Australian Politics Forum - Bankrupt Victoria

thegreatdivide

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Re: Bankrupt Victoria
Reply #135 - May 9^th, 2024 at 5:56pm

In opposition to Bobby's - and the mainstream RW media's - shrill cries about "bankrupt Victoria", from Prof. Bill Mitchell (I'll post the link in the MMT thread later).

And so it went, the media outlets were having a field day talking up some confected sense of catastrophe and calling for even harsher fiscal cuts than the Victorian Labor government actually announced.

As a matter of fact, the Victorian Opposition conservatives are a total rabble – dysfunctional, incompetent and without any merits that would suggest they are ready to govern the state when the next election is held.

Yet all the ‘debt’ talk is providing them with a surge in the polls.

And spare the thought if they were actually elected.

Take a moment.

Imagine if someone in the RBA offices accidently typed some zeros in the accounting system against the RBA holdings of federal government and state and territory government debt.

In other words, just wiped the huge RBA holdings off.

Nearly a third of the Federal government debt would disappear, while a significant slice of the semis debt (state and territories) would vanish.

Would the media still be able to claim there was a major fiscal crisis at all levels of government?

Unlikely, the graphs that they carefully manipulate the vertical scales to show government debt going through the roof would look like Mt Everest.

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Sophia Gold Member Offline Posts: 8569	Re: Bankrupt Victoria Reply #136 - May 9^th, 2024 at 6:15pm Oh dear… on news tonight… Victoria is so broke the cancer researchers are facing a budget cut. Might see a mass exodus of people going to live interstate? Victoria not the place to be die.
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Bobby. Gold Member Online Australian Politics Posts: 105963 Melbourne Gender:	Re: Bankrupt Victoria Reply #137 - May 9^th, 2024 at 6:22pm Sophia wrote on May 9^th, 2024 at 6:15pm: Oh dear… on news tonight… Victoria is so broke the cancer researchers are facing a budget cut. Might see a mass exodus of people going to live interstate? Victoria not the place to be die. Those $26 million per day interest payments on Labor's debt come first.
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Bobby.

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Re: Bankrupt Victoria - Labor can't manage money
Reply #138 - May 9^th, 2024 at 8:32pm

And where does a lot of the money go?

Public servants:

https://www.spectator.com.au/2021/11/november-11-2021-the-day-the-great-war-agai...

It is pay walled, so here's the important bits.

"Without the slightest hint of irony, the Australian Bureau of Statistics yesterday released the latest Employment and Earnings, Public Sector data for Australia. On the eleventh day of the eleventh month, Australians learned about how many people work for our bureaucratic leviathan."

"In the 12 months to end June 2021, the number of public sector employees across the three levels of Australian (Commonwealth, State and Local) government increased by 3% to 2.1 million. Yes. In a country where the working age population is 12.5 million, 2.1 million people work for the government. One in six people."

and finally, a dig at Victoria ..
"But Victorians should fret not. Its public sector had a great pandemic.
Victorian public sector total wages and salaries increased by 9% reflecting both increased costs and an extra 19,000 public servants. This compared very well with a national (State and Territory) wages and salaries increase of 5%.
Did the Victorian economy grow by 9%? No. Did the Victorian population grow by 9%? No. But the cost of the Victorian public sector grew that much. So many achievements for the Andrews government to be proud of in addition to the world’s longest citizen lockdown (or was that lock up?)."

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thegreatdivide

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Re: Bankrupt Victoria - Labor can't manage money
Reply #139 - May 10^th, 2024 at 12:27pm

Bobby. wrote on May 9^th, 2024 at 8:32pm:

And where does a lot of the money go?

Public servants:

https://www.spectator.com.au/2021/11/november-11-2021-the-day-the-great-war-agai...

It is pay walled, so here's the important bits.

"Without the slightest hint of irony, the Australian Bureau of Statistics yesterday released the latest Employment and Earnings, Public Sector data for Australia. On the eleventh day of the eleventh month, Australians learned about how many people work for our bureaucratic leviathan."

"In the 12 months to end June 2021, the number of public sector employees across the three levels of Australian (Commonwealth, State and Local) government increased by 3% to 2.1 million. Yes. In a country where the working age population is 12.5 million, 2.1 million people work for the government. One in six people."

and finally, a dig at Victoria ..
"But Victorians should fret not. Its public sector had a great pandemic.
Victorian public sector total wages and salaries increased by 9% reflecting both increased costs and an extra 19,000 public servants. This compared very well with a national (State and Territory) wages and salaries increase of 5%.
Did the Victorian economy grow by 9%? No. Did the Victorian population grow by 9%? No. But the cost of the Victorian public sector grew that much. So many achievements for the Andrews government to be proud of in addition to the world’s longest citizen lockdown (or was that lock up?)."

All based on flat-earth, mainstream lunacy about government debt, as explained by Prof. Mitchell (see the latest MMT thread).

