Australian Politics Forum

Australian Politics Forum
http://www.ozpolitic.com/forum/YaBB.pl General Discussion >> General Board >> AAA credit rating could go. http://www.ozpolitic.com/forum/YaBB.pl?num=1361953845 Message started by bobbythebat1 on Feb 27^th, 2013 at 6:30pm

Title: AAA credit rating could go.
Post by bobbythebat1 on Feb 27^th, 2013 at 6:30pm

http://www.businessspectator.com.au/bs.nsf/Article/Australia-could-follow-Spains-credit-descent-SP-pd20121114-22NZZ?OpenDocument

Quote:

Australia risks losing its AAA credit rating if it is unable to get its federal budget back to surplus by 2014, according to the global director of public finance at Standard & Poor's Financial Services.

The official, Kyran Curry, has been a long-time primary credit analyst for Australia and told The Australian Financial Review that there are similarities between Australia's relatively indebted banking system and Spain's position before it began its rapid descent into its debt crisis.

It's all JuLiars fault.

Title: Re: AAA credit rating could go.
Post by thelastnail on Feb 27^th, 2013 at 7:06pm

I'm surprised it hasn't hit junk bond status with 1.3 trillion borrowed to fuel a property bubble :(

Title: Re: AAA credit rating could go.
Post by bobbythebat1 on Feb 27^th, 2013 at 7:30pm

Yes Nail,
maybe it's because we're the best of a bad lot?

Mind you - we're heading down the plug hole fast.

Title: Re: AAA credit rating could go.
Post by perceptions_now on Feb 27^th, 2013 at 7:49pm

Bobby. wrote on Feb 27^th, 2013 at 6:30pm:

http://www.businessspectator.com.au/bs.nsf/Article/Australia-could-follow-Spains-credit-descent-SP-pd20121114-22NZZ?OpenDocument

Quote:

Australia risks losing its AAA credit rating if it is unable to get its federal budget back to surplus by 2014, according to the global director of public finance at Standard & Poor's Financial Services.

The official, Kyran Curry, has been a long-time primary credit analyst for Australia and told The Australian Financial Review that there are similarities between Australia's relatively indebted banking system and Spain's position before it began its rapid descent into its debt crisis.

It's all JuLiars fault.

What a load of old coblers!!!

If OZ were to be downgraded now, then we would go onto the same rating as the USA & UK, who were downgraded in 2011 & 2013, respectively.

The US already exceeds a 100% Debt to GDP ratio & the UK is breathing down the neck of 100%, whilst Australian is put at 30% according to 23%, according to the IMF in the following website.
http://en.wikipedia.org/wiki/List_of_countries_by_public_debt

Clearly both the US & UK and many other countries, are in a lot worse Economic situation, than Australia!

As for comparing the OZ banking system, to that of Spain, that is like comparing chalk & cheese.

Of course, OZ banks are likely to come under more stress, as problems in the housing sector become more pronounced, but that isn't going to affect them just yet and for now they are very solid!

Oh & btw, for those who think that low or no Debt is the bees knees, it would be a wake up to look at those countries who actually have a low national Debt.

On most occasions, you would probably change you mind about low Debt being great, because you probably would want to live in most low Debt countries OR very high Debt countries, for that matter!

Title: Re: AAA credit rating could go.
Post by bobbythebat1 on Feb 27^th, 2013 at 8:07pm

Perceptions,
read it properly:

Quote:

there are similarities between Australia's relatively indebted banking system
and Spain's position before it began its rapid descent into its debt crisis.

Title: Re: AAA credit rating could go.
Post by Robert Paulson on Feb 27^th, 2013 at 10:15pm

Meh. AA is still pretty good.

Title: Re: AAA credit rating could go.
Post by newtown_grafitti on Feb 27^th, 2013 at 11:45pm

Meh indeed.

The AFR report of Curry's opinion appeared November 21. Nothing has happened since then to lend weight to his claim.

Title: Re: AAA credit rating could go.
Post by Spot of Borg on Feb 28^th, 2013 at 4:57am

Seriously? You have to have a surplus to keep a rating? What if credit cards worked that way? You couldn't ever spend any money or they would take your card. We have been without a surplus before - did we lose "rating"?

SOB

Title: Re: AAA credit rating could go.
Post by Kat on Feb 28^th, 2013 at 8:38am

Sir Spot of Borg wrote on Feb 28^th, 2013 at 4:57am:

I seem to recall we did get knocked down to AA sometime in the '80s.

But, you are correct, a manageable debt (which ours is, despite claims
from the right) really is nothing to lose sleep over.

