http://www.thepunch.com.au/tags/federal-budget/ Politics, political opinion, world news, sports news and the latest news and views updated live, daily on The Punch - Australia's best conversation. en Copyright 2012 The Punch penberthyd@newsltd.com.au penberthyd@newsltd.com.au Sat, 26 May 2012 20:00:49 +0000 Sat, 26 May 2012 20:00:49 +0000 Politics, opinion, world news, sports news, latest news, views, Barack Obama, Kevin Rudd, Julia Gillard, Nathan Rees, Malcolm Turnbull, Peter Garrett, Barnaby Joyce, Australian, federal politics, opinion polls, election, The Punch, thepunch, punch ExpressionEngine 1.6.7 http://blogs.law.harvard.edu/tech/rss 15 http://www.thepunch.com.au/images/punch-logo-rss.png http://www.thepunch.com.au/ 144 70 Politics, political opinion, world news, sports news and the latest news and views updated live, daily on The Punch - Australia's best conversation. Search The Punch keywords http://www.thepunch.com.au/search/ http://www.thepunch.com.au/articles/class-war-sounds-crazy-but-it-just-might-work/ When Alexander Downer was elected leader of the Liberal Party the then Prime Minister Paul Keating immediately threw the switch to class war and went straight for his opponent’s Oxford-collared jugular. Labelling Downer “the idiot son of the Adelaide aristocracy”, Keating said Downer had been born “not with a silver spoon but an entire cutlery service in his mouth”. These savage lines were the kind of stuff which would leave Keating tragics misty-eyed. It is debatable however whether Keating’s class-based assault on Downer as a pampered upper class twit would have resonated with the voters, or simply turned them off. In the end it wasn’t Keating but Downer himself who destroyed his own leadership. Downer is a smart bloke and despite a wobbly start would go on to become a highly regarded foreign minister. As an alternative prime minister he was hopeless, not by dint of his birth or wealth but because he lacked gravitas and consistency. Making fun of his own policies – “the things that batter” – or fibbing about how he had forgotten the Coalition’s native title policy because he was emotional after seeing a corroboree were just two moments which suggested he was devoid of discipline and not up to the job. penberthyd@newsltd.com.au (David Penberthy) Article http://www.thepunch.com.au/articles/class-war-sounds-crazy-but-it-just-might-work/#comments http://www.thepunch.com.au/articles/class-war-sounds-crazy-but-it-just-might-work/#item8468 Sat, 26 May 2012 20:00:49 +0000 If nothing else, the upcoming budget week shows us the priorities of the government. We all know by now that this government is increasingly laying its political fortunes at the feet of a budget surplus and hoping that this will continue to drive down interest rates. It is one way that are attempting to deal with the feeling that the cost of living is continuing to rise. There are rarely any major surprises on budget night: sure, the occasional announcement captures us off guard but after weeks of leaks and warnings about ‘tough decisions’, we all know what to expect. Then the sales job begins and we continue on our merry way. The problem is, however, that a treasurer will never look us in the eye and tell us unpleasant truths. Sure, we are told that it is time we tighten out belts, but never will one admit to the limitations of both their projections or the very flawed models they are working with. http://www.thepunch.com.au/articles/the-budget-speech-wayne-swan-could-never-deliver/ If nothing else, the upcoming budget week shows us the priorities of the government. We all know by now that this government is increasingly laying its political fortunes at the feet of a budget surplus and hoping that this will continue to drive down interest rates. It is one way that are attempting to deal with the feeling that the cost of living is continuing to rise. There are rarely any major surprises on budget night: sure, the occasional announcement captures us off guard but after weeks of leaks and warnings about ‘tough decisions’, we all know what to expect. Then the sales job begins and we continue on our merry way. The problem is, however, that a treasurer will never look us in the eye and tell us unpleasant truths. Sure, we are told that it is time we tighten out belts, but never will one admit to the limitations of both their projections or the very flawed models they are working with. penberthyd@newsltd.com.au (David Penberthy) Article http://www.thepunch.com.au/articles/the-budget-speech-wayne-swan-could-never-deliver/#comments http://www.thepunch.com.au/articles/the-budget-speech-wayne-swan-could-never-deliver/#item8420 Sat, 26 May 2012 20:00:49 +0000 If nothing else, the upcoming budget week shows us the priorities of the government. We all know by now that this government is increasingly laying its political fortunes at the feet of a budget surplus and hoping that this will continue to drive down interest rates. It is one way that are attempting to deal with the feeling that the cost of living is continuing to rise. There are rarely any major surprises on budget night: sure, the occasional announcement captures us off guard but after weeks of leaks and warnings about ‘tough decisions’, we all know what to expect. Then the sales job begins and we continue on our merry way. The problem is, however, that a treasurer will never look us in the eye and tell us unpleasant truths. Sure, we are told that it is time we tighten