A pity; Melbourne needs an underground rail link between the airport and the CBD: if the workers and resources needed to build it are available, it can be built without worrying about debt which is immaterial for a currency-issuer - eg the Oz treasury which can make Vic state (public) debt disappear as if by magic, with price controls and rationing to control inflation....I can hear the free marketeers screaming from here.

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« Last Edit: May 10^th, 2024 at 12:36pm by thegreatdivide »

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Bobby. Gold Member Online Australian Politics Posts: 105963 Melbourne Gender:	Re: Bankrupt Victoria - Labor can't manage money Reply #140 - May 10^th, 2024 at 10:06pm Dear TGD - you need to watch this as the same will happen here or is already happening: The Hidden Financial Black Hole Waiting The Next Government Economics Help UK
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Bobby. Gold Member Online Australian Politics Posts: 105963 Melbourne Gender:	Re: Bankrupt Victoria - Labor can't manage money Reply #141 - May 11^th, 2024 at 1:24pm Get ready for Labor's Federal budget:
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Bobby. Gold Member Online Australian Politics Posts: 105963 Melbourne Gender:	Re: Bankrupt Victoria - Labor can't manage money Reply #142 - May 11^th, 2024 at 1:27pm We're still waiting for Monk to apologise for voting Labor.
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thegreatdivide

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Re: Bankrupt Victoria - Labor can't manage money
Reply #143 - May 11^th, 2024 at 1:46pm

Bobby. wrote on May 10^th, 2024 at 10:06pm:

Dear TGD -

you need to watch this as the same will happen here or
is already happening:

The Hidden Financial Black Hole Waiting The Next Government

Economics Help UK

No I don't need to read it.

Memo for Bobby: the UK government can't run out of UK pounds sterling. Your financial ignorance is deplorable.

The UK government can certainly mismanage the economy, which is what is happening now.

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Bobby. Gold Member Online Australian Politics Posts: 105963 Melbourne Gender:	Re: Bankrupt Victoria Reply #144 - May 11^th, 2024 at 2:08pm Dear TGD, you can lead a horse to water but you can't make it drink. forgiven namaste ╰დ╮ॐ╭დ╯
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Bobby.

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Re: Bankrupt Victoria - Labor can't manage money
Reply #145 - May 11^th, 2024 at 4:23pm

A mass exodus of Melbourne investors and businesses! Are you buying a home or debt?

Recently, the news has been about the turmoil in Melbourne's property market, leaving nothing but discontent for investors. "Increased taxes are the last straw breaking the back of property investors in Victoria," "I didn't buy five investment properties; I bought five debts," "Sales of new builds plummet as investors flee," "Melbourne's land tax forces factories to relocate to other states"... such stories are becoming all too common. In recent years, Melbourne's property prices have lagged behind other Australian cities. What used to be a robust market is now faltering. What are the six key reasons for Melbourne's weakening property trend? Is there still hope for investing in Melbourne's real estate market? Six major changes will shape the city's market performance in the coming years. For those interested in Melbourne's property scene, today's content is something you otherwise have to hear in a top university.

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Baronvonrort

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Re: Bankrupt Victoria
Reply #146 - May 11^th, 2024 at 6:38pm

Quote:

Herald Sun
@theheraldsun

Victorians will soon be handing over $26m a day — $9.4bn a year — just to cover the interest payments on the state’s growing debt pile. Here’s the staggering number of essential workers that would pay for

https://twitter.com/theheraldsun/status/1788765916211413179

$26 million a day just to cover interest on money Dan and labor pissed away.

The Hume hwy looks like the best thing to come out of Melbourne at this time

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Leftists and the Ayatollahs have a lot in common when it comes to criticism of Islam, they don't tolerate it.

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Bobby.

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Re: Bankrupt Victoria - Labor can't manage money
Reply #147 - May 11^th, 2024 at 7:52pm

Baronvonrort wrote on May 11^th, 2024 at 6:38pm:

Quote:

Herald Sun
@theheraldsun

Victorians will soon be handing over $26m a day — $9.4bn a year — just to cover the interest payments on the state’s growing debt pile. Here’s the staggering number of essential workers that would pay for

https://twitter.com/theheraldsun/status/1788765916211413179

$26 million a day just to cover interest on money Dan and labor pissed away.

The Hume hwy looks like the best thing to come out of Melbourne at this time

They kept voting Dan back in - WTF?

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Sophia

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Re: Bankrupt Victoria
Reply #148 - May 12^th, 2024 at 11:13am

I was just having a conversation with another music teacher, I said to him how it’s good for primary school children to learn music at least 18 months minimum as it increases their maths IQ.
He told me that parents are pulling their children out of music because of cutting back and unaffordability due to rising costs of living etc
Now that’s sad.
Maybe one day in future we’ll have no future musicians in Victoria?
Unless in some cases a type of bartering in place with save the day.
Eg: I will teach your child music if you give me fresh fruit from your orchard as payment or vice versa.

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Sophia Gold Member Offline Posts: 8569	Re: Bankrupt Victoria Reply #149 - May 12^th, 2024 at 11:14am ***
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