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I was reading about Chalmers and his "life experience" today
Career politician with academics in politics. Somehow this bloke is a treasurer
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@antipodean said in Aussie Politics:
And I might add that about 800,000 home loans are going to roll off the low fixed rates this year to be smashed in the face with a frying pan that will be the new variable rate. And Chalmers and Lowe will be too slow to adapt to the burning wreckage that will be the economy.
That's actually terrifying
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Copying from a message I sent in another forum cos I’m lazy, but I’ll all in on the comments so far.
I just can’t see why the answer to inflation apparently is to just keep jacking up interest rates
We just ignore that half of inflation is supply driven, or that rates don’t negatively impact the very wealthiest people who could actually afford to bear some pain right now. Instead we just hit up the battling mortgage holders to sort this shit out for us.
It’s disgusting and bizarre
And it’s also completely ineffective as we have seen over the last 12 months
It’s just such a dumb blunt useless instrument.
Why not increase gst then just carve it out of the calculation of cpi? That hits everyone as we all consume stuff (yes, I understand the RBA has no remit to do this and it would require legislative change in a way that makes it hard as a short-term quick response etc, just ignore that and consider it as a solvable problem in a longer term thought bubble. Heck, maybe inflation should be a Federal gov issue not an RBA issue anyway… )
You could then apply it regressively to maintain (reduce?) it on basic fresh food and energy essentials, jack it up on luxury items (travel, fast cars, whatever). Everyone contributes in some way
Just has to be a better way than pumping interest rates and smacking the mortgage holders only while the debt-free retirees benefit from better savings rates.
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@antipodean said in Aussie Politics:
@mariner4life said in Aussie Politics:
feel free to call me a commie and economically illiterate
but i've got a fucking problem with the RBA, and their comments today.
They have whacked up rates for what, the 9th time in a row? Unashamedly aiming to stop growth and up the unemployment rate to stave of inflation
Inflation that they admit is supply sided. But no, we need to fix it, and we fix it by fucking poor people.
How the fuck is whacking up mortgage rates going to stop people spending on ever more expensive food, incredibly expensive fuel, and high fucking energy costs? Not to mention rents keep increasing as well, if you can fucking find one. By sacrificing essentials to keep themselves housed i guess is Phil Lowe's plan. As long as your savings account is protected aye Phil you fluffybunny?
Phil Lowe is so incompetent that he should removed from office. This is the same halfwit that kept rates at record lows for too long, told everyone that they'll stay that way for another couple of years and then promptly decide to embark on an economy ruining tranche of rises, hitting the very homeowners that relied on his expertise to get into the overheating housing market he created.
Then to combat this inflation he recognises (?) is transitory and supply side driven, is fighting against the government lead by the stunning spastic that is Jim Chalmers. A bloke with no qualifications in economics is somehow Treasurer, writing an undergraduate essay on reinventing capitalism to be directed by the State. Because in Jim's mind, with him at the helm, this time it will definitely work. BTW there's at least two Labor MPs with PhDs in Economics...
He's now on record saying that fuck fixing the budget, with inflation it's time to spend more on services, increase pay for some public servants and provide "cost of living relief".
We're governed by fuckwits and retards who think they're intellectual giants. And they pay no price for being wrong.
Chalmers has been heavily criticised in the media over the last week, the Weekend Oz alone must have run 5 articles bagging his little essay. It really was bizarre, the bloody last thing we need is more government intervention. Just set the policy parameters and get the duck out of the way
As for Lowe, it’s pretty amazing he still has a job after the promises he made. Unprecedented as far as I can tell, to make statements like he did that influenced so many people in such important decisions - only to completely renege.
It was truly extraordinary
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@mariner4life said in Aussie Politics:
I was reading about Chalmers and his "life experience" today
Career politician with academics in politics. Somehow this bloke is a treasurer
You talking about Chalmers or Tony Abbott….
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@voodoo said in Aussie Politics:
@mariner4life said in Aussie Politics:
I was reading about Chalmers and his "life experience" today
Career politician with academics in politics. Somehow this bloke is a treasurer
You talking about Chalmers or Tony Abbott….
Of you swung that particular stick around parliament house I don't think you would miss many
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@mariner4life said in Aussie Politics:
@voodoo said in Aussie Politics:
@mariner4life said in Aussie Politics:
I was reading about Chalmers and his "life experience" today
Career politician with academics in politics. Somehow this bloke is a treasurer
You talking about Chalmers or Tony Abbott….
Of you swung that particular stick around parliament house I don't think you would miss many
And it ain’t gonna change unless we stop the witch hunt character assassination of politicians designed to weed out all the folk who actually lived a life before wanting to give back in government
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the banks are not blameless here.
As rates plummetted a few years back, it generally took a few days for the decisions on mortgage rates to follow. And often the full cut wasn't passed on because reasons. Savings rates however were slashed instantly.
Now we are going up, and banks are falling over themselves to pass the full rate on as soon as the announcement is made. Are they also increasing the rates on your savings accounts? Are they fuck. That's not how you get your bonus bro.
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@antipodean said in Aussie Politics:
Then to combat this inflation he recognises (?) is transitory and supply side driven, is fighting against the government lead by the stunning spastic that is Jim Chalmers. A bloke with no qualifications in economics is somehow Treasurer, writing an undergraduate essay on reinventing capitalism to be directed by the State. Because in Jim's mind, with him at the helm, this time it will definitely work. BTW there's at least two Labor MPs with PhDs in Economics...