<sarc> Unless the government happens to be Labor, of course. </sarc>

Title: Re: AAA credit rating could go.
Post by longweekend58 on Feb 28^th, 2013 at 8:54am

standard and poors are a company I hope goes broke. UK was just downgraded from AAA after a decade of economic misery and its third recession in 5 years. Australia however by comparision has low debt, low deficit and good economic growth and low unemployment. Since when was a surplus a necessity to a AA rating since almost no govt anywhere ever acheives it and never on a regular basis?

rating agencies are half the trouble.

Title: Re: AAA credit rating could go.
Post by thelastnail on Feb 28^th, 2013 at 9:14am

longweekend58 wrote on Feb 28^th, 2013 at 8:54am:

has low debt ;D

Title: Re: AAA credit rating could go.
Post by perceptions_now on Feb 28^th, 2013 at 1:00pm

longweekend58 wrote on Feb 28^th, 2013 at 8:54am:

standard and poors are a company I hope goes broke. UK was just downgraded from AAA after a decade of economic misery and its third recession in 5 years. Australia however by comparision has low debt, low deficit and good economic growth and low unemployment. Since when was a surplus a necessity to a AA rating since almost no govt anywhere ever acheives it and never on a regular basis?

rating agencies are half the trouble.

Agreed!

In fact, I would suggest that the ratings agencies are more about being part of the problem, rather than being part of the solution!

Title: Re: AAA credit rating could go.
Post by hadrian_now on Feb 28^th, 2013 at 1:38pm

I would be even more surprised at Australia's AAA rating being downgraded than I would be at Julia Gillard winning the next election . . .and I see no contradiction here.

Title: Re: AAA credit rating could go.
Post by longweekend58 on Feb 28^th, 2013 at 6:02pm

Sir lastnail wrote on Feb 28^th, 2013 at 9:14am:

longweekend58 wrote on Feb 28^th, 2013 at 8:54am:

has low debt ;D

not the qualifying term BY COMPARISON. it does change things.

Title: Re: AAA credit rating could go.
Post by bobbythebat1 on Feb 28^th, 2013 at 6:17pm

longweekend58 wrote on Feb 28^th, 2013 at 6:02pm:

Sir lastnail wrote on Feb 28^th, 2013 at 9:14am:

longweekend58 wrote on Feb 28^th, 2013 at 8:54am:

has low debt ;D

not the qualifying term BY COMPARISON. it does change things.

Longweekend,
you said

low debt

you're wrong - admit it.

Title: Re: AAA credit rating could go.
Post by Carl D on Feb 28^th, 2013 at 6:32pm

Bobby. wrote on Feb 28^th, 2013 at 6:17pm:

Longweekend,
you said

low debt

you're wrong - admit it.

Uh-oh.

I see another 'namaste' heading our way. ;D

Title: Re: AAA credit rating could go.
Post by bobbythebat1 on Feb 28^th, 2013 at 6:37pm

Yes Carl,
we're getting close to that forgiveness doctrine.

Title: Re: AAA credit rating could go.
Post by perceptions_now on Feb 28^th, 2013 at 8:25pm

longweekend58 wrote on Feb 28^th, 2013 at 6:02pm:

Sir lastnail wrote on Feb 28^th, 2013 at 9:14am:

longweekend58 wrote on Feb 28^th, 2013 at 8:54am:

standard and poors are a company I hope goes broke. UK was just downgraded from AAA after a decade of economic misery and its third recession in 5 years. Australia however by comparision has low debt, low deficit and good economic growth and low unemployment. Since when was a surplus a necessity to a AA rating since almost no govt anywhere ever acheives it and never on a regular basis?

rating agencies are half the trouble.

has low debt ;D

not the qualifying term BY COMPARISON. it does change things.

This must be a record, twice in ine day, I agree!

As stated previously, US already exceeds a 100% Debt to GDP ratio & the UK is breathing down the neck of 100%, whilst Australian is put at 30% according to 23%, according to the IMF in the following website, therefore Australian Federal government Debt is clearly low, by international standards.
http://en.wikipedia.org/wiki/List_of_countries_by_public_debt

Title: Re: AAA credit rating could go.
Post by bobbythebat1 on Feb 28^th, 2013 at 8:27pm

Low debt?

Look at the debt clock:

Title: Re: AAA credit rating could go.
Post by thelastnail on Feb 28^th, 2013 at 8:35pm

perceptions_now wrote on Feb 28^th, 2013 at 8:25pm:

longweekend58 wrote on Feb 28^th, 2013 at 6:02pm:

Sir lastnail wrote on Feb 28^th, 2013 at 9:14am:

longweekend58 wrote on Feb 28^th, 2013 at 8:54am:

standard and poors are a company I hope goes broke. UK was just downgraded from AAA after a decade of economic misery and its third recession in 5 years. Australia however by comparision has low debt, low deficit and good economic growth and low unemployment. Since when was a surplus a necessity to a AA rating since almost no govt anywhere ever acheives it and never on a regular basis?

rating agencies are half the trouble.

has low debt ;D

not the qualifying term BY COMPARISON. it does change things.

and what about the ability to service the debt with only 20 million people ? How many are actually in jobs which create real wealth and not just in some parasitic service industry such as a lawyer or report writer etc ?

