Australia may well be the next Greece.

Well this last week you would be forgiven for thinking all is well and the money is available a plenty as we found out about our cigar smoking 12 sandwich munching treasurer that has had 15 trips to Cairns on the public purse and our Speakers helicopter trip to save 1 hour in traffic.Unfortunately though these people are fiddling as Rome burns and the Opposition with MR 27 Per cent approval in charge isn't any better.

Now our total Government debt is $694 372 million Federal,State and local which translates to about $29000 for every man woman and child which really isn't too bad in todays' world nor is the percentage of government debt to Gross Domestic Product all that bad by Western Standards either.What is a problem is private(not business)debt however, at $193200 for every man woman and child we are the most indebted nation on earth,we borrow, not save, for our standard of living.

A large part of this debt involves a housing bubble which now exists in Sydney and Melbourne in particular( for example the median house price in Sydney is now over 1 million Australian or US$730000) if this bubble bursts Australia is in trouble.The Reserve bank has about $200 billion dollars exposure to the banks in its emergency liquidity facility,but there is a slight problem the Reserve bank has only $63 billion in reserves.

Obviously if mortgage values drop bank shares drop also,our share market capitalization is $1.5 trillion dollars.Of this the big 4 banks are worth $404 billion or over a quarter.Now China just stick saved its stock market ,it cost them US $800 billion,they were lucky they had reserves-cash at bank-Australia doesn't.Its citizens also seem to have sold gold to pay margin share debts,Australians do not horde gold.

The information coming out of China is not good and 50 per cent of our trade is with China,commodity prices have collapsed and China is not buying as much as it used to the most recent trade deficit was $3.9 billion the boom is over mining lost 50 000 jobs last year.

The more I look the more I see China is in trouble 23 per cent of the Sydney house market and 20 per cent of the Melbourne market is currently overseas Chinese imagine if they all suddenly dump their stock.

The ASX derivative market is 47 trillion.....

So thats the scenario what we might discuss now is how to protect oneself from Government and bank confiscations and other unpleasantries should the worst occur,that I am not clued up on.

a reply to: khnum

I definitely think we are in trouble, but it wont be for a few years yet.

We have quite a lot of Gas, Iron Ore, Gold under our feet and if you believe the rumours an abundance in the centre deserts.

The problem for us, is our Government will sell out to anyone with money.

This means, the regular Australian working in Australia will not own a thing. The asian investors will own it all. We'll be slaves to Asia.

Its ridiculous if you earn $75,000 per year and still cannot afford your own place/expenses.

In saying that, the housing boom in Perth is over. There are so many houses for sale now you can pickup a 800m squared block, with a 2 story house and a powered shed out the back for $385,000.

Too bad if your a cashed up bogan who believed the hype 4-5yrs ago. Enjoy your HSV ute and 3 investment properties now your out of the job and there's a million rentals out there.

a reply to: khnum

Well written and no doubt our prosperity is linked to Chinas however i would like to think our economy is a little more robust than that of Greece . On a lighter note .

cigar smoking 12 sandwich munching treasurer

Its good to see that his diet is coming along nicely .

a reply to: Agit8dChop

Its not just the Government that has sold out its the media also in Brisbane we have Murdochs Courier Mail(which no self respecting fish would ever be wrapped in) with which we are kept in touch with which footballer currently suffers from haemerroids and other news of great significance- if it wasn't for Jones and Hadley in Sydney Queenslanders would of never found out about fracking on the Darling downs,the Wagners fly in Chinese labourer airport and dam scandals and police coverup,Newmans hired goons breaking into opponents houses etc etc.

originally posted by: khnum
Well this last week you would be forgiven for thinking all is well and the money is available a plenty as we found out about our cigar smoking 12 sandwich munching treasurer that has had 15 trips to Cairns on the public purse and our Speakers helicopter trip to save 1 hour in traffic.Unfortunately though these people are fiddling as Rome burns and the Opposition with MR 27 Per cent approval in charge isn't any better.

