Interesting read:
Australia, you've never had it so good
Article by Possum Comitatus, The Drum.
Excerpt only:
Australia, you've never had it so good
Article by Possum Comitatus, The Drum.
Excerpt only:
"Australian Exceptionalism"
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Very true ... but I also don't think I would be able to get the lips around "Australian Exceptionlism" when out in public - especially after a few drinks when the discussion on such a topic becomes much more interesting.
I believe there is too much "me me me", my rights, my expectation, my entitlements, going on in Australia.
So many expect our little personal bug bear, pet desire, wants to be all consumingly important to everyone else ... sorry ... get over yourself!
I just finished reading a great bio "Olive" about a woman who started adult life (at 14) as a WWII nurse and then fought for decades to get help and recognition of the intellectually disabled ... great read, and inspiration woman, right up until the end when she was getting really huffy about the state/federal government not funding the refurbishment of some obscure, small town, war memorial - especially when the townsfolk, RSL and council didn't do a thing either.
Went from several hundred pages of selfless, inspiration reading to petty.
I believe there is too much "me me me", my rights, my expectation, my entitlements, going on in Australia.
So many expect our little personal bug bear, pet desire, wants to be all consumingly important to everyone else ... sorry ... get over yourself!
I just finished reading a great bio "Olive" about a woman who started adult life (at 14) as a WWII nurse and then fought for decades to get help and recognition of the intellectually disabled ... great read, and inspiration woman, right up until the end when she was getting really huffy about the state/federal government not funding the refurbishment of some obscure, small town, war memorial - especially when the townsfolk, RSL and council didn't do a thing either.
Went from several hundred pages of selfless, inspiration reading to petty.
seems to me this is just another bullsheet story....
Thanks for the link. That insightful article by Scott Steel offers a clearly explained, empirically credible, politically even-handed basis for tremendous hope, arguing Australia has done very well up until now, precisely because of . . .
The key question this all raises right now though is, how well will Australia cope with the imminent challenge of a failing of the Euro(pean) experiment, a subsequent relapse into recession of the USA, and a consequent serious crimping of export-driven growth in China?
Australia is undoubtedly better placed than just about any country to ride this awful thing out, but, as the author advises, we'd want to be seriously careful to not "talk ourselves into a recession of our own making" when the going gets rough, as I personally fear it invariably will. (Okay, call me an about-turning euro-skeptic: I'll wear it. I'd initially expected they'd have used it as a basis to monetarily federalise at least a decade ago, but that's the optimist in me!)
One thing is for certain though: You can't look at those graphs and just pronounce 'bullsheet' (or at least, not without equally convincing, independently originating data and explanation).
Good work, OO.
The key question this all raises right now though is, how well will Australia cope with the imminent challenge of a failing of the Euro(pean) experiment, a subsequent relapse into recession of the USA, and a consequent serious crimping of export-driven growth in China?
Australia is undoubtedly better placed than just about any country to ride this awful thing out, but, as the author advises, we'd want to be seriously careful to not "talk ourselves into a recession of our own making" when the going gets rough, as I personally fear it invariably will. (Okay, call me an about-turning euro-skeptic: I'll wear it. I'd initially expected they'd have used it as a basis to monetarily federalise at least a decade ago, but that's the optimist in me!)
One thing is for certain though: You can't look at those graphs and just pronounce 'bullsheet' (or at least, not without equally convincing, independently originating data and explanation).
Good work, OO.
Good article however I think it lacks one very important issue.
Our personal debt level compared to other countries has increased significantly in the last decade. This places the average Australian household at real risk considering the current global sovereign debt issues that threatens to significantly tighten money markets and thereby increases bank borrowing costs.
Should the current Euro sovereign debt crisis reach the tipping point (many say it is past that point already) then the economic impact will be harder felt by highly indebted countries and those with high personal debt levels. I see this as the biggest "risk" to Australia and to blindly think that our economy is largely impervious to global sovereign debt issues on the strength of our current economy, is to turn a blind eye to the elephant in the room. It could all change in a heartbeat as our banks rely on international markets to operate.
The article points out very well how we have forgotten how good we have it and considering that most of our personal assets have huge debt burden attached, we also carry a large risk profile should global money markets be hit by a significant event...... whether that event occurs is a contentious issue, but it does not negate the real risk that lingers due to our relatively high personal debt levels.
Just thought it was the missing element of an otherwise good article.
Our personal debt level compared to other countries has increased significantly in the last decade. This places the average Australian household at real risk considering the current global sovereign debt issues that threatens to significantly tighten money markets and thereby increases bank borrowing costs.
