Arab Today, arab today australia budget blues in land of mining boom
Last Updated : GMT 22:26:23
Arab Today, arab today
Arab Today, arab today

High dollar blamed for major ‘writedown’

Australia budget blues in land of mining boom

Arab Today, arab today

Arab Today, arab today Australia budget blues in land of mining boom

Bad news from Treasurer Swan
Sydney – Arabstoday

Bad news from Treasurer Swan Sydney – Arabstoday As China\'s economy slows and Australia begins its painful transition away from a decade-long mining boom, Treasurer Wayne Swan will have little to offer voters seeking an election-year spending spree Tuesday. The government has spent months priming the public for a significant plunge in revenues -- due to sluggish corporate tax earnings -- when Swan unveils his final budget before Australia goes to the polls on September 14.
The stubbornly high Australian dollar has been fingered as the culprit, squeezing domestic industries at a time when fluctuating commodity prices due to cooling Chinese growth have seen export earnings slide.
Australia, the standout resilient economy during the financial crisis, is showing signs of fatigue. The central bank Tuesday slashed interest rates to a record low 2.75 percent to stimulate activity.
The China-driven mining industry, long its major asset and economic engine, is approaching an investment peak and a bumpy transformation lies ahead as triple-A credit-rated Australia seeks alternative sources of growth.
Swan\'s economic stewardship through the global downturn earned him Euromoney\'s Finance Minister of the Year in 2011, and he boasted that Australia would again beat the world -- this time by returning to surplus in 2013.
What a difference 12 months can make.
\"What has changed has been a fundamental writedown of revenue, which is unprecedented, which couldn\'t be forecast or predicted,\" Swan told the Nine Network on Sunday as he defended his decision to delay returning to surplus.
Swan said he was ready to \"take my medicine\" politically for the decision.
\"Getting the big economic decisions right to support Australian jobs is what people expect of me, no matter how uncomfortable that is politically,\" he said.
Rather than the splurging typical of an election year, Sydney University economist Colm Harmon said the budget was likely to be a \"bland affair\" aimed at \"dampening the sense that somebody\'s lost control of the steering wheel.”
 \"Anything by way of spending would be unbelievable; anything too dramatic in terms of cutbacks will be too damaging,\" said Harmon.
If opinion polls are reliable, Prime Minister Julia Gillard\'s Labor party is on track to lose power in a landslide to the Tony Abbott-led conservatives come September.
It is a situation that confounds outsiders according to economist Stephen Koukoulas, formerly Gillard\'s senior economic adviser.
\"Globally people are saying \'Gosh, what are you guys worrying about? You\'re growing, you\'ve got minuscule levels of government debt, you\'re in the fastest-growing region in the world,\" Koukoulas told AFP.
\"\'You\'ve got 5.5 percent unemployment, you\'ve got government debt that\'s 10 percent of GDP, your deficit\'s one percent of GDP. What on earth is bugging you guys?\'\"
According to Harmon, who arrived in Australia from austerity-hit Ireland just nine months ago, the government made a rod for its own back by repeatedly \"fetishising\" the political imperative of a budget surplus.
To justify reneging on that promise Harmon said Labor had been forced to resort to \"the language of \'let\'s share the pain\'\" -- the last thing voters want to hear in an election year, and rhetoric that jars with reality.
\"Australia is a million miles away from any of the catastrophic scenarios that other countries find themselves in,\" said Harmon.
\"While there are plenty of bumps in the road potentially -- Chinese demand, housing market issues -- the country has more than the ability to absorb that.
\"The economic realities are very sound indeed. Unfortunately the political issue (of a deficit) is resonating with the public.\"
Nick Economou, politics analyst from Monash University, said voters had largely stopped listening and had only \"a sort of macabre interest to see how the condemned are going to behave as they go to their execution\" on budget night.
\"The voters have made up their minds and it\'s all over,\" said Economou.
\"In politics people are never satisfied, it doesn\'t matter what you do. And the worst thing you can say to them is \'You\'ve never had it so good\'.\"

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today australia budget blues in land of mining boom Arab Today, arab today australia budget blues in land of mining boom

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today australia budget blues in land of mining boom Arab Today, arab today australia budget blues in land of mining boom

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Italy regions back 'big bang' autonomy

GMT 07:10 2017 Monday ,23 October

Italy regions back 'big bang' autonomy
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Trump: End of Daesh is in sight

GMT 20:29 2017 Monday ,23 October

Trump: End of Daesh is in sight
Arab Today, arab today Maltese demand justice for murdered

GMT 06:08 2017 Monday ,23 October

Maltese demand justice for murdered
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Lost Australia diver swam miles

GMT 19:09 2017 Monday ,23 October

Lost Australia diver swam miles
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla to build wholly-owned plant

GMT 07:55 2017 Monday ,23 October

Tesla to build wholly-owned plant
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Rogina happy for reactions to “The Flood”

GMT 09:30 2017 Friday ,20 October

Rogina happy for reactions to “The Flood”
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:07 2017 Sunday ,22 October

15,000 Under Fives Die

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday