Exactly. Buy assets and live happily ever after. Problem is, politicians own assets and like the tax revenue on increasing price levels to burn more money in stupid government programs like green energy. It can’t get more stupid than that
It's much deeper than just economic. We are ruled by corporate fascists and warmongers and do nothing about it. So when the time comes to pay the piper, it's going to hurt.
@@jesus_built_my_hotrodGreat Ministry song!! The WEF is the worst thing that has ever happened to our global economy. They coordinate everything and have no accountability. Do a little digging into WEF and Davos, George Soros, the corruption of Christine LaGarde and you’ll be horrified.
Costello is a hypocrite and doesn't know what he is talking about. The way he talks down to the audience is absurd. Sorry, a seriously poor choice of panellist
Right! And his line about the US reinventing itself. Yeah, sure, over the next few decades the US will change just like Russia changed when rebuilding from its former soviet glory & crash.
Says Peter who was the architect of the Ponsi Scheme that is called the Australia housing market and now we have the dearest housing in the world. Well done you get a gold star!
The Hypocrisy of Costello commenting on the US as flawed "advanced economy" when he and his ilk oversea Australia ranking just 93rd out of 133 nations as the least complex economy in all of the OECD.
And, whilst in the Abbott government, oversaw Holden closing down, first totally denying it, then accepting as "a common trend to a services economy that other countries are doing"
Hard times create hard people. Hard people create soft times. Soft times create soft people. Soft people create hard times. Australia is not in that strong an economic position. We have an extremely weak leadership that leans on corporate cronyism to fill their own pockets. All while using mass immigration to paper over the cracks forming in our paper-thin economy that is formed around resources (which we are misusing and practically giving away), construction (which is feeding into a great Ponzi scheme) and education ( we now have more foreign student visas than anywhere in the world, but these people are hardly earning an education, but using the opportunity for a holiday) 😏
not to mention the total de-industrializtion of the west. building material producers are going broke left right and centre and we are killing our farmers. cruel world to live in
@@BR26-o6o Is Australia not part of the same commonwealth and am I not able to relate Australia to the uk. Is Peter Costello not an Australian politician 🤷♂️ Are we supposed to be that close-minded now 🤔
Debt fuelled asset bubbles and demand stoking policy has made shelter unaffordable, and that's why you are seeing public discontentment. Make housing affordable, and capital will flow from debt servicing to productivity. Thanks, Peter.
My productivity at work meant 2 people lost their jobs and this caused me some sadness. I’ll never forget the lady saying to me I am going to cause her being retrenched. I struggle to see how that helps the economy.
Why the heck is Costello a participating panelist? He was treasurer under a government that holds the record for worse economic outcomes in the past 45 years. Australia is desperate for new ideas, not old ones from someone with obvious political biases. And certainly not someone who's policies and legislation have directly contributed to the cost of living crisis we have today.
It's mental that Australia abandoned manufacturing. You can make any gibberish economic argument for why we shouldn't make things here, but the real reason is that we were bullied out of it by the US, working hand in glove with the CCP.
@@ASchopenkeeper same thing happened in America; all to gear themselves towards the financial sectors … the Fed now controls the US economy and probably ours (although, there’s some irony behind our interest rates not dropping), but I’d say they’re becoming more and more like Soviet Russia in the 80s and not the CCP of today. China is doing a far better job of managing industry etc. Hence why the BRICs will flourish in to the future 😏
There's a concerning issue where US companies & think tanks were pushing for cheap manufacturing in China & similar countries. So, the CCP didn't direct it, just played along in a way to their benefit (tech transfer etc). Australia is under the UK's control & had to follow along also. The Abbott Government (of which Peter Costello here was a part) oversaw & denied Holden car manufacturing closing..... denied it, then....claimed it's "just a trend that everyone is following for a services economy"
China exports over 500 billion into the EU and the EU exports 230 billion a year into China. It feels that our own handed our very means of survival over to the east. What did they expect?
@@FisherGrubb It's a weird synchronicity that just today I was reading Keating's account of this period in the O'Brien book. Keating is totally unapologetic about shifting to a service economy. What I meant by CCP involvement is the way they supported Maoist entryism into unions. Such unions no longer focus on a good deal for workers and employers, but instead make incessant unreasonable demands until the industry collapses and is forced to move to China.
On manufacturing I disagree with Mr Costello. Yes address Tariffs, but he and those after him could have protected our manufacturing with very low energy costs. We have our own coal and gas, as well as potentially nuclear, to have the cheapest energy in the world. That, with high levels of automation would have greatly enhanced our ability to offset cheap overseas labour costs. In addition to our metal resources (Iron Ore, Bauxite, Copper etc) There is no excuse that we do not have our own modern largely automated metal refineries which, with cheap energy costs would have made us largely Heavy Industry independent. Better still, with Government incentive and financing, it could all be Australian Owned.
I'm told by every institution that this country, Australia, doesn't belong to me. So don't expect me to "endure hardship" to support it. If you're gonna do absurdities like man on man marriage, I'll put up with it as long as you pay me to go away.
For certain global elites, State dependent,fat tattooed unfit people are the perfect citizens. to be fit and have some self sufficiency, independent though, and happy in the skin they are in are seen as a threat.
You see tec can be optimised. Markets can be saturated. Infinite exponential growth forever is impossible. They know this that's why they are tanking the economy now, "by 2030 you I'll own nothing".
Listened to the Ferguson talk first and saw this video afterwards. Then decided not to bother; Sloan represents failed economic theory and Costello represents its failure in practice (as many economists now agree he and Howard pissed the mining boom up against the wall).
