Most politicians add fuel to the neo-liberal idiom that was hatched by Thatcher and Reagan, regarding the mindless pursuit of a ‘budget surplus’.
They must educate themselves about the Income/Expenditure model as applied to the national accounts. This consists of three separate sectors, all are of equal importance and all must be considered simultaneously.
The three sectors are: The government sector which consists of government spending minus tax; the private domestic sector, which consists of private/domestic investment minus savings; and international trade which consists of exports minus imports.
These three sectors, when added together must equal zero at all times. All of these relationships hold as a matter of accounting and not matters of opinion.
Considering the scenario as predicted by Morrison in his ‘Budget’ speech that the government budget is projected to be in surplus by 0.5% of GDP by 2020-21.
Also, according to the ABS, the average International Trade fiscal balance 1974-75 to 2016-17 has been -4% of GDP (deficit) – Imports are greater than exports. Then the Private/Domestic cector will be (0.5-4) = -3.5% GDP(deficit) .
This means that the government is expecting the Private/Domestic sector to maintain the growth in the economy by increasing its already bloated indebtedness.
Don Kelly, Kanahooka
TREAT CONCERNS SERIOUSLY
Unfortunately the Prime Minister presents himself as nonchalant about the welfare of animals in the live animal export, staunchly standing with those running this covert industry.
No accolades either could be given to the recent Minister of Agriculture Mr Joyce, as he brought the standard of animal transportation to the lowest level.
As he stated 'I have failed, failed, failed', this could be implied to his directives overseeing this despicable industry.
Majority of public have scant interest in his private life even though he enthusiastically “tells all”, resulting in the innocent women and his children being propelled into unwanted limelight.
Nothing has changed for the better since 2003 under Warren Truss, as an example sheep cargo on the ship Cormo Express were not accepted as planned in the Middle East and should have been returned to Australia forth with, no they were mercilessly trundled from port to port finally taken by Ethiopia with money paid to that country.
Joel Fitzgibbon, Shadow Minister, in his interviews highlights the facts regards frightening conditions on these 'ships of shame' and has plausible arguments against the trade, urging that it should be orderly phased out and meat processed in Australian abattoirs.
It is to be noted already there is a considerable trade to the Middle East in chilled meat.
One hero should be mentioned, Faisal Ullah, naval officer on the Awasi taking a moral stance videoing horrific conditions and allowing footage to be aired for public knowledge, and suffering dire consequences in doing so.
Let's hope these concerns will be treated seriously by the Government to public expectations.
Sandra Pass, Albion Park Rail
PAYING THE PENALTY
Just to get away from some boring Letters to the Editor about religion, politics and personal insults by the usual suspects - I want to be serious.
There seems to be non standards when it comes to NRL.
When coaches criticise the game in any way they are fined $10,000.
When players criticise the referee they are sin binned.
When commentators criticise the game there is a sound of silence!
Mick Chamberlain, Dapto