out belts, but never will one admit to the limitations of both their projections or the very flawed models they are working with. http://www.thepunch.com.au/articles/nutty-miner-makes-a-crazy-tax-more-popular/ This time a month ago the debate around the Gillard Government’s mining tax was still largely centred on the economic wisdom of using the tax system to target the one industry sector which was keeping the Australian economy humming along. Most Australians are smart enough to know that the chief reason we have weathered the global economic storm is because every time you lift up a rock in Western Australia someone in China wants to give you half a million dollars. Despite the role of mining in our own little economic miracle the Gillard Government had set out to demonise the mining sector, or more accurately the biggest players in the mining sector, as being driven by a lust for profit off the back of natural riches belonging to all Australians. There is a logical flaw at the centre of this argument, namely that while all these natural riches might belong to all Australians, most Australians have neither the resources nor the know-how to get them out of the ground. The companies that take the economic risks, tackle massively complex and dangerous issues of occupational safety, employ thousands of people in the process and return millions of dollars to shareholders – I’d say they have every right to be a bit peeved that they are suddenly being treated as self-interested villains. penberthyd@newsltd.com.au (David Penberthy) Article http://www.thepunch.com.au/articles/nutty-miner-makes-a-crazy-tax-more-popular/#comments http://www.thepunch.com.au/articles/nutty-miner-makes-a-crazy-tax-more-popular/#item8076 Sat, 26 May 2012 20:00:49 +0000 If nothing else, the upcoming budget week shows us the priorities of the government. We all know by now that this government is increasingly laying its political fortunes at the feet of a budget surplus and hoping that this will continue to drive down interest rates. It is one way that are attempting to deal with the feeling that the cost of living is continuing to rise. There are rarely any major surprises on budget night: sure, the occasional announcement captures us off guard but after weeks of leaks and warnings about ‘tough decisions’, we all know what to expect. Then the sales job begins and we continue on our merry way. The problem is, however, that a treasurer will never look us in the eye and tell us unpleasant truths. Sure, we are told that it is time we tighten out belts, but never will one admit to the limitations of both their projections or the very flawed models they are working with. http://www.thepunch.com.au/articles/the-sun-is-shining-but-storms-lay-ahead-for-the-surplus/ The Reserve Bank has decided the economy is ticking along for the moment, and airline passengers lists confirm that many Australians have had a bit of cash to spare. On the day the central bank left official interest rates untouched, the Bureau of Statistics revealed millions of Australians have been in a position to take advantage of the dollar’s golden powers abroad. Last year, short-term departures by Australians reached a new record of 7.8 million overseas visits, up from 7.1 million in 2010. Back in 2001 there were just 3.4 million visits. Some 57 per cent of those who left the country for a short time last year did so for a vacation and a further 22 per cent said it was to catch up with relatives. That amounts to a lot of people with the dough to put to travel, a relative luxury. penberthyd@newsltd.com.au (David Penberthy) Article http://www.thepunch.com.au/articles/the-sun-is-shining-but-storms-lay-ahead-for-the-surplus/#comments http://www.thepunch.com.au/articles/the-sun-is-shining-but-storms-lay-ahead-for-the-surplus/#item7706 Sat, 26 May 2012 20:00:49 +0000 If nothing else, the upcoming budget week shows us the priorities of the government. We all know by now that this government is increasingly laying its political fortunes at the feet of a budget surplus and hoping that this will continue to drive down interest rates. It is one way that are attempting to deal with the feeling that the cost of living is continuing to rise. There are rarely any major surprises on budget night: sure, the occasional announcement captures us off guard but after weeks of leaks and warnings about ‘tough decisions’, we all know what to expect. Then the sales job begins and we continue on our merry way. The problem is, however, that a treasurer will never look us in the eye and tell us unpleasant truths. Sure, we are told that it is time we tighten out belts, but never will one admit to the limitations of both their projections or the very flawed models they are working with. http://www.thepunch.com.au/articles/what-happens-to-us-if-we-collide-with-gfc-2.0/ In 2008, one of the biggest financial disasters in history took place. When investment bank Lehman Brothers collapsed, the global financial crisis announced its unwanted presence to the world. Four years later, the European debt crisis has again left the global financial system teetering on the edge of the abyss. Make no mistake. This is the Cuban Missile Crisis of economics. Christine Lagarde, managing director of the IMF, has warned of a 1930s style Great Depression. Former prime minister Paul Keating has called it the “worst crisis of his lifetime.” Legendary speculator George Soros, in a chilling interview with Newsweek, had