Advanced economy? That comment right there is the Kakistocracy problem in this country. Australia is not an advanced economy. We only have one source of economic growth and that's the domestic mortgage housing market. All we do is dig resources out of the ground and sell them off without proper return. We have no manufacturing, there is no diversity in the economy. Budget constraints only happen on the Gold standard. These people are idiots. We don't have productivity growth because we don't have a diverse economy.
If ARC is to represent an unbiased presentation of ideas, why on earth are (ex)politicians, with their own agendas/biases ever invited to be on any of its discussion panels? A BAD LOOK!!!
Statistics suck but sometimes you really need to notice. The US spent 850 billion on military spending in '23'. Russia spend $100 billion. China spent $300 billion. The US has 750 military bases in 80 countries. Russia has 21 and China zero. A choice is made where to spend the dollars. They say the US has to maintain these bases to keep us safe. Many of us call BS on this and understand it is money going to their MIC friends. China chose to build a new mass transit system and a surveillance system used to control bad behavior as opposed to waging political warfare.
Costello's idealisation of Australia's economy is complete rubbish. The economy is massively dependent on government Defence, 'Care' and Welfare spending (Child-NDIS-Age and Gov benefits, and an expensive underwhelming military). The economy is far from sustainable or sound, and relies on high personal taxation while receiving only meagre local corporate taxes - and overseas corporates pay nothing to sell Australian resources overseas for high profits.
100% on the need for compromise. The first thing we need though is conversation about the need for compromise. Politicians need to start explaining to the electorate that we can’t give you everything. We all have to make compromises. People need to accept the reality of limitations rather than sticking their heads in the sand and pretending they can get everything without a cost.
The public ALWAYS shoulder hardships for the common cause!! The problem is the people that make out like bandits, that have always been making out like bandits, never put up their hand to shoulder anything. Its always the people who can least afford to stagnate, stagnating, and the people who can most afford to take one for the team making out like bandits YET AGAIN!!
When people and states and countries put thier credit cards in economy ATMs and slip of paper comes out INSUFFICIENT FUNDS...i think there is trouble ahead..
Horror of horrors, what if parliamentary democracy, liberalism and hyper- individualism are at the root of all these problems? In 2023 Australia's total fertility rate (TFR) was 1.50. Indeed, the TFR decreased by 4.6% from the previous year. What happens to Australia if this demographic trend continues over the course of the next seventy-five years?
The economy is so multi faceted that discussing it like it’s just one thing doesn’t make much sense. Discussing imports and exports and wages and interest and infrastructure and housing and interest rates and foreign investment all separately makes more sense
The blind faith in the US being able to reinvent themselves while accurate given change in all things is inevitable is limited. Does the US have the ability to radically change to maintain its hierarchy dominance? Global industrial output is in China. Global leadership in production of engineers is in China. Leading investment in semiconductor research & design is in China. Leading technology in many areas is now in China. The entire global south is behind China. The global south is tired of the G7 major export which is war. Average citizens in the G7 should not trust their government to save them. Go buy gold & be your own central bank. Debasement of currency is the G7's only path out of the debt trap the G7 created for themselves. Good luck everyone.
Governments are here because we’re here. Not the other way around. This has been all but forgotten around the world. We the citizens must be much braver and make our concerns known. Like me please join the Free Speech Union. They do a great job defending free speech which of course is at the root of all these problems.
Asking us to take a roll back of government spending (services, healthcare etc) and for households to take further hardship - hardship that has been experienced and growing since 2008 - for what!? What is the actual payoff that's being suggested? The financial class, who are currently skimming the cream in our economy through massive profit growth in essential services, should take the hardship for once. For starters, disincentivise the hoarding of land so that households and small businesses have more capacity to be experimental, nimble and productive instead of wrapping up an insane amount of money in an unproductive asset such as land.
Founded on democracy? What about the genocide of the native American Indians and that pesky slavery? haha tell your own stories in your own echo chamber.
This lady does not understand "Democracy " Benjamin Franklin said, " America is a Republic, if it becomes a democracy, it will be the end of America ".
You think there should be diverse views on the effectiveness of vaccines? Just read the studies that go into getting them approved by the FDA and subsequent post-marketing studies. Not alll diversity of opinion is good especially when there is only dogmatic opinion behind a diverse thought or idea.
the problem with Vic. we elected disastrous Dan. who cemented us to Debt for the next 100 years. any sensible Victorian now lives in qld or Wa. (resulting in the LNP losing voters) far too many africans and muslims on social security, knowing that only a Labour \Governemnt can make them stay that way. Btw living under a labour gover is akin to living in Russia )( Australia needs a Peter Costello so badly, where is he Thank you.
Peter Costello start reading8 on your Bible and make a study of Bible Prophecy and the rise of the anti christ shame on you Peter you were taught the Bible
All well and good, but the real shift will come from a complete tax reform. We are the richest natural resource country in the world, we should be the wealthiest nation accordingly, with the elimination of income and company taxes to incentivize productivity. It’s really not that hard.
The United States of America has a number of ace cards up it's sleeve. It is a poker player and can surprise the world for some time to come. Adaptive society due to it's multi-national corporations able to not only trade in every corner of the world but to do so under the sponsorship of it's deep money markets. Further, the cultural phenomena of 'Americana' has a rugged persistence and continues to attract unlimited wannabe migrants to their shores. These and numerous other features are what the Soviet Union lacked in other words the USSR ran out of money, chips and high value cards left to play. As the Honourable Peter Costello stated 're-invention' I'd say re-purpose, re-growth, re-appear, in short to resurrect.