Should the current Euro sovereign debt crisis reach the tipping point (many say it is past that point already) then the economic impact will be harder felt by highly indebted countries and those with high personal debt levels. I see this as the biggest "risk" to Australia and to blindly think that our economy is largely impervious to global sovereign debt issues on the strength of our current economy, is to turn a blind eye to the elephant in the room. It could all change in a heartbeat as our banks rely on international markets to operate.
The article points out very well how we have forgotten how good we have it and considering that most of our personal assets have huge debt burden attached, we also carry a large risk profile should global money markets be hit by a significant event...... whether that event occurs is a contentious issue, but it does not negate the real risk that lingers due to our relatively high personal debt levels.
Just thought it was the missing element of an otherwise good article.
wow, i hated the article entirely. i thought it was pompous, preaching and arrogant.
The lady doth protest too much methinks.
I've been saying for ages on here how i dont understand the constant right wing conservative whingeing when we have it so well. This isnt Angola, The Congo. The pea under the mattress syndrome.
I was formulating a reply in my head along the lines of the Liberal party ruling with fear and scare tactics aimed at the unthinking bogan - disregarding facts - when i read this from the article, which encapsulates my thoughts it perfectly.
" the conservatives deny it because it's more convenient to whip up hysteria about their political enemies. Filling the heads of Australians with complete lies for partisan advantage and not giving a pinch of the proverbial about the human damage that would be wrought if they ever succeeded in getting us to talk ourselves into a recession of our own making."
I'd also like to add the article is written in a calm, factual (using facts and figures), intelligent style so atypical of the right wing hysterical, foaming at the mouth stuff you get on this forum, dumb Liberal supporting shock jocks and the Murdoch dominated right wing press.
Ray Hadley, Alan Jones, Andrew Bolt, Piers Ackerman, Miranda Devine, Somersoft Forum....et al....
Dumbing down our nation with the rubbish that people (bogans) buy as truth. Disgusting!
It all reminds me a bit of this article.
http://www.smh.com.au/opinion/politics/a-gutful-of-all-the-bellyaching-20111209-1ong6.html
He forgot to mention Somersoft forum. We should have a sub forum section called "WA conservative whingers"
Someone take that pea from under my mattress.
Fantastic article OO, i cant give you any more kudos. But kudos anyway.
I've been saying for ages on here how i dont understand the constant right wing conservative whingeing when we have it so well. This isnt Angola, The Congo. The pea under the mattress syndrome.
I was formulating a reply in my head along the lines of the Liberal party ruling with fear and scare tactics aimed at the unthinking bogan - disregarding facts - when i read this from the article, which encapsulates my thoughts it perfectly.
" the conservatives deny it because it's more convenient to whip up hysteria about their political enemies. Filling the heads of Australians with complete lies for partisan advantage and not giving a pinch of the proverbial about the human damage that would be wrought if they ever succeeded in getting us to talk ourselves into a recession of our own making."
I'd also like to add the article is written in a calm, factual (using facts and figures), intelligent style so atypical of the right wing hysterical, foaming at the mouth stuff you get on this forum, dumb Liberal supporting shock jocks and the Murdoch dominated right wing press.
Ray Hadley, Alan Jones, Andrew Bolt, Piers Ackerman, Miranda Devine, Somersoft Forum....et al....
Dumbing down our nation with the rubbish that people (bogans) buy as truth. Disgusting!
It all reminds me a bit of this article.
http://www.smh.com.au/opinion/politics/a-gutful-of-all-the-bellyaching-20111209-1ong6.html
He forgot to mention Somersoft forum. We should have a sub forum section called "WA conservative whingers"
Someone take that pea from under my mattress.
Fantastic article OO, i cant give you any more kudos. But kudos anyway.
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I understand that Australians are (on average) currently paying down debt rather than buying. Of course, it's a big hill to climb, but how do we think this begines to 'manage' the risk.
It is certainly a step in the right direction however the urgency of the global financial situation suggests it may be too little too late, especially IF we get the catalyst for financial market implosion. I just think we generally under estimate how much risk is actually being carried by having such comparatively high personal debt levels. In a stable financial environment, all is well, but it seems we are heading far from that at present.
The article demonstrates we have the capacity to absorb financial shock far beyond any other nation and still maintain a high standard of living.
Do you have stats for personal debt levels/comparisons?
Do you have stats for personal debt levels/comparisons?
