How to save lots of money, and kill the economy

During, and even after the GFC mining was booming...and yet governments all around Australia were bought out and failed to collect the revenue we deserved...all under the auspices of protecting/creating a relatively small number of jobs.

 

Costello did nothing but take rivers of gold from the mining boom and caused massive structural deficit issues - he is widely considered one of the worst treasurers by anyone that has a clue. So drinking the Koolaid.

 

Costello just benefited from the early stages of the mining boom, and it was all unplanned revenue, as fast as state and federal treasuries updated their numbers, there were already out of date.
Take gold for example. in the late 90s you could not give it away, since 2000, which was about the low point, it has risen about 414%,thats $1,187USD,the current price is $1,474USD.
Gold Price Today | Price of Gold Per Ounce | 24 Hour Spot Chart | KITCO
As gold went up existing mines rapidly expanded, but more importantly many old and new mines reopened, which would employ 300+ mineworkers in one hit.
Thats a lot more taxes and royalties coming in and payroll taxes for state goverments, and a lot of new high income earners suddenly out in the community spending lots of money.

 

Emphasis Supplied.

And many of those in this forum are contributors to this situation, unwittingly or not...

 

They are also the first to squeal when the economy collapses.

 

government policies, council restrictions, exerbrarant payment to council for development are the biggest contributors to the rise cost of housing. Most here are simply opportunists riding the wave to make some dough with very little say in the grand scheme of things.

 

This idea has been discussed and refuted in these forums. Easy credit fueled the property price boom.

 

Policies like NDIS which Labor introduced can not be rolled back.
They were unfunded and cost Billions every year.
As were other policies

 

Yes, not a significant rise for sure.
It would appear that spending has sort of plateaued, despite the tax return strategy.

This is interesting:
Australia Household Saving Ratio | 2019 | Data | Chart | Calendar | Forecast

It doesnt say what "savings" refers to specifically. I would assume savings of cash in Bank accounts?
If spending is slow, and savings are down, would it be fair to assume they are paying down mortgages and CC's?

 

That would be all Political Parties - from my long life of observing politicians.
Except maybe Paul Keating a d the "recession we had to have".
By the way; did you try that experiment; asking all the friends and relatives what they spend their Tax Return on?
It's interesting.

 

icic is correct. In the 10 years up to 2012 Sydney was controlled by over zealous save-our-suburb types and anti tall building Councils - the low supply left the city underprepared, sending up the prices when the demand factors kicked in. These factors included low IR and more relaxed lending.​

 

Australian gross federal government debt is now $542 Billion! Debt in 2013 was $257 Billion. The reality is that the LNP is now a government that is in its seventh year in office.

 

what was the debt at the end of the Howard era?
And to be fair on the LNP, Turnbull was not a Liberal.
And, having said that; to be fair on the Government, due to the structure of the Senate and preferences over the last few years, it is next to impossible to get any sort of legislation passed that will tighten Govt spending.