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Monday 27th June 2016 - 9:17 am
Comments Off on PM’s speech: the lustre and bluster

PM’s speech: the lustre and bluster

by Alan Thornhill

Anlysis

 

 

 

Malcolm Turnbull’s policy speech yesterday was a polished performance.

 

He managed to suggest, for example, that something very like the Brexit disaster could well sink Australia, too, if we don’t vote the right way on July 2.

 

Without actually saying so.

 

So is there a danger, in his message that might not be immediately apparent?

 

Arguably.

 

Is the lustre, of his carefully crafted message, for example, brighter than its bluster?

 

The Prime Minister assured voters, constantly, throughout his speech, that his Coalition has a plan to deal with all eventualities, that might arise over the next three years.

 

Without saying, too specifically, what it was

 

He also boasted that some 300,000 new jobs had been created, on his government’s watch.

 

Without mentioning that most of them are part time positions, with pay rates that don’t cover grocery bills

 

This has left many Australians, particularly the young and the old, without a place in Australia’s modern work-force

 

So it might well be worth looking again at just what the Turnbull forces are planning to do, as well as what Mr Turnbull, himself, is actually saying.

 

Tax cuts, both for Australians on high incomes – and the big corporates – are at the heart of his plan.

 

It may well be worth remembering, at this point, that much of the vote for Britain’s exit, from the EU, came from poor areas, in Britain’s north.

 

That is  from the very people who have suffered most, over the years, from the austerity that came with Thatcherism, and its successors.

 

Eminent economists, like America’s Paul Krugman are not impressed by arguments that rising wealth for the rich will produce more jobs for the poor.

 

Krugman says that’s like relying on “the austerity fairy” to overcome unemployment.

 

However that argument still appeals, even if its strongest appeal is to those who benefit most from it.

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Sunday 26th June 2016 - 3:23 pm
Comments Off on PM urges Australians to vote for “stability”

PM urges Australians to vote for “stability”

by Alan Thornhill

Malcolm Turnbull says:  “the shockwaves in the past 48 hours from Britain’s vote to exit the European Union are a sharp reminder of the volatility in the global economy.”

Delivering his policy speech in Sydney for the July 2 elections, the Prime Minister also spoke of the need for stable majority government, experienced economic leadership and a national economic plan.

An edited copy of  his 4,000 word speech is reproduced below.

After praising senior Liberals who attended the launch, Mr Turnbull said Australia needs a national economic plan  which “recognises the nature of our times – both the opportunities and challenges – and gives us the resilience we need to succeed.”

“Only the Liberal National Coalition can deliver that plan, that security, that leadership,” he added.

“Everything we seek to achieve, all of our hopes, our dreams depend on strong economic growth, “ Mr Turnbull said.

In a strong economy, business is  confident and  prepared to risk investing, expanding and hiring.”

Mr Turnbull said:  “Our business tax cuts encourage small and medium businesses to do just that.

“A strong economy means a mum whose kids are now at school and wants to work a few more days, or work full time, will have plenty of opportunities to do so,” Mr Turnbull said.

“And our childcare reforms will make it easier for her to do so too,” he added.

“It means that young men and women who have left school and are looking for a job will find an employer who is hiring and is happy to give them a start.”

“Our PaTH program with job training and internships will provide additional support to youth employment,”Mr Turnbull added.

A strong economy means we can fund our Innovation and Science Agenda to ensure our kids learn the digital skills of the 21st century, our research is commercialised to create jobs here at home and investors support start-up companies.

A strong economy means that senior Australians know their children will be in good jobs, their investments will deliver better returns and that Government will have growing revenues to support their pensions and health care.

It means that the farmer is getting much better prices for his cattle and can afford to hire a local contractor to replace his fences, clean out a dam or build a new hay shed.

It means the cafe, the restaurant, the hotel has more tourists and they hire more staff to cater for them.

All thanks to our export trade deals.

A strong economy means that builders will be hard at work on new homes and tradesmen will have more jobs.

