Budget 08
I have just spent my Tuesday night watching the Budget speech. Yes, it was handed down tonight. And yes, this is the most exciting night of the economist's year. Not that I am an economist, of course.
Being as objective as I possibly can (I did vote for this current government), it probably is an appropriate budget, given the current economic situation. No doubt, it's a rather contractionary budget, with record surpluses and reduced spending growth (spending has increased, but below the rate of inflation), while living up to the election promises. And I am very glad that education, infrastructure and health have gained the attention deserved.
Yes, unemployment will rise, but I'm sure this would be preferred to unfair workplace conditions which would just lead to a growing 'working underclass'.
I'd be more supportive of the budget if he didn't cut funding to the Chamber Orchestra. Those guys work hard, and deserve the funds.
But it's a good budget. Reasonable, appropriate, and economically sound.
Comments
um..i keep forgetting ur from australia!..LOL..
cuz Presidfent Bush gave a state of the union speech addressing the economy not long ago either...and and....it's not as good as this!!....which made me sad...but apparently its getting better...so we'll see!
but yes...i'll stop rambling now! ^_^
I was wondering if you'd wite about it
you mean in more detail than this? i feel geeky about writing this post already! XD
it probably won't push down inflation anytime soon. we're still feeling the effects of the excessive spending in the final years of the Howard government, not to mention imported inflation from rising oil prices and worldwide food shortages (actually partly due the drought in Australia). but spendig in health and education will rise, which is a good thing. we need more investment into those areas. funds going into fixing the system, and also more funding for medical research.
really? lols...i keep forgetting you're from the US!
yeah, i've heard snippets. but i've still got doubts as to how much assistance the grants will b for home owners. i still think it has more to do with the fact that credit is so easy to obtain, people don't bother saving anymore--big mistake, if you've studied keynesian economics. but it probably won't be long before australia suffers a little economic setback of our own--it's long overdue. 16 years of consecutive economic growth is not exactly normal. and given the external ecnomic factors, it'll probably hit in the next year or two. *dang! just when i'll be looking for a job!*
dang! 16 years!?..wow..
yes..the "economic stimulus package" doesnt really help..cuz most of them will be using that money to pay the bills..not go and spend so much that it will affect the economy...and it was only $600 to begin with!...but married couples did get $1300...and +300 per each child under 18!....
but the new quarter reports did come out and it seems that the economy is picking up, its growth was something like 0.8%or something close to that number!..-_-;;...
my professors even said they feel sorry for the people graduating in may cuz the economy is doing so badly..and that we should prepare ourselves to be sent out of the country..most likely to asian countries!!...((i dont mind if i'm sent to japan! ^_^ hehehe))
yeah, 16 years of continued economic growth. they've basically deregulated a few of the markets, and didn't invest enough in infrastructure, education, health and so on. it's not sustainable--most of the growth depends on mining exports. when china stops building, we'll be hit with a really bad recession.
ah...but really can't expect the govt to be really generous. at least the money's enough to pay some of the bills. inflation's up, which pushed interest rates up, and now taxes are going up in an attempt to push prices back down. and a lot of the inflation is imported, and thus out of domestic control...*sigh*
oh yes. but japan's economy hasn't been doing that well for the past decade, they really should export their entertainment industry to revive it. XD
YES YESI AGREE with the idea of exporting their entertainment!!...
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i feel like such a geek talking about this...but what can i do...its part of my major! -_-;;