It's the economy, stupid!

 
  C2 Junior Train Controller

Yer and ten year's ago Torquay Footy Club put up a KKK picture saying White Christmas or White Night Rubbish. If you have never truly feared for your life suffering racism you should leave it be. Comparing a wealthy white female blogger who spruiks for Kmart as a Advertiser but not officially though."She's just a bored poor house wife with an interest in white Manchester and happens to have 11k of friends'... No Cuddles or Gentleness for brown skin women with  Kmarts pure white sheet.

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  don_dunstan The Ghost of George Stephenson

Location: Adelaide proud
Yeah because you must be really a secret white supremacist if you love white sheets and towels. She should be in jail for saying what she said; we should be jailing anyone and everyone who says anything the least bit suspect or out-of-order.

I think I'm starting to agree with Greta Thurnberg; if people don't agree with you then you should "put them against the wall" - BBC;

She said she feared the summit alone would not lead to adequate climate action, and that activists should continue to take world leaders to task.

"World leaders are still trying to run away from their responsibilities, but we have to make sure they cannot do that," she said.

"We will make sure that we put them against the wall, and they will have to do their job to protect our futures."

Because if you believe that you have right on your side then that gives you every right to silence anyone who doesn't agree with you - am I right?
  michaelgm Chief Commissioner

Yeah because you must be really a secret white supremacist if you love white sheets and towels. She should be in jail for saying what she said; we should be jailing anyone and everyone who says anything the least bit suspect or out-of-order.

I think I'm starting to agree with Greta Thurnberg; if people don't agree with you then you should "put them against the wall" - BBC;

She said she feared the summit alone would not lead to adequate climate action, and that activists should continue to take world leaders to task.

"World leaders are still trying to run away from their responsibilities, but we have to make sure they cannot do that," she said.

"We will make sure that we put them against the wall, and they will have to do their job to protect our futures."

Because if you believe that you have right on your side then that gives you every right to silence anyone who doesn't agree with you - am I right?
don_dunstan
Silence, Don.Laughing
  don_dunstan The Ghost of George Stephenson

Location: Adelaide proud
Did anyone else notice that the $AU has slipped to a ten-year record low against the greenback @ $US$0.66.8 on Friday - looking like an inevitable slow-down from our usual diet of foreign students (AKA selling visas) and iron ore to China because of the virus situation over there. If the $AU keeps falling then that will start to generate the RBA's much wanted inflation (?).

ALSO very weird movements on the international stock exchanges - Facebook lost $50,000,000,000 in value in one single day and yet Amazon soared after beating earnings expectations.
  7334 Chief Commissioner

Location: In the workshop wondering why I started 7334 in the first place
Yeah because you must be really a secret white supremacist if you love white sheets and towels. She should be in jail for saying what she said; we should be jailing anyone and everyone who says anything the least bit suspect or out-of-order.

I think I'm starting to agree with Greta Thurnberg; if people don't agree with you then you should "put them against the wall" - BBC;

She said she feared the summit alone would not lead to adequate climate action, and that activists should continue to take world leaders to task.

"World leaders are still trying to run away from their responsibilities, but we have to make sure they cannot do that," she said.

"We will make sure that we put them against the wall, and they will have to do their job to protect our futures."

Because if you believe that you have right on your side then that gives you every right to silence anyone who doesn't agree with you - am I right?
Silence, Don.Laughing
michaelgm
You are not Hillary Clinton using another name are you?
  RTT_Rules Oliver Bullied, CME

Location: Dubai UAE
Did anyone else notice that the $AU has slipped to a ten-year record low against the greenback @ $US$0.66.8 on Friday - looking like an inevitable slow-down from our usual diet of foreign students (AKA selling visas) and iron ore to China because of the virus situation over there. If the $AU keeps falling then that will start to generate the RBA's much wanted inflation (?).