It means that a manufacturer has more export orders, can buy more equipment, hire more workers and expand their business.

A stronger economy means we can fund over $50 billion in 21st century road, rail and other infrastructure including the Western Sydney Airport and the 39,000 jobs it will create.

“A stronger economy means we can afford to fund world-class education and health services, including Medicare, without weighing down our children and grandchildren with more debt and deficits,” Mr Turnbull said.

A strong economy means we can meet and beat our international obligations  to address climate change and do so without massive hikes in electricity prices as Labor would do.

“We have a national economic plan because the prosperity and security of 24 million Australians depend on it,” he said.

Mr Turnbull said success in the 21st Century cannot be taken for granted.

“Always expect the unexpected.”

“We will need to renegotiate vital trade deals with Europe and Britain,” Mr Turnbull said.

“We concluded five in the last three years – Japan, Korea, China, Singapore and the Trans Pacific Partnership.

“In six years Labor concluded none,” he said.

“We have carefully considered what we need to do to succeed, to make the transition from an economy fired up by a once in a century mining construction boom to one that is more diverse, more innovative, smarter, more productive – an economy that wins, and keeps on winning.”

“So there is a clear cut choice at this election,” Mr Turnbull said.

“We present our fellow Australians with a national economic plan every element of which supports more investment, stronger economic growth and more jobs.

“Our plan invests $1.1 billion to promote leading-edge innovation in our industries and to prepare our children for the jobs of the future.”

Our plan promotes export trade deals to generate 19,000 new export opportunities, giving our businesses premium access to the biggest economies in our region.

Our plan invests in local defence industries to ensure every defence dollar possible supports advanced manufacturers and thousands of Australians jobs.

Our Enterprise Tax Plan provides tax relief to tens of thousands of small-to-medium family businesses now and to all companies over time so they can invest, grow and hire more Australians.

“On the other hand, our opponents in the Labor Party have no economic plan.”

“Labor believes its best hope of being elected is to have trade union officials phone frail and elderly Australians in their homes at night, to scare them into thinking they are about to lose something which has never been at risk,” Mr Turnbull said.

“That’s not an alternative government, that’s an Opposition unfit to govern.”

Every element of Labor’s platform would discourage investment and employment.

He described it as: “a recipe for economic stagnation.”

“If returned at this election, we will convene a joint sitting to restore the rule of law in the construction industry and reinstate the Australian Building and Construction Commission, Mr Turnbull said.

So Australians could  have the building infrastructure  they need  “at a price they can afford.”

He said:  “housing values would fall in a fragile property market and rents would rise, because of Labor’s investment destroying ban on negative gearing and 50 per cent hike in capital gains tax.

“This threat is real.

“ So we need to be crystal-clear about what our votes will mean,” Mr Turnbull said.

“If your local vote is for Labor, Greens or an Independent, and you are in one of the 20 or so key battleground seats across the country, it is a vote for the chaos of a hung Parliament, a budget black hole, big Labor taxes, less jobs and more boats,” he warned.

Only a Liberal or National vote ensures stable government, a clear economic plan, real funding for the aged, Medicare and education; more jobs and strong borders.

Mr Turnbull urged Australians to: ““Vote for your local Liberal or National in the House and in the Senate.”

“In the last calendar year, there were 300,000 new jobs,” the Prime Minister said.

“Our unemployment rate of 5.7 per cent is well beneath what was anticipated when the Coalition came to office,” he added.

None of this happens by chance. Strong economic leadership supporting hard-working Australians means that, even with difficult global headwinds, we continue to grow our economy and expand our workforce.

And, today, I can announce additional policies from our Coalition team to support our national economic plan for jobs and growth.

Mr Turnbull said his government is determined to ensure none of our regional communities are left behind as we make the transition to a stronger new economy.

“… our regions must be at the frontline of the drive for innovation, jobs and growth,” Mr Turnbull said.

Our ‘Regional Jobs Fund’ is a major commitment… he added.