I agree that we seemingly have the capacity to absorb financial shock better than or at least on par with any other developed nation, however coupling high debt with higher than average (globally) interest rates lays the foundation for hard times should something significant happen globally; of which there is a good chance.
As for references, sure, the RBA has some good reading here:
http://www.rba.gov.au/publications/fsr/index.html
And rather than explain the anomalies between the RBA & ABS stats/charts, read this good explanation here:
http://www.moneymorning.com.au/20110429/australia’s-peek-a-boo-debt-reappears.html
There are also numerous references to be found in IMF docs, BIS reports etc.... I read many things, from many sources and am not in the habit of cataloguing everything into a reference list, but I think the links above are a credible starting point.
I'd have thought that having higher than global average interest rates would be a good thing, as it allows the RBA to stimulate the economy without major govt spending projects. This is not something other countries have at their disposal.
2 points here.
1: Mentioning developed nations is a bit redundant as developing nations have no capacity to absorb world financial shocks. Or they're just not in the picture.
2: Our high interest rates is exactly what gives us the capacity to absorb financial shock. We are pretty much alone in western nations with the ability to reduce rates to avoid recession.
Mate, this Labor govt. is handling this situation with a lot of skill and forethought.
Don't listen to the hysterical scare tactics of the right wing bogans.
I was asking for private debt vs. GDP levels on a worldwide comparison references.
Heres a start;
http://en.wikipedia.org/wiki/List_of_countries_by_external_debt
We are ranked 12th.
1: Mentioning developed nations is a bit redundant as developing nations have no capacity to absorb world financial shocks. Or they're just not in the picture.
2: Our high interest rates is exactly what gives us the capacity to absorb financial shock. We are pretty much alone in western nations with the ability to reduce rates to avoid recession.
Mate, this Labor govt. is handling this situation with a lot of skill and forethought.
Don't listen to the hysterical scare tactics of the right wing bogans.
I was asking for private debt vs. GDP levels on a worldwide comparison references.
Heres a start;
http://en.wikipedia.org/wiki/List_of_countries_by_external_debt
We are ranked 12th.
No, we are only ranked 12th on a raw aggregated basis of both public & private debt, which misses the point entirely.
I was referring to a per capita basis & also on an aggregated debt to GDP ratio basis of personal debt. On this basis, we are not doing so great.
From Feb this year:
"The debt to income ratio here back 20 years was low by the standards of developed countries, now it's certainly up there with the ones that are high," Mr Stevens told the House of Representatives Standing Committee on Economics today.
Australia's household debt to disposable income ratio is ~155% according to the RBA..... that puts us somewhere around the top of list (6 months ago we were No.1... not sure if we still are)
But, hey, these are just the facts according to the RBA and I am but a mere minion trying to make sense of it all.
...just another article, (older) from The Economist, (we probably had here already, I may have even posted/threaded):
Australia's promise: The Next Golden State
An excerpt only, it's a relatively long article and you need to click on the relevant links to get the 'whole' piece written, this link only seems to have the partial-article:
..see rest.
Australia's promise: The Next Golden State
An excerpt only, it's a relatively long article and you need to click on the relevant links to get the 'whole' piece written, this link only seems to have the partial-article:
..see rest.
Perhaps this section addressess that notion...............
.........."So preoccupied have we become with our own imagined hardships, so oblivious are we to the reality of our privileged circumstances, that when households earning over $150,000 a year complain about having government welfare payments scaled back, many of us treat it as a legitimate grievance.
Somewhere along the highway to prosperity - and an eight-lane highway it has been - far too many of us somehow managed to confuse Cost Of Lifestyle with Cost Of Living. We managed to confuse government assistance as a means to enable the less well-off to achieve a better standard of living and greater opportunity, with government assistance being a god-given right to fund the self indulgences of an aspirational lifestyle choice beyond our income means. Too many of us have demanded our dreams be handed to us on a plate, and if our income couldn't provide for them, we demanded that government should give us handouts to make up the difference."...........
Whilst it does talk about entitlement mentality and the thing that annoys me personally, of people seeing welfare as a hand-out rather than a hand up, I do like that disticntion of people confusing Cost of Lifestyle with Cost of Living.
Indifference, I think it's that lifestyle notion that might add to your point of escalating debt.
People living beyond their pockets is something I observe more of over the past decade. My take home message is that of perspective. I am not well travelled in an overseas sense, however read a little. We are fortunate beyond empirical and quantative measure.
Thanks for sharing OO. I enjoyed the read.
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