ALSO very weird movements on the international stock exchanges - Facebook lost $50,000,000,000 in value in one single day and yet Amazon soared after beating earnings expectations.
don_dunstan
Nothing like a global pandemic to kill international trade, bring to a grinding halt the world's 2nd largest economy and China's busiest two weeks of domestic sales.

I look forward to 60c!
  Groundrelay Chief Commissioner

Location: Surrounded by Trolls!
Nothing like a global pandemic to kill international trade, bring to a grinding halt the world's 2nd largest economy and China's busiest two weeks of domestic sales.
RTT_Rules
Whenever Frydenberg is quizzed on treats to achieving a surplus he's quick to say the government is not responsible for things "outside its control".
That's never stopped them from taking credit for economically positive things which are very much "outside its control"!
  C2 Junior Train Controller

Towels Economy ACT with Marijuana law changes. Less Police Resources. Less Court Time bring wasted on nothing crimes.Less Politicians spreading lies for votes. More Money for the Economy...
  michaelgm Chief Commissioner

Nothing like a global pandemic to kill international trade, bring to a grinding halt the world's 2nd largest economy and China's busiest two weeks of domestic sales.
Whenever Frydenberg is quizzed on treats to achieving a surplus he's quick to say the government is not responsible for things "outside its control".
That's never stopped them from taking credit for economically positive things which are very much "outside its control"!
Groundrelay
David Speers grilled him pretty hard on Insiders this morning.
Although he ducked and weaved well.
  michaelgm Chief Commissioner

Yeah because you must be really a secret white supremacist if you love white sheets and towels. She should be in jail for saying what she said; we should be jailing anyone and everyone who says anything the least bit suspect or out-of-order.

I think I'm starting to agree with Greta Thurnberg; if people don't agree with you then you should "put them against the wall" - BBC;

She said she feared the summit alone would not lead to adequate climate action, and that activists should continue to take world leaders to task.

"World leaders are still trying to run away from their responsibilities, but we have to make sure they cannot do that," she said.

"We will make sure that we put them against the wall, and they will have to do their job to protect our futures."

Because if you believe that you have right on your side then that gives you every right to silence anyone who doesn't agree with you - am I right?
Silence, Don.Laughing
You are not Hillary Clinton using another name are you?
7334
Not Hillary.
Don was amused, job done.
  don_dunstan The Ghost of George Stephenson

Location: Adelaide proud
All eyes on the Reserve Bank tomorrow afternoon, it's only a matter of how much they cut by.

Probably 0.5% given the situation in China and the bush-fires (and the rising unemployment, and the huge slump in retail...). Too bad if you are in retirement trying to live off your cash savings - you're truly stuffed if that is your situation and it's going to get even worse.
  Valvegear Dr Beeching

Location: Norda Fittazroy
In my innocence, I thought that the Government was responsible for managing the economy; after all, Morrison, Frydenburg et al keep telling us what great economic managers the Libs are.
Isn't it about time that they started trying to manage without the RBA having to do their dirty work?
  don_dunstan The Ghost of George Stephenson

Location: Adelaide proud
Did anyone else notice that the $AU has slipped to a ten-year record low against the greenback @ $US$0.66.8 on Friday - looking like an inevitable slow-down from our usual diet of foreign students (AKA selling visas) and iron ore to China because of the virus situation over there. If the $AU keeps falling then that will start to generate the RBA's much wanted inflation (?).

ALSO very weird movements on the international stock exchanges - Facebook lost $50,000,000,000 in value in one single day and yet Amazon soared after beating earnings expectations.
Nothing like a global pandemic to kill international trade, bring to a grinding halt the world's 2nd largest economy and China's busiest two weeks of domestic sales.

I look forward to 60c!
RTT_Rules
I am at one of those bizarre junctions where I'm in agreement with you - sub-US$0.60 will be good for us. We'll have to pay slightly more for our imported fancies.
  don_dunstan The Ghost of George Stephenson

Location: Adelaide proud
In my innocence, I thought that the Government was responsible for managing the economy; after all, Morrison, Frydenburg et al keep telling us what great economic managers the Libs are.

