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Australia’s “Black Swan Moment”

October 2, 2015

Australia’s “Black Swan Moment”

Wayne Swan,  Treasurer of Australia from 2007 to 2013, Deputy Prime Minister and the Deputy Leader of the Labor Party from 2010 to 2013, who thought he saved the Australian economy but just delayed the inevitable, is now blaming everyone but himself for the downward spiral:

image source: Twitter

Image source: Twitter

As I argued in my book Australia: Boom to Bust, Australia will eventually see a significant economic recession in the not too distant future. And all the data points are clearly indicating my worst fears on where the Australian economy is headed. But we have to ask who is responsible for this economic downturn, and which policy makers helped line Australia up for the collapse in capital expenditure.

Well, we can all try to blame Joe Hockey, Treasurer in the now defunct Abbott Government from September 2013 until September 2015, even though his approach was most definitely the icing on the cake, but unfortunately he was not Treasurer at the time Australia’s political elite truly made what could be two of the greatest (yet laughable)economic related mistakes in the history of Australian economics. And the blame lies with Wayne Swan, alongside the Reserve Bank of Australia (RBA), Treasury, and Australian Prudential Regulation Authority (APRA).

Mistake 1. Flawed Calculations

As per the chart above from the 2012 ‘Australia in the Asian Century White Paper,’ If there was ever such a stupid miscalculation by Australians, it was the forecast on how much iron ore Australia would need to extract from the ground to export to emerging nations such as China to fulfill their long term consumption requirements.

…click on the above link to read the rest of the article…

Climate, Environment Boards and Foreign Aid slashed by Joe Hockey in #MYEFO | Climate Citizen

December 20, 2014

Climate, Environment Boards and Foreign Aid slashed by Joe Hockey in #MYEFO | Climate Citizen.

The Abbott Government slashing of climate change infrastructure continues in the latest Midyear Economic Forecast by the Treasurer Joe Hockey, where it was announced the Commonwealth deficit blows out to more than $40 billion and forecast not to return to surplus until 2019-20 at the earliest.

He attributed this budget blowout to reduced revenue due to iron ore prices being low, low wage growth with larger than expected family payments and other government benefits expenditure.

Joe Hockey was quick to criticise Labor’s budget deficits and promises to return to surplus, In 2012 he pledged after Labor’s 2012 budget that, “based on the numbers presented last Tuesday night we will achieve a surplus in our first year in office and we will achieve a surplus for every year of our first term”.

Being in Government it seems, is not as easy to meet such a promise.

Wayne Swan was quick to compare the budget deficit forecasts by Labor against the current Liberal deficit forecasts:

 

…click on the above link to read the rest of the article…

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