Our economy zooming ahead!

[Jovial Monk]

Let's see. The lowest underlying inflation in five years... Swan's chirpy

Today's inflation figures here.

Treasurer Wayne Swan has delivered an upbeat address to his Labor colleagues saying that if they thought the economy looked good during the election they should see it now.

The mid-year budget update due within weeks will lift the official forecasts for both growth and employment delivered in the pre-election update just three months ago.

The July 26 pre-election update predicted employment growth this financial year of 2.25 per cent. So far it is running at an annualised rate of 3.8 per cent. The pre-election update predicted economic growth of 3 per cent. The Treasury now believes that's on the low side.

In recent years mid-year update has been delivered on or around Melbourne Cup Day but significant revisions and the opportunity of announcing spending cuts in the update may delay its release.

http://www.petermartin.com.au/2010/10/l ... on-in.html

So the BER and HIP and the cash splashes have done (in the case of the BER and other infrastructure are doing) their job. We sailed through the GFC and most here hardly noticed it—in the US, the Uk and Europe it is rending the countries apart! This is brilliant economic management.

All we need now is the original RSPT back, movement on negative gearing and more competition for the banks. The NBN will be built from what is basically the petty cash drawer and will in turn drive further growth and innovation!

Growth of 3.8%? Obama, Cameron the Leaders of just about every developed country would kill for figures like that!

[Jovial Monk]

Here in Australia on the other hand, we seem to complain about absolutely nothing.

Well said. We’ve become a nation of whingers. Many people (many, many people) don’t realise how lucky we were to avoid the worst of the GFC. If some dodgy pinkbatt installations is the worst that happens, then STFU.

My wife’s in America at the moment, trying out her new credit card. She says the place looks and feels like a Depression is going on. That could have been us. The last time a GFC hit of this magnitude, back in the 1920’s, it was us.

http://blogs.crikey.com.au/pollbludger/ ... ent-672174

I rest my case!

We are doing brilliant, thanks to the Labor government! That Howard and Costello could still be in charge if they had fluked a win in 2007 is what wakes me up bathed in cold sweat some nights!

[IQSRLOW]

Thank god the Liberals left the country in such great condition.

Imagine if Labor was in power like in the UK for all those years preceding the GFC. The country would have been well and truly fucked. A giant black keatingesque hole with a note for the incoming govt- "Sorry- no money left"

Just need to remove the Labor scum now before they can do any more damage

[Sappho]

How do the currency wars that have seen our dollar value increase against the green back effect this lower than expected inflation rate?

[Ned Kelly]

How do the currency wars that have seen our dollar value increase against the green back effect this lower than expected inflation rate?

What currency war? What lower than expected currency rate? Where do you source that stuff from? The IMF today told us we had to up our interest rates!

[IQSRLOW]

What lower than expected currency rate?

My 5 year old has better reading comprehension skills than you

[Jovial Monk]

Our high dollar makes imports cheap, thus keeping the lid on inflation.

You know, thanks to a Labor govt we really have hit the trifecta: high growth, low inflation, low unemployment.

Everyone run out and thank the govt for the BER and the HIP!

[Jovial Monk]

Now if the three main climate change denialist parties Libs/Nats/Greens hadn’t blocked the ETS (CPRS) then electricity generators would have made more investments and electricty prices would not have gone up as much! There would also be much more in the way of investment in renewable energy!

Two Lib Senators crossed the floor, all the Greens had to do was vote for it as well and it would be law and electricity prices be on the way down. Why didn’t the Greens support it? They either don’t believe in climate change or there was some petty, party-political reason for them to oppose it. They won’t support it now either, you watch!