Economy to pick up next year: Rudd
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Upturn next year: Prime Minister Kevin Rudd (Getty Images: Koichi Kamoshida, file photo)
Prime Minister Kevin Rudd says there are signs the economy will improve next year.
Yesterday in Parliament the Opposition put Mr Rudd him under pressure over job losses, the low level of business confidence and other signs of the slowing economy.
This morning Mr Rudd told Fairfax radio he believed the situation would improve by next year.
"We believe that into the period of 2009 you'll start to see economic growth picking up," he said.
"If you go to the forecasts which were released by the Reserve Bank in August you'll see growth by the June quarter 2009 improving to 2.25 and then by the end of next year to 2.5 [per cent]."
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Comments (66)
Comments for this story are closed. No new comments can be added. If you would like to have your say on this issue, you can do so via the Emails section of our Opinion pages.
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Neal:
29 Aug 2008 11:15:08am
Be nice if he would tell us why he believes this growth will occur as opposed to pointing to forecasts. Truth is neither he nor his treasurer have any idea about the economy. Rudd learnt to speak Mandarin so he wouldn't have to.
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Bert:
29 Aug 2008 11:27:27am
http://www.abc.net.au/news/stories/2008/08/28/2349407.htm?section=justin
http://www.abc.net.au/news/stories/2008/08/25/2345639.htm?section=justin
Interesting to see which side of politics is doing the "talking down" of the economy, and it isn't Labor.Agree (0) Alert moderator
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drew:
29 Aug 2008 12:01:03pm
the fact is - the hard work to protect our economy and brace ourselves for the action that needs to be taken to combat global warming should have been made 5-7 years go.
The FACT is the Liberal Govt. failed us.
but then again - there was no such thing as global warming in the 1950's - so no wonder why howard was in denial (and his lemmings just followed)Agree (1) Alert moderator
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Remark:
29 Aug 2008 12:11:22pm
The Liberals seem to have forgotten that Howard as Treasurer presided over one of the worst recessions since the Great Depression.
From The Canberra Times, 9 April 2007:
"When Howard became treasurer the budget deficit was $3.2 billion, inflation 8 per cent, the unemployment rate 6.3 per cent and the growth rate 1.6 per cent. When he surrendered the keys to the Treasury to Paul Keating in March 1983, the budget deficit was $4.3 billion, inflation was 11 per cent, unemployment was 10.2 per cent, and growth was a negative 0.4 per cent. Not a beautiful set of numbers!"
http://tinyurl.com/634p26Agree (0) Alert moderator
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drew:
29 Aug 2008 12:26:35pm
and cash interest rates were capped by statute.
take the cap of... and what happens - yes the interest rates go up.
and not forgetting when keating left the keys to costello - he left him the golden traingle of economics. low unemployment low inflation and high productivity.
Howard, Costello and the Libearl Party are economic jokes.Agree (0) Alert moderator
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Remark:
29 Aug 2008 12:49:17pm
Drew wrote:
"Howard, Costello and the Libearl Party are economic jokes."
Oh, I don't know. They did smash numerous economic records:
Record national debt,
Highest ever current account deficit, the longest succession of monthly trade shortfalls on record,
The longest period of interest rate tightening on record, the second highest interest rates in the developed world,
Inflation among the highest of any western country, highest for 16 years,
Growth slowing,
Higher unemployment than the Rudd government,
One of the world's biggest per-capita spenders on government propaganda,
One of the few governments in the OECD that actually disinvested in tertiary education.Agree (0) Alert moderator
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Ann:
29 Aug 2008 12:51:51pm
Yeah, $96 billion dollars of actual commomwealth debt was a great legacy. Howard et al paid that off and left this mob with a $20 billion dollar SURPLUS which they squandered on paying for all their electoral promises and compensated for by introducing the raft of INFLATIONARY taxes being denied them in the Senate. That's why KRudd is squealing
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Michael:
29 Aug 2008 1:09:19pm
Don't forget interest rates got to 17% under Hawke and Keating. It is amazing to me that after 11 years of economic stability after "the recession we had to have" you are accusing others of having short memories.
