John Howard’s Broken Promise on Foreign Debt (1 Viewer)

[zahid]

THE TRUTH IN REALITY

--------QUOTE--------

Figures this week from the ABS have caught out John Howard and Peter Costello:

§ Net Foreign debt has doubled under John Howard to a record high of $393 billion.

§ Using Peter Costello's own preferred formula, foreign debt burden on every man, woman and child in Australia to $19,481.

§ Australia's current account deficit is stuck near its historic peaks of around 6% of GDP.

§ Australia's export growth has halved from 8 per cent per annum to 4 percent.


§ And while John Howard claims to have paid down government debt, the truth of it is that household debt has more than doubled to hit a record high of $766 billion.


-------QUOTE--------

lets see the Liberals pull thier ass out of this one.

 

[Not-That-Bright]

this is a recording, this is a recording, this is a recording?
is it just me or does that seem like something from the alp website

 

[zahid]

Yess it is ...and your point. the stats speak for themselves

 

[dangerousdave]

Was that written like that? All that repetition started to annoy me so I only read half of it and I think I get the point.

 

[zahid]

* I have fixed the repetetion

 

[dangerousdave]

Where did you get this from?

 

[thorrnydevil]

Why don't we just do a Jack Lang and not pay back any interest on our foreign debt...oh, thats right, its illegal.

 

[zahid]

info obtained from http://www.senatorludwig.org/background.html, also it was brought up ABC's lateline.

 

[Not-That-Bright]

Yes however im sure there are good results that you have chosen not to place up here..

 

[ohne]

Reality check

reality Check

1. The Economy Is Growing Strongly And Therefore People And Business Can Afford To Borrow To Finance Comsumption And Investment.

2. The Debt Servicing Ratio Has Fallen Meaning Australia Can Pay Off Its Debt More Easily Because It Has More Money To Do So.

3. The Debt Of Private Individuals And Companies Is Not Our Problem. They Can Do Whatever They Want And Are Capable Of Making Their Own Decisions. You Do Not Have To Borrow Money If You Do Not Wish To Do So.

4. Government Debt Is A Problem Because It Affects All Australian's, Namely Taxpayers And Places A Burden On Future Generations Of Taxpayers.

5.the Current Account Deficit Moves In Cycles And Has Done So For At Least 20 Years. Current Account Deficits Are Not Necessarily A Problem As They Indicate Australia Is A Strong Location For Overseas Investment.

6. Export Growth Has Almost Nothing To Do With Australian Government Policy And Is Reflective Of The Strength Of Other Economies.

 

[Not-That-Bright]

There are those facts I was sure the alp/alp supporter website he got that from would have omitted...

 

[Rorix]

§ Net Foreign debt has doubled under John Howard to a record high of $393 billion.

But Net Income payments are falling. Like, using proper measurements, not dollar value. Oh and, Australia's credit rating was recently upgraded to the highest rating possible, so obviously people in the know don't think it's a concern.

Nothing to do with the government there.

§ Using Peter Costello's own preferred formula, foreign debt burden on every man, woman and child in Australia to $19,481.

Reflecting confidence in Australia, allowing higher rates of economic growth than otherwise, reflecting private sector decisions which the government has no control over etc. etc.

Nothing to do with the government there.

§ Australia's current account deficit is stuck near its historic peaks of around 6% of GDP.

Due to September 11th/ collapse of the 90's equity bubble slowing down growth in world markets, with Australia reasonably (suprisingly) uneffected.

Nothing to do with the government there.

§ Australia's export growth has halved from 8 per cent per annum to 4 percent.

Drought + high exchange rate. The exchange rate essentially acts as a barometer of market confidence in the country, and it went up up up.

Nothing to do with the government there.

§ And while John Howard claims to have paid down government debt, the truth of it is that household debt has more than doubled to hit a record high of $766 billion.

'Claimed to'. You mean he has, right. Off the top of my head, it went from something like 95 billion when he took office to something like 3 billion now. That's a lot of interest payment the government is saving.

By saying the truth is you're trying to imply that John Howard has failed to pay off household debt despite promising to.
He didn't promise to, and he can't pay of household debt, it's 'household' debt.

Nothing to do with the government there.

lets see the Liberals pull thier ass out of this one.

 

[Not-That-Bright]

why is it that some of these points seem to be disappearing.....

 

[neo o]

§ Net Foreign debt has doubled under John Howard to a record high of $393 billion.

