Abbott/Liberal Govt Watch

[Q.]

I'd say he's suggesting "Don't just think of yourselves", but why would they, they'll be dead by the time we all fry so **** it.

It's looking like LNP will need to raise GST, other taxes or massively cut spending to fund ongoing franking credit refunds for the wealthy. Looming as an economic disaster.

Source?

The Australian

[Q.]

I'd say he's suggesting "Don't just think of yourselves", but why would they, they'll be dead by the time we all fry so **** it.

It's looking like LNP will need to raise GST, other taxes or massively cut spending to fund ongoing franking credit refunds for the wealthy. Looming as an economic disaster.

Source?

The Australian

Sorry, it's behind a paywall now. Essentially covers the KPMG quotes from this article:

https://www.yourlifechoices.com.au/finance/seniors-finance/franking-credits-review-tipped

Government is currently borrowing $300mil every 3 weeks to fund the franking credit refunds

[Jimmy_041]

Source?

The Australian

Sorry, it's behind a paywall now. Essentially covers the KPMG quotes from this article:

https://www.yourlifechoices.com.au/finance/seniors-finance/franking-credits-review-tipped

Government is currently borrowing $300mil every 3 weeks to fund the franking credit refunds

Murdoch Press - It's BS

[Jimmy_041]

We want to destroy our industry so prix like these can take over global manufacturing

CONSERVATION
Illegal ozone-depleting gases traced to rogue factories in eastern China
Nick Whigham, news.com.au
May 23, 2019 1:15pm
Industries in northeastern China have spewed large quantities of an ozone-depleting gas into the atmosphere in violation of an international treaty, global scientists say.

And it’s slowing down the rate of recovery for the hole in the crucial ozone layer.

The ozone layer is a region of Earth’s stratosphere that essentially act as a shield and absorbs most of the sun’s ultraviolet (UV) radiation.

So when scientists discovered in 1985 that there was a hole in it over Antarctica and Australia, it was very unsettling news.

After that, we all got together and banned the use of harmful gases that depleted Earth’s protective layer in the 1987 Montreal Protocol and ever since it has more-or-less been on a slow recovery ever since.

China is a signatory of the Montreal Protocol but it looks as if the country hasn’t been keeping up its end of the bargain.



Simulated atmospheric transport of CFC-11 to the Gosan and Hateruma monitoring sites using the Met Office NAME model. The colours show areas where emission sources would strongly impact the CFC-11 measurements for one day in December 2014. This model information has been used to infer a rise in emissions from eastern China, starting around 2013. Picture: University of Bristol
Since 2013 annual emissions from northeastern China of a banned chemical called CFC-11 have increased by about 7000 tonnes, researchers reported overnight in the peer-reviewed journal Nature.

“This increase accounts for a substantial fraction (at least 40 to 60 per cent) of the global rise in CFC-11 emissions,” they wrote.

Before it was phased out CFC-11, or Chlorofluorocarbon-11, was widely used in the 1970s and 1980s as a refrigerant and to make foam insulation. The chemical is a major cause of ozone depletion.


Ever since the ban, the concentration of the chemical in the atmosphere has been steadily declining but last year startled scientists discovered that the pace of that slowdown dropped by half from 2013 to 2017. Because the chemical does not occur in nature, the change could only have been produced by new emissions.


Gosan monitoring station, South Korea, data from which has been used in a new study to infer a rise in emissions of CFC-11 from eastern China. Picture: Korean Meteorological Administration

A Cape Grim Baseline Air Pollution Station in Tasmania. Picture: CSIRO
Using high-frequency atmospheric observations from Gosan, South Korea, and Hateruma, Japan, together with global monitoring data and atmospheric chemical transport model simulations, researchers investigated the likely culprit and have pointed the finger at eastern China.

Reports last year from the Environmental Investigation Agency fingered Chinese foam factories in the coastal province of Shandong and the inland province of Hebei, which surrounds Beijing.

Suspicions were strengthened when authorities subsequently shut down some of these facilities without explanation.

Manufacturers have said they continued to use the banned product because of its better quality and cheaper price.

The New York Times reported that some factories were producing the gas in secret, while other manufacturers said the local governments turned a blind eye.

“It wasn’t entirely a surprise,” said Matthew Rigby, lead author of the study and Reader in Atmospheric Chemistry in the School of Chemistry at the University of Bristol.


Global CFC-11 emissions have stopped their steady decline lately. Picture: CSIRO

Researchers say eastern China accounts for at least 40 to 60 per cent of the global rise in CFC-11 emissions. Picture: Qilai Shen/Bloomberg
Paul Fraser, an honorary fellow at Australia’s CSIRO Climate Science Centre and co-author of the paper said while eastern China accounted for about half of the rise in CFC-11, global scientists don’t have the technology in place to monitor large parts of the rest of the world.