He's now on record saying that fuck fixing the budget, with inflation it's time to spend more on services, increase pay for some public servants and provide "cost of living relief".
Unfortunately one of those Labor MPs, who is smart but isn’t off with the ideological fairies, will never rise to any great heights because he’s not factional enough, his seat is never at risk and he’s not an egomaniac that thinks he should be the next PM so won’t ruffle feathers.
My personal view on the politics of the economy is that we aren’t going to see anything proactive from the Government as they continue to “ride the shocks” of Ukraine. We already see this in some of the rhetoric that with “other countries are experiencing this too”. Sure there is some exposure but there are still levers and interest rates isn’t the only one.
But they won’t want to reign in spending or increase taxes / immediate tax reform. Just pull the Henry tax review out of the bottom drawer from a decade+ ago and look at all of the recommendations and get to work.
Meanwhile they’ll be happy to keep talking about other issues - Voice, Climate and news of the day and being very reactionary.
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@mariner4life said in Aussie Politics:
the banks are not blameless here.
As rates plummetted a few years back, it generally took a few days for the decisions on mortgage rates to follow. And often the full cut wasn't passed on because reasons. Savings rates however were slashed instantly.
Now we are going up, and banks are falling over themselves to pass the full rate on as soon as the announcement is made. Are they also increasing the rates on your savings accounts? Are they fuck. That's not how you get your bonus bro.
Right alongside petrol companies -
"Oh overseas factors mean we'll jack up the price now for oil that is weeks away from actually entering the system"
vs
"Yep production is up so the price has dropped. But that oil is weeks away from actually entering the system, so the price changes will happen sort of .... well whenever..." -
fuck, thank god for the Feds, they have figures it all out.
Why the economy is fucked is because women aren't paid enough, and that's taking money out of the economy (somehow)
“The gender pay gap is also holding our economy back with $51.8 billion a year lost when it comes to women’s pay"
Love to have you explain that to me Senator GallagherAnyway, under new legislation introduced by Labor, if you employ more than 100 people you now need to report your gender pay gap info. what ever the fuck that is.
Just what businesses need, more compliance.Just a love a baseless piece of legislation that does little but sounds fucking excellent in a soundbite
Pretty sure if i have two people doing the same job, and pay one less purely because they are a woman, FairWork would fuck me pretty hard.
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@mariner4life said in Aussie Politics:
Pretty sure if i have two people doing the same job, and pay one less purely because they are a woman, FairWork would fuck me pretty hard.
Same company, same job gender pay gap is basically zero.
The argument these days is about a perceived lack of promotion, opportunities and representation at the higher level. There's a bunch of studies that explains a fair bit of the gender pay gap, but some proportion is not explained.
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@mariner4life said in Aussie Politics:
the banks are not blameless here.
As rates plummetted a few years back, it generally took a few days for the decisions on mortgage rates to follow. And often the full cut wasn't passed on because reasons. Savings rates however were slashed instantly.
Now we are going up, and banks are falling over themselves to pass the full rate on as soon as the announcement is made. Are they also increasing the rates on your savings accounts? Are they fuck. That's not how you get your bonus bro.
CBA's 6-monthly profit announcement certainly isn't a great look
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@mariner4life said in Aussie Politics:
@mariner4life said in Aussie Politics:
the banks are not blameless here.
As rates plummetted a few years back, it generally took a few days for the decisions on mortgage rates to follow. And often the full cut wasn't passed on because reasons. Savings rates however were slashed instantly.
Now we are going up, and banks are falling over themselves to pass the full rate on as soon as the announcement is made. Are they also increasing the rates on your savings accounts? Are they fuck. That's not how you get your bonus bro.
CBA's 6-monthly profit announcement certainly isn't a great look
Was only $2.5B ? Pocket change...
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@NTA said in Aussie Politics:
@mariner4life said in Aussie Politics:
@mariner4life said in Aussie Politics:
the banks are not blameless here.
As rates plummetted a few years back, it generally took a few days for the decisions on mortgage rates to follow. And often the full cut wasn't passed on because reasons. Savings rates however were slashed instantly.
Now we are going up, and banks are falling over themselves to pass the full rate on as soon as the announcement is made. Are they also increasing the rates on your savings accounts? Are they fuck. That's not how you get your bonus bro.
CBA's 6-monthly profit announcement certainly isn't a great look
Was only $2.5B ? Pocket change...
that was for the quarter to 30 september...
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while i continue on my rabid leftie rant about how people are kinda fucked.
while reading yet another story about rents getting jacked up i saw an interesting stat that i can't verify, but can easily believe given our local situation, and if true just rams home how fucked some people must feel
Current vacant rental supply in the entire country is 31,000 homes. There are approximately 2.9 million house holds renting at the moment. That's an extraordinarily low vacancy rate.
Cost of living outside of accommodation continues to rise despite a record escalation of interest rates. Interest rates rise, landlords jack the rent because their rental costs more AND the laws of supply and demand. And what can a renter do? Leave their rental? and go where?
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Our resident Queenslanders and Australian brothers are today laughing at the little Cantab peasants who complained about their Government and the cost of their shiny new stadium.
In case you missed it, a $7bn agreement was reached today between the QLD State Gov and the Feds for about 50/50 spend on:
- a $2.7bn upgrade to the Gabba;
- A new $2.5bn 15,000 seat "arena; and
- $2.3bn for "various" other projects
How. The. Fuck. can it cost $2.7bn to UPGRADE a stadium??!!!!
FYI, the original upgrade was costed at $1bn in 2021....
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