From the Budget: http://www.budget.gov.au/2004-05/bp1/html/bst12.htm

As shown in Panel A of Chart 6, Australian Government general government net debt as a share of GDP grew from low levels in the late 1980s to a peak of 19.1 per cent in 1995-96. Successive surpluses and asset sales (most notably the partial sale of Telstra) since then, have reduced Australian Government general government sector net debt to an expected 3.2 per cent of GDP in 2003-04.

While I can't find the promise, he actually promised to reduce government debt, which was huge after he took over from Keating. Australia now has one of the lowest levels of government debt of any OECD country, perhaps the lowest. Seems like he succeeded there.

In regards to foreign debt, this is all borrowings from private firms anyway, so I dont see why its a matter of governmental concern (a theory maintained by prominant economists from ANU for example.) The high levels of foreign debt a merely a reflection of Australia's sustained economic growth, its to be expected.

§ Using Peter Costello's own preferred formula, foreign debt burden on every man, woman and child in Australia to $19,481.

Actually there is no burden on every man, woman and child, since its the firms who borrowed the money who are accountable, not Australian citizens *rolls eyes*.

§ Australia's current account deficit is stuck near its historic peaks of around 6% of GDP.

CAD is a reflection of growth etc etc, no big deal etc etc.

§ Australia's export growth has halved from 8 per cent per annum to 4 percent.

Source?

§ And while John Howard claims to have paid down government debt, the truth of it is that household debt has more than doubled to hit a record high of $766 billion.

HAY, CAPTAIN OBVIOUS IS ON THE PHONE, HE WANTS ME TO TELL YOU THAT HOUSEHOLDS ARENT THE GOVERNMENT.

moron.

lets see the Liberals pull thier ass out of this one.

and let's see you pull your head out of your ass.

 

[Not-That-Bright]

Ohh... except for those of us who recieved our home loans from overseas.

 

[neo o]

Ohh... except for those of us who recieved our home loans from overseas.

I don't see the word government in 'home loans'.

 

[Not-That-Bright]

yea... i don't think anyone gets a home loan from overseas... lol

 

[zahid]

But Net Income payments are falling. Like, using proper measurements, not dollar value. Oh and, Australia's credit rating was recently upgraded to the highest rating possible, so obviously people in the know don't think it's a concern.

Nothing to do with the government there.



Reflecting confidence in Australia, allowing higher rates of economic growth than otherwise, reflecting private sector decisions which the government has no control over etc. etc.

Nothing to do with the government there.



Due to September 11th/ collapse of the 90's equity bubble slowing down growth in world markets, with Australia reasonably (suprisingly) uneffected.

Nothing to do with the government there.



Drought + high exchange rate. The exchange rate essentially acts as a barometer of market confidence in the country, and it went up up up.

Nothing to do with the government there.



'Claimed to'. You mean he has, right. Off the top of my head, it went from something like 95 billion when he took office to something like 3 billion now. That's a lot of interest payment the government is saving.

By saying the truth is you're trying to imply that John Howard has failed to pay off household debt despite promising to.
He didn't promise to, and he can't pay of household debt, it's 'household' debt.

Nothing to do with the government there.

reality Check

1. The Economy Is Growing Strongly And Therefore People And Business Can Afford To Borrow To Finance Comsumption And Investment.

2. The Debt Servicing Ratio Has Fallen Meaning Australia Can Pay Off Its Debt More Easily Because It Has More Money To Do So.

3. The Debt Of Private Individuals And Companies Is Not Our Problem. They Can Do Whatever They Want And Are Capable Of Making Their Own Decisions. You Do Not Have To Borrow Money If You Do Not Wish To Do So.

4. Government Debt Is A Problem Because It Affects All Australian's, Namely Taxpayers And Places A Burden On Future Generations Of Taxpayers.

5.the Current Account Deficit Moves In Cycles And Has Done So For At Least 20 Years. Current Account Deficits Are Not Necessarily A Problem As They Indicate Australia Is A Strong Location For Overseas Investment.

6. Export Growth Has Almost Nothing To Do With Australian Government Policy And Is Reflective Of The Strength Of Other Economies.

Ok you arse lickers...just wait , i am currently typing up a reply that will PISS on ur stupid misleading Allegations.

 

[Not-That-Bright]

ITS ARSE!
you're an american 'ass' licker!

 

[Rorix]

oh OK, thanks for telling me a reply is pending.


My reply to your reply is also pending