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http://www.ozpolitic.com/forum/YaBB.pl General Discussion >> State and Local >> South Australia: massive oil reserves discovered http://www.ozpolitic.com/forum/YaBB.pl?num=1421657189 Message started by longweekend58 on Jan 19^th, 2015 at 6:46pm

Title: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 19^th, 2015 at 6:46pm

Title: Re: South Australia: massive oil reserves discovered
Post by perceptions_now on Jan 19^th, 2015 at 6:56pm

longweekend58 wrote on Jan 19^th, 2015 at 6:46pm:

Heard it all before Longy, But it just never actually comes true!

Btw, where does it say -
SA's offshore oil reserves are tipped to perhaps be the worlds LARGEST offshore reserves.

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 19^th, 2015 at 7:02pm

perceptions_now wrote on Jan 19^th, 2015 at 6:56pm:

longweekend58 wrote on Jan 19^th, 2015 at 6:46pm:

Heard it all before Longy, But it just never actually comes true!

Btw, where does it say -
SA's offshore oil reserves are tipped to perhaps be the worlds LARGEST offshore reserves.

you only have to read. Look for it.

But wouldn't it be nice to have a massive OIL economy booming in south Australia? TEN BILLION in royalties a year perhaps?

Title: Re: South Australia: massive oil reserves discovered
Post by St George of the Puissant HLT on Jan 19^th, 2015 at 7:03pm

Wow, some companies are EXPLORING. :D

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 19^th, 2015 at 7:23pm

St George of the Garden wrote on Jan 19^th, 2015 at 7:03pm:

Wow, some companies are EXPLORING. :D

you live here too gullible George. you too should be pleased with the likelihood of massive oil revenues for our state. Oil companies don't spend multiple BILLIONS on a whim.

another nail in the coffin called Peak Oil.

Title: Re: South Australia: massive oil reserves discovered
Post by Bam on Jan 19^th, 2015 at 7:25pm

longweekend58 wrote on Jan 19^th, 2015 at 7:23pm:

St George of the Garden wrote on Jan 19^th, 2015 at 7:03pm:

Wow, some companies are EXPLORING. :D

They're exploring. They haven't found anything yet. You're carrying on as if they've already found the oil.

Now grow up and stop trolling.

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 19^th, 2015 at 7:31pm

Bam wrote on Jan 19^th, 2015 at 7:25pm:

longweekend58 wrote on Jan 19^th, 2015 at 7:23pm:

St George of the Garden wrote on Jan 19^th, 2015 at 7:03pm:

Wow, some companies are EXPLORING. :D

They're exploring. They haven't found anything yet. You're carrying on as if they've already found the oil.

Now grow up and stop trolling.

no they are more than exploring. they are judging the EXTENT of an existing field. And why the angst? does it upset you that Australia may become a major oil exporter?

Title: Re: South Australia: massive oil reserves discovered
Post by St George of the Puissant HLT on Jan 19^th, 2015 at 7:34pm

State geophysics surveys may have found some formations that look like formations where oil or gas can get trapped. Son, that doesn’t mean oil and/or gas IS trapped. Geophysics can point where promising areas are, but you need detailed seismic exploration then drilling to see if potential oil field is actual oil field.

Yes, it will be wild if there is another NW Shelf type oilfield discovered in the Bight. I live in SA too.

Won’t prove Peak Oil has not arrived tho.

Title: Re: South Australia: massive oil reserves discovered
Post by Rider on Jan 19^th, 2015 at 8:09pm

longweekend58 wrote on Jan 19^th, 2015 at 6:46pm:

Excellent. Hope it pans out and is fast tracked.

Title: Re: South Australia: massive oil reserves discovered
Post by Swagman on Jan 19^th, 2015 at 8:12pm

Good to see some corporates risking some capital again in search of reward....Australia is open for business again... :D

Title: Re: South Australia: massive oil reserves discovered
Post by St George of the Puissant HLT on Jan 19^th, 2015 at 8:29pm

That has to be your most fatuous post ever, Swag!

Title: Re: South Australia: massive oil reserves discovered
Post by Swagman on Jan 19^th, 2015 at 8:38pm

Think of the massive trickle down to Australia's downtrodden if they discover massive oil reserves George.