Title: Re: AAA credit rating could go.
Post by bobbythebat1 on Feb 28^th, 2013 at 9:17pm

Nail,

Quote:

Hear hear Nail,
And what is stopping us eventually becoming a 200% debt to GDP country
like Japan with an aging population?

We must stop living beyond our means.

Title: Re: AAA credit rating could go.
Post by perceptions_now on Mar 1^st, 2013 at 11:47am

Sir lastnail wrote on Feb 28^th, 2013 at 8:35pm:

perceptions_now wrote on Feb 28^th, 2013 at 8:25pm:

longweekend58 wrote on Feb 28^th, 2013 at 6:02pm:

Sir lastnail wrote on Feb 28^th, 2013 at 9:14am:

longweekend58 wrote on Feb 28^th, 2013 at 8:54am:

standard and poors are a company I hope goes broke. UK was just downgraded from AAA after a decade of economic misery and its third recession in 5 years. Australia however by comparision has low debt, low deficit and good economic growth and low unemployment. Since when was a surplus a necessity to a AA rating since almost no govt anywhere ever acheives it and never on a regular basis?

rating agencies are half the trouble.

has low debt ;D

not the qualifying term BY COMPARISON. it does change things.

and what about the ability to service the debt with only 20 million people ? How many are actually in jobs which create real wealth and not just in some parasitic service industry such as a lawyer or report writer etc ?

You do realise there are a few different issues involved ?

The article that started this thread, related to Government Debt, which is quite low by Global comparisons and that was the basis of my previous comments!

That is based on current figures and that Debt to GDP comparison can not be allowed to expand exponentially, as it has in quite a few other countries, without having some unwanted side effects and I have written previously on the need to change our direction.

However, our Private Household Debt is largely driven by Housing Prices, which have risen dramatically, particularly since the early 1980's, as shown in the following chart.

There will be differences, in the various localities around Australia, for specific reasons, BUT in an overall context the main reason for the massive increases can be traced back to Demand, with the Baby Boomer Generation providing a huge lift starting around that, plus a large positive net immigration intake.

That said, in recent times, housing price increases have slowed &/or Declined somewhat in general & in some areas Prices have Declined significantly.

I expect that Housing prices will continue to fluctuate, but the emphasis will not be on the Decline, rather than the increase.

The reasons for the future Decline will be related to the reasons for the initial increase & that is a slowing rate of natural Population increase, before it actually turns negative in around 10-15 years time. Net immigration will also start to slow & that will also turn negative, BUT that is likely to start sooner than the natural decline, say within 5-10 years.

Anyway, as the Population increase slows, so to will Demand & with that slowing Demand, Prices will also Decline.

So, because Housing Prices are set to Decline, those with secure jobs/income may expect to see some benefits in the affordability area.

However, that is not to say that the Economic effects will be beneficial, because some of the related issues will actually ensure the Local & Global Economy continues to spiral downwards & the overall effects will ensure the Local & Global Economy is set to experience great difficulties, over the coming decades!

Btw, I suspect that the sequence of where Longy & I agree, MAY have just ended?

Title: Re: AAA credit rating could go.
Post by thelastnail on Mar 1^st, 2013 at 12:17pm

Bobby. wrote on Feb 28^th, 2013 at 9:17pm:

Nail,

Quote:

Hear hear Nail,
And what is stopping us eventually becoming a 200% debt to GDP country
like Japan with an aging population?

We must stop living beyond our means.

It's funny how we value everything like we have paid it all off and own it all outright ;D

Title: Re: AAA credit rating could go.
Post by JC Denton on Mar 1^st, 2013 at 12:42pm

perceptions_now wrote on Mar 1^st, 2013 at 11:47am:

Sir lastnail wrote on Feb 28^th, 2013 at 8:35pm:

perceptions_now wrote on Feb 28^th, 2013 at 8:25pm:

longweekend58 wrote on Feb 28^th, 2013 at 6:02pm:

Sir lastnail wrote on Feb 28^th, 2013 at 9:14am:

longweekend58 wrote on Feb 28^th, 2013 at 8:54am:

standard and poors are a company I hope goes broke. UK was just downgraded from AAA after a decade of economic misery and its third recession in 5 years. Australia however by comparision has low debt, low deficit and good economic growth and low unemployment. Since when was a surplus a necessity to a AA rating since almost no govt anywhere ever acheives it and never on a regular basis?

rating agencies are half the trouble.

has low debt ;D

not the qualifying term BY COMPARISON. it does change things.

aka immigration + baby bonus making things less affordable for everybody, and we're all supposed to pretend that we're benefiting instead.