Isn't it about time that they started trying to manage without the RBA having to do their dirty work?
Valvegear
I'm at another one of those perverse moments in my life where I agree with you, but what other choice does Frydenburg have at this point - helicopter money?
  don_dunstan The Ghost of George Stephenson

Location: Adelaide proud
Given that it's not a crime for employers to steal wages from employees, should we equalise the playing field and make it not a crime for employees to steal from employers? The Age;

Dinner by Heston, the high-end restaurant fronted by celebrity chef Heston Blumenthal, owes employees at least $4.5 million in what appears to be the worst case of underpayment yet in the high-end restaurant sector.

At the same time as the eatery was racking up debts to its employees, Crown casino, where it was based, was paying £1 million ($1.97 million) a year in licensing fees for the restaurant's intellectual property. A creditors' report obtained by The Age and Sydney Morning Herald highlights the consistent underpayment of workers from when Dinner by Heston opened at Crown in 2015 and the significant role of the casino in the initial engagement of those staff.

Crown probably knew about the underpayment but didn't care; I think it's high time we abolished all awards in hospitality. Its one of those laws that the majority of businesses aren't abiding by and they're not being enforced any more so why do we bother?
  michaelgm Chief Commissioner

Given that it's not a crime for employers to steal wages from employees, should we equalise the playing field and make it not a crime for employees to steal from employers? The Age;

Dinner by Heston, the high-end restaurant fronted by celebrity chef Heston Blumenthal, owes employees at least $4.5 million in what appears to be the worst case of underpayment yet in the high-end restaurant sector.

At the same time as the eatery was racking up debts to its employees, Crown casino, where it was based, was paying £1 million ($1.97 million) a year in licensing fees for the restaurant's intellectual property. A creditors' report obtained by The Age and Sydney Morning Herald highlights the consistent underpayment of workers from when Dinner by Heston opened at Crown in 2015 and the significant role of the casino in the initial engagement of those staff.

Crown probably knew about the underpayment but didn't care; I think it's high time we abolished all awards in hospitality. Its one of those laws that the majority of businesses aren't abiding by and they're not being enforced any more so why do we bother?
don_dunstan
$1.97 million for intellectual property? Their cooking steak not putting men on Mars.
These high profile cooks with over inflated egos, exploit whatever they can, go out off business and pop up down the road like nothing happened.
The culinary equivalent to the dodgey builder.

If more service personal perhaps were involved and paid their union dues 10-15 buck a week?
Then likely they would be more accountable.
No need to refer to Cleanevent.
  Valvegear Dr Beeching

Location: Norda Fittazroy
I'm at another one of those perverse moments in my life where I agree with you, but what other choice does Frydenburg have at this point - helicopter money?
"don_dunstan"
Given the fact that I know SFA about economics, I can't say what choice he has. All I'm doing is asking the government to keep to their boasts and manage the economy without the Reserve Bank having to cop the kick in the slats every three months.
  don_dunstan The Ghost of George Stephenson

Location: Adelaide proud
If more service personal perhaps were involved and paid their union dues 10-15 buck a week?
Then likely they would be more accountable.
No need to refer to Cleanevent.
michaelgm
There's no such thing as unionised restaurants or cafes - so employers are free to do whatever they like. That's why I think hospitality awards should be abolished - they're meaningless and they actually discriminate against the minority of employers who are (stupidly) doing the right thing and trying to pay award.