“As we build a stronger economy, it is vital that we also do all we can to ensure all Australians, especially young Australians, are not left behind,” he added.

So the Coalition woulds deliver a record $73.6 billion over the next four years for all Australian schools,” he said.

“Today, I can announce an additional $48 million for scholarships under the Smith Family’s Learning for Life program, to help disadvantaged students to complete year 12 and transition to work or further education and training,” he added.

“The Coalition will also invest $31 million in programs to encourage more girls and women to study and work in science, technology, engineering and mathematics,” Mr Turnbull said.

It would also help older Australians get smartphones.

He said only about one household in five, with people aged 60 or above, had a smartphone.

“To make their lives easier, to help them retain their independence, and to keep them connected to families and friends, I am announcing today a $50 million Coalition strategy to assist seniors who want to improve their digital literacy skills,” he said.

“And as announced earlier today, my Government will be investing $192 million more in front line mental health services including twelve suicide prevention sites around Australia and ten more headspace centres; and at the same time using smart phone and other technology to make these services more accessible,” he said.

This complements our support for Veterans’ mental health programs, itself a reminder that we best honour the diggers of Gallipoli and Fromelles by supporting the veterans and their families of today.

Mr Turnbull said; “only a strong Australia can be a safe Australia.

“After six years of abject Labor neglect and indecision, our continuous shipbuilding strategy will ensure Australia retains a sovereign capability to build and sustain naval vessels, securing thousands of advanced manufacturing jobs for decades to come,” he added.

Mr Turnbull said:”Labor’s abandonment of John Howard’s proven border protection policy opened the door to the people-smugglers:

The results had included:-

  • 50,000 unauthorised arrivals on 800 boats,
  • 1200 deaths at sea, of which we know,
  • Over 8000 children put into detention,
  • 17 detention centres opened, and
  • An $11 billion border protection budget blowout.

“In contrast, the Coalition has restored security at the border, integrity to our immigration program – and with it, public trust,” he said.

“I am proud to announce that today marks 700 days without a successful people-smuggling venture to our country,” he added.

“I am also very proud to announce that we have removed every child from detention in Australia,” Mr Turnbull said.

Labor had failed Australia before.

“The people-smugglers are looking for the earliest sign that an Australian government will waver,” he added.

Mr Turnbull said: “our policies are tough.

“But  these policies have stopped the drownings at sea, and restored the integrity of, and trust in, our large but orderly immigration and refugee programs,” he added.

To further strengthen our domestic security I announce initiatives that go to that most fundamental of liberties – the right to live without fear of violence.

Mr Turnbull also said: “my first announcement as Prime Minister was a new $100 million package to encourage all Australians to confront squarely and honestly the ugly truth of violence against women and children in our society.

“Today, I can announce a $64 million commitment to crack down on the trafficking of illegal firearms on our streets, in particular by criminal gangs,” he added.

He said he is asking Australians to make a clear choice — to back a strong and stable Coalition majority government that can press ahead with its plan for a stronger new economy.

That would deliver the economic security that enables Australians to fulfill their aspirations.

“That is why I am asking my fellow Australians at this election to support our Coalition’s National Economic Plan for a Strong New Economy,” he said.

Friday 24th June 2016 - 1:11 pm
Comments Off on High Brexit vote hits markets

High Brexit vote hits markets

by Alan Thornhill

The $A tumbled today, as the vote to leave the EU came in higher than expected.

 

However, a short time ago, the BBC still had the vote to stay higher than the vote to leave.

 

At that point, 2,933,388 Britons had voted to stay in the EU.

 

But 2,841,709 had voted to leave.

 

The $A fell by 1.35 per cent, to 75.35 US cents in the confusion that followed the unexpectedly high vote to leave.

 

That vote is seen, in large part, as a product of British impatience with calls for austerity.

 

But British Conservatives are being urged today to maintain their faith in the British Prime Minister, David Cameron, who campaigned hard for the no vote, that would keep Britain in the EU.