Title: Re: AAA credit rating could go.
Post by bobbythebat1 on Mar 1^st, 2013 at 2:21pm

Sir lastnail wrote on Mar 1^st, 2013 at 12:17pm:

Bobby. wrote on Feb 28^th, 2013 at 9:17pm:

Nail,

Quote:

Hear hear Nail,
And what is stopping us eventually becoming a 200% debt to GDP country
like Japan with an aging population?

We must stop living beyond our means.

It's funny how we value everything like we have paid it all off and own it all outright ;D

Hi Nail,
I don't think we really own anything - we're in such debt - & to who knows who?

Title: Re: AAA credit rating could go.
Post by longweekend58 on Mar 1^st, 2013 at 4:00pm

Bobby. wrote on Mar 1^st, 2013 at 2:21pm:

Sir lastnail wrote on Mar 1^st, 2013 at 12:17pm:

Bobby. wrote on Feb 28^th, 2013 at 9:17pm:

Nail,

Quote:

Hear hear Nail,
And what is stopping us eventually becoming a 200% debt to GDP country
like Japan with an aging population?

We must stop living beyond our means.

It's funny how we value everything like we have paid it all off and own it all outright ;D

Hi Nail,
I don't think we really own anything - we're in such debt - & to who knows who?

not everybody is a broke loser like you.

Title: Re: AAA credit rating could go.
Post by bobbythebat1 on Mar 1^st, 2013 at 5:19pm

longweekend58 wrote on Mar 1^st, 2013 at 4:00pm:

Bobby. wrote on Mar 1^st, 2013 at 2:21pm:

Sir lastnail wrote on Mar 1^st, 2013 at 12:17pm:

Bobby. wrote on Feb 28^th, 2013 at 9:17pm:

Nail,

Quote:

Hear hear Nail,
And what is stopping us eventually becoming a 200% debt to GDP country
like Japan with an aging population?

We must stop living beyond our means.

It's funny how we value everything like we have paid it all off and own it all outright ;D

Hi Nail,
I don't think we really own anything - we're in such debt - & to who knows who?

not everybody is a broke loser like you.

Nail has more money than you Longloser - at least he hasn't got a house in hock to the bank.
Why don't you ask Nail for a loan? ;D

Title: Re: AAA credit rating could go.
Post by thelastnail on Mar 1^st, 2013 at 5:28pm

Bobby. wrote on Mar 1^st, 2013 at 5:19pm:

longweekend58 wrote on Mar 1^st, 2013 at 4:00pm:

Bobby. wrote on Mar 1^st, 2013 at 2:21pm:

Sir lastnail wrote on Mar 1^st, 2013 at 12:17pm:

Bobby. wrote on Feb 28^th, 2013 at 9:17pm:

Nail,

Quote:

Hear hear Nail,
And what is stopping us eventually becoming a 200% debt to GDP country
like Japan with an aging population?

We must stop living beyond our means.

It's funny how we value everything like we have paid it all off and own it all outright ;D

Hi Nail,
I don't think we really own anything - we're in such debt - & to who knows who?

not everybody is a broke loser like you.

Nail has more money than you Longloser - at least he hasn't got a house in hock to the bank.
Why don't you ask Nail for a loan? ;D

bugger him. let him lose his one and only house ;D

Title: Re: AAA credit rating could go.
Post by longweekend58 on Mar 1^st, 2013 at 6:09pm

Bobby. wrote on Mar 1^st, 2013 at 5:19pm:

longweekend58 wrote on Mar 1^st, 2013 at 4:00pm:

Bobby. wrote on Mar 1^st, 2013 at 2:21pm:

Sir lastnail wrote on Mar 1^st, 2013 at 12:17pm:

Bobby. wrote on Feb 28^th, 2013 at 9:17pm:

Nail,

Quote:

Hear hear Nail,
And what is stopping us eventually becoming a 200% debt to GDP country
like Japan with an aging population?

We must stop living beyond our means.

It's funny how we value everything like we have paid it all off and own it all outright ;D

Hi Nail,
I don't think we really own anything - we're in such debt - & to who knows who?

not everybody is a broke loser like you.

Nail has more money than you Longloser - at least he hasn't got a house in hock to the bank.
Why don't you ask Nail for a loan? ;D

LOL... no, he doesnt have a house AT ALL

do u live in the same single room he lives in or do you have adjoining rooms for 'fun' at night?

