OT: Current Affairs and Politics

[Gronk]

Cover-up over: Scott Morrison's 'Sports Rorts' advice finally released - Michael West

After 5 year year FOI battle and >$400K of taxpayer-funded legal fees, Porter’s ‘legal’ advice to Morrison on Sports Rorts has been released.

michaelwest.com.au

 

[Gronk]

What's this got to do with Delboys post? Nothing really. His graph is showing what's changed in the last 5yrs not where it sits currently.

Well it does. If you go to the website, it shows that when we exited the pandemic in 2022 we slipped down towards #22 or even #25. Now we have clawed our way back to #12 or so with the Nordic countries, Singapore and the rich slave owners like Qatar and Oman.

The statistics that don’t lie is Australia’s position when ScoMo left office. The graph ^^ posted focuses on our recovery.

There is little doubt that our recovery has been slow. As I have stated many times, this 2025 Federal Election will punish the incumbents like they have across the world in the last 18 months. Unless Potato Head f**ks it.

 

[strider]

we already had our punish the incumbents moment - last election ..... oh poor scomo - only reason he lost is cos of cost of living, right? - I mean that was the focus of the campaigns

I think there's more to it ....... but good to line up the excuses early

 

[Gronk]

we already had our punish the incumbents moment - last election ..... oh poor scomo - only reason he lost is cos of cost of living, right? - I mean that was the focus of the campaigns

I think there's more to it ....... but good to line up the excuses early

You made that up.

 

[Twizzle]

why is LU hiding the word f**k? ..... don't be so precious, right?

why do videos get taken down if someone says f**k in them?

to answer your questions, its because you must be 14 or over to join and we moderate our forums to be PG rated for all forums that are viewable to the public, not all are viewable by the public

swear words can be posted in images and vids if there is a language warning

 

[Avenger]

View attachment 98456
Interesting graph from the OECD showing the real impact on living standards that Albo, Bowen and Chalmers have created since being elected .

I’ll speak for myself when I say that I’ve never earned more money in my life than now but I reckon my standard of living is on par to what it was 10 years ago. Inflation and high interest rates have killed the quality of life.

One of my close mates is on a combined income of $250k a year with a couple of kids under 10 and they save virtually nothing.

 

[Twizzle]

This bloody system won't let me view your graph, won't let me put those cute little smilies in response to people's posts, enter a handle etc. I'm being repressed/oppressed. Who's in charge around here ? Where's the Customer Service counter? I'm enraged

turn off your ad blocker and you wont be so enraged

 

[strider]

You made that up.

Well its just applying your incumbents losing theory .... maybe you made it up

I think there's more to it

 

[Bandwagon]

What's this got to do with Delboys post? Nothing really. His graph is showing what's changed in the last 5yrs not where it sits currently.

Nah, Dellboys unsourced graph only runs from 2022 to 2024, so that's 3 years, if it ran for five years it'd reflect the largest part of the fall in real wages for example was between Jun 2020, and June 2022.

https://www.afr.com/policy/economy/...-biggest-cost-of-living-loser-20241118-p5krgk

The killer for us in comparing in that way is that unlike most of the rest of the world, we have a very large percentage of mortgages on variable rates, long term fixed rates are the norm in most oecd countries.

So when interest rates rise as they have, then it sucks up a heap more disposable income. Particularly given how overpriced our real estate is. Now my personal opinion is they went too hard too late, the inflation genie was well out of the bottle, CPI went out of the target band in the June 21 Qtr @3.8%, and kept rising beyond when the RBA first started increasing rates in May 2022. They weren't on their own though, as most Reserve banks were working on the same theory

Consumer Price Index, Australia, September Quarter 2024

The Consumer Price Index (CPI) measures household inflation and includes statistics about price change for categories of household expenditure

www.abs.gov.au

Australia Interest Rate

The benchmark interest rate in Australia was last recorded at 4.35 percent. This page provides - Australia Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

tradingeconomics.com

All Dellboys little graph does, by disingenuously starting at 2022, is attempt to pull the wool over pundits eyes by hiding the fact these issues started under the previous government, and were already well and truly a problem for the current government to deal with by the time they came to office.

So if it is so that we can blame the government for this, and it's all their fault, why wouldn't you blame the merkins that caused the problem, and why in the f**k would you trust them to fix it?

 

[Bandwagon]

I’ll speak for myself when I say that I’ve never earned more money in my life than now but I reckon my standard of living is on par to what it was 10 years ago. Inflation and high interest rates have killed the quality of life.

One of my close mates is on a combined income of $250k a year with a couple of kids under 10 and they save virtually nothing.

With that kind of income, I'd bet London to a brick that their "savings" are in the equity they are building in their overpriced home.

Paying down debt is no different from savings, except that in a higher interest rate environment the returns are better and they aren't taxable.