Friday 24th June 2016 - 9:49 am
Comments Off on Labor to announce its temporary worker policy

Labor to announce its temporary worker policy

by Alan Thornhill

Labor says it is planning to ensure that temporary workers are not exploited and that local workers get priority.
In a statement early today, the opposition leader, Bill Shorten, said: “Australians have rightly been appalled by the systematic exploitation of workers on temporary work visas.”

 

He said thousands of employees at 7-Eleven stores had been exploited through the underpayment of more than $100 million in wages.”

 

The issue of temporary work visas has already become controversial in the current election campaign, with the National Party urging the government to clarify issues with 457 visas.

 

These allow farmers to employ visiting students, on pay rates they consider affordable.
Mr Shorten said: “Labor believes the temporary work visa system must have robust safeguards in place to protect all workers.”

 

It must not be used as a back door avenue to source cheap labour.

 
“This means that we need policies and systems in place that support a growing economy, prioritise Australian workers, allow industry to access the skills they need, and importantly, ensure and importantly, ensure workers are not disadvantaged or exploited,” Mr Shorten said.

 

He said Labor’s policies would meet these tests.

Friday 10th June 2016 - 12:08 pm
Comments Off on Why we risked all:PM

Why we risked all:PM

by Alan Thornhill

The Prime Minister, Malcolm Turnbull, is trying to steer the election campaign back to where it started.

That is with his attempt to restore peace in the building and construction industry.

And in a speech to the American Australian Association & US Studies Centre last night, Mr Turnbull also argued that Australia’s increasing involvement with Asia is making this country’s reliance on America more important than ever.

He said the government had launched an unusually long –eight week – campaign for re-election  “in order to break the deadlock between the House of

Representatives and the Senate over two critical pieces of legislation relating to industrial relations.

“and one of those is the restoration of the Australian Building and Construction Commission,”  Mr Turnbull said.

That aim had – previously – been hardly mentioned during the campaign, which has now passed its half-way mark.

But, last night,  Mr Turnbull declared that the course he had chosen is: “the only way we can get the rule of law restored to the construction sector.”

He said the sector  employs one million people.

“ and the restoration of law to that sector is a vital economic reform, and part of our economic plan to secure our prosperity.”

“the only way we can get that passed is through this double dissolution and getting the numbers collectively in the House and the Senate to pass that law and restore rule of law through a joint sitting of the parliament,” Mr Turnbull said.

“ That’s our commitment,” he added.

Mr Tunbull also paid tribute to a previous Liberal Prime Minister, John Howard, who attended last night’s function.

He said: “John understood that the United States is the irreplaceable anchor to the global rules-based order – an order built upon shared political values and common economic and security interests.

“The truth of his insight has been affirmed by every subsequent Prime Minister of Australia.

“Earlier this year I visited and thanked our men and women serving alongside US forces in Afghanistan, in what is now the longest commitment in our military history.

“And also our forces in Iraq, where we are together with the United States and other allies jointly pushing back, rolling back the brutality and barbarity of Daesh or ISIL.

“And not a day, truthfully not a minute, goes by without our intelligence agencies working together – saving lives – in the fight against terrorism.

“Our ANZUS alliance and broader relationship is anchored in a history that is even deeper and richer than many of us realise,” Mr Turnbull concluded.

Sunday 29th May 2016 - 10:59 pm
Comments Off on Our political leaders present themselves, carefully

Our political leaders present themselves, carefully

by Alan Thornhill

The Prime Minister, Malcolm Turnbull, told voters tonight that growth is necessary for Australia.

He said that is fundamental.

And – taking care to appear Prime Ministerial – Mr Turnbull said his government had a plan to achieve growth that would produce new jobs and prosperity.

The Opposition Leader, Bill Shorten, responded by saying that fairness is needed for growth.

And he said the government’s plan to give big foreign companies $50 billion worth of tax cuts over the next 10 years is not fair.

He said a well educated population, with access to good health care, is essential.