Title: Re: AAA credit rating could go.
Post by longweekend58 on Mar 1^st, 2013 at 6:10pm

Sir lastnail wrote on Mar 1^st, 2013 at 5:28pm:

Bobby. wrote on Mar 1^st, 2013 at 5:19pm:

longweekend58 wrote on Mar 1^st, 2013 at 4:00pm:

Bobby. wrote on Mar 1^st, 2013 at 2:21pm:

Sir lastnail wrote on Mar 1^st, 2013 at 12:17pm:

Bobby. wrote on Feb 28^th, 2013 at 9:17pm:

Nail,

Quote:

Hear hear Nail,
And what is stopping us eventually becoming a 200% debt to GDP country
like Japan with an aging population?

We must stop living beyond our means.

It's funny how we value everything like we have paid it all off and own it all outright ;D

Hi Nail,
I don't think we really own anything - we're in such debt - & to who knows who?

not everybody is a broke loser like you.

Nail has more money than you Longloser - at least he hasn't got a house in hock to the bank.
Why don't you ask Nail for a loan? ;D

bugger him. let him lose his one and only house ;D

do you actually think that borrowing against a house for a new business is rare?? You know what? i think you actually do!!!!

Title: Re: AAA credit rating could go.
Post by bobbythebat1 on Mar 1^st, 2013 at 6:31pm

longweekend58 wrote on Mar 1^st, 2013 at 6:10pm:

Sir lastnail wrote on Mar 1^st, 2013 at 5:28pm:

Bobby. wrote on Mar 1^st, 2013 at 5:19pm:

longweekend58 wrote on Mar 1^st, 2013 at 4:00pm:

Bobby. wrote on Mar 1^st, 2013 at 2:21pm:

Sir lastnail wrote on Mar 1^st, 2013 at 12:17pm:

Bobby. wrote on Feb 28^th, 2013 at 9:17pm:

Nail,

Quote:

Hear hear Nail,
And what is stopping us eventually becoming a 200% debt to GDP country
like Japan with an aging population?

We must stop living beyond our means.

It's funny how we value everything like we have paid it all off and own it all outright ;D

Hi Nail,
I don't think we really own anything - we're in such debt - & to who knows who?

not everybody is a broke loser like you.

Nail has more money than you Longloser - at least he hasn't got a house in hock to the bank.
Why don't you ask Nail for a loan? ;D

bugger him. let him lose his one and only house ;D

do you actually think that borrowing against a house for a new business is rare?? You know what? i think you actually do!!!!

Hi Longy,
for people who have no education & have to open
a pizza shop to make a business it's the only way -
but you have a BSc ;D

Title: Re: AAA credit rating could go.
Post by longweekend58 on Mar 1^st, 2013 at 6:35pm

Bobby. wrote on Mar 1^st, 2013 at 6:31pm:

longweekend58 wrote on Mar 1^st, 2013 at 6:10pm:

Sir lastnail wrote on Mar 1^st, 2013 at 5:28pm:

Bobby. wrote on Mar 1^st, 2013 at 5:19pm:

longweekend58 wrote on Mar 1^st, 2013 at 4:00pm:

Bobby. wrote on Mar 1^st, 2013 at 2:21pm:

Sir lastnail wrote on Mar 1^st, 2013 at 12:17pm:

Bobby. wrote on Feb 28^th, 2013 at 9:17pm:

Nail,

Quote:

Hear hear Nail,
And what is stopping us eventually becoming a 200% debt to GDP country
like Japan with an aging population?

We must stop living beyond our means.

It's funny how we value everything like we have paid it all off and own it all outright ;D

Hi Nail,
I don't think we really own anything - we're in such debt - & to who knows who?

not everybody is a broke loser like you.

Nail has more money than you Longloser - at least he hasn't got a house in hock to the bank.
Why don't you ask Nail for a loan? ;D

bugger him. let him lose his one and only house ;D

do you actually think that borrowing against a house for a new business is rare?? You know what? i think you actually do!!!!

Hi Longy,
for people who have no education & have to open
a pizza shop to make a business it's the only way -
but you have a BSc ;D

and you have $300K sitting in the bank to start a business? of course not. almost EVERYBODY borrows to start a business. and if you want to borrow u need security and then enters the world of home ownership that renter-nail knows nothing about.

Title: Re: AAA credit rating could go.
Post by thelastnail on Mar 1^st, 2013 at 6:43pm

longweekend58 wrote on Mar 1^st, 2013 at 6:35pm:

Bobby. wrote on Mar 1^st, 2013 at 6:31pm:

longweekend58 wrote on Mar 1^st, 2013 at 6:10pm:

Sir lastnail wrote on Mar 1^st, 2013 at 5:28pm:

Bobby. wrote on Mar 1^st, 2013 at 5:19pm:

longweekend58 wrote on Mar 1^st, 2013 at 4:00pm:

Bobby. wrote on Mar 1^st, 2013 at 2:21pm:

Sir lastnail wrote on Mar 1^st, 2013 at 12:17pm:

Bobby. wrote on Feb 28^th, 2013 at 9:17pm:

Nail,

Quote:

Hear hear Nail,
And what is stopping us eventually becoming a 200% debt to GDP country
like Japan with an aging population?

