energy stupid !

PS $1.59 per litre epected this week.

pps Lexi, did you notice the date of that link you posted ?
A lot has happened since then.
ppps Our oil price $115 a barrel ex Singapore !

The Great Aussie Ripoff !

SM what's the chance your man Tony will make business cough up all that tax money they steal through tax evasion every year, a million to one. He could start with the mass of small businesses that pocket the GST.

Rechtub thanks again for making other commentators look good.
We now have three choices Dillard Rabbitt and the true way Kevin Rudd, enjoy that stone you are chewing on.

Paul,

I thought the duty for enforcing the rules on tax fell to the ATO and the police. Perhaps you are confused. Perhaps this is why you vote Green, where the policies are simple, and there is no requirement to think.