Now our total Government debt is $694 372 million Federal,State and local which translates to about $29000 for every man woman and child which really isn't too bad in todays' world nor is the percentage of government debt to Gross Domestic Product all that bad by Western Standards either.What is a problem is private(not business)debt however, at $193200 for every man woman and child we are the most indebted nation on earth,we borrow, not save, for our standard of living.

A large part of this debt involves a housing bubble which now exists in Sydney and Melbourne in particular( for example the median house price in Sydney is now over 1 million Australian or US$730000) if this bubble bursts Australia is in trouble.The Reserve bank has about $200 billion dollars exposure to the banks in its emergency liquidity facility,but there is a slight problem the Reserve bank has only $63 billion in reserves.

Obviously if mortgage values drop bank shares drop also,our share market capitalization is $1.5 trillion dollars.Of this the big 4 banks are worth $404 billion or over a quarter.Now China just stick saved its stock market ,it cost them US $800 billion,they were lucky they had reserves-cash at bank-Australia doesn't.Its citizens also seem to have sold gold to pay margin share debts,Australians do not horde gold.

The information coming out of China is not good and 50 per cent of our trade is with China,commodity prices have collapsed and China is not buying as much as it used to the most recent trade deficit was $3.9 billion the boom is over mining lost 50 000 jobs last year.

The more I look the more I see China is in trouble 23 per cent of the Sydney house market and 20 per cent of the Melbourne market is currently overseas Chinese imagine if they all suddenly dump their stock.

The ASX derivative market is 47 trillion.....

So thats the scenario what we might discuss now is how to protect oneself from Government and bank confiscations and other unpleasantries should the worst occur,that I am not clued up on.

Commodity prices have dropped we have locked in some long term contracts. Unless China default and give us the finger we should be ok.

I do wonder though as I drive around my home town of Adelaide, where is all the money coming from, aside mining, we don't do anything?

Any insights?

Well, that's whats probably bound to happen when the people are stupid enough to elect a power tripping god fanatic bigot as leader.

Abbotts has now just wasted between 60 to 80 million dollars on investigating his strongest political rival over a possible 40k corruption incident.

smh.com .au

His the worst PM in Australia's history! I wouldn't be surprised if we're knocked back to the stone age by the time that fools done. Cost of living is going though the roof and the unemployment rate keeps climbing and all he does is rant on about boat people and cracking down on meth heads. Well he pays off people smugglers to score a few petty political points from racist hick voters.

He was more than happy to let SPC go under and watch a major regional city go completely under, simply because he thought it would be 'morally' wrong to bail them out. Some real financially sound logic right there, yeah?

You can blame China's economy and the wind down of the mining boom all you want. But the real reason Australia is on its way out is because we have a complete moron as a PM, who thinks he can prey for our economy, for it to be financially successful.

a reply to: Forensick

Our GDP is 1.56 trillion agriculture is 3.8 per cent,industry is 27.4 per cent and services 68.8 per cent the biggest service industries are finance $203 billion,medical 126 billion and professional services 123 billion,supermarkets and grocery stores 93 billion

a reply to: khnum

I've watched Australians freaking out since the China stock market dip started, and its all misguided. The China dip isn't about any major change in direction in global attitudes, or Trump, or any of this stuff. Some bad financial tools were used, and these collapsed, creating a broader freakout than needed to exist given the actual fundamentals of China's economy. And Australia, a nation with a population smaller than Texas, stands as the closest friends and gateway to this strong and vast Asian economy. It is by no means the next Greece. Greece is making bold choices in a tough situation, but Australia doesn't have to at all. You always have to keep in mind: debt is a social construct... The real questions that matter are, how good is your life? How good can it be? What kind of business can you build if you follow your dreams? Remember, he who dies with the best life under his belt wins, regardless of the debt he or she takes to the grave.

Peace Australia, chill out for right now.

a reply to: Subaeruginosa

Well I found the $80 billion to be taken out of hospitals and education $24.4 billion is going towards the F35 LEMON which any 1980's Russian kit can blow out of the sky and up to 60 billion will be on most likely Japanese manned subs,this after a Pentagon expert has warned unmanned drone subs are coming soon and manned subs will be obsolete

originally posted by: khnum
a reply to: Subaeruginosa

Well I found the $80 billion to be taken out of hospitals and education $24.4 billion is going towards the F35 LEMON which any 1980's Russian kit can blow out of the sky

Awesome show of ignorance. What's better a gun or a knife?

