Australian Economy Set To Collapse?

Australian Economy Set To Collapse?

The reason is that much of our economic euphoria is based on perception rather than reality. Perhaps the way out is to increase the compulsory superannuation levy - at the present rate, we may collect more trillions in a decade. Then we can live off the interest and no one will have to work. I suppose forced saving of this magnitude is one way out for Australia.

What is important is to agree on what will work and how to achieve it. Denial is not an option. At some stage, the Australian economy will collapse like a house of cards.

Martin Feil is a tax and industry policy consultant. He was a director of the Industries Assistance Commission.

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SOURCE


[edit on 17-10-2007 by anhinga]

...I don't know much about this guy, is he in cahoots w/ the
bad guys or does he know what he's talking about? Any
Aussies around know him/heard of?


[edit on 17-10-2007 by anhinga]

Man i've never heard of the guy and for sure our economy is NOT set to collapse at all...

Our economy has never been stronger. The sharemarket is the highest its ever been, the dollar is the highest its been in like over 25 years, Interest rates have gone up the last 9 times though... it now stands at 6.5%. And every year we keep getting tax cuts (which could help fuel interest rates), for instance john howard and the treasurer have just outlaid a plan for $34 billion in tax cuts. The federal government owes no debt. There's something like $9.5 billion in the future fund. Our economy is a $1.1 trillion dollar economy, the biggest its ever been.

Economic collapse? Dont think so buddy. The only problem i can see is the high house prices, the interest rates going up, and lots of people with house mortgages.