It should have some Truebelievers salivating but the eco-socialist ones would be spewing... :D ;D

Title: Re: South Australia: massive oil reserves discovered
Post by sir alevine on Jan 19^th, 2015 at 8:41pm

What needs to happen today is for nonstop documentaries about Norway being aired on South Australian tvs, showing how to really benefit from oil.

Or they can take the small trickle down approach swampie is suggesting.

Title: Re: South Australia: massive oil reserves discovered
Post by John Smith on Jan 19^th, 2015 at 8:43pm

longweekend58 wrote on Jan 19^th, 2015 at 6:46pm:

http://www.adelaidenow.com.au/news/south-australia/promise-of-oil-thousands-of-jobs-as-companies-hunt-in-great-australian-bight/story-fni6uo1m-1227188977776?sv=9711efc8bb2a213e2e9aa6b83e906d1f&net_sub_uid=77728013&nk=ebb44e85a692cbcf4e1af24f9a32c79a

So much for Peak Oil - another discredited theory.

SA's offshore oil reserves are tipped to perhaps be the worlds LARGEST offshore reserves.

;D ;D ;D ;D

Bad luck, Perc.... WRONG AGAIN

so far nothing has been found and the writer is guessing ... great straw clutching longie ;D ;D ;D ;D ;D

Title: Re: South Australia: massive oil reserves discovered
Post by Swagman on Jan 19^th, 2015 at 8:44pm

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:41pm:

The Norwegians get lots of trickle down.

Title: Re: South Australia: massive oil reserves discovered
Post by sir alevine on Jan 19^th, 2015 at 8:45pm

John Smith wrote on Jan 19^th, 2015 at 8:43pm:

longweekend58 wrote on Jan 19^th, 2015 at 6:46pm:

so far nothing has been found and the writer is guessing ... great straw clutching longie ;D ;D ;D ;D ;D

Sth Australians need to just keep voting against the libs. You know they'll squander it. Just like they have in WA.

Title: Re: South Australia: massive oil reserves discovered
Post by John Smith on Jan 19^th, 2015 at 8:46pm

its a pity the govt. is to gutless to do what Norway did when they found oil ....

Title: Re: South Australia: massive oil reserves discovered
Post by Swagman on Jan 19^th, 2015 at 8:47pm

John Smith wrote on Jan 19^th, 2015 at 8:43pm:

longweekend58 wrote on Jan 19^th, 2015 at 6:46pm:

so far nothing has been found and the writer is guessing ... great straw clutching longie ;D ;D ;D ;D ;D

Absence of evidence is not evidence of absence.... :D

Title: Re: South Australia: massive oil reserves discovered
Post by John Smith on Jan 19^th, 2015 at 8:47pm

Swagman wrote on Jan 19^th, 2015 at 8:44pm:

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:41pm:

The Norwegians get lots of trickle down.

the norweigns didn't give the oil to multinationals :D :D :D :D

Title: Re: South Australia: massive oil reserves discovered
Post by sir alevine on Jan 19^th, 2015 at 8:47pm

John Smith wrote on Jan 19^th, 2015 at 8:46pm:

its a pity the govt. is to gutless to do what Norway did when they found oil ....

Yes, unfortunately they believe in swampies trickle down strategy. If lucky they'll get a new port out of it, and that about it.

Title: Re: South Australia: massive oil reserves discovered
Post by John Smith on Jan 19^th, 2015 at 8:48pm

Swagman wrote on Jan 19^th, 2015 at 8:47pm:

John Smith wrote on Jan 19^th, 2015 at 8:43pm:

longweekend58 wrote on Jan 19^th, 2015 at 6:46pm:

so far nothing has been found and the writer is guessing ... great straw clutching longie ;D ;D ;D ;D ;D

Absence of evidence is not evidence of absence.... :D

true, but saying 'we found oil' doesn't mean we found oil either :D :D

Title: Re: South Australia: massive oil reserves discovered
Post by John Smith on Jan 19^th, 2015 at 8:49pm

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:47pm:

John Smith wrote on Jan 19^th, 2015 at 8:46pm:

its a pity the govt. is to gutless to do what Norway did when they found oil ....

