http://www.thepunch.com.au/tags/wayne-swan/ 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 Thu, 09 Feb 2012 19:00:12 +0000 Thu, 09 Feb 2012 19:00:12 +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/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. feedback@thepunch.com.au (Antony McMullen) 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 Thu, 09 Feb 2012 19:00:12 +0000 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.” 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.” feedback@thepunch.com.au (Antony McMullen) 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 Thu, 09 Feb 2012 19:00:12 +0000 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.” http://www.thepunch.com.au/articles/rubbery-figures-and-the-ghosts-of-budgets-past/ Amidst all the presents, food and rowdy family gatherings, Christmas has also traditionally been a time for pause and reflection. The many modern variations of Charles Dickens’ classic cautionary tale A Christmas Carol, where a miserly old man is visited by the specter of a deceased friend who shows him the error of his ways by traveling through time to reveal the impact of his miserable actions, reveals how this story of reflection and redemption at Christmas time still rings true. With Labor’s crisis mini-Budget (sneaked in after the Parliament rose for the year and while Australians started focusing on Christmas) revealing yet another deficit blow-out, I can’t help wondering if Julia and Wayne could do with a visit from the Ghost of Budgets Past. feedback@thepunch.com.au (Antony McMullen) Article http://www.thepunch.com.au/articles/rubbery-figures-and-the-ghosts-of-budgets-past/#comments http://www.thepunch.com.au/articles/rubbery-figures-and-the-ghosts-of-budgets-past/#item7428 Thu, 09 Feb 2012 19:00:12 +0000 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.” http://www.thepunch.com.au/articles/wayne-shut-your-jawbone-and-show-some-backbone/ Wayne Swan has made a mockery of his Finance Minister of the Year award in his dithering, spineless effort at pressuring the banks to do the decent thing on interest rates. Swan went into half-arsed PR mode yesterday, using the media to spruik the line that the Big Four banks should drop interest rates 0.25 per cent in line with the RBA’s 0.25 per cent cut in the official cash rate. He could have, and should have, done more. His role is not to lamely express dismay on our behalf. He is the Federal Treasurer. He has contacts. At moments like this, he should personally contact the Big Four bank chiefs and threaten all manner of medieval punishments if they fail to pass on the rate cut, the whole rate cut and nothing but the whole rate cut. feedback@thepunch.com.au (Antony McMullen) Article http://www.thepunch.com.au/articles/wayne-shut-your-jawbone-and-show-some-backbone/#comments http://www.thepunch.com.au/articles/wayne-shut-your-jawbone-and-show-some-backbone/#item7326 Thu, 09 Feb 2012 19:00:12 +0000 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.” http://www.thepunch.com.au/articles/A-mini-budget-with-an-eye-to-a-major-electoral-payoff/ Yesterday’s mini-budget tells an economic story but it is primarily a political document. Outwardly designed to position the nation against the turbulence of a troubled world, its real unspoken mission is positioning Labor for the 2013 election. At its core is Julia Gillard’s fear that carrying even a small deficit into the election that year, which most economists say would be perfectly justified and even prudent, would allow Tony Abbott to say Labor had never delivered a surplus and never would. feedback@thepunch.com.au (Antony McMullen) Article http://www.thepunch.com.au/articles/A-mini-budget-with-an-eye-to-a-major-electoral-payoff/#comments http://www.thepunch.com.au/articles/A-mini-budget-with-an-eye-to-a-major-electoral-payoff/#item7267 Thu, 09 Feb 2012 19:00:12 +0000 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.” http://www.thepunch.com.au/articles/the-govt-is-not-santa-claus.