$900 stimulus

[RabbieBurns]

Whats this all about, I keep hearing about it but am not really sure what it is. Can anyone explain it for me please or point me in the direction of somewhere that explains it?

[torledo]

doing a quick google search, it appears rudd the australian pm wants to give anyone who earns up to AUS100k a 900 dollars handout, part of a 42bn dollar stimulus package..

 

Quick!!! book your ticket before all the money runs out.

[rrichmond]

Yes. Kevin Rudd, the Australian Prime Minister, is providing $900 to each Australian taxpayer as part of a "stimulus" package.

Funny thing is this link was right beside your post :> http://ato.gov.au/corporate/content.asp?doc=/content/00178930.htm&page=1&H1

[torledo]

you know what, this 900 dollar stimulus, seems to be particularly pointless. I don't know how many australian taxpayers would be eligibile for this handout, but the cost is clearly going to run into the billions. Australian tax receipts will be down this year and over the next four years, on previous govt. predictions for tax revenues. Increased deficits wouldn't be as much of a concern if these initiative actually accomplished anything meaningful.

 

So burn through a few billion in handing out a one-off payment that individual people are going to see little benefit from. How far is 900dollars going to go ?, and how can they quantify what impact, if any, it wall have to boost spending in the economy. This is the type of thing nulabour would do to try and hide the fact that inflation no longer goes into incomes. Means tested, one-off handouts. What happend when that 900dollars is spent/saved/used to pay down debts...another few billion on another 900dollar handout ?

 

It's ridiculous. But then rudd is inflicted with the same fiscal insanity virus that affects other world leaders like gordon brown. Australia too, apparently, reckon a loft insulation subsidy, will help to kickstart the economy. And yet these muppets talk about new deals evoking roosevelt, while in the same breath pi$$ing around with loft insulation and handout schemes. truly grand ideas, what visionairies these dingbats are.

 

tbh, my impressions appear be that australia is a bit of a basketcase economy. It has the most overpriced property in the western world and had one of the biggest property bubbles, in terms of private debt to gdp my understanding only the US and UK figures are worse, and they are clearly relying on china to pull the rest of south-east asia and subsequently austrlasia out of the economic mire, and it's clear they have a PM intent on burning through a lot of money in the short-term with little thought for the consequence for when the money isn't there to pay for these dingbat ideas or concern for the medium and long-term impacts.

 

New Zealand might be a better choice for those wanting to emigrate, atleast their PM doesn't talk as much b0ll0x as the likes of brown and Rudd. Bet the NZ pm might even understand moral hazard and fiscal reponsibility. If he does, he'll be one of the few world leaders who does.

Edited April 13, 2009 by torledo

[rrichmond]

I think the point of it was to help prevent Australia going into a recession.... I don't know that I would have done the same thing if I were in his shoes. He already gave familes with children $1000 per child! Then topped it with the $900 per taxpayer....

[albertwt]

Which makes him (K-Rudd) very good and generous PM :-)

[bobkerr]

Hi Rabbie,

 

Bad luck you did not get to Adelaide and pay tax prior to 30th June last year.

 

Unfortunately I do not qualify either as I retired a couple of years ago and my income is such that I did not pay tax in year ended 30th June, 2008.

 

Cheers

[powdarrmonkey]

Which makes him (K-Rudd) very good and generous PM :-)

 

Not really; as taxpayers it was your money to begin with...

[maxgen]

I got an email from Kevin asking for it back - something about him being out of a job????