I couldn’t care less if the country is in recession or not! It’s way beyond my control and just like everybody else I’ll take whatever the world (and government) throw my way and take it on the chin. After all, there’s bugger all I can do about it…
So at the end of the day…It’s nothing to do with me…
…
…Now! What was I doing?..
Hi
Exactly right.
Time to concentrate on the important things in life, like making a perfect coffee.:-p
Now your talking Swim…Hope you are okay and recovering well…
It is a bit annoying though Foxy, to spend a lifetime paddling your own boat along, just to find through no fault of your own, you end up in the same boat as everyone else.:-)
True Spitty, but instead of getting all bitter and twisted you just have to adapt…
Australia is officially in its first recession for almost three decades, with the June quarter GDP numbers showing the economy went backwards by 7 per cent; the worst fall on record and slightly worse than most economists had predicted.
The Bureau of Statistics numbers out today also confirmed the March quarter’s 0.3 per cent decline, meaning Australia’s economy has gone backwards for two consecutive quarters, meeting a common definition of recession.
It is the first time this has happened since 1991, although the scale of the downturn is vastly greater than “the recession we had to have”, where the economy shrank 1.3 and 0.1 per cent.
The 7 per cent quarterly GDP slump was also more than three times worse than the previous biggest fall of 2 per cent in June 1974.
Household expenditure fell 12.1 per cent.
With fewer places to spend money the household saving rate jumped from 6 to 19.8 per cent.
How will you all feel when the triple lock pension is abolished/amended?
Hi
We have spent so much money it is inevitable that there will be cuts and tax increases.
Nobody will be immune.
The way the Triple Lock is calculated does not allow for an anomaly like Covid, the average wage rise element could be suspended.
The last thing we should be doing is increasing taxes
What’s the alternative? Government Gilts have to be serviced come what may.
True but if you are out of work you will have less money coming in to save.
There is a slight possibility, according to the press, that foreign aid will be cut back, if not ended completely, in order to help fund the losses due to Covid-19.
If they had the sense, they could also ditch HS-2 and other such nonsensical and worthless projects.
Of course, we have always been a wasteful nation when it comes to how the country is run.
Don’t forget they instantly doubled the dole as well as introduced Jobkeeper and Jobseeker payments to try to stimulate the economy but people are just not spending.
I reduced my super payments by $250 a fortnight because it was just accumulating in my bank account and threatened my means tested state pension. I was just not travelling or spending, for example I have filled my car with fuel twice since March.
We need to encourage spending not hinder it.
I doubt there will be tax increases.
Cutting taxes results in more foreign investment and more jobs. That means more employment and more tax revenues - as we saw when tax was reduced to 19% and tax revenues increased.
Increasing taxes causes businesses to lay people off and move out to other countries. It means business invest less and tend to cut costs. This also means that inflation stays the same and wages go down.
So, what I would do is cut VAT to 15%, cut corporation tax to 17% and extend the removal of stamp duty on property under 500K indefinitely. That way, inflation would go up, increasing wages and taxes and hopefully interest rates would go up too.
Yep, get rid of foreign aid 
We are legally committed to 0.7% of GDP so this won’t happen:-(
Legally committed by who ? The UN ?
Get rid of them as well.
Hi
Nope, the Conservative Government.
0.7% is the UN’s target for all developed countries and has been since 1970.
In principle the UK government has been signed up to the target since 1974
In 2015 it was written into UK law to meet the 0.7% target.