2 speed economy

Old Mar 12th 2012, 3:20 am
  #16  
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Default Re: 2 speed economy

The idea of governments using resource profits to prop up / subsidise other industries will only be wasteful. The money should instead be invested in education and infrastructure. These are the only real insurance to a better future. Leave the rest to the markets.
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Old Mar 12th 2012, 3:24 am
  #17  
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Default Re: 2 speed economy

I for one think universal healthcare should be abolished and private medical schemes should be made to flourish. If you want good healthcare you should pay for it by working hard to earn it or by taking care of your health through sensible diet and exercise etc. Why should we pay medicare if we all try to be healthy?
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Old Mar 12th 2012, 7:18 am
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Default Re: 2 speed economy

Originally Posted by commonwealth View Post
I for one think universal healthcare should be abolished and private medical schemes should be made to flourish. If you want good healthcare you should pay for it by working hard to earn it or by taking care of your health through sensible diet and exercise etc. Why should we pay medicare if we all try to be healthy?
Yeah right, just like the USA, the highest health costs in the world.
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Old Mar 12th 2012, 7:21 am
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Default Re: 2 speed economy

Originally Posted by DC10 View Post

We are fortunate that Australian governments have had the good sense to legislate and build solid super/pension funds (contrast with UK), to run solid surpluses during good times without magic accountancy in the form of public-private shams (contrast with UK) and not to allow the entire country to become as dependent on an industry as risky as financials (contrast with UK).

You are kidding right, UK has far more balanced economy than Australia that has had the good fortune to have a load of stuff to dig out of the ground. If/when China falters we are heading for a very nasty landing.
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Old Mar 12th 2012, 7:23 am
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Default Re: 2 speed economy

Interesting times we live in

http://www.telegraph.co.uk/finance/c...#disqus_thread
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Old Mar 12th 2012, 7:25 am
  #21  
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Default Re: 2 speed economy

Originally Posted by papilon
Yeah right, just like the USA, the highest health costs in the world.
That's exactly what I was thinking. I knew a few people in USA who racked up close to 100,000 USD in medical/surgical bills! You are still alive because of the wonders of modern technology, but your whole life is ruined because of all the debts.
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Old Mar 12th 2012, 8:16 am
  #22  
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Default Re: 2 speed economy

The 2 speed economy is just startling in how obvious it is. Amazingly some will tell you that Australia somehow avoided the GFC which is of course absurd,the affects are everywhere especially in retail, tourism and manufacturing. In the coming months we will see unemployment rise in all sectors including mining, we have already seen the expected GDP growth figures for this year halved and things worldwide will be tough. Anyone who underestimates the reality of the 2 speed economy is kidding themselves.

Originally Posted by Vegemite Kids View Post
The resources boom has prompted much discussion of Australia having become a two-speed economy.

Is this a new phenomenon or just another part of the usual cycle?

and if its new, how long do you think it will last?
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Old Mar 12th 2012, 8:23 am
  #23  
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Default Re: 2 speed economy

Originally Posted by papilon View Post
You are kidding right, UK has far more balanced economy than Australia that has had the good fortune to have a load of stuff to dig out of the ground.
On what basis do you say it's more "balanced"?

Originally Posted by papilon View Post
If/when China falters we are heading for a very nasty landing.
So the other countries are supposedly immune from a wishful-thinking* Chinese collapse?

*cause of course let's forget and ignore that China is a centrally controlled authoritarian economy that can immediately pull out its excess cash parked in the Great Global Financial Centre of the Universe.
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Old Mar 12th 2012, 8:27 am
  #24  
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Default Re: 2 speed economy

Originally Posted by chris955 View Post
The 2 speed economy is just startling in how obvious it is. Amazingly some will tell you that Australia somehow avoided the GFC which is of course absurd,the affects are everywhere especially in retail, tourism and manufacturing. In the coming months we will see unemployment rise in all sectors including mining, we have already seen the expected GDP growth figures for this year halved and things worldwide will be tough. Anyone who underestimates the reality of the 2 speed economy is kidding themselves.
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Old Mar 12th 2012, 8:29 am
  #25  
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Default Re: 2 speed economy

Originally Posted by commonwealth View Post
The money should instead be invested in education and infrastructure.
Just how much do we need to spend on education? I'd have thought the $16 billion spent as part of the stimulus plan would have been enough to keep education going for a bit.
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Old Mar 12th 2012, 10:15 am
  #26  
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Default Re: 2 speed economy

Originally Posted by harrip View Post
Just how much do we need to spend on education? I'd have thought the $16 billion spent as part of the stimulus plan would have been enough to keep education going for a bit.
I don't know. It's a general comment.

I suppose it should be an amount enough to make people skilled, adaptable, efficient and useful?
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Old Mar 12th 2012, 10:47 am
  #27  
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Default Re: 2 speed economy

Originally Posted by GarryP View Post
The money is allowed to unbalance the economy, kinda obviously.

Best approach is not to allow mining companies to make a mint off it, but to put most of the wealth generated into a sovereign wealth fund, investing slowly into other industries within the country and bringing them to a world competitive level.
like norway? do you have any idea how mismanaged their state funds are? they are making massive losses. socialism doesnt work, PERIOD. at least aussies have lower taxes so have more options how to manage their earnings.
Originally Posted by papilon View Post
Yeah right, just like the USA, the highest health costs in the world.
uhm, usa healthcare is the most heavily regulated industry in the US. its closer to facism than capitalism.

Last edited by nandnor; Mar 12th 2012 at 10:51 am.
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Old Mar 12th 2012, 10:50 am
  #28  
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Default Re: 2 speed economy

Originally Posted by papilon View Post
Australia that has had the good fortune to have a load of stuff to dig out of the ground. If/when China falters we are heading for a very nasty landing.
That is a fair point, and one of which I'm very much aware, but it is still not nearly as dangerous as having your banks/shadow banks leverage up their balance sheets all around the world to the tune of several multiples of GDP. AND at the same time failing to put anything aside for a rainy day, or even for tomorrow's civil service pensions.
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Old Mar 12th 2012, 10:56 am
  #29  
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Default Re: 2 speed economy

Originally Posted by GarryP View Post
More commonly called "The Dutch Disease" when connected with resource exploitation. Lasts as long as the resource boom does, and takes carefully management if you are not to derail your whole economy. Needless to say, not being well managed in Oz.

http://en.wikipedia.org/wiki/Dutch_disease
fools are those that DONT make use of the boom to rake in the cash. if the prices come down later, none of the ores and fuels will be of much use then. so letting. and appreciating currency bad? come on mate. it greatly increases consumer wealth. and what is the goal of an economy again? thats right, to increase consumer wealth.
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Old Mar 12th 2012, 11:16 am
  #30  
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Default Re: 2 speed economy

yes! i can buy cheaper tv's and holidays and petrol thanks to the strong AUD. those who refuse to adapt to the new economic environment are doomed to lose.
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