The two leaders were speaking in the second of their debates in the current election campaign, leading to national elections on July 2.

Tonight’s debate was the first to be televised publicly.

The first was carried only on pay television.

Although both leaders were criticised tonight for not giving enough detail about their policies, both would probably be reasonably happy with their performances.

Both managed to avoid embarrassing mistakes.

And both stuck to carefully considered strategies.

Mr Turnbull sought to re-assure those who share his philosophies and to convince doubters that voting for a reckless spending Labor government on July 2 would be just too risky.

And Mr Shorten, who realises that he is less well known than his rival, took care to present himself as a moderate responsible leader, who will advance thoroughly thought out policies, in this campaign which still has five weeks to run.

Wednesday 11th May 2016 - 1:59 pm
Comments Off on We’re not eating our vegies:ABS

We’re not eating our vegies:ABS

by Alan Thornhill

Australians are not eating properly, according to new data that the Bureau of Statistics published today.

In the first publication of its kind, the bureau compared what we do eat with the 2013 Australian Dietary Guidelines.

They recommend minimum serves for vegetables, fruit, dairy products, lean meats and alternatives, and grain-based foods.

The comparison suggests that we are getting little more than half the vegetables we need.

The Bureau’s Director of Health, Louise Gates said that adults and children over eight consumed an average of 2.7 serves of vegetables, rather than the 5 serves recommended by the Australian Dietary Guidelines.

Ms Gates said this is shown by the latest results from the 2011-12 National Nutrition and Physical Activity Survey.

“Less than 4 per cent of the population consumed enough vegetables and legumes or beans each day,” Ms Gates said.

Ms Gates said, too, that only “One in 10 was meeting the guidelines for dairy products, while one in seven consumed the minimum number of serves of lean meats and alternatives per day.”

“Among the five food groups, fruits and grains had the best compliance, with nearly one in three people consuming the minimum recommended number of serves for each group.’

“ However, one-third of the fruit serves was from juice and dried fruit, and two-thirds of the grains and cereals were from refined grains rather than whole grain or high fibre sources,” Ms Gates added.

The report also found that over one-third of the population’s total daily energy intake came from energy-dense, nutrient-poor ‘discretionary foods’ such as sweetened beverages, alcohol, cakes, confectionery and pastry products.

Friday 6th May 2016 - 4:38 pm
Comments Off on RBA reveals all

RBA reveals all

by Alan Thornhill

Australian shoppers are spending more and saving less, according to the Reserve Bank.

The bank made this observation in the May Economic statement, which it published today.

Its main purpose, in publishing this month’s statement, was to explain why the bank cut its marker interest rate by 25 basis points last Tuesday, to a new low of 1.75 per cent.

The bank confirmed, in its statement, that its board had been thinking of cutting this rate, for some time.

It peaked – at 17 per cent – in the late 1980s.

But the bank is expecting much quieter times, in the period ahead.

It noted that wage growth had been “modest.”

It said:“ This implies a further gradual decline in the household saving ratio over the forecast period.”

The bank also said:”The amount of residential construction work still in the pipeline is substantial and has continued to increase.”

“This points to further strong growth in dwelling investment, albeit at a gradually declining rate consistent with the decline in building approvals since last year.”

“ In established housing markets, conditions have stabilised over the past six months or so.”

“ Housing prices have grown moderately over 2016 to date, following a small decline at the end of 2015.”

“ Housing credit growth has eased a little over recent months to be around 7 per cent in six-month-ended annualised terms in early 2016.”

“ This follows increases in mortgage rates and the strengthening of banks’ non-price lending terms in response to supervisory actions.”

“In above average and business credit growth has picked up over the past year or so.”

“ Nevertheless, indicators of investment intentions suggest that non-mining business investment is likely to remain subdued for a time, although it is expected to gradually pick up later in the forecast period as overall demand strengthens.”

“ Mining investment is expected to continue to fall as projects are progressively completed,” the bank said.

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