this to say: “We are facing now a general retrenchment in the developed world, which threatens to put us in a decade of more stagnation, or worse. The best-case scenario is a deflationary environment. The worst-case scenario is a collapse of the financial system.” penberthyd@newsltd.com.au (David Penberthy) Article http://www.thepunch.com.au/articles/what-happens-to-us-if-we-collide-with-gfc-2.0/#comments http://www.thepunch.com.au/articles/what-happens-to-us-if-we-collide-with-gfc-2.0/#item7680 Sat, 26 May 2012 20:00:49 +0000 If nothing else, the upcoming budget week shows us the priorities of the government. We all know by now that this government is increasingly laying its political fortunes at the feet of a budget surplus and hoping that this will continue to drive down interest rates. It is one way that are attempting to deal with the feeling that the cost of living is continuing to rise. There are rarely any major surprises on budget night: sure, the occasional announcement captures us off guard but after weeks of leaks and warnings about ‘tough decisions’, we all know what to expect. Then the sales job begins and we continue on our merry way. The problem is, however, that a treasurer will never look us in the eye and tell us unpleasant truths. Sure, we are told that it is time we tighten out belts, but never will one admit to the limitations of both their projections or the very flawed models they are working with. http://www.thepunch.com.au/articles/swanny-cuts-away-at-spending-with-a-tomato/ It was billed as a tough budget but the document Wayne Swan brought down tonight will win no awards for bravery and lead to no riots on the streets. There are $22 billion of savings in the budget - Swan’s fourth as Treasurer and Julia Gillard’s first as Prime Minister – and they include the $1.7 billion flood and cyclone levy which clobbers higher income earners over the next two years. But there are no measures among this scary-sounding $22 billion figure which will lead to any social dislocation or public unrest. As a result, when Australia returns to surplus next year, it does so to the very modest tune of just $3.5 billion. penberthyd@newsltd.com.au (David Penberthy) Article http://www.thepunch.com.au/articles/swanny-cuts-away-at-spending-with-a-tomato/#comments http://www.thepunch.com.au/articles/swanny-cuts-away-at-spending-with-a-tomato/#item5814 Sat, 26 May 2012 20:00:49 +0000 If nothing else, the upcoming budget week shows us the priorities of the government. We all know by now that this government is increasingly laying its political fortunes at the feet of a budget surplus and hoping that this will continue to drive down interest rates. It is one way that are attempting to deal with the feeling that the cost of living is continuing to rise. There are rarely any major surprises on budget night: sure, the occasional announcement captures us off guard but after weeks of leaks and warnings about ‘tough decisions’, we all know what to expect. Then the sales job begins and we continue on our merry way. The problem is, however, that a treasurer will never look us in the eye and tell us unpleasant truths. Sure, we are told that it is time we tighten out belts, but never will one admit to the limitations of both their projections or the very flawed models they are working with. http://www.thepunch.com.au/articles/a-budget-for-our-crazy-economic-times/ New Treasury secretary Martin Parkinson got married last Saturday and had a splendid ceremony and celebration in the tourist-depleted north Queensland resort of Port Douglas. He will now spend time which might have been allocated to a honeymoon doing all-nighters in the Treasury Building as the May 10 Budget is locked into place. Crazy honeymoon. And it will be a crazy Budget in crazy economic times. penberthyd@newsltd.com.au (David Penberthy) Article http://www.thepunch.com.au/articles/a-budget-for-our-crazy-economic-times/#comments http://www.thepunch.com.au/articles/a-budget-for-our-crazy-economic-times/#item5724 Sat, 26 May 2012 20:00:49 +0000 If nothing else, the upcoming budget week shows us the priorities of the government. We all know by now that this government is increasingly laying its political fortunes at the feet of a budget surplus and hoping that this will continue to drive down interest rates. It is one way that are attempting to deal with the feeling that the cost of living is continuing to rise. There are rarely any major surprises on budget night: sure, the occasional announcement captures us off guard but after weeks of leaks and warnings about ‘tough decisions’, we all know what to expect. Then the sales job begins and we continue on our merry way. The problem is, however, that a treasurer will never look us in the eye and tell us unpleasant truths. Sure, we are told that it is time we tighten out belts, but never will one admit to the limitations of both their projections or the very flawed models they are working with. http://www.thepunch.com.au/articles/labor-should-cut-spending-to-protect-home-owners/ This government must have the courage and discipline to cut spending, reduce borrowing and to repay debt. The mid year economic update (MYEFO) expected this week needs to take the form of a mini-budget. Wayne Swan needs to accept that government spending has and is contributing to the upward pressure on interest rates. We have now seen seven rises under his watch. The Treasurer was at direct odds with leading