We must stop living beyond our means.

It's funny how we value everything like we have paid it all off and own it all outright ;D

Hi Nail,
I don't think we really own anything - we're in such debt - & to who knows who?

not everybody is a broke loser like you.

Nail has more money than you Longloser - at least he hasn't got a house in hock to the bank.
Why don't you ask Nail for a loan? ;D

bugger him. let him lose his one and only house ;D

do you actually think that borrowing against a house for a new business is rare?? You know what? i think you actually do!!!!

Hi Longy,
for people who have no education & have to open
a pizza shop to make a business it's the only way -
but you have a BSc ;D

what only 300K !! ;D ;D

that's only pocket money for me ;D ;D

And you haven't heard of people running a business renting a premise ?? Of course you haven't because you have never run a business that made enough profit that exceeded the rent ;D

Anyway at least we know how much money you have sunk into your business. Looks like the bank will be looking over your shoulders all of a time having a bet each way ;D

Title: Re: AAA credit rating could go.
Post by bobbythebat1 on Mar 1^st, 2013 at 11:56pm

Sir lastnail wrote on Mar 1^st, 2013 at 6:43pm:

longweekend58 wrote on Mar 1^st, 2013 at 6:35pm:

Bobby. wrote on Mar 1^st, 2013 at 6:31pm:

longweekend58 wrote on Mar 1^st, 2013 at 6:10pm:

Sir lastnail wrote on Mar 1^st, 2013 at 5:28pm:

Bobby. wrote on Mar 1^st, 2013 at 5:19pm:

longweekend58 wrote on Mar 1^st, 2013 at 4:00pm:

Bobby. wrote on Mar 1^st, 2013 at 2:21pm:

Sir lastnail wrote on Mar 1^st, 2013 at 12:17pm:

Bobby. wrote on Feb 28^th, 2013 at 9:17pm:

Nail,

Quote:

Hear hear Nail,
And what is stopping us eventually becoming a 200% debt to GDP country
like Japan with an aging population?

We must stop living beyond our means.

It's funny how we value everything like we have paid it all off and own it all outright ;D

Hi Nail,
I don't think we really own anything - we're in such debt - & to who knows who?

not everybody is a broke loser like you.

Nail has more money than you Longloser - at least he hasn't got a house in hock to the bank.
Why don't you ask Nail for a loan? ;D

bugger him. let him lose his one and only house ;D

do you actually think that borrowing against a house for a new business is rare?? You know what? i think you actually do!!!!

Hi Longy,
for people who have no education & have to open
a pizza shop to make a business it's the only way -
but you have a BSc ;D

Well said Nail,
Longweekend is not a businessman's bootlace.

He should be asking for your sound business advice but
instead he mocks you every step of the way.

he is forgiven

namaste

Title: Re: AAA credit rating could go.
Post by longweekend58 on Mar 2^nd, 2013 at 7:28am

Sir lastnail wrote on Mar 1^st, 2013 at 6:43pm:

longweekend58 wrote on Mar 1^st, 2013 at 6:35pm:

Bobby. wrote on Mar 1^st, 2013 at 6:31pm:

longweekend58 wrote on Mar 1^st, 2013 at 6:10pm:

Sir lastnail wrote on Mar 1^st, 2013 at 5:28pm:

Bobby. wrote on Mar 1^st, 2013 at 5:19pm:

longweekend58 wrote on Mar 1^st, 2013 at 4:00pm:

Bobby. wrote on Mar 1^st, 2013 at 2:21pm:

Sir lastnail wrote on Mar 1^st, 2013 at 12:17pm:

Bobby. wrote on Feb 28^th, 2013 at 9:17pm:

Nail,

Quote:

Hear hear Nail,
And what is stopping us eventually becoming a 200% debt to GDP country
like Japan with an aging population?

We must stop living beyond our means.

It's funny how we value everything like we have paid it all off and own it all outright ;D

Hi Nail,
I don't think we really own anything - we're in such debt - & to who knows who?

not everybody is a broke loser like you.

Nail has more money than you Longloser - at least he hasn't got a house in hock to the bank.
Why don't you ask Nail for a loan? ;D

bugger him. let him lose his one and only house ;D

do you actually think that borrowing against a house for a new business is rare?? You know what? i think you actually do!!!!

Hi Longy,
for people who have no education & have to open
a pizza shop to make a business it's the only way -
but you have a BSc ;D

yeah sure liarnail. someone who complains about the price of fuel every other day as lives in a single rented room in shared accommodation has that much money??? not likely at all

you are just a loser who hates everyone and complains about everything.