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Remark:
29 Aug 2008 1:43:08pm
Michael wrote:
"interest rates got to 17% under Hawke and Keating"
It is not so much the figure, but the effect of the interest rates on people's budget.
PM, ABC Radio, 16 March 2007:
http://www.abc.net.au/pm/content/2007/s1874079.htm
"Australians are spending a record percentage of their income just to pay the interest component of their mortgages."
That makes the Liberals THE party of interest rate stress.Agree (0) Alert moderator
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Willster:
29 Aug 2008 12:17:59pm
The government talking down the economy when it's the government that's supposed to be in control has a little more impact on business and consumer confidence than the opposition highlighting the numerous failures of the government.
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Mark:
29 Aug 2008 1:00:43pm
Labor's commentary on the economy is based solely on what is good for it politically. In the months after it was elected, it talked down the economy because it thought it could gain political mileage by trashing the reputation of the previous government. Now that no one will buy that, it is talking up the economy.
This really just confirms that Labor has no coherent economic strategy other deflecting bad news off the front pages and blaming the Coalition for anything that goes wrong.
Education: Just ill-thought out ideas on computers and re-badged Coalition policies.
Infrastructure: Nothing beyond marginal electorate pork barrelling. Broadband plan hasn't got off the ground (and shows no sign of doing so any time soon).
Fiscal policy: Railed against the Coalition for being wasteful spenders, then spent even more in the Budget.Agree (0) Alert moderator
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PassTheButter:
29 Aug 2008 1:23:50pm
Or alternatively, Labor's commentary on the economy is based solely on what is good for the economy.
In the months after the election, when the economy was running hot and inflationary pressures were high the government talked the economy down to help curb business & consumer expenditure (potentially avoiding a couple of rate rises in the process).
Now that the economy has cooled off, and inflationary pressures have eased, they're talking it up, trying to make sure the interest rate cuts will have their intended consequence when they come.
Looks more like the Liberals are playing politics to me - personally I don't like a party that risks stuffing up our economy just to get ahead politically.Agree (0) Alert moderator
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Mark:
29 Aug 2008 1:55:57pm
Given that confidence is easy to shatter but hard to build up, it never makes sense for a government to talk down the economy, particularly to potential foreign investors (as Stephen Smith did in the US).
While international factors certainly do have an impact, the Government has a lot to answer for regarding the fall in business and consumer confidence. It talked down the economy and blamed the previous government for all ills, hoping to insulate itself from criticism for anything that may go wrong. When you talk down the economy, businesses and consumers lose confidence, and that is what has happened.Agree (0) Alert moderator
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wmc:
29 Aug 2008 11:35:52am
So true Neal. 'Website' Kev can only go by RBA forecasts (or his wife's comments) because he knows nothing about business. He'd make a good state premier, but that's not really saying much.
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Fair Facts not False Fiction:
29 Aug 2008 12:29:43pm
Much like Kaptain kirk at Fairfax first announce a record profit were rich Hoorayyyyyyy (hmmm thru aquisition and creative accounts) then ...cut 550 jobs boooooooooooo were broke ?
Now we have kaptain Kevin..things will weally get better just watch me do nothing but watch...and watch
The economy is gurrgggleing while kevin pretends to do something
When peeping kevin is watching the economy it goes the wrong wayyyyyyy send the milky bar kevin to whale watch they will disappear suddenly (was he watchin colins mum ?)
WWW watch kevin he'll be cutting jobs soon especiallly with carbon TAX that should fight inflation derrrrrrrrrrrr
when he starts watching industrial rrelations there will be NO industry to have any relations with !!!Agree (0) Alert moderator
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Ben:
29 Aug 2008 11:57:04am
If the opposition want to claim that the Rudd government talked down the economy, surely the reverse would have to work, right ;)
It appears some of the global 'doom and gloom' appears to be behind us, and Australia was somewhat better sheltered than other countries. It doesn't take a genius to listen to advice, it appears Mr Rudd is just stating that the economy should recover (and to be fair the economy was heading in this direction under the previous government). I think it shows that the federal government has little control over our economy when it comes to global crisis, but both major parties would like us to believe they do.Agree (0) Alert moderator
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linbee:
29 Aug 2008 12:19:51pm
Thank you, Neal, for your perceptive comment. One gets so tired of the blame game. Rudd and his team should take responsibility for the downturn this year. Last September, Australia was a wealthy, thriving economy. It was then that Howard and his party became certain that they could not win the election. The media (and the unions) had won. Along with that knowledge, the share market dipped, then came a massive profit-taking on the local share market resulting in the peak in October, then began to downturn in November. Rudd was elected and we had the worst share market crash since '87. Blame the US and sub-prime mortgages, but please don't blame Labour and what it stands for in terms of lack of expertise in economic management.