-swan-is-not-a-sugar-daddy/ Sure, it’d be really great if the guvmint would buy us all a big yard glass full of beer when we turn 21. I’d like a beer now, come to mention it. Where’s Swanny when you need him? In all seriousness, the government is not here to fund our lives. We’ve got people called employers to do that. That’s why yesterday’s slashing of the baby bonus from $5,400 to $5,000 is a step in the right direction. Honestly, when did we get it in our heads that the government should turn up with a cheque at every major milestone in our lives? Having a baby? Have some taxpayer money! Buying your first house? Have some more! It’s middle class welfare gone mad. feedback@thepunch.com.au (Antony McMullen) Article http://www.thepunch.com.au/articles/the-govt-is-not-santa-claus.-swan-is-not-a-sugar-daddy/#comments http://www.thepunch.com.au/articles/the-govt-is-not-santa-claus.-swan-is-not-a-sugar-daddy/#item7268 Thu, 09 Feb 2012 19:00:12 +0000 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.” http://www.thepunch.com.au/articles/Any-surplus-is-a-good-surplus/ That 2012-13 projected Budget surplus of just $1.5 billion is tea money in Australia’s $1.2 trillion economy. If someone in Treasury has a whip-around to feed the parking meters the Budget could end up back in deficit. Well, not quite, but the existence of the surplus - should it actually come into reality - will be that perilous, and perhaps that transitory. But the fact its existence is contemplated at all is remarkable in a global economy where many industrialised nations are on the brink of recession and would be delighted with even a manageable budget shortfall. feedback@thepunch.com.au (Antony McMullen) Article http://www.thepunch.com.au/articles/Any-surplus-is-a-good-surplus/#comments http://www.thepunch.com.au/articles/Any-surplus-is-a-good-surplus/#item7260 Thu, 09 Feb 2012 19:00:12 +0000 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.” http://www.thepunch.com.au/articles/the-australian-economy-is-going-well-for-now/ The noises coming out of Europe are ominous.  Australians should sit up and take notice. “If there isn’t a solution by Sunday, everything is going to collapse,” said French President Nicolas Sarkozy before dashing to Frankfurt for emergency talks with German Chancellor Angela Merkel. “If the Euro fails then Europe fails,” said Merkel. Though she added hopefully: “We will not let that happen.” feedback@thepunch.com.au (Antony McMullen) Article http://www.thepunch.com.au/articles/the-australian-economy-is-going-well-for-now/#comments http://www.thepunch.com.au/articles/the-australian-economy-is-going-well-for-now/#item6979 Thu, 09 Feb 2012 19:00:12 +0000 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.” http://www.thepunch.com.au/articles/when-too-much-tax-is-barely-enough-heres-some-more/ The Government is transparently attempting to bore us to death with tax talk as part of this sop to Rob Oakeshott. So far the biggest surprise has been unions and business disagreeing with each other. It’s safe to assume Prime Minister Julia Gillard would prefer to commit hara kiri with a blunt old pair of Tim Mathieson’s scissors than create more headlines that tie her and tax together, so they’re really hoping to fly under the radar. Treasurer Wayne Swan went so far as to warn any reform would be ‘painstaking’, a ‘slog’. Nothing to see here folks. Well here at The Punch we think he’s underestimating the appeal of taxes. Look at the shenanigans we saw from the GST, the mining tax, and the carbon tax. Gadzooks, fun times! And while they’re off the cards at the Canberra gabfest, there are plenty of quirky and interesting taxes to talk about. Australia only has around 120 taxes, so there’s room for more. See here, we’ve put together a list for you. feedback@thepunch.com.au (Antony McMullen) Article http://www.thepunch.com.au/articles/when-too-much-tax-is-barely-enough-heres-some-more/#comments http://www.thepunch.com.au/articles/when-too-much-tax-is-barely-enough-heres-some-more/#item6851 Thu, 09 Feb 2012 19:00:12 +0000 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.” http://www.thepunch.com.au/articles/little-brothers-big-brother-law-dumps-the-local-surf-club/ Christmas is going to be awkward at the Swans’ this year. And it won’t be an inappropriate gift causing the tension and a possible barney. It’ll be Labor’s mandatory pre-commitment policy for poker machines. feedback@thepunch.com.au (Antony McMullen) Article http://www.thepunch.com.au/articles/little-brothers-big-brother-law-dumps-the-local-surf-club/#comments http://www.thepunch.com.au/articles/little-brothers-big-brother-law-dumps-the-local-surf-club/#item6847 Thu, 09 Feb 2012 19:00:12 +0000 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.”