Title: Re: AAA credit rating could go.
Post by thelastnail on Mar 2^nd, 2013 at 10:40am

longweekend58 wrote on Mar 2^nd, 2013 at 7:28am:

Sir lastnail wrote on Mar 1^st, 2013 at 6:43pm:

longweekend58 wrote on Mar 1^st, 2013 at 6:35pm:

Bobby. wrote on Mar 1^st, 2013 at 6:31pm:

longweekend58 wrote on Mar 1^st, 2013 at 6:10pm:

Sir lastnail wrote on Mar 1^st, 2013 at 5:28pm:

Bobby. wrote on Mar 1^st, 2013 at 5:19pm:

longweekend58 wrote on Mar 1^st, 2013 at 4:00pm:

Bobby. wrote on Mar 1^st, 2013 at 2:21pm:

Sir lastnail wrote on Mar 1^st, 2013 at 12:17pm:

Bobby. wrote on Feb 28^th, 2013 at 9:17pm:

Nail,

Quote:

Hear hear Nail,
And what is stopping us eventually becoming a 200% debt to GDP country
like Japan with an aging population?

We must stop living beyond our means.

It's funny how we value everything like we have paid it all off and own it all outright ;D

Hi Nail,
I don't think we really own anything - we're in such debt - & to who knows who?

not everybody is a broke loser like you.

Nail has more money than you Longloser - at least he hasn't got a house in hock to the bank.
Why don't you ask Nail for a loan? ;D

bugger him. let him lose his one and only house ;D

do you actually think that borrowing against a house for a new business is rare?? You know what? i think you actually do!!!!

Hi Longy,
for people who have no education & have to open
a pizza shop to make a business it's the only way -
but you have a BSc ;D

And look who is now sharing his house with a bank manager breathing down his neck ;D

Unlike you I'm in business to maximise profits and that means getting a good deal on everything whereas you are very generous in wanting everyone to give money away to scam artists. I can't see how you could ever run a profitable business :(

Title: Re: AAA credit rating could go.
Post by bobbythebat1 on Mar 2^nd, 2013 at 10:58am

Hi Nail,
I think it's people who were willing to borrow as much as the bank would lend them
that has placed the whole country in a bad situation.

I went for a more modest loan & a more modest residence & I'm glad now.
I paid off my place 5 years ago & it feels good.

Greed is not always good.

cheers
Bobby

Title: Re: AAA credit rating could go.
Post by thelastnail on Mar 2^nd, 2013 at 11:06am

Bobby. wrote on Mar 2^nd, 2013 at 10:58am:

what's even worse is that labor egged them on with the tripled first home buyers grant which essentially inflated the bubble and added an extra 100-150K on to their bank loan. They were blinded by the 20K handout but forgot about the loan which they were going to have to pay off for the next 30-40 years :(

Title: Re: AAA credit rating could go.
Post by bobbythebat1 on Mar 2^nd, 2013 at 12:02pm

Sir lastnail wrote on Mar 2^nd, 2013 at 11:06am:

Bobby. wrote on Mar 2^nd, 2013 at 10:58am:

Hear hear Nail,
Yes - the Govts. inflated a property bubble & now we see the results -
850,000 people under mortgage stress.

Title: Re: AAA credit rating could go.
Post by cods on Mar 2^nd, 2013 at 1:36pm

Bobby. wrote on Feb 27^th, 2013 at 8:07pm:

Perceptions,
read it properly:

Quote:

there are similarities between Australia's relatively indebted banking system
and Spain's position before it began its rapid descent into its debt crisis.

funny hoe we read thing as we want them to read isnt it??..

the thing about our country and the likes of America and UK.. is we didnt have a huge debt to pay off 5 years ago.. the mining industry which everyone credits Costellos surplus on.. didnt suddenly disappear in fact it increased at least 3 fold.. probably more...

and yet here we are knee deep in debt which doesnt worry perc at all. in fact hes rather proud of it...we were promised not once but over and over again we would have a surplus.. instead we have more debt.. I just know that if everyone that is in debt.. balanced their budgets like the govt appears to do.... then yes we would be worse than Spain or Italy.. because its only taken us 5 bloody years to get to this stage.. these other countries including America have been up to their eyebrows in debt for donkeys years.

Title: Re: AAA credit rating could go.
Post by cods on Mar 2^nd, 2013 at 1:41pm

Bobby. wrote on Mar 2^nd, 2013 at 12:02pm:

Sir lastnail wrote on Mar 2^nd, 2013 at 11:06am:

Bobby. wrote on Mar 2^nd, 2013 at 10:58am:

Hear hear Nail,
Yes - the Govts. inflated a property bubble & now we see the results -
850,000 people under mortgage stress.

it was the keep the construction industry going another stimulus...and they were tricked if you like into buying brand new homes..something swanky that looks all well and good when you are shopping around.. but once you move in... and see the shonky work

and then realize its not only the mortgage you have to pay to live there.. there is insurance home and contents.. theres rates..theres water rates...all of which increase each year...