As an average self-funded pensioner, I am daily grateful I have experienced several federal and state labour governments and watched how quickly they run economies into the ground. I remember our home interest rates soaring to 18% with Hawke in 1990s. This time I turned my entire super into cash in November 07 and it has continued to grow. Lucky me, I went with my sentiment, or is that knowledge based on experience?Agree (0) Alert moderator
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Gerald:
29 Aug 2008 11:16:54am
And go down again when an ETS is introduced.
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Bertrand:
29 Aug 2008 11:25:23am
Gerald, you clealy dont know how an ETS will work. Everything will be so inefficient that, rather than have 1 person to do a job, you will have 5. That means that there will be 4 more jobs under and ETS than there otherwise would be.
No ones quite sure how we pay for those extra people, especially as we will no longer have a competitive advantage, but they get the super hip name "green collar workers"!!!Agree (0) Alert moderator
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Yad:
29 Aug 2008 11:42:47am
We all know how it will work and be paid for. Some just don't want to see it for what it is. We are about to be introduced to a new tax called the ETS. If it doesn't work in it's current form it will be increased \ changed to ensure it cripples users thereby reducing emissions and proving just how clever we are.
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RG:
29 Aug 2008 11:46:24am
The government is creating the biggest black hole imaginable. There is, without a doubt, not enough educated individuals who would qualify as a green collar worker and come time when the ETS is introduced the demand for those who actually have any knowledge of the specific industry is going to be so high that they will literally have a monoploy over the industry like the AMA.
Where is the university funding to increase class sizes? Actually where are the incentives in actually getting people to study science? There's nothing! CSIRO funding?Agree (0) Alert moderator
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NotSure:
29 Aug 2008 11:25:27am
The first half of the year all doom and gloom, nothing seems to have changed when you watch the market reports, but suddenly things are going to get better ????
Maybe the PR people told old Kev to stop being negative as negativity breads negativity.Agree (0) Alert moderator
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Dane:
29 Aug 2008 11:30:20am
Hang on... the RBA raised interest rates in an attempt to reduce consumer confidince and slow the economy.
And everyone is accusing Rudd?
I dont like the guy but I say direct the blame where it belongs.Agree (0) Alert moderator
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Robert:
29 Aug 2008 11:49:47am
The reason why people are accusing Rudd is that he went out of his was for 7 months to talk down the economy to win political points. Remember the term 'inflation genie' he and Swan threw around for months trying to discredit Howard?
The RBA's goal was to real in inflation back into the target range over the medium term/business cycle. The fact is that both consumer and business confidence was a lot higher before Rudd took office despite the very violent start to the sub-prime crisis in August.
While no one is saying it is all Rudd's fault, however you will have a hard time arguing that his negativity campaign was actually good for the economy. Especially when he would state that the inflation genie is out of the bottle because the previous government didn't do anything to stop food and petrol prices going up; but then turn around 6 months later and say that he can't do anything more than launch a website...Agree (0) Alert moderator
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drew:
29 Aug 2008 12:20:26pm
let's say interest rates go up and ur paying $50 extra a month. your still going along ok so u just wear it. then it goes up another $50 a month. and u still try to go with it...
then another $50 and u try to grin a bear it.
but then another $50 and another $50 and you cant take it anymore.
you start pulling out all stops just to pay the bloody increases. you stop spending and ur saving activities change.
the result is - consumer confidence goes down.
To say it is all because of Rudd - is an absolute joke.
the fact is we have had approx 12 interest rate rises in a row (plus the banks own movements up)
This is the reason why consumer confidence is low.