 

[strider]

Nah, Dellboys unsourced graph only runs from 2022 to 2024, so that's 3 years, if it ran for five years it'd reflect the largest part of the fall in real wages for example was between Jun 2020, and June 2022.

https://www.afr.com/policy/economy/...-biggest-cost-of-living-loser-20241118-p5krgk

The killer for us in comparing in that way is that unlike most of the rest of the world, we have a very large percentage of mortgages on variable rates, long term fixed rates are the norm in most oecd countries.

So when interest rates rise as they have, then it sucks up a heap more disposable income. Particularly given how overpriced our real estate is. Now my personal opinion is they went too hard too late, the inflation genie was well out of the bottle, CPI went out of the target band in the June 21 Qtr @3.8%, and kept rising beyond when the RBA first started increasing rates in May 2022. They weren't on their own though, as most Reserve banks were working on the same theory

Consumer Price Index, Australia, September Quarter 2024

The Consumer Price Index (CPI) measures household inflation and includes statistics about price change for categories of household expenditure

www.abs.gov.au

Australia Interest Rate

The benchmark interest rate in Australia was last recorded at 4.35 percent. This page provides - Australia Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

tradingeconomics.com

All Dellboys little graph does, by disingenuously starting at 2022, is attempt to pull the wool over pundits eyes by hiding the fact these issues started under the previous government, and were already well and truly a problem for the current government to deal with by the time they came to office.

So if it is so that we can blame the government for this, and it's all their fault, why wouldn't you blame the merkins that caused the problem, and why in the f**k would you trust them to fix it?

Isnt the reserve bank meant to be separate from government?

Do you think they should have started raising interest rates while most the population were locked in their lounge rooms late 2021? Or when they were all getting sick and not working the first 4 months of 2022?

I dont think there is a winning option. The worlds governments chose ithe course. It was inevitable ... and we will pay for it for a long time

 

[Bandwagon]

Isnt the reserve bank meant to be separate from government?

Well of course it is. It's mandate on interest rates is to keep employment and interest rates within their target. Obviously you don't want a situation where government and RBA policy counter each other, so in some way they need to be on the same page at least.

Do you think they should have started raising interest rates while most the population were locked in their lounge rooms late 2021? Or when they were all getting sick and not working the first 4 months of 2022?

No, I think they should have started to raise rates in late 2021 when disposable incomes were spiking, house prices were exploding, and demand driven inflation had been trending upwards for over a year.

I dont think there is a winning option. The worlds governments chose ithe course. It was inevitable ... and we will pay for it for a long time

Look it's easy in hindsight of course, and as I said our RBA (nor our government) were hardly on their own, both followed the general consensus around the world, and the result is all pretty much the same, with us lagging the northern hemisphere by around six to eight months.

 

[Gronk]

Well its just applying your incumbents losing theory .... maybe you made it up

I think there's more to it

Well apart from Taiwan, no incumbent has won across the world in this inflationary environment. That's parties across all paradigms. The conservatives lost in UK you can go on and on. If you want to prove me wrong, go right ahead.

 

[Gary Gutful]

The Gutful’s have thought about moving overseas. Have done quite a bit of research into NZ, UK, Canada and Ireland (where I can become a citizen because of my old man).

Our cost of living would be worse in all of those countries from what I can see. Housing and daily expenses are still high, but wages seem worse. Doesn’t seem to be as many very high paying jobs ($250K AUD+) in those countries.

 

[The Silverdale Phantom]

Congratulations to her excellency GILLIAN TRIGGS for her AO yesterday.


Took to Scomo with a blunt axe regarding human rights.

Superb humanitarian.

It’s so pleasing when really smart people with a billion IQ dedicate their lives for the poor and oppressed.


Using her intellect to help others, not stuff her own purse with wads.

Good stuff Albo.

Dutton would have sued her and given her AO to the ceo of a forestry company turning million year old wilderness into woodchip.

 

[The Silverdale Phantom]

And my niece got sick in NZ, no Medicare, goodbye $400.

That’s a lot for a young person driving a manual car, making her way in the world.

Albeit a Canberra raiders fan, but living in Victoria. Lucked out big time.

Dutto hates Medicare with all of his dark heart.

 

[Avenger]

With that kind of income, I'd bet London to a brick that their "savings" are in the equity they are building in their overpriced home.

Paying down debt is no different from savings, except that in a higher interest rate environment the returns are better and they aren't taxable.

They have a $850k mortgage and live in Belrose.

 

[Gronk]

I’ll speak for myself when I say that I’ve never earned more money in my life than now but I reckon my standard of living is on par to what it was 10 years ago. Inflation and high interest rates have killed the quality of life.

One of my close mates is on a combined income of $250k a year with a couple of kids under 10 and they save virtually nothing.

Well you just repeated what people we met up with in NYC and Paris said when I was there. Young professionals from UK want to move here because its way more affordable than home. It’s global.

 

[Bandwagon]

They have a $850k mortgage and live in Belrose.

Yeah, so as they pay down that mortgage, they are saving. Particularly if they are ahead of their repayment schedule.

It's still saving because you are increasing your store of wealth.

 

[T.S Quint]

They have a $850k mortgage and live in Belrose.

$850k would be pretty cheap these days.