Is Australia The Next Greece?


Apparently a valid question.
May explain why the leaders have their knickers in a knot and discussing taking more money away from social support groups and bickering about the “untouchable” GST.
Incompetent government looks like eventual austerity measures.

THE INTERNET POST

Australian consumers are more worried about the medium term outlook than at the peak of the financial crisis, and rightfully so.

Source: @ANZ_WarrenHogan

As The Telegraph reports, by the end of the first quarter this year, Australia’s net foreign debt had climbed to a record $955bn, equal to an already unsustainable 60pc of gross domestic product, and is set to rise as RBA’s bet that depreciation in the value of the country’s currency would help to offset the decline in its overbearing mining industry hasn’t happened to the extent they would have wished.

Furthermore, as UBS explains, China’s real GDP growth cycles have become an increasingly important driver of Australia’s nominal GDP growth this last decade. With iron ore and coal prices plumbing new record lows, a Chinese (real) economy firing on perhaps 1 cyclinder, and equity investors reeling from China’s collapse; perhaps the situation facing Australia is more…

View original post 933 more words

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About Ken McMurtrie

Retired Electronics Engineer, most recently installing and maintaining medical X-Ray equipment. A mature age "student" of Life and Nature, an advocate of Truth, Justice and Humanity, promoting awareness of the injustices in the world.
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