Liberal just dont get it!Agree (0) Alert moderator
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Robert:
29 Aug 2008 12:56:01pm
I'm pretty sure i made it quite clear that it isn't all Rudd's fault. However it was extremely irresponsible to do what he did...also howcome consumer confidence fell from around 125 in October 07 to 81 by April (just going off memory here so would be out by 5 or so), when there had been increasing consumer confidence despite the 10 other interest rate rises before it?
If you are going to throw around 12 rises and link it to consumer and business confidence, at least make sure the arguments works to 83% of the events before it.
The reality is that the economy was looking very shakey with the deterioating world outlook, but Rudd decided to talk it down rather than try to reassure people. That is just blatantly irresponsible.
But i'm sure you'll argue that those last two were the ones that did it etc etcAgree (0) Alert moderator
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drew:
29 Aug 2008 1:35:44pm
and like it has been pointed out time and time again - wasnt it the Liberal Govt who were forecasting - grey clouds ahead and international/ global econcomic downturns...
come on - you'd say black was white to try to throw something on Mr Rudd.
fair is fair - if you blame Rudd you have to blame howard, costello, and the rest of the liberal thugs.
because you dont hear them saying that the economy is in great shape and is heading in the right direction do you???
like i was pointing out before - consumer confidence quite often has a lag (when following increases in interest rates) and then follows with an abrupt decline.
like has been shown here.Agree (0) Alert moderator
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Peter69:
29 Aug 2008 1:37:02pm
Are you saying that Consumers would stop spending because of talk, even if they had the extra money to spend???
I think Drews point is correct.. and when the banks started lifting rates it really hurt! then Consumer confidence dropped.
Now that interest rates will begin to go down, I am sure that Turnbull and Costello will be saying how well managed this situation was??Agree (0) Alert moderator
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Joe Blow:
29 Aug 2008 11:32:31am
Well done Kev, you've finally got it sorted! Economy watch has helped you out on this one. The best thing you turkeys can do for the economy is go on holidays. The less you touch things the better it will be. If you actually read between the lines at what he's saying you will see that he's admitting that the economy will pickup but not as a result of anything he's doing. These guys have no idea. If you look at Swan you'll see panic behind his eyes. Hopless lot. Howard might have been a dork, but he did one thing well and that's serve this country's interest. These guys are having a go, and I'll give em credit for that, but they're not very clever.............real shame for the country.
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Willster:
29 Aug 2008 12:25:56pm
Yep Joe, you hit the nail on the head. Howard had the charisma of a dog poo so in the eyes of the new generation had to go in favour of cutesy Kev who had a catchy slogan, a website, and not much else apart from being a smooth talker.
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alandee:
29 Aug 2008 1:04:26pm
Worse still .. Kevin07 was what sold a bunch of sheep on empty promises .. unfortunately Kevin11 rhymes as well .. Baaah Baaah
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MO:
29 Aug 2008 11:35:31am
RBA overshot by around two rate rises. They did not count on the independent actions of the banks due to the increase in the cost of securitised lending/sub prime.
RBA may just put rates doen by .5% next Tuesday, knowing the banks themselves may go down by only .25 and they want to keep the pressure on the banks to cut rates.
Also, sub prime worst is over and costs of offshore money are showing signs of decre4asing. ING and the big 4 dropped fixed rates yesterday.
BIS Schrapnel reports that consumer and business confidence has bottomed out and showing signs of bouncing.
Rental rates still high and migration continues - the housing market has to keepo going so people have somewhere to live. Soon it will be cheaper to buy than to rent.
Resources export growth will continue unabated. Employment coming off a tadd which will reduce inflation.
All good signs.Agree (0) Alert moderator
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Barry:
29 Aug 2008 11:37:16am
Bet he claims any pick up in the economy as all his work and has nothing to do a pick up in the world economy at the same time. But since he has no capacity to do anything but hold inquiries I'm guessing he working on the premise that if he and goose can talk the economy down they have the power to magically make it pick up too.
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1SQ:
29 Aug 2008 11:39:30am
History will repeat itself. Do we all remember the Keating years? Rudd & Swann should stop blaming everybody else and start to show us that they are doing something about our economy. Hopefully people will start to realize that the Labour Govt is totally inept running any economy (State or Federal) just look at how NSW is now closed-for-business
Kevin 07, Recession 09 ROCK ON!Agree (0) Alert moderator
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Kev:
29 Aug 2008 11:57:09am
Don't forgot QLD, just look at the state of the health system.
