The Opposition’s unrelenting attack on the Government over carbon pricing has been simple and devastatingly effective. But Tony Abbott probably should have told his colleagues to hold off purchasing shares in an industry he has predicted will be shattered.
One of the Opposition Leader’s favourite strategies is to visit a family-run store, or a factory, or a pharmacy or a shopping centre. He’s been to manufacturing sites and trucking businesses, greengrocers – and, of course, mining sites - to smile, shake hands with workers, then talk about how much they’re all going to suffer under a carbon tax.
Meanwhile, it seems a significant portion of his party has been off buying shares in mining. Which tends to show some sort of confidence in the future of the sector.
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Share market panics are scary and absolutely no-one knows for sure where they’ll end up.
The smarties will talk about buying bargains now because Australia’s future is more linked to China than the US or Europe, and how our economy is much better placed to ride out any financial storms than the rest of the world.
They’re right. BUT share market panics are not logical. They’re driven by emotion and almost impossible to predict.
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IT seems incredible but barely two years into the greatest depression/recession/downturn/hiccup (take your pick) the world has suffered since the 1930s, we’re already talking about bubbles again.
Experts fear the 30 per cent surge in the local stock market since March – mirroring a similar spike on Wall Street – is building into a premature and unsustainable bubble crying out to be pricked.
Reserve Bank boss Glenn Stevens reckons the housing market, fuelled by record low interest rates and the government’s first-home owners giveaway, is looking dangerously like a bubble that could need a dose of higher interest rates to deflate.
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