February 17 links: US momentum


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United States

  • China’s endless landing. Alphaville You read it here first


  • Westpac to keep raising. SMH
  • Productivity reform now. Saul Eslake
  • Uren takes his due. Fair enough. But one month does not a trend make.
  • Parko swipes government. AFR More hardhats you fools!
David Llewellyn-Smith
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  1. The parko article portrays the Labor game plan. In the four years since ascendancy 353,000 jobs added in health and assistance public admin and safety. Many of these are remunerated by tax evasion of about 20 per cent of PAYG by collusion of the employer and employee to receive payments as a fringe benefit. This is illegal under the tax avoidance legislation of the tax act. So slam SME workers and businesses and closet your own electorate workers. This is a scandal.

    • Really? You’re turning a link into a screed about Labor trying to encourage people to avoid tax? Go to a political platform, not a business blog.

      • So discussing increasing public sector employment and their renumeration methods is politics and not economics – give me a break!

      • Karan. I think you misunderstood the note. Labor presided over the public sector jobs growth but the tax avoidance was expanded during Howard/Costello era. This was not a political statement as such but reality. If one has a care sector employer in the private sector the tax avoidance cannot be provided so workers transfer to the publis sector employer. Is this fair? The remuneration scheme is illegal and should be tested in a court.

      • Public sector fringe benefit concessions are a rort. And the lost revenue must be huge. I’m pretty sure the problem started even before Howard/Costello – could be wrong though.

  2. Official figures show 250,000 jobs have shifted into the healthcare and social assistance sector in the four years since Labor first came to power, with employment in the booming mining sector growing by just 103,600 positions in the same period.

    Jobs in public administration and safety also grew by 103,000 over the four years, while manufacturing jobs shrank by 97,200 and retail trade by 41,000.

    The inevitable end game of legislative democracy — with exponential growth in local, state, and federal legislation — is for everyone to be employed in government to oversee the legislation. This will be our brave new world in 2100 or 2200.

    Time to consider a new system of government — maybe appoint a towel as dictator.

      • I’ll bite for you towelie

        Or install a sector specific confiscation of private property because we were all too busy consuming new Flat screens, SUV’s and McMansions to save and invest.
        What is it that about confiscation by government prevents us all from sucking at the great public teat? Give them more money they’ll just spend it. None of it is planned to go to anything worthwhile.

        P.S. I’m already running to be elected dictator and there can only be one candidate!

      • HnH, you keep forgetting – the MRRT! But agree with Flawse, will not stop ever increasing sucking at the public teat. Promote it if anything.

  3. the US “double recovery” rolls on. As per the last 4 months it was another case of “buy the dips” yesterday. will the bears ever learn? i doubt it…

    • GB, please dial it back. That sort of response might be insightful in a pub or at the local RSL, but not coming from a finance professional. Maybe you need a Twitter account…

      • the last thing i need is a twitter account TP. look at my replies, id be in all sorts of trouble with a twitter account.

  4. “China’s endless landing. Alphaville You read it here first”

    No I didn’t! I think I read it first in a post called “February 16 links” 🙂

    • “Gillard Urged to Copy Bernanke as Australia’s Lenders Squeezed: Mortgages”

      Funny that a housing market with such “strong fundamentals” has such a wide array of rent seekers.

    • “Gillard Urged to Copy Bernanke as Australia’s Lenders Squeezed: Mortgages”

      A good find, Mav. Thanks.

  5. Thousands of Australians are stranded in Thailand as budget carrier Air Australia goes under

    “Voluntary administrator Mark Korda said up to 4,000 passengers were currently overseas with Air Australia return tickets.

    “We strongly recommend that people organise their return flights sooner rather than later,” he told Fairfax radio.”

    • There will be a high profile Australian company going into administration almost every day of the week now.

  6. A hard landing in China is defined as anything less than 7% growth? Cripes, that’s really just a mild decrease in the rate of acceleration.

    The post-China growth story is going to be interesting, 20 – 50 years hence.