Financially better off?
Sep 22nd 2009, 12:16 pm
#121
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Re: Financially better off?
I do wonder though what the UK is going to offer our kids in the future. Every day there is doom and gloom about what's going to happen. £2 billion is being taken off the schools budget and a 3p hike in tax is being rumoured - and this is just for starters. All parties are agreed that there are to be very significant cuts in public services and tax increases seem inevitable. Thinking ahead very long term, does it look as though things are going to be as dire in Australia as here?
You do the maths about which country is better placed for the future - they're not talking about debt default in Australia.
Sep 22nd 2009, 12:59 pm
#122
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Re: Financially better off?
The UK has $9 trillion external debt - nearly as big as the US. Australia has $700 billion. Britain's debt is in fact nearly 100% of its GDP. Britain doe snot have the means to pay back its debt. Its two options are make it disappear with inflation/devaluation, or debt default.
You do the maths about which country is better placed for the future - they're not talking about debt default in Australia.
You do the maths about which country is better placed for the future - they're not talking about debt default in Australia.
Sep 22nd 2009, 1:00 pm
#123
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Re: Financially better off?
The UK has $9 trillion external debt - nearly as big as the US. Australia has $700 billion. Britain's debt is in fact nearly 100% of its GDP. Britain doe snot have the means to pay back its debt. Its two options are make it disappear with inflation/devaluation, or debt default.
You do the maths about which country is better placed for the future - they're not talking about debt default in Australia.
You do the maths about which country is better placed for the future - they're not talking about debt default in Australia.
The UK figure for the same thing is the right hand side one of this graph:
Sep 22nd 2009, 1:05 pm
#125
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Posts: 593
Re: Financially better off?
$9 USD I think read somewhere, LF. Which would be about 5 or 6 trillion sterling. Either way it's never getting paid off so does it matter?
Sep 22nd 2009, 1:14 pm
#126
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Re: Financially better off?
Just curious. Would also be interested to know what percentage of Australia's economy comes from digging stuff out of the ground and selling it overseas. I suspect it is high.
Last edited by Lord_Farquar; Sep 22nd 2009 at 1:18 pm.
Sep 22nd 2009, 1:18 pm
#127
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Re: Financially better off?
No worries. On this - how thehell does a country the size of Britain get an American-sized debt? It is going to hurt adjusting that economy, for sure. I read in the Telegraph the other day about leaked Labour plans to raise income tax 3%. Alreayd spending is being cut - 3000 teachers are on their way to the dole queue for a start, which should improve class sizes no end. What a nightmare.
Sep 22nd 2009, 1:19 pm
#128
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Posts: 2,733
Re: Financially better off?
No worries. On this - how thehell does a country the size of Britain get an American-sized debt? It is going to hurt adjusting that economy, for sure. I read in the Telegraph the other day about leaked Labour plans to raise income tax 3%. Alreayd spending is being cut - 3000 teachers are on their way to the dole queue for a start, which should improve class sizes no end. What a nightmare.
Sep 22nd 2009, 1:19 pm
#129
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Re: Financially better off?
I think a large amount is services-based now, but of course resource sector is large. Good job so many emerging nations in Asia need the resources, really.
Sep 22nd 2009, 1:22 pm
#130
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Re: Financially better off?
Is it that much higher - what's the top rate 47%? UK is 50% from January don't forget. Plus insane taxation on fuel. The economic arguments are so complicated it's impossible to make sense of them - too many variables. But one simple thing I believe - Aus will have a higher standard of living than UK over the next 15 - 25 years at least. Maybe for ever.
Sep 22nd 2009, 1:33 pm
#131
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Re: Financially better off?
When you add the two together, the current figures are:
UK median UK Male Full time earnings
23.9% : Deductions as a percentage:
Australia average Australian Male Full time earnings
23.7% : Deductions as a percentage
Sep 22nd 2009, 1:35 pm
#132
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Posts: 2,733
Re: Financially better off?
It would be better if tax rates were reduced to UK rates, but then they may increase the Medicare deduction from 1.5% to UK rates...
When you add the two together, the current figures are:
UK median UK Male Full time earnings
23.9% : Deductions as a percentage:
Australia average Australian Male Full time earnings
23.7% : Deductions as a percentage
When you add the two together, the current figures are:
UK median UK Male Full time earnings
23.9% : Deductions as a percentage:
Australia average Australian Male Full time earnings
23.7% : Deductions as a percentage
I would prefer a UAE tax rate.
Sep 22nd 2009, 4:25 pm
#135
Username change - was "Manc_in_Adelaide"
Joined: Sep 2009
Location: Adelaide
Posts: 28
Re: Financially better off?
Have you been hiding under a rock for the past few months ? It was absolutely hammered home for weeks by the scaremongering Liberals, even though I think it was pointed out it would be one of the lowest debts in the OECD.