Yes, unfortunately they believe in swampies trickle down strategy. If lucky they'll get a new port out of it, and that about it.

a new port that the govt. will build with tax dollars so that the multinationals can make more profits

Title: Re: South Australia: massive oil reserves discovered
Post by sir alevine on Jan 19^th, 2015 at 8:49pm

Swagman wrote on Jan 19^th, 2015 at 8:44pm:

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:41pm:

The Norwegians get lots of trickle down.

No. bp gets the trickle down. (Or whichever company is involved there)

Title: Re: South Australia: massive oil reserves discovered
Post by sir alevine on Jan 19^th, 2015 at 8:50pm

John Smith wrote on Jan 19^th, 2015 at 8:49pm:

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:47pm:

John Smith wrote on Jan 19^th, 2015 at 8:46pm:

its a pity the govt. is to gutless to do what Norway did when they found oil ....

Yes, unfortunately they believe in swampies trickle down strategy. If lucky they'll get a new port out of it, and that about it.

a new port that the govt. will build with tax dollars so that the multinationals can make more profits

Oh yes, and don't forget it'll need to be a public private enterprise , so no doubt some charge for entering it.

Title: Re: South Australia: massive oil reserves discovered
Post by sir alevine on Jan 19^th, 2015 at 8:50pm

John Smith wrote on Jan 19^th, 2015 at 8:48pm:

Swagman wrote on Jan 19^th, 2015 at 8:47pm:

John Smith wrote on Jan 19^th, 2015 at 8:43pm:

longweekend58 wrote on Jan 19^th, 2015 at 6:46pm:

so far nothing has been found and the writer is guessing ... great straw clutching longie ;D ;D ;D ;D ;D

Absence of evidence is not evidence of absence.... :D

true, but saying 'we found oil' doesn't mean we found oil either :D :D

Don't tell longie about a lack of evidence being evidence. It'll destroy his Santa Claus belief.

Title: Re: South Australia: massive oil reserves discovered
Post by John Smith on Jan 19^th, 2015 at 8:51pm

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:50pm:

John Smith wrote on Jan 19^th, 2015 at 8:49pm:

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:47pm:

John Smith wrote on Jan 19^th, 2015 at 8:46pm:

its a pity the govt. is to gutless to do what Norway did when they found oil ....

Yes, unfortunately they believe in swampies trickle down strategy. If lucky they'll get a new port out of it, and that about it.

a new port that the govt. will build with tax dollars so that the multinationals can make more profits

Oh yes, and don't forget it'll need to be a public private enterprise , so no doubt some charge for entering it.

disgraceful that they don't let you fish of them ... :-/ :-/

Title: Re: South Australia: massive oil reserves discovered
Post by sir alevine on Jan 19^th, 2015 at 8:52pm

John Smith wrote on Jan 19^th, 2015 at 8:51pm:

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:50pm:

John Smith wrote on Jan 19^th, 2015 at 8:49pm:

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:47pm:

John Smith wrote on Jan 19^th, 2015 at 8:46pm:

its a pity the govt. is to gutless to do what Norway did when they found oil ....

Yes, unfortunately they believe in swampies trickle down strategy. If lucky they'll get a new port out of it, and that about it.

a new port that the govt. will build with tax dollars so that the multinationals can make more profits

Oh yes, and don't forget it'll need to be a public private enterprise , so no doubt some charge for entering it.

disgraceful that they don't let you fish of them ... :-/ :-/

That's all port adelaide is good for ATM, no?

Title: Re: South Australia: massive oil reserves discovered
Post by John Smith on Jan 19^th, 2015 at 8:52pm

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:50pm:

John Smith wrote on Jan 19^th, 2015 at 8:48pm:

Swagman wrote on Jan 19^th, 2015 at 8:47pm:

John Smith wrote on Jan 19^th, 2015 at 8:43pm:

longweekend58 wrote on Jan 19^th, 2015 at 6:46pm:

so far nothing has been found and the writer is guessing ... great straw clutching longie ;D ;D ;D ;D ;D

Absence of evidence is not evidence of absence.... :D

true, but saying 'we found oil' doesn't mean we found oil either :D :D

Don't tell longie about a lack of evidence being evidence. It'll destroy his Santa Claus belief.

it'll destroy ALL his beliefs ... afterall, lack of evidence is a specialty of longies

Title: Re: South Australia: massive oil reserves discovered
Post by John Smith on Jan 19^th, 2015 at 8:53pm

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:52pm:

John Smith wrote on Jan 19^th, 2015 at 8:51pm:

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:50pm:

John Smith wrote on Jan 19^th, 2015 at 8:49pm:

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:47pm:

John Smith wrote on Jan 19^th, 2015 at 8:46pm:

its a pity the govt. is to gutless to do what Norway did when they found oil ....