Along with other scientists, he presented the data last year to Chinese authorities and is optimistic action will be taken to reduce the harm done by the emissions.

“They were concerned, it was clear I think ... that they were going to tackle this issue,” he told ABC radio this morning.

But as yet, he has not seen or heard any indication that China has begun cracking down on the rogue factories thought to be responsible.

Because scientists have noticed the chemical increase in the atmosphere early, “that gives us a really good chance to make sure they don’t do too much damage,” he said.

But pouring more CFC-11 into the air could also prevent ozone from returning to normal levels, scientists warn.

“If emissions do not decline, it will delay the recovery of the Antarctic ozone hole, possibly for decades,” Mr Fraser said.

Paul Krummel, and expert in atmospheric composition and chemistry at the Climate Science Centre at the CSIRO said research like this was important to keep countries honest.

“This study highlights the importance of undertaking long-term measurements of trace gases like CFC-11 to verify the efficacy of international protocols and treaties,” he said.

— With AFP

[Q.]

Source?

The Australian

Sorry, it's behind a paywall now. Essentially covers the KPMG quotes from this article:

https://www.yourlifechoices.com.au/finance/seniors-finance/franking-credits-review-tipped

Government is currently borrowing $300mil every 3 weeks to fund the franking credit refunds

Murdoch Press - It's BS

It's a KPMG analysis. A legitimate concern - how will LNP raise capital to fund the increasing cost. GST increase?

[Magellan]

Unsurprisingly, Melissa 'The Phantom' Price given the Tijuana Brass in ScoMo's cabinet reshuffle.

Raises an interesting philosophical quesiton - if an environment minster falls in the forest and no-one ever sees her, did she really exist?

[Jimmy_041]

Unsurprisingly, Melissa 'The Phantom' Price given the Tijuana Brass in ScoMo's cabinet reshuffle.

Raises an interesting philosophical quesiton - if an environment minster falls in the forest and no-one ever sees her, did she really exist?

Found her..........

[Jimmy_041]

Albo kicks off his leadership in the same manner as his 3 predecessors.
What an arrogant prig

Labor should be the natural party of government in this country. We stand for the vast majority of interests.

MORE: bit.ly/2JM6kuz

[mighty_tiger_79]

[url]https://www.michaelsmithnews.com/2019/05/shorten-tells-arnie-im-gonna-be-the-next-prime-minister-of-australia.html

[/url]

[Jimmy_041]

Penny Wong doubles down on the arrogance and hubris

Albo is the outstanding parliamentarian of our generation.

[Q.]

Media watch made a great point on Monday

Whenever you saw Morrison on camera he was the daggy dad who had basically zero policies and campaigned purely on being not Labor

But shorten did absolutely nothing to counter that. Except tell people they would likely be worse off under him (however well intentioned that is) and he is frankly boring as batshit to listen to

Libs decried they were for the economy and lab missed a massive opportunity to attack them on it given the economy has been flat lately. Instead they basically said we will make it harder for a small portion of people

I will never understand why they didn't hammer the LNP and electorate about the per capita recession, zero wage growth and massive decline in household disposable income.

And Labor taxing the **** out of anyone (both business and individuals) with money was going to reverse this?

LNP was projected to be higher taxing (to GDP ratio) than Labor.

Labor actually had policies to correct negative economic growth and wage stagnation. LNP has none at this stage.

https://www.smh.com.au/politics/federal/morrison-to-clock-up-a-fiscal-record-not-worth-a-guinness-book-entry-20190526-p51r9e.html

When Tony Abbott took office federal tax as a proportion of GDP was 21.3 per cent. Next year's budget surplus, the first in a decade, will be built upon a tax-to-GDP ratio of 23.3 per cent.

That increase, that 2 percentage point lift in the national tax take, is the biggest since the administration of Gough Whitlam. It is the largest of any Coalition government in records going back to the days when John Gorton was prime minister and Les Bury his treasurer.

and

But the Reserve Bank of Australia is also noticing something else. Taxes on households are growing faster than their incomes.

RBA governor Philip Lowe, in the speech where he signalled the bank board would take official interest rates to a fresh all-time low when it next meets, made more than one point about the interaction of tax and wages.

Dr Lowe noted that while household income had lifed by 3.25 per cent over the past year, tax paid by the same households had climbed by 10 per cent. "That is a big difference and it is unusual," he said.