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Ann:
29 Aug 2008 1:00:07pm
The rot set in for the Queensland health system when Rudd was running the Priemier and Cabinet office and abolished all the function local boards to be replaced by droves of Brisbane centric public servants who have turned health into a huge bureauracy where patient treatment is last in line. Unfortunatelt what he did in QLD he now seems to be doing to the whole country.
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john lamb:
29 Aug 2008 12:04:38pm
It never ceases to amaze me that some people actuallhy believe that national governments run national economies. In reality economies are run, with varying degrees of success, by forces well beyond the political sphere. And they have been ever since governments accepted the mantra that "the market" will look after everyone ...regardless of plenty of evidence to the contrary! Unless Mr Rudd for instance wishes to ensure that our national government takes back some of the many powers it abandoned in favour of "deregulation""free markets" and "globalisation" , any suggestion that he, or his government are responsible for our economy is simply ludicrous. Those responsibilities lay with individuals and organisations far beyond Canberra, and we don't vote for them.
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SFA:
29 Aug 2008 1:00:28pm
"It never ceases to amaze me that some people actuallhy believe that national governments run national economies"
Including the current PM, Deputy PM and Treasurer who, despite their constant urgeings to stop the blame game, as well as numerous bloggers on this site, continue to blame the previous government for the present state of the economyAgree (0) Alert moderator
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Smaug:
29 Aug 2008 12:26:43pm
Are those the Keating years when the economy was restructured and that directly responsible for ensuring period of growth, low inflation and low interest rates?
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Jack:
29 Aug 2008 11:49:22am
Why Fairfax radio all the time, why not use the national broadcaster ie the ABC?
Does Rudd or his millionaire wife have shares in Fairfax.
And on that point, I hate having a PM who has so much money they little of no idea of the reality that faces most Australians.
Don't bother replying "that means he's the best because he's got lots of money" I say it means he's not qualified to lead only to make money.Agree (1) Alert moderator
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Oliver:
29 Aug 2008 12:18:44pm
If Rudd simply wanted to make money he would not be a politician. The Prime Minister only earns around $300k p/a (+ benefits) that is next to nothing compared to what he could earn in private industry.
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Jack:
29 Aug 2008 12:32:52pm
Read my comment Oliver,
A family "nest-egg" of around AU$10,000,000 isn't exactly nothing, and,
like all wealthy people he craves attention.
After all, there's only so much money can buy.Agree (1) Alert moderator
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Spank:
29 Aug 2008 11:59:42am
Poor old Kev...he has no idea does he. Lucky the media haven't grilled him on the economy in any detail.
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redexile:
29 Aug 2008 12:05:51pm
Hey everyone relax, it's all going to be OK. Kev's said so. Here's sport...
What a bloody joke! I wish politicians (of all sides) would stick to what they're good at like kissing babies, behaving like 6 year olds, and making false promises every election campaign. Leave the economy to those qualified to commentAgree (0) Alert moderator
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smee:
29 Aug 2008 12:07:34pm
Most of my pre-election political discussions revolved around the general theme of just how quick Labour could turn around the biggest boom in the countrys history. J curves, bannana republics, hard yards, recessions we had to have. Well done Kev you have outstripped Keating in the speed department.
I suppose at the end of the day it is about moving people down into your voting demographic.Agree (0) Alert moderator
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Stephen:
29 Aug 2008 12:10:13pm
Check market performance around the globe. This morning's year to date figures are:
S&P ASX 200 -20.08%
S&P US 500 -12.71%
EURO 350 -21.56%
CRD 30 China -25.22%
S&P Japan -17.49%
The only thing bucking the trend is Australian energy at +18%
The Reserve Bank crystal ball needs a polishAgree (0) Alert moderator
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MO:
29 Aug 2008 12:19:05pm
We are in a bear market. By definition it is about lemmings plunging off a cliff. The aussie market is well oversold. Fear of loss is dominating, making investors take losses! Crazy.
The fundamentals in the Aussie economy are strong. Fear will turn to opportunity seeking.