Yes, unfortunately they believe in swampies trickle down strategy. If lucky they'll get a new port out of it, and that about it.

a new port that the govt. will build with tax dollars so that the multinationals can make more profits

Oh yes, and don't forget it'll need to be a public private enterprise , so no doubt some charge for entering it.

disgraceful that they don't let you fish of them ... :-/ :-/

That's all port adelaide is good for ATM, no?

never been there so can't say ... i here it's pretty to look at

Title: Re: South Australia: massive oil reserves discovered
Post by sir alevine on Jan 19^th, 2015 at 8:55pm

John Smith wrote on Jan 19^th, 2015 at 8:53pm:

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:52pm:

John Smith wrote on Jan 19^th, 2015 at 8:51pm:

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:50pm:

John Smith wrote on Jan 19^th, 2015 at 8:49pm:

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:47pm:

John Smith wrote on Jan 19^th, 2015 at 8:46pm:

its a pity the govt. is to gutless to do what Norway did when they found oil ....

Yes, unfortunately they believe in swampies trickle down strategy. If lucky they'll get a new port out of it, and that about it.

a new port that the govt. will build with tax dollars so that the multinationals can make more profits

Oh yes, and don't forget it'll need to be a public private enterprise , so no doubt some charge for entering it.

disgraceful that they don't let you fish of them ... :-/ :-/

That's all port adelaide is good for ATM, no?

never been there so can't say ... i here it's pretty to look at

Yeh, once the oil comes it'll be $5 per viewing ;)

Title: Re: South Australia: massive oil reserves discovered
Post by Swagman on Jan 19^th, 2015 at 8:58pm

John Smith wrote on Jan 19^th, 2015 at 8:47pm:

Swagman wrote on Jan 19^th, 2015 at 8:44pm:

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:41pm:

The Norwegians get lots of trickle down.

the norweigns didn't give the oil to multinationals :D :D :D :D

...and 'nor' do we

Title: Re: South Australia: massive oil reserves discovered
Post by John Smith on Jan 19^th, 2015 at 9:33pm

Swagman wrote on Jan 19^th, 2015 at 8:58pm:

John Smith wrote on Jan 19^th, 2015 at 8:47pm:

Swagman wrote on Jan 19^th, 2015 at 8:44pm:

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:41pm:

The Norwegians get lots of trickle down.

the norweigns didn't give the oil to multinationals :D :D :D :D

...and 'nor' do we

sure we do ... we pay them to take our minerals then ask them to, if they feel like it, pay us some tax in return

Title: Re: South Australia: massive oil reserves discovered
Post by The Grappler Hebdo (je suis) on Jan 20^th, 2015 at 4:11am

http://www.adelaidenow.com.au/news/south-australia/promise-of-oil-thousands-of-jobs-as-companies-hunt-in-great-australian-bight/story-fni6uo1m-1227188977776?sv=9711efc8bb2a213e2e9aa6b83e906d1f&net_sub_uid=77728013&nk=ebb44e85a692cbcf4e1af24f9a32c79a

That's better.....

Nonsense! It says PROMISE of oil....

"Mr Goldstein said the bight was the largest relatively unexplored area in the world and that resource companies were attracted by the potential for “giant petroleum accumulations”."

All hot air and gas..... let's wait until it's in before we run around calling out that the seabed is rising oil......

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 20^th, 2015 at 8:03am

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:41pm:

You mean like the $104B sovereign wealth fund we have now courtesy of John Howard? I agree that much of the massive royalties from this should go to a sovereign wealth fund. I wonder if WA will be pushing for their GST reform if this all comes to fruition in the next 5 years?

