The great Australian dream has now ended

[Trumplestiltskin 5,791]

Interestingly enough, one of my UK friends (MA in Forensic Science) told me the other day that she'd rather in NZ than Aus. Something about a couple of major cities being too similar to her home town - with drunken yobs out on the streets at night.

[Ali G. 37]

http://www.budget.gov.au/2008-09/content/fbo/html/part_1.htm

Part 1: Australian Government Budget Outcome

Overview

In 2008-09, the Australian Government general government sector recorded an underlying cash deficit of $27.1 billion (2.3 per cent of gross domestic product (GDP)). The fiscal balance was in deficit by $29.7 billion (2.5 per cent of GDP).

Net debt, net financial worth and net worth

At the end of 2008-09, the level of Australian Government net debt was -$16.1 billion (1.3 per cent of GDP)

Yep you are right, last time I looked at the federal government's balance sheet was when conservatives where in office, back in 2007. Hence: "The 2006‑07 Budget provides for an underlying cash surplus of $10.8 billion, the Government's ninth surplus." http://www.budget.gov.au/2006-07/

It seems that left wing governments around the world have a knack for spending rather than creating jobs.

Edited January 30, 2010 by Booyah

[Ali G. 37]

Interestingly enough, one of my UK friends (MA in Forensic Science) told me the other day that she'd rather in NZ than Aus. Something about a couple of major cities being too similar to her home town - with drunken yobs out on the streets at night.

Its only natural that Australia is quite similar to the UK. It's also obviously why the transition is so easy for so many Brits moving there.

NZ is a cool place, but their job market is tight.

[Ali G. 37]

In 2008-09, the Australian Government general government sector recorded an underlying cash deficit of $27.1 billion (2.3 per cent of gross domestic product (GDP)). The fiscal balance was in deficit by $29.7 billion (2.5 per cent of GDP).

US Deficit: $1.75 trillion in 2009 (12% of GDP)

Just for 2009:

Aussie deficit was approx $1,242 USD per person

US deficit was approx $5,776 per person.

Edit: Forgot to add, between 07 to 08 when the conservatives were in office, Aus deficit was also zero.

Net debt, net financial worth and net worth

At the end of 2008-09, the level of Australian Government net debt was -$16.1 billion (1.3 per cent of GDP)

US debt is now close to $12 trillion.

Edited January 30, 2010 by Booyah

[Ali G. 37]

Evidently someone's folks picked the wrong place to anchor. Back then, Australia still permitted citizenship by birth too.

Edited January 30, 2010 by Booyah

[spookyturtle 9,465]

Evidently someone's folks picked the wrong place to anchor. Back then, Australia still permitted citizenship by birth too.

Typical personal attack from BY.

[Ali G. 37]

Typical personal attack from BY.

Yeah I must have just come out and fired a shot for no reason.

Yank Liberalism 101, you can dish it out but cannot take it back.

Edited January 30, 2010 by Booyah

[spookyturtle 9,465]

Yeah I must have just come out and fired a shot for no reason.

Yank Liberalism 101, you can dish it out but cannot take it back.

I take it quite well. I don't have to edit every post to take back over the line comments like you do. You reap what you sow. I can't understand why people don't like you. You're such a friendly chap.

[Darnell 8,478]

Wait a mo..

I had my friends show me all kinds of flyers (those living in SE Asia ) about buying houses in Sydney as INVESTMENTS from 2002 to 2006. I'm not talking a flat, either - a house with land, no common house walls touching the neighbors, either. LOTS OF 'Sydney-based marketing companies' targeting Rich Folk in Singapore, Hong Kong, Indonesia, Malaysia - to 'buy in' in Sydney.

They bought in, you betcha.

Then they started selling them in 2007 to current, made out like bandits, some 200 percent profit.

I think was artificial market, all this time, anyway...

Now is time to 'rebalance', yes?

Edited January 30, 2010 by Darnell

[mawilson 2,133]

Why? Their growth was not built on artificial property price increases. It's built on genuine supply and demand.

It's always based on supply and demand. How do you increase property values artificially?

Edited January 30, 2010 by mawilson

[Ali G. 37]

It's always based on supply and demand. How do you increase property values artificially?

The difference with the Aus property market is that the price is not a bubble, the price of property is increasing because people want to live there and there is basically a housing shortage.

Over here you had an artificially induced property bubble created by false demand, reckless and irresponsible lending practices, and property flipping. I recognized this when I first moved here and looked into various markets, as such, I did not purchase anything.

Take the price of property in Manhattan, for example, where it has hardly fallen. The property price is a direct result of Supply and Demand. Whereas, you had people selling homes in the exurbs of CA or Vegas, that were way overpriced and were simply not serviceable by the majority of people's salaries.

The other thing about the Aussie property market is that there is no such thing as a zero doc, zero down, adjustable rate Loan or a loan accessible by those there illegally (if any). Whereas, folks that fall in the previous groups were able to easily get into the property market here, further driving up the prices.

Edited January 30, 2010 by Booyah

[Ali G. 37]

I take it quite well. I don't have to edit every post to take back over the line comments like you do. You reap what you sow. I can't understand why people don't like you. You're such a friendly chap.

So you two get to posts antagonizing comments almost daily, yet it's me who is the bad guy for basically going at the knees in return.

[Allamericankiwi 14]

Fact is the great australian dream is just beginning.....when madoff made off with all that money and houses in the US dropped 25% or more, houses in my area went up 17% and still are. when the US spent a trillion they didnt have Oz spent the money they had saved up. every worker in the country got a $900 cheque. Nzers are flocking to Oz becz of the money they can make, the weather, cost of living is less, the health system is the best in the world and the oz $ buys $1.20NZ when they go back for a visit. my 3 best friends no longer live in NZ. One lives in the states and is looking to retire in.....yep...australia. Hes just waiting for the $ to improve and he'll buy a bargain by the beach. If youre unskilled and want to earn $100,000 a year here you can, just go work in the mines....Of course there are drunken yobs same as anywhere but overall oz is very hard to beat

[spookyturtle 9,465]

So you two get to posts antagonizing comments almost daily, yet it's me who is the bad guy for basically going at the knees in return.

When have I antagonized you since you came back here? You're the one who sends the insulting PM's, not me.

[Ali G. 37]

Fact is the great australian dream is just beginning.....when madoff made off with all that money and houses in the US dropped 25% or more, houses in my area went up 17% and still are. when the US spent a trillion they didnt have Oz spent the money they had saved up. every worker in the country got a $900 cheque. Nzers are flocking to Oz becz of the money they can make, the weather, cost of living is less, the health system is the best in the world and the oz $ buys $1.20NZ when they go back for a visit. my 3 best friends no longer live in NZ. One lives in the states and is looking to retire in.....yep...australia. Hes just waiting for the $ to improve and he'll buy a bargain by the beach. If youre unskilled and want to earn $100,000 a year here you can, just go work in the mines....Of course there are drunken yobs same as anywhere but overall oz is very hard to beat

Spot on there. With their unemployment rate being 5.5% during the worst global recession, one can only imagine what it will drop to once the global economy recovers. They also have a situation where the baby boomers are retiring, with many being blue-collar workers, which means that even more positions will need to be filled.

I only realized recently that Aussies and Kiwis can live in each others country without a visa and can even travel without a passport.