[Jimmy_041]

Interest rates will always be lower under the Coalition

https://www.afr.com/news/economy/moneta ... 604-p51ugh

[DOC]

HaHa. But mostly true.

The last government had the highest tax take of all time and is projected to be bigger this year. Most people would (except we experts) not think the LNP would be higher than Labor. Good thing that I enjoy paying tax.

[Jimmy_041]

HaHa. But mostly true.

The last government had the highest tax take of all time and is projected to be bigger this year. Most people would (except we experts) not think the LNP would be higher than Labor. Good thing that I enjoy paying tax.

As my wise father in law says: you only pay tax when you’re earning.
The more I earn; the more tax I pay.
When I rely on the government; I pay no tax

[Booney]

I only got to read up to "failure to see wage growth".

[Jimmy_041]

I only got to read up to "failure to see wage growth".

I only got to read up to "failure to see wage growth".

Because, you fell asleep or, of the paywall?

[Booney]

I only got to read up to "failure to see wage growth".

I only got to read up to "failure to see wage growth".

Because, you fell asleep or, of the paywall?

Mainly the paywall, but let's find out.

[Jimmy_041]

RBA governor sees rates at 1pc
Matthew Cranston
Reporter
Jun 4, 2019 — 7.30pm

Reserve Bank governor Philip Lowe has set up financial markets to expect a further easing bias to 1 per cent suggesting the only way the bank can achieve employment growth and inflation targets is through cutting rates.

Dr Lowe said the bank's decision to cut rates to an historic low of 1.25 per cent from 1.5 per cent had been driven by a failure to see enough wage growth and inflation, and not because of a deterioration in the economic outlook since the bank last met.

"Are interest rates going to be reduced further? The answer here is that the board has not yet made a decision, but it is not unreasonable to expect a lower cash rate," Dr Lowe said.

"Our latest set of forecasts were prepared on the assumption that the cash rate would follow the path implied by market pricing, which was for the cash rate to be around 1 per cent by the end of the year," Dr Lowe said.



Reserve Bank governor Philip Lowe has set up financial markets to expect a further easing bias to 1 per cent suggesting the only way the bank can achieve employment growth and inflation targets is through cutting rates.

Dr Lowe said the bank's decision to cut rates to an historic low of 1.25 per cent from 1.5 per cent had been driven by a failure to see enough wage growth and inflation, and not because of a deterioration in the economic outlook since the bank last met.

"Are interest rates going to be reduced further? The answer here is that the board has not yet made a decision, but it is not unreasonable to expect a lower cash rate," Dr Lowe said.

"Our latest set of forecasts were prepared on the assumption that the cash rate would follow the path implied by market pricing, which was for the cash rate to be around 1 per cent by the end of the year," Dr Lowe said.

However the bank's forecast for the unemployment rate this year is 5 per cent, lower than the current rate of 5.2 per cent, automatically implying that rates would need to be cut to achieve that.

The central reason for the cut he said was to stimulate wage growth through a further reduction of the unemployment rate.

"I want to emphasise that the decision is not in response to a deterioration in our economic outlook since the previous update was published in early May."

Dr Lowe said given the combination of the labour market and inflation outcomes of late, the bank's judgement was that it could sustain an unemployment rate of "4 point something" a reduction from the current 5.2 per cent.

"It is possible that the current policy settings will be enough – that we just need to be patient. But it is also possible that the current policy settings will leave us short," Dr Lowe said.

"Given this, the possibility of lower interest rates remains on the table."

"Monetary policy does have an important role to play and we have the capacity to play that role if needed."

Several economists have forecast that rates could be cut to as low as 0.5 per cent by this time next year because the effort needed to return inflation to its target was taking more time.

"Inflation is still expected to increase, but it is unlikely to be comfortably within the 2–3 per cent range for some time yet," Dr Lowe said, "So the progress on returning inflation to target is more gradual than we had hoped."

He said if inflation stays too low for too long, it was possible that inflation expectations would move lower – "that Australians come to expect sub-2 per cent inflation on an ongoing basis."

"If this were to happen, it would be harder to achieve the medium-term inflation goal. So we need to guard against this possibility."

Dr Lowe also started a skirmish between the banks and politicians suggesting there was no excuse for banks not to pass on the rate cut in full.

"This reduction in the cash rate should be fully passed through to variable mortgage rates," Dr Lowe said.


Matthew Cranston is The Australian Financial Review's economics correspondent, based in the Canberra bureau. He was previously property editor. Connect with Matthew on Twitter. Email Matthew at mcranston@afr.com

[Q.]

Libs have rooted the economy. Recession looms.

[mighty_tiger_79]

Country been in recession state for atleast 4yrs. Small business owners will tell ya whats going on.

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