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 20^th, 2015 at 8:06am

John Smith wrote on Jan 19^th, 2015 at 9:33pm:

Swagman wrote on Jan 19^th, 2015 at 8:58pm:

John Smith wrote on Jan 19^th, 2015 at 8:47pm:

Swagman wrote on Jan 19^th, 2015 at 8:44pm:

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:41pm:

The Norwegians get lots of trickle down.

the norweigns didn't give the oil to multinationals :D :D :D :D

...and 'nor' do we

sure we do ... we pay them to take our minerals then ask them to, if they feel like it, pay us some tax in return

so that's what the $20Bpa in royalties paid to the states are for in addition to the massive tax they pay on profits?

Title: Re: South Australia: massive oil reserves discovered
Post by Swagman on Jan 20^th, 2015 at 8:09am

John Smith wrote on Jan 19^th, 2015 at 9:33pm:

Swagman wrote on Jan 19^th, 2015 at 8:58pm:

John Smith wrote on Jan 19^th, 2015 at 8:47pm:

Swagman wrote on Jan 19^th, 2015 at 8:44pm:

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:41pm:

The Norwegians get lots of trickle down.

the norweigns didn't give the oil to multinationals :D :D :D :D

...and 'nor' do we

sure we do ... we pay them to take our minerals then ask them to, if they feel like it, pay us some tax in return

Read up a bit on Bass Straight oil Johnny and how beneficial it has been to the Australian economy.

Lefties hate corporates but once all the risk has been taken and the rewards flood in they fall over themselves to scam in the profits

Title: Re: South Australia: massive oil reserves discovered
Post by sir alevine on Jan 20^th, 2015 at 8:12am

longweekend58 wrote on Jan 20^th, 2015 at 8:06am:

John Smith wrote on Jan 19^th, 2015 at 9:33pm:

Swagman wrote on Jan 19^th, 2015 at 8:58pm:

John Smith wrote on Jan 19^th, 2015 at 8:47pm:

Swagman wrote on Jan 19^th, 2015 at 8:44pm:

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:41pm:

The Norwegians get lots of trickle down.

the norweigns didn't give the oil to multinationals :D :D :D :D

...and 'nor' do we

sure we do ... we pay them to take our minerals then ask them to, if they feel like it, pay us some tax in return

so that's what the $20Bpa in royalties paid to the states are for in addition to the massive tax they pay on profits?

Who has the largest sovereign fund in the world again? Why?

Title: Re: South Australia: massive oil reserves discovered
Post by sir alevine on Jan 20^th, 2015 at 8:13am

longweekend58 wrote on Jan 20^th, 2015 at 8:03am:

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:41pm:

You mean he didn't squander it all? Ohhhh, how nice. A little left from the billions he gave away for no outcome.

A great leader indeed ;D

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 20^th, 2015 at 8:18am

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:13am:

longweekend58 wrote on Jan 20^th, 2015 at 8:03am:

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:41pm:

You mean he didn't squander it all? Ohhhh, how nice. A little left from the billions he gave away for no outcome.

A great leader indeed ;D

it formed part of the $230B that Howard saved. Now can you recall any other government saving at all, nevermind a quarter of a trillion dollars??

Title: Re: South Australia: massive oil reserves discovered
Post by sir alevine on Jan 20^th, 2015 at 8:20am

longweekend58 wrote on Jan 20^th, 2015 at 8:18am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:13am:

longweekend58 wrote on Jan 20^th, 2015 at 8:03am:

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:41pm:

You mean he didn't squander it all? Ohhhh, how nice. A little left from the billions he gave away for no outcome.

A great leader indeed ;D

it formed part of the $230B that Howard saved. Now can you recall any other government saving at all, nevermind a quarter of a trillion dollars??

As you've said, it was our "greatest economic period" which Keating created.

Who else had such marvelous conditions? Fact is, for what he saved, he also squandered half of it via stupendous policies with no net benefit to this country.

Title: Re: South Australia: massive oil reserves discovered
Post by Swagman on Jan 20^th, 2015 at 8:22am

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:12am:

Who has the largest sovereign fund in the world again? Why?

Oil is a totally different commodity to iron ore and coal. It's highly inelastic demand and scarcity means that exorbitant super profit taxes do not scare away capital investment.