Banking sector in Aust very sound and aussie exposure to Sub prime very small compared to the US and UK (EU).
Dollar coming off o bit which will restrict imports and increase export earnings.
Time to buy people.Agree (0) Alert moderator
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Fast Ben:
29 Aug 2008 12:12:55pm
Krudd has not had one original policy idea since becoming PM. He is still the me too man to John Howard. eg Education Devolution - same as Howard, divert public money to private schools to entrench a two tier ghetto education system, Tax Policy - Identical, he doesn't even want to ditch the GST. The list is endless.
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MO:
29 Aug 2008 12:23:02pm
Fast Ben slow down and look through your dogma at the facts.
The reason this is being done is that these things have had huge benefits. Stop whining and work out how you can take advantage of the opportunities.
Go and live in China, or Russia and look at their social policies and see if they will give a damn about you.Agree (0) Alert moderator
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Jack:
29 Aug 2008 12:52:52pm
I love those comments "go live in China/Russia" if you don't worship Rudd.
The point of democracy (unlike, say China) is to allow people the right to say they disagree, perhaps you should live in a totalitarian ruled country for a bit.Agree (1) Alert moderator
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MO:
29 Aug 2008 1:59:47pm
"Education Devolution - same as Howard, divert public money to private schools to entrench a two tier ghetto education system, Tax Policy - Identical, he doesn't even want to ditch the GST. The list is endless"
My point (as apparently I am allowed to disagree) is that neither major party in government is dissimilar and the measures taken have been beneficial for most. This is why the measures have not been undone. The Education revolution is the next thing that both major parties want.
FB appears to be bemoaning the fact that we live in a capitalist society which does not apparently care enough to follow what appears to be a socialist agenda. I merely was suggesting that he should experience his desires in socialist governments to see if the reality matches his mind belief system.
I am betting no.Agree (0) Alert moderator
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Nick:
29 Aug 2008 12:30:01pm
All these "Experts" said 12 month ago that the Australian champagne Economy cant turn bad at all! We should stop believing these people in their attempt to keep us buying and going in more debt! And now putting all our bets and hopes on the mining boom wont help! What if the Asian economy has a downturn (where signs are already evident)?? Then we moved all production out of Australia and have no business left at all! I cant wait for the storys and excuses we read then! I guess we call it an "imported recession"
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BJ:
29 Aug 2008 12:40:45pm
I categorically speak for all Australians when I say that we all believe every word spoken by Prime Minister Rudd and the hardworking Federal Labor Government.
We all know Rudd's right.Agree (1) Alert moderator
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spud:
29 Aug 2008 12:46:43pm
Kevin W ("Watch") Rudd. Watching (and wishing and hoping and maybe even praying) once again. He makes a very good federal adjunct to state Labor premiers excusing lack of action on the Murray by blaming God for not making it rain.
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whitelephant:
29 Aug 2008 12:48:44pm
we live in a global economy-get it?-a global economy and neither Kevin Rudd or Peter Costello, or the tooth fairy has any control over it-because all of them (not sure about the tooth fairy) subscribe to the capitalist economic model of constant growth, growth, growth.
This model as we are (some of us slowly) becoming aware is unsustainable.Agree (0) Alert moderator
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Jack:
29 Aug 2008 1:08:47pm
Is that really so WE?
What about the Asian collapse when the Coalition had the majority? I don't remember having to cancel my sons b'party. Because we now can't afford to have it.Agree (1) Alert moderator
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Remark:
29 Aug 2008 2:13:31pm
The Asian economic storm of 97-98, Jack?
That started within months of the Howard government taking office, as the Hawke-Keating reforms started to kick in and pay off.
It is those Labor reforms that gave the economy the resilience, not anything the new (at the time) Coalition government did.Agree (0) Alert moderator
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PenPal:
29 Aug 2008 1:07:44pm
It would seem to me that only a minority of subscribers to these pages have any idea about economics and what makes it tick, whereas the majority of the subscribers who think this present Government is better at economics seem to prevail.
Even this news item has Mr Rudd espousing the Reserve Bank rather than his policies about the future of the Australian economy.Agree (0) Alert moderator
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Chris:
29 Aug 2008 1:14:03pm
It is simply amazing how many people commenting actually believe this recently elected government had any bearing on the shape of the economy.