Title: Re: AAA credit rating could go.
Post by bobbythebat1 on Mar 2^nd, 2013 at 2:04pm

cods wrote on Mar 2^nd, 2013 at 1:36pm:

Bobby. wrote on Feb 27^th, 2013 at 8:07pm:

Perceptions,
read it properly:

Quote:

there are similarities between Australia's relatively indebted banking system
and Spain's position before it began its rapid descent into its debt crisis.

5 years to get to this stage & what about in 10 years time?

Title: Re: AAA credit rating could go.
Post by thelastnail on Mar 2^nd, 2013 at 2:19pm

cods wrote on Mar 2^nd, 2013 at 1:36pm:

Bobby. wrote on Feb 27^th, 2013 at 8:07pm:

Perceptions,
read it properly:

Quote:

there are similarities between Australia's relatively indebted banking system
and Spain's position before it began its rapid descent into its debt crisis.

This financial stress will cost labor dearly at the next election :(

It is no use comparing ourselves with other countries and telling us how we are the envy of the world when you are knee deep in debt and can't sleep at night because you are worried that you could lose your job at any moment and one day the sheriffs will come around and toss you out on the street. At least in the US if you couldn't meet the payments you would just pack your tools and go and leave the keys in the letter box !!

Title: Re: AAA credit rating could go.
Post by thelastnail on Mar 2^nd, 2013 at 2:21pm

cods wrote on Mar 2^nd, 2013 at 1:41pm:

Bobby. wrote on Mar 2^nd, 2013 at 12:02pm:

Sir lastnail wrote on Mar 2^nd, 2013 at 11:06am:

Bobby. wrote on Mar 2^nd, 2013 at 10:58am:

Hear hear Nail,
Yes - the Govts. inflated a property bubble & now we see the results -
850,000 people under mortgage stress.

and even now they are still trying to pump up the housing bubble in the media in an effort to stop it from collapsing. It's a classic ponzi scheme fueled by debt !!

Title: Re: AAA credit rating could go.
Post by red baron on Mar 2^nd, 2013 at 5:33pm

Our National Debt as of 30 seconds ago 174 billion and rushing towards the next billion.

Your share, even if you are 1 day old? Almost 21 thousand dollars.

Triple AAA? If we keep going the way we are under LABOR, forever borrowing from China we will all be sitting on a corner with a tin cup out.

Title: Re: AAA credit rating could go.
Post by bobbythebat1 on Mar 7^th, 2013 at 8:07pm

red baron wrote on Mar 2^nd, 2013 at 5:33pm:

Hi Baron - it's a real worry -
we want the debt clock to be decreasing not increasing.

Also - if we lose this AAA rating -
then what are the consequences for our savings & the economy in general?

Title: Re: AAA credit rating could go.
Post by thelastnail on Mar 7^th, 2013 at 10:42pm

Bobby. wrote on Mar 7^th, 2013 at 8:07pm:

red baron wrote on Mar 2^nd, 2013 at 5:33pm:

Hi Baron - it's a real worry -
we want the debt clock to be decreasing not increasing.

Also - if we lose this AAA rating -
then what are the consequences for our savings & the economy in general?

Also just heard on lateline business that Australia is no longer considered the safe haven for foreign investors money as it used to be. It now has to compete with the likes of Indonesia which has massive resources riches. Australia is no loner the economic envy of the world ;)

Title: Re: AAA credit rating could go.
Post by bobbythebat1 on Mar 7^th, 2013 at 11:12pm

Yes Nail,
& the debt clock keeps ticking:

http://www.australiandebtclock.com.au/

Notice it always goes up - never down.

Title: Re: AAA credit rating could go.
Post by thelastnail on Mar 7^th, 2013 at 11:15pm

Bobby. wrote on Mar 7^th, 2013 at 11:12pm:

Yes Nail,
& the debt clock keeps ticking:

http://www.australiandebtclock.com.au/

Notice it always goes up - never down.

With all of these people such as John Smith and ian making millions from property deals without doing any work you'd think the clock should be going backwards by now !! Strange eh ;D

Title: Re: AAA credit rating could go.
Post by bobbythebat1 on Mar 8^th, 2013 at 6:50pm

Sir lastnail wrote on Mar 7^th, 2013 at 11:15pm:

Bobby. wrote on Mar 7^th, 2013 at 11:12pm:

Yes Nail,
& the debt clock keeps ticking:

http://www.australiandebtclock.com.au/

Notice it always goes up - never down.

With all of these people such as John Smith and ian making millions from property deals without doing any work you'd think the clock should be going backwards by now !! Strange eh ;D

That's right Nail,
we just go further & further down the plug hole.