Melbourne friends of mine were horrified to tell me that their uni student daughter had been offered $15 an hour as a trained barista in Fitzroy but that was completely normal practice on the Chapel Street restaurant strip even though it's $9 an hour below minimum wage. It's actually fairly generous - people doing dishes are lucky to get $10-$11 an hour.
  don_dunstan The Ghost of George Stephenson

Location: Adelaide proud
I'm at another one of those perverse moments in my life where I agree with you, but what other choice does Frydenburg have at this point - helicopter money?
Given the fact that I know SFA about economics, I can't say what choice he has. All I'm doing is asking the government to keep to their boasts and manage the economy without the Reserve Bank having to cop the kick in the slats every three months.
Valvegear
I'm astonished they didn't cut today considering all the head-winds that the economy is presently facing. And if you read their statement on why they think like they do then its apparent they believe super-low interest rates will help with generating inflation and fighting unemployment - but it hasn't worked so far, has it.
  don_dunstan The Ghost of George Stephenson

Location: Adelaide proud
THE Aussie dollar plunges to (new) ten year lows of US$0.66.7 on the back of news that corona-virus will substantially cut Australian GDP.

And yet more LNG going into an already-flooded international LNG market - this time Dubai and the UAE announcing a major find that will be exported - Hellenic Shipping News. Surely time for us to start importing gas from international markets with the price so cheap, a fraction of the price domestically that we are selling our LNG to Japan for? The international market is literally overflowing with LNG right now so why not re-import some of our own cheap gas - discussed further in this Financial Review article:

The startup of new export projects from Australia to the US has flooded the market, while brimming stockpiles in Europe and an expected slowdown in Chinese demand have dumped cold water on consumption prospects. "The outlook for natural gas over the next year or so isn't great," said Marco Dunand, chief executive officer of trading house Mercuria Energy Group. "There's a surplus already in the US and Europe. And the mild winter in Asia means another surplus is building up there," he said in an interview. Mercuria jumped into LNG trading last year with hires from EDF Trading.
  RTT_Rules Oliver Bullied, CME

Location: Dubai UAE
THE Aussie dollar plunges to (new) ten year lows of US$0.66.7 on the back of news that corona-virus will substantially cut Australian GDP.

And yet more LNG going into an already-flooded international LNG market - this time Dubai and the UAE announcing a major find that will be exported - Hellenic Shipping News. Surely time for us to start importing gas from international markets with the price so cheap, a fraction of the price domestically that we are selling our LNG to Japan for? The international market is literally overflowing with LNG right now so why not re-import some of our own cheap gas - discussed further in this Financial Review article:

The startup of new export projects from Australia to the US has flooded the market, while brimming stockpiles in Europe and an expected slowdown in Chinese demand have dumped cold water on consumption prospects. "The outlook for natural gas over the next year or so isn't great," said Marco Dunand, chief executive officer of trading house Mercuria Energy Group. "There's a surplus already in the US and Europe. And the mild winter in Asia means another surplus is building up there," he said in an interview. Mercuria jumped into LNG trading last year with hires from EDF Trading.
don_dunstan
The Aust dollar is following commodity prices all heading south as the Corona Virus brings the world's 2nd largest economy to a halt and likely to see no relief before March. Our suppliers from China have basically told us, if people are turning up to work, then truck drivers are not or they cannot drive across provenience borders or they cannot get people to turn up at the port....

The gas find under the AD/Dubai border is significant but don't get too excited.

It will take some time to develop but as they say in the report the UAE and especially Dubai is currently heavily reliant on the Qatar Dolphin gas project for much of its gas, but these contracts are generally not renewed as they expire as the UAE is trying to distant itself from such a long-term reliance and I believe by 2030 all contracts expired. At the same time, Dubai is fast completing the coal power station, first turbine later this year and the AD nuclear power station was given international inspector approval to bring the first reactor on line shortly.

As a consequence of all this, many of the older gas power turbines across the UAE will be either shutdown and replaced by coal/nuclear power or replaced with modern more efficient gas turbines (our new one arrived this weekend).