Run a test where you place both people at arm's length, remove all the bullets from the gun, and then tell me which weapon will perform better.

Is a rifle a "lemon"?

a reply to: OccamsRazor04

What was the result of the recent F16 VS f35 matchup?

Your rifle is black powder

I thought the Aussies struck it rich with a Maaaaahooosive Oil strike in the desert a couple of years back.?

a reply to: Soloprotocol

Ah yes our friend from Energy Developments if you believe his core samples and proven and probable reserves estimates then I have a bridge in Sydney to sell you.

originally posted by: khnum
a reply to: OccamsRazor04

What was the result of the recent F16 VS f35 matchup?

Your rifle is black powder

Exactly the ignorance I was talking about.

F-16 is a knife, it's supposed to get in close and kill.
F-35 is a Rifle, it kills before the F-16 even sees it.

What weapon do you want, knife or rifle? Which is "superior"?

Now tell the person with the rifle they need to let the guy with the knife walk up to him and remove his bullets. Is that a test that tells you which is the better weapon? Now imagine the rifle comes with armor that makes it very hard to attack the wielder ... and you remove that armor.

That's what they did. They forced the F-35, which is meant to be used as a Rifle, into a knife fight with an F-16 designed to be used as a knife, and then they took all the bullets and armor away from the Rifle.

The fact you are clueless as to what occurred and yet want to talk about it is saddening.

I can't accept we'll go down the "gurgler" like Greece.

There is too many internatonal interests and investments in Australian resources to allow that.

And well, and if you're a "currency lad/lady" you'll never let the country go broke. Trouble is there's not much currency in any political party. That's the downfall.

"OMG I'm racist". Shouldn't have used the word "currency".

"AUSSIE CURRENCY" -

Born and bred in country of origin. By no means the original inhabitants/race and may not identify as such.

Easily adjust to any situation.

Can adapt to the current environment without complaint or complacency.

Treat any other persons equally and with respect and dignity.

Respects law and culture with indifference but can bend the rules expertly.

May critically accept imigrants suspiciously but those that accept the culture to which they have aligned themselves to in aussie are considered mates.

Can equally accept and respect beliefs of others who equally and accept belief of "Currency".

Will work hard in all tasks and aspects and show positive results.

"Currency" means you are dependable, reliable and fiercely loyal to those who exhibit similar objectives hence, as an example only, "Currency Lads/Ladies" make the best soldiers. (I was not a digger)

Sigh,,,I could go on but unfortunately the likes of those who sadly misunderstand these ideals, and lead this country, have forgotten the basic aspects of hard work that forges a level platform. Why? Because they're paid too much, they are egotistical and not "Currency lads/ladies" eg only - Flamin Bronwyn Bishop. What a sop, tragic leader and waste of our flamin hard work as Aussies.

But the real Aussies, won't let what happened to the ill resourced Greece occur in this country. We'll eventually bring the suckers to account because the "True Blue" aren't egotistics. Those that aren't TB tend to suffer the "Tall Poppy Syndrome" and subsequently, eventually are called to account.

I should have ranted this in another forum. Sorry.

Kind regards,

Bally

a reply to: OccamsRazor04

F-16 is a knife, it's supposed to get in close and kill.
F-35 is a Rifle, it kills before the F-16 even sees it.

There is a thread somewhere here about this . From memory the f35 did not have much of a chance to begin with , it was no where near its full potential . As for the 24 billion , well its 12 billion for the purchase and 12 billion for upkeep on its lifespan .We need this plane, we have potentially unfriendly neighbours .

a reply to: hutch622

It's not designed to dogfight, and had none of it's electronic warfare installed. It really is like forcing a gun to a knife fight and then removing it's bullets.

Ignorant people just look for things that match the beliefs they ant to be true.

God bless Australia and all who live there.

a reply to: pikestaff

Gd'onya Pikey.

Kind regards,

Bally

a reply to: OccamsRazor04

I think that's what i tried to say ,lol .