Senate threatens Australia’s economic well-being … “a fool’s paradise”

It’s now apparent that Labor, along with minor Parties like PUP, are in a position to cause a serious decline in Australia’s fortunes. You have now been warned. Failure to implement budget measures will eventually unravel or decimate our economy to a Greek or Argentinian standard or worse, devastating for the low income Aussies amongst us. There are none so blind as those who cannot see this. Labor cannot see, nor it seems the PUP Senators. The Greens are totally blind to all but their own agenda. Henry Ergas:

In The Australian today:
“With Clive Palmer, Labor and the Greens combining to destroy the government’s budget, it is important to understand just how serious our fiscal crisis is.”

Zeg’s take:

The Australian dollar is now under threat: The $A and a Double D election

What has struck me almost daily when in Canada and the United States was how strong the Australian dollar is compared with the local currencies. We are not so productive relative to them that things should look so cheap to me. I think the $A is heading for a fall, and so does Glenn Stevens:

RESERVE Bank governor Glenn Stevens has warned investors to brace for a slump in the Australian dollar when the US Federal Reserve starts to lift interest rates and questioned whether ultra-loose monetary policy was fostering the right kind of risk-taking.

There are so many ways the Australian economy might unravel. I watch from this distance the Opposition and non-Coalition Senators playing Russian roulette with the Australian economy. It’s one thing to have a different policy view but to let the many economic problems Australia has fester so that they can take over an economy that has been devastated by the fiscal measures they introduced is no small worry.

There will almost surely be a double dissolution in which the question will be whether the country wishes to live in a fool’s paradise or whether it wishes to deal with the problems that are clearly visible. I think Australia may still be able to work it through and come to the right decision in a vote. Or perhaps not, but that will likely be the kind of election we will be having in the next year or two. Because whatever else, things cannot go on as they are.

More on Palmer’s extremists, here.

[…] Not only have Palmer and his minions refused to honour commitments to support the government’s repeal of the carbon tax, they have punched a further $10 billion hole in Joe Hockey’s Budget, turning a budget emergency into a $50 billion fiscal calamity…

Abbott hadn’t factored in the possibility that at least one of the new senators might be, in the words of one Coalition minister, “completely stark raving mad”. And they weren’t talking about Palmer.[…]

 

Warwick Hughes suggests the only possible solution, for better or worse: Prime Minister Abbott should accumulate Senate triggers for a double dissolution election and then “go the double”

Let the Australian electorate decide if they want the Carbon Tax to stay or be repealed – do they want to abolish the Clean Energy Finance Corporation, the Renewable Energy Target and the Climate Change Authority ? If not – do they want a return to a GreenLabor Government? If so let them vote for it. Does the electorate want more of the Palmer United Party – OK let Australians vote for that.
The new Govt elected in September 2013 with a large majority in the House of Representatives clearly can not govern as it was elected to because of the Senate – so might as well be voted out than remain a “lame duck” constantly watering down policy in haggling for support from Independent and PUP Senators.
What do readers think ? Antony Green thinks it is OK for the Abbott Govt to continue as a lame duck.

Update:

Treasury chief Martin Parkinson takes veiled swipe at Labor

Jun 30, 2014

Treasury secretary Martin Parkinson has taken a thinly veiled swipe at the federal opposition for using “vague …

About Tom Harley

Amateur ecologist and horticulturalist and CEO of Kimberley Environmental Horticulture Inc. (Tom Harley)
This entry was posted in Climate, media, Oz politics, Resources and tagged , , , , , , , , , , , , , . Bookmark the permalink.

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