@TMFScottP That's the dichotomy of a dual mandate of trying to achieve full-employment and price stability which leave little room error.
English
SnapBackAU
16.9K posts
@SnapBackAU Sure, but the most likely causes are the textbook ones.
That's where the attention needs to be, given they're not even getting *that* right.
English
A bit of straight talk: If the government had a Budget surplus today (and it should), people would scream blue murder that it wasn't being used to 'provide cost of living relief', given 'how tough people are doing it'.
Thing is, a surplus would be the best way for them to help.
English
@TMFScottP There's just much more nuance and moving pieces than textbook examples provide.
English
@SnapBackAU I mean, yes. But that's kinda an extreme example and not really what I'm talking about when it comes to structural balance.
English
🇺🇸🇮🇷 Sec. Hegseth on Iran:
"Today will be the largest strike package yet ... death and destruction from above."
Mario Nawfal@MarioNawfal
🇺🇸 Sec. Hegseth: "May almighty God continue to bless our troops in this fight. Please pray for them every day on bended knee with your family, in your schools, in your churches, in the name of Jesus Christ."
English
@AvidCommentator Or maybe things aren’t as bad as you believe👇
Tracy Shuchart (𝒞𝒽𝒾 )@chigrl
Exxon, BP, Vitol ship most US fuels to Australia for a single month in three decades, traders say ExxonMobil, BP and Vitol are shipping a record volume of oil products to Australia from the United States in March, shipping data from trading sources shows, filling a gap left by the loss of regular supplies from Asia as the Iran conflict disrupts supplies. Australia usually relies on Asia for the vast majority of its oil product imports, but China and Thailand have banned fuel exports to preserve domestic supplies and refiners across the region are cutting output as Iran's blockade of the Strait of Hormuz sharply cuts crude exports from the Middle East. At least 200,000 metric tons of gasoline, diesel and jet fuel have been loaded, or will be loaded, by the end of March from the U.S. Gulf Coast and West Coast for shipment to Australia, shipping data from three trade sources shows. (Reuters)
English
Several followers have suggested Albo has taken a softly softly approach to fuel conservation because of Saturday's S.A State Election.
I'm not sure what is more concerning, playing politics with a crisis or just not acting because of other reasons.
English
@TMFScottP It would all depend on how they balanced the budget. For example if they balanced the budget by forcing the Future Fund to pay the government a one-time dividend or doubling the tax on super funds you’d see little if any change in demand.
English
So let's be clear:
Deficit-funded spending, when the economy is flagging, is important.
And surplus-based savings, when the economy is running hot, are just as important.
We're poorer for the fact that the pollies are gutless, and/or craven and the usual suspects will whinge.
English
@AvidCommentator If it’s as bad as you opine then the government should immediately nationalise the LNG industry, declare force majeure on all LNG contracts, then barter all LNG exports for petrol/diesel/jet fuel.
English
Australia is in deep deep trouble with its fuel supplies.
Not that low stock levels is anything new.
English
Is Pete Hegseth the Iraqi Information Minister of his generation?
Discuss.
Masu Zafi 🔥🔥@masuzafi
"How Did You Not Plan For This?"
English
If you had of said to me 3 weeks ago that Labor could lose the next election I would have laughed.
But honestly, if we end up in a protracted fuel crisis and the economy gets hammered as a result, while Japan and South Korea happily sip tea, it's infinitely more possible.
English
@TMFScottP It is a speculative market that is openly manipulated.
US directly ordered Treasury to stabilize it by entering the market.
Look at Spot or Over the Counter Prices.
Diesel, Petrol and Av Gas are what is bought by developed economies, not oil.
We do not import and refine.
English
Exhibit #3683 explaining why markets are silly, and trying to follow/read them is a fool's errand.
Stop playing their game.
English
@AvidCommentator @DigitalMedia_LM Like when he was going after China and they stopped importing wine, barley, coal, timber, and lobsters?
English
@DigitalMedia_LM For all his failings Morrison could play geopolitical hard ball.
And we need to be doing that to secure fuel supplies right now, because everyone else is already doing it and we are swaying in the wind.
English
I cant believe I'm even thinking this, but honestly if I had to choose between Albo and ScoMo for a crisis PM to play international trade hard ball, I'd have to go with Morrison.
So far Albo's approach to this crisis has been at best poor.
English
@TMFScottP @justsaycc64 @altimetr Guess we’ll never know since this is just an exercise in futility and a way to kill time as we watch the world go to hell in a handbasket as we debate the nuances of the mechanisms for raising revenue in an environment where government has no discipline restraining spending. Lol
English
@SnapBackAU @justsaycc64 @altimetr I still don't see the argument for removing the fuel excise though.
Simplicity is interesting, and some people just prefer it, but on a pragmatic basis, what's improved by its removal and replacement?
English
It is maddening to listen to Michele Bullock having to give political-style answers to questions because she knows that the muckrakers and shouters will crucify her for seeming 'out of touch'.
She should be free to call a spade a bloody shovel.
English
@TMFScottP @justsaycc64 @altimetr Exactly, that’s why I propose getting rid of all the deductions and games along with all the Mickey Mouse taxes including fuel excise. A package deal not ala carte.
English
@SnapBackAU @justsaycc64 @altimetr Frankly, simpler and easier than income tax collection with all of its puts and takes, tbh.
English
@TMFScottP @justsaycc64 @altimetr Probably a whole lot less need for tax professionals and government bureaucrats thus lowering cost and improving productivity.
English
English
@TMFScottP @justsaycc64 @altimetr A streamlined simplified tax system that’s fairer and more efficient.
English
@SnapBackAU @justsaycc64 @altimetr I don't see any need to get rid of it, though.
If you're going to give with one hand and take with the other, what's the benefit?
English
Am I wrong to assume anyone’s base case is that the war will be wrapped up soon?
English
@TMFScottP @justsaycc64 @altimetr I’m saying they should get rid of it along with all the other BS taxes and just have a flat fair tax without all the deductions and tax dodges. Simplify the system and stop nickel and diming the populace on the necessities and luxuries in life. Guess this is an unpopular opinion
English
@SnapBackAU @justsaycc64 @altimetr You're making the argument for its removal. I don't think that argument is convincingly made.
As for why we have it, I think it serves a purpose to price externalities.
And I wouldn't exempt miners or farmers from it.
English
@TMFScottP @justsaycc64 @altimetr If you don't see a reason why it should be excluded then what is your reasoning for its inclusion? What is its purpose since it no longer serves its original purpose and what about its exclusion for mining, agricultural etc.?
English
@SnapBackAU @justsaycc64 @altimetr Every tax 'distorts' a price somewhere.
The price of labour is 'distorted' by income tax. Taxing profits 'distorts' economic activity.
I don't see why fuel should be excluded?
English
@TMFScottP @justsaycc64 @altimetr Why not? It distorts the price and adds cost all through the supply chain. Just tax profits and income accordingly without all the deductions and games.
English
@SnapBackAU @justsaycc64 @altimetr Why not? The money's gotta come from somewhere. What would you replace it with?
English
English
@SnapBackAU @justsaycc64 @altimetr My argument is that I don't think we should be trying to smoothe commodity prices.
English
Highest close for Brent crude since the war began. Markets already seem to be looking through this like they suspect the 'Mission accomplished' banner is getting readied for display.
English