Simply amazing.Agree (0) Alert moderator
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Jack:
29 Aug 2008 1:31:18pm
Gosh Chris,
I never did believe that until Kev 07 told me he would fix it all:
Grocery prices, petrol prices, broadband, education, murray-darling and more importantly that he would
"bring the sunshine back into our lives (tm)"Agree (1) Alert moderator
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CHERIE L CURRAN :
29 Aug 2008 1:16:57pm
"Economy to pick up next year: Rudd"
Mr. Rudd, the only thing that is going to 'pick up' next year, is the momentum against you and your band of pirates.
As I said before "if there is something I can do, is read politics" and now that I have nothing else to lose, compliments of your Labor Government - it is NOW, your turn to lose.
As a Rabbi, I have spoken to recently said: "evil must be cut out from the roots and not just the branches". I am afraid when I asked John Howard to take Keating out, I did not realise that he could only trim the "branches" - I hope it will be me, who takes out "the roots" and in an attempt to stop all this infernal suffering.
Every day there are Companies folding, job losses, plane crashes, Banks foreclosing, Farmers committing suicide, Crime escalating at ever-alarming rates. Hello! are you in the Land of the Living or just another blank face on the horizon, drawing its pay? Shallow and insensitive, to peoples REAL needs.
Alternatively, are all these problems, a result of Whitlam's grand plan to crush the little Aussie Battler?
You guys don't even blink an eyelid - because you do not REALLY care about Australians, you couldn't, otherwise, you would have an exemplified record of 'protectionist policies' that would make you 'invincible'. Do you have those qualities Mr. Rudd?Agree (1) Alert moderator
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Yas:
29 Aug 2008 1:28:22pm
So this is what happens after 11 years of a Liberal government. I can't take anything the opposition says seriously. Every criticism of the economy, from them is ridiculous. They're the reason the economy is in the state that it's in today. The Rudd Government are cleaning up their mess.
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Jack:
29 Aug 2008 1:38:35pm
Yas,
I know it's Friday but really, "it's all the opposition's fault."
What about that funny thingy they call a "surplus" you know where the Government has more money than they spend? I think the coalition left that to Kevy, didn't they? All those millions or was it billions? and Kev still whinges.Agree (1) Alert moderator
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Remark:
29 Aug 2008 2:17:50pm
Yes wrote:
"They [Coalition are] the reason the economy is in the state that it's in today"
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It is hard to fault that logic. They were in government for almost 12 of the last 13 years.
Costello was the longest-serving Treasurer ever in Australia.
Costello's long shadow will linger over the economy for years, perhaps decades, to come.Agree (0) Alert moderator
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lean:
29 Aug 2008 1:40:55pm
Another brave prediction from Kevin R. He must have a crystal ball at home or in his office. May be the Chinese just gave him one from the recent Olympic holiday.
Im working in the large manufacturing company and our forecast is not too good for the next 3 years. We just made redundant 23% of our workforce last week and everyone is still feeling the pain. Same go for the company next door, they are in the redundancy process for over 130 workers. The newly unemployed people will join the centre link queue and bring these memories to the next fed election.
Apart from the mining industry, others are suffering no thanks to the Labor party. All talk, full of useless reviews, watch weds, blaming others and no action.Agree (0) Alert moderator
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Dale:
29 Aug 2008 1:49:33pm
What everyone needs to understand is that a lot of what is driving inflation is/was out of the governments control be it howard or rudd. Oil and food prices as well as the (beleive it or not) interest rates, the problem is when you raise interest rates because people are spending more, and not because people have more money to spend you do exactly what has happened, you reduce consumer confidence, business confidence.
These 2 things combined will cause unemployment and with the abolishment of the IR laws business confidence will continue to drop over the next 6 months, all the while unemployment will be rising.
Now you cant blame rudd for the inflation problem but so many changes all at once within an uncertain global economy is not just irresponsible it is reckless and when it all hits the fan there will be only 1 man to point the finger at.
ps. if inflation was too high why increase tax AND government spending, that would simply increase inflation.Agree (0) Alert moderator