How much gas actually gets exported is interesting guess because they are also building strategic reserves for the future and to be used as guarantees for loans.
  RTT_Rules Oliver Bullied, CME

Location: Dubai UAE
I'm at another one of those perverse moments in my life where I agree with you, but what other choice does Frydenburg have at this point - helicopter money?
Given the fact that I know SFA about economics, I can't say what choice he has. All I'm doing is asking the government to keep to their boasts and manage the economy without the Reserve Bank having to cop the kick in the slats every three months.
I'm astonished they didn't cut today considering all the head-winds that the economy is presently facing. And if you read their statement on why they think like they do then its apparent they believe super-low interest rates will help with generating inflation and fighting unemployment - but it hasn't worked so far, has it.
don_dunstan
I think for the feds to step in throwing borrowed money around its about timing. They cannot just keep doing Qtr after Qtr and if the world economy is in a dive then there is only so much that can be done internally without fighting the impossible. We also have $400B or what ever in debt (40% of GDP) in fed money alone for which the govt was heavily criticized for not curtailing earlier for which they couldn't without causing a recession. The credit rating will come under pressure if debt starts to head  north again.

For now the economy is fragile but surviving and unemployment is mostly healthy and stable, but yes fragile at just over 5%.

A little more concerning is business confidence trending down, but its being lower in last 10 years, likewise consumer confidence. Although govt revenues are still rising.

The big issue is the Corona virus, I feel this will push the world economy into a Q1 recession.

However I think come the May budget, the time will be right for govt will to sprinkle some money around in govt infrastructure projects to boost business and consumer confidence, create some jobs and stimulate the economy somewhat. For rail related work, perhaps get the Mel Airlink underway and similar elsewhere, including the Inland.
  Groundrelay Chief Commissioner

Location: Surrounded by Trolls!
In my innocence, I thought that the Government was responsible for managing the economy; after all, Morrison, Frydenburg et al keep telling us what great economic managers the Libs are.
Isn't it about time that they started trying to manage without the RBA having to do their dirty work?
Valvegear
I've always maintained the LNP have never really 'managed' the economy. They get into power just in time to ride the latest wave of global economic growth. They do little as a government apart from keeping the wealthy on side and giving away all that extra money in tax cuts. The sort of things that make us a fairer economy (Medicare, Universal Super, Consumer Protection) were implemented by Labor. Conversely the ALP gets into power and the music stops e.g. the GFC, when factors outside its control become irrelevant Razz
  don_dunstan The Ghost of George Stephenson

Location: Adelaide proud
This Attack Class project gets better all the time - now the French contractors (Naval) are saying they don't want to have to comply with the minimum 50% local content requirements for the submarines meaning that they want to import most of the content from elsewhere rather than make it here. I guess that's a significant cost saving to them but it's not what we were promised. From the ABC:

Yesterday the French company building the submarines, Naval Group, said it was not sure the boats' Australian industry content would reach 50 per cent.

"We didn't know the Australian market before we joined the program," the company's chief executive John Davis told The Australian.

"Now we have a much deeper insight, and we recognise there is a lot more work to be done than we anticipated."...

... [Adelaide company] MG Engineering managing director Anthony Brdar said he had hoped to have increased his workforce from 25 to 100 by now in preparation for work flowing from the project, but simply could not afford to take the risk.

"It's very disappointing, because I believe our company has proven itself in defence naval contracts," Mr Brdar said.

"We were very much looking forward to these opportunities, and [we have] very much planned our workforce and its future around defence contracts."

After securing the future submarines contract in 2016, Naval Group's parent company DCNS said "over 90 per cent" of the build would happen in Australia, with work to be centred in Adelaide.

That figure was revised down to about 60 per cent last year.

Now it's not even going to break 50% local content (apparently), so estimates of how many jobs will be created were just a fallacy weren't they. What a shock that this thing has turned into one very large broken promise about jobs for locals.

RTT_Rules, this makes some of our earlier discussions about the number of jobs the project would mean to Adelaide kind-of meaningless, doesn't it?
  don_dunstan The Ghost of George Stephenson

Location: Adelaide proud
Former MP and now defense lobbyist Christopher Pyne caught lying about the number of jobs being created by the Attack Class submarines project - he's been denying that he ever said as Defense Minister that the project would have to be 90% based in Australia but here he is in June 2017 clearly saying exactly that:

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