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I wonder if Abbott's days are numbered now that Campbell has been trounced, will there be a leadership contest? I'd like to see Julia Bishop as PM, I think she'd do such a brilliant job.
I wonder if Abbott's days are numbered now that Campbell has been trounced, will there be a leadership contest? I'd like to see Julia Bishop as PM, I think she'd do such a brilliant job.
he stumbled through his speech today. Something about cutting the carbon tax, and listening about how knighthoods are unwanted, but will remain or something. Poor Tones. He was in campaign mode
I agree the debt in Qld is high given the low revenue base and the inability for the states to raise revenue. From memory it's already about 10% of government revenue that goes on debt servicing. Wasn't the deficit out to ~$7b last year??
I have the June 2013 Reports, on a consolidated basis the QLD government paid $4,063 million in interest from a revenue of $49,647 million, not quite 10% but it was getting close.
According to the new government it's "only" $1,939 m from a revenue to of $41,746 million. Their policy is just to ignore the liabilities of government owned financial corporations etc.
Oh and for netter here is a link for you, if you know how to read these It's not pretty.
If history is anything to go by the ALP will come out in about 3 weeks time, admit the state is in trouble financially and will come up with a policy to sell assets. That is exactly what the Bligh government did.
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Well possibly I wouldn't rule that out . QLD debt is significant but not "high" IMO, its entirely manageable without a fire sale. I was certainly well aware of the state of QLD's books before moving here but concluded the issue is politically exaggerated and I still believe that.
Quote:
Originally Posted by BCC_1
I agree the debt in Qld is high given the low revenue base and the inability for the states to raise revenue. From memory it's already about 10% of government revenue that goes on debt servicing. Wasn't the deficit out to ~$7b last year??
I wouldn't use the word "high". If your house income is 80K and you mortgage is 8K per year, that's hardly horrific, sure that's a little simplistic.
Talking debt without talking about assets is equally simplistic, but that doesn't stop the media :P
I wouldn't use the word "high". If your house income is 80K and you mortgage is 8K per year, that's hardly horrific, sure that's a little simplistic.
In that case, nothing to worry about in Europe. Greece's interest payments are only 11.5% of government revenue, Italy's slightly higher at about 13%. I'll call the IMF, and Frau Merkel and tell them it's all good.
Qld runs an underlying deficit and then has a hefty interest bill on top with an economy that is slowing and under which government automatic stabilisers would be expected to pick up the slack, ie less revenue and more spending.
In that case, nothing to worry about in Europe. Greece's interest payments are only 11.5% of government revenue, Italy's slightly higher at about 13%. I'll call the IMF, and Frau Merkel and tell them it's all good.
Qld runs an underlying deficit and then has a hefty interest bill on top with an economy that is slowing and under which government automatic stabilisers would be expected to pick up the slack, ie less revenue and more spending.
I comprehend what you are saying, QLD debt is around 50% higher than that of NZ (me being a Kiwi) with the same population and Gov income. The deficit is something I have seen before, with decent management running a deficit during a recession or a depression is good economics, but you can't do it forever!. I still don't see the debt as unsustainable or overly high, sure its higher than other states there is no sugar coating that!
It appears much of the EU is about to enter a round of quantitative Easing (money printing) which will likely help international monetary markets in the short to medium term, wont go into what I think about this.
I think comparing QLD to Greece might be a tad melodramatic.
I comprehend what you are saying, QLD debt is around 50% higher than that of NZ (me being a Kiwi) with the same population and Gov income. The deficit is something I have seen before, with decent management running a deficit during a recession or a depression is good economics, but you can't do it forever!. I still don't see the debt as unsustainable or overly high, sure its higher than other states there is no sugar coating that!
So explain why Qld is ok, but Greece, Italy, Spain (which has a lower debt service to income ratio) are not.
Your biggest problem, as I've mentioned before, is confirmation bias. You form a view and then dismiss anything that is counter to it as being "media hype". You seem to do it on literally every topic that's discussed.
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. QLD debt is significant but not "high" IMO, its entirely manageable without a fire sale. I was certainly well aware of the state of QLD's books before moving here but concluded the issue is politically exaggerated and I still believe that. 
