Recent speeches by two senior figures at the Reserve Bank of Australia have contained disturbing inaccuracies, writes Alan Austin.
Google good, Facebook bad. That sums up mainstream media coverage of the Coalition government’s bizarre new media code. That’s because Google paid up, Facebook decided it was extortion and called Josh Frydenberg’s bluff, banning Australian news. Kim Wingerei and Michael West report on the corruption of mainstream media. As if Rupert Murdoch and the Coalition had not already flubbed Australia’s credibility around the world for their failure on climate change, now we look like we don’t know how the internet works.Laughing Stock: Australia’s new media code rivals our climate policy for absurdity – Michael West
Australia’s Disgusting Leadership (ODT)
Members of the Morrison government have saved their loudest outrage for Twitter, the social media platform Trump used to incite his followers, and the platform that has finally banned Trump for life. This, it appears, is the great injustice, an affront to “free speech,” and, wait for it, censorship.When your government thinks banning Trump from Twitter is the real injustice – » The Australian Independent Media Network
If the Coalition was serious about helping those who have a go, they would be giving larger tax cuts to those who would value the extra $20 or thereabouts a week and spend it on fixing the car, paying the outstanding bills or going away for the weekend for the first time in years, rather than those who really won’t even notice the extra $20 a week in their bank accounts. Morrison and Frydenberg had the perfect opportunity to make a real change for the better. Did they take it? – nope, of course they didn’t.A new normal – yeah, right – » The Australian Independent Media Network
Ok, the recession isn’t really over yet. I’m just getting in early because the Deputy Governor of the Reserve Bank said something about growth that gave rise to a headline or two about the recession being over.The Recession Is Over So Let’s Thank Josh Frydenberg… – » The Australian Independent Media Network
Frydenberg will be remembered as the inventor of the two-class tax cut.Budget 2020: Josh Frydenberg’s two-class tax cut is like no other we’ve seen
Instead of providing sorely needed stimulus, the 2020 budget from Australia’s Coalition government transfers wealth toward millionaires and big business and away from the poor, the unemployed, women, and the government’s ideological enemies.Josh Frydenberg’s Budget Takes From the Poor to Give to the Rich
Frydenberg’s budget, based on discredited “trickle down” economics, misses an opportunity to restructure our economy, weakened by seven years of Coalition mismanagement.The government sees itself as an agent of the private sector. – Pearls and IrritationsPearls and Irritations
We’re not ‘all in this together’ — Morrison and his government are back to their ideological worst. And we had a chance to create a new and better normal. What do you think?Trust me, I’m a Deregulated Banker – » The Australian Independent Media Network
Saying they had warned Australians all along that this would happen if a Labor Government was voted in, Josh Frydenberg and Scott Morrison have confirmed that Australia has gone into a recession for the first time in 30 years.‘We told you Labor would wreck the economy’, Frydenberg says, announcing Australia officially in recession | The Shovel
Frydenberg has stepped in front and center to try to deflect all the blame onto Victoria after all if The Commonwealth is found to be responsible for the outbreak of Covid in aged-care due to poorly regulated providers then they too are to blame for the crippling of the economy and not as Frydenberg would prefer it to be Andrews work. It seems Andrews doesn’t even need to buy into what’s patently obvious. (ODT)
Morrison has accepted some accountability for what’s happened, but he’s also kept Andrews squarely in the frame as I mentioned a moment ago. I’ve said before it is reasonable to point out that states have a role in managing outbreaks during the pandemic, and there are some overlapping responsibilities in aged care – but this offensive should also be called for what it is: a patent prime ministerial effort to sidestep blame. The prime ministerial sidestep is obviously effective, though, if our Guardian Essential poll is a reliable guide. When asked in the latest survey to identify who was to blame for the outbreaks in aged care during the pandemic, slightly more respondents identified the state government (30%) than the federal government (28%) – but more people blamed the providers (42%).Parliament lets Scott Morrison know who his tribe is – and it isn’t the premiers and chief ministers | Katharine Murphy | Australia news | The Guardian
Frydenberg comes with hat in hand (ODT)
It seems that nationalism has a price. It also seems we aren’t necessarily ready to accept the price. To demonstrate the point, consider this
This week, Treasurer Josh Frydenberg called on industry and retail superannuation funds to invest more in Australian businesses, saying he “would like to see them both put to work on domestic infrastructure assets more than they have been”.
With most super funds carrying about 20 to 25 per cent of their investments in Australian companies, the Future Fund’s latest report on March 31 has it looking decidedly lean with only 6.1 per cent, or $9.87 billion, held in Australian shares.