economists such as Saul Eslake, Chris Richardson and RBA board member Warwick McKibbin, when he said: “Anybody who’s claiming the stimulus is somehow related to rate rises is simply talking rubbish.” penberthyd@newsltd.com.au (David Penberthy) Article http://www.thepunch.com.au/articles/labor-should-cut-spending-to-protect-home-owners/#comments http://www.thepunch.com.au/articles/labor-should-cut-spending-to-protect-home-owners/#item4414 Sat, 26 May 2012 20:00:49 +0000 If nothing else, the upcoming budget week shows us the priorities of the government. We all know by now that this government is increasingly laying its political fortunes at the feet of a budget surplus and hoping that this will continue to drive down interest rates. It is one way that are attempting to deal with the feeling that the cost of living is continuing to rise. There are rarely any major surprises on budget night: sure, the occasional announcement captures us off guard but after weeks of leaks and warnings about ‘tough decisions’, we all know what to expect. Then the sales job begins and we continue on our merry way. The problem is, however, that a treasurer will never look us in the eye and tell us unpleasant truths. Sure, we are told that it is time we tighten out belts, but never will one admit to the limitations of both their projections or the very flawed models they are working with. http://www.thepunch.com.au/articles/Forget-the-mining-industry-why-cant-we-tax-the-banks/ I think I’m with the miners – just why did the Prime Minister and Treasurer let the banks and finance groups off the hook when it came to tax reform and revenues for the common good? As one mining industry guy said this week, there’s a whole part of the banking and finance sector involved in ‘moving money around and not creating anything of value’, and which does not pull its weight in revenue generation for the common good. I’m surprised that a Government, that’s more than willing to run on the theme of ‘nasty foreign extraction companies taking our wealth offshore’, couldn’t have come up with an anti-banks campaign. penberthyd@newsltd.com.au (David Penberthy) Article http://www.thepunch.com.au/articles/Forget-the-mining-industry-why-cant-we-tax-the-banks/#comments http://www.thepunch.com.au/articles/Forget-the-mining-industry-why-cant-we-tax-the-banks/#item3001 Sat, 26 May 2012 20:00:49 +0000 If nothing else, the upcoming budget week shows us the priorities of the government. We all know by now that this government is increasingly laying its political fortunes at the feet of a budget surplus and hoping that this will continue to drive down interest rates. It is one way that are attempting to deal with the feeling that the cost of living is continuing to rise. There are rarely any major surprises on budget night: sure, the occasional announcement captures us off guard but after weeks of leaks and warnings about ‘tough decisions’, we all know what to expect. Then the sales job begins and we continue on our merry way. The problem is, however, that a treasurer will never look us in the eye and tell us unpleasant truths. Sure, we are told that it is time we tighten out belts, but never will one admit to the limitations of both their projections or the very flawed models they are working with. http://www.thepunch.com.au/articles/political-snobs-risk-turning-barnaby-into-a-martyr/ Ahhh, now we get it. Lindsay Tanner is smarter than that “freak show” Barnaby Joyce. In case we didn’t get the message in parliament last week (we can be a bit slow sometimes) Mr Tanner spelled it out again on Meet the Press on the weekend. Not only is Senator Joyce “off the planet”, his team mate Joe Hockey is a “lightweight”. Yesterday in parliament he repeated the lesson again for those who’d wagged the last one or drifted off while doodling on our pencil cases. Mr Hockey is “out to lunch”, and again he filled us in on Barnaby. According to Mr Tanner, Senator Joyce is evidence of “a very big question mark over the leader of the opposition’s judgment for appointing him in the first place.” For someone who’s so much smarter than his counterpart, Mr Tanner seems to have skipped the chapter in Politics for Dummies called “Australians don’t like smug politicians who reckon they’re smarter than everyone else.” penberthyd@newsltd.com.au (David Penberthy) Article http://www.thepunch.com.au/articles/political-snobs-risk-turning-barnaby-into-a-martyr/#comments http://www.thepunch.com.au/articles/political-snobs-risk-turning-barnaby-into-a-martyr/#item2343 Sat, 26 May 2012 20:00:49 +0000 If nothing else, the upcoming budget week shows us the priorities of the government. We all know by now that this government is increasingly laying its political fortunes at the feet of a budget surplus and hoping that this will continue to drive down interest rates. It is one way that are attempting to deal with the feeling that the cost of living is continuing to rise. There are rarely any major surprises on budget night: sure, the occasional announcement captures us off guard but after weeks of leaks and warnings about ‘tough decisions’, we all know what to expect. Then the sales job begins and we continue on our merry way. The problem is, however, that a treasurer will never look us in the eye and tell us unpleasant truths. Sure, we are told that it is time we tighten out belts, but never will one admit to the limitations of both their projections or the very flawed models they are working with.