One senior investment analyst — who asked not to be named — told The New Daily Mr Frydenberg should be asking Mr Costello “when is the Future Fund going to join Team Australia?”
The Future Fund holds more than $44 billion in global and emerging markets, while holding a cash balance of $15.59 billion or 9.6 per cent, and a similar amount in easily converted debt securities.
Its assets are designed to provide long-term investment in infrastructure, education, disability services, medical research and Indigenous services.
The Future Fund is Australia’s sovereign investment fund. Former Coalition Treasurer Peter Costello is the current Chairperson.
In a seven-paragraph press release issued late on Monday afternoon, Frydenberg said the change would protect companies from “opportunistic class actions” during the coronavirus crisis and allow them to raise much-needed capital. But experts say there is no evidence any such problem exists.
Labor also slammed the move for undermining confidence in the markets.
The change, which followed heavy lobbying by industry groups, is supposed to last for six months, but there are already calls for it to be made permanent.
It drew immediate fire from class-action lawyers, who described it as “cronyism” and a “green light for company directors to hide information from the people who actually own a company”.
Small investors on the ASX are being ripped off again by Wall Street investment banks, writes shareholder activist Stephen Mayne. This time, it’s a sneaky tweak to the rules governing how companies raise new capital, and right now, there are a lot of companies raising new capital, or dying to …
Australia’s economic growth improves, but hold the champagne. Economic headwinds? Not really. Economy stronger than the OECD, Europe, Canada and the UK? Errr … no. Strong jobs growth? Sorry, no. Alan Austin runs his ruler over the latest quarterly accounts.
Australia’s government debt and the interest on that debt keep rising, despite Coalition denials. Alan Austin updates the record.
TREASURER JOSH FRYDENBERG has just increased both Federal gross debt and net debt to new all-time records.
This was revealed by Treasury and the Finance Department last Friday – just two days after Prime Minister Scott Morrison told the National Press Club that “going into 2020 the fundamentals of our economy are strong and in good shape”.
That speech was delivered just six weeks after Frydenberg announced to the world that “the Government is living within its means, paying down Labor’s debt”.
Frydenberg is blaming everyone else for Australia’s economic slump but fails to explain why we are sliding backwards faster than others in the downturn. Trump certainly isn’t admitting his woes so publicly. (ODT)
Frydenberg the Parrot named Galah ” The fundamentals are good ” “Suffering some headwinds” Has any Trasurer since Swann got economic management right? These idiots laughed when Wayne was voted the “World’s Best” (ODT)
Matching this with the same numbers for all 36 wealthy members of the Organisation for Economic Cooperation and Development (OECD) shows Australia now ranks a miserable 21st in this group. That is the lowest ranking since records have been kept.
Frydenberg hasn’t a Holistic clue what’s going on. Clutching at straws for excuses he’s failing Australia (ODT)
Forget the culture wars for a moment ask what this government has been doing for the past 6years. Ask why Vic is still the most progressive State and still the 2nd best most livable city after 7 years at the top. Morrison Dutton News Corp have been talking us down reporting that “Crime” was out of control in Melbourne when in fact the rate has been falling. This government works soley for itself is failing despite News Corp,Ch9,and the IPA (ODT)
Frydenberg told a deliberate porky to Parliament because there is no way – unless he is a compete dill, which he is not – that he did not see the same documents as Tony Magrathea before he put pen to paper.
So he knew about these when he completed his Qualification Checklist.
Lawyer Trevor Poulton threatened to bring an s44 challenge to Josh’s eligibility on the grounds that, because Frydenberg’s mother was a Hungarian citizen, Josh might have a right to Hungarian privileges. Fair question.
Well, our PM went ballistic, spitting righteous indignation from every orifice in his head plus one:
“I’ll tell you what it’s a time to draw a line on, and it’s anti-Semitism. I mean, the scourge of anti-Semitic graffiti that we’ve seen in Melbourne just this year, it is absolutely sickening and disgraceful. And for a Holocaust denier and an anti-Semite to seek to progress that agenda by pretending to have some sort of constitutional purity on Josh Frydenberg, I’m just going to call it out for what it is. And I think Australians… I think they would share that. Anti-Semitism has no place in this country.”
Poor old Trev once wrote a book titled ‘The Holocaust Denier’. I haven’t read it and I doubt the tongue-speaker in chief has either. A flick through the Amazon review indicates there is no actual denying going on apart from a character who is a denier. And I’m not talking fabric weight.
Morrison’s indignation is a total furphy.
Frydenberg misled Parliament.