Title: Re: South Australia: massive oil reserves discovered
Post by The Grappler Hebdo (je suis) on Jan 20^th, 2015 at 8:25am

longweekend58 wrote on Jan 20^th, 2015 at 8:18am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:13am:

longweekend58 wrote on Jan 20^th, 2015 at 8:03am:

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:41pm:

You mean he didn't squander it all? Ohhhh, how nice. A little left from the billions he gave away for no outcome.

A great leader indeed ;D

it formed part of the $230B that Howard saved. Now can you recall any other government saving at all, nevermind a quarter of a trillion dollars??

You continue to mistake budget guesswork for the future and cooked books for solid cash in the bank.

Even at the alleged rate that 'Labor spent' - they could not dispose of $230bn in ready cash in such a short time and then run up huge losses - oh, sorry - that's budget deficits....

Title: Re: South Australia: massive oil reserves discovered
Post by sir alevine on Jan 20^th, 2015 at 8:29am

Swagman wrote on Jan 20^th, 2015 at 8:22am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:12am:

Who has the largest sovereign fund in the world again? Why?

Oil is a totally different commodity to iron ore and coal. It's highly inelastic demand and scarcity means that exorbitant super profit taxes do not scare away capital investment.

So you agree we shouldn't hand it all over to the conglomerates and maximise the hell out of it? Ooh yay swampie no longer believes in trickle down!!

Title: Re: South Australia: massive oil reserves discovered
Post by Swagman on Jan 20^th, 2015 at 8:29am

Truebeliever Govt's and their supporters are just like 18 year old blonde bimbos with their first credit cards Longie. :D

Debt? What debt? Savings? W T F is that? Who cares? Someone else will pay ;D

Title: Re: South Australia: massive oil reserves discovered
Post by St George of the Puissant HLT on Jan 20^th, 2015 at 8:30am

The Fatuous Fund will just about cover the cost of correcting the mistake Lil Johhnie made selling Telstra as retail–wholesale monopoly. The structural Budget deficit made a cash deficit by the GFC more than covers whatever tiny savings Howard may have made.

A spendthrift is what Howard was as Treasurer and PM.

Title: Re: South Australia: massive oil reserves discovered
Post by Swagman on Jan 20^th, 2015 at 8:30am

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:29am:

Swagman wrote on Jan 20^th, 2015 at 8:22am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:12am:

Who has the largest sovereign fund in the world again? Why?

Oil is a totally different commodity to iron ore and coal. It's highly inelastic demand and scarcity means that exorbitant super profit taxes do not scare away capital investment.

So you agree we shouldn't hand it all over to the conglomerates and maximise the hell out of it? Ooh yay swampie no longer believes in trickle down!!

That is 'trickle down'. :-?

Title: Re: South Australia: massive oil reserves discovered
Post by John Smith on Jan 20^th, 2015 at 8:34am

longweekend58 wrote on Jan 20^th, 2015 at 8:03am:

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:41pm:

104B? where'd that number come from? and how does it compare to norways future fund?

Title: Re: South Australia: massive oil reserves discovered
Post by The Outrage Bus on Jan 20^th, 2015 at 8:36am

I'm still waiting to see how big the field ACTUALLY is before popping my load.

Title: Re: South Australia: massive oil reserves discovered
Post by St George of the Puissant HLT on Jan 20^th, 2015 at 8:54am

It could contain no oil/gas or uneconomic amounts, etc.

Better to bet the state on renewable energy—if the wind never blows and the sun never shines an oilfield that may be there will be the least of our worries.

Title: Re: South Australia: massive oil reserves discovered
Post by Rider on Jan 20^th, 2015 at 8:59am

St George of the Garden wrote on Jan 20^th, 2015 at 8:54am:

You forgot horses and small children climbing up wind towers to spin them around so a few light bulbs can glow briefly around the dung cooking fires....

Title: Re: South Australia: massive oil reserves discovered
Post by Swagman on Jan 20^th, 2015 at 9:10am

St George of the Garden wrote on Jan 20^th, 2015 at 8:54am:

All the more reasons why the Govt shouldn't steal vast proportions of the end rewards.

It's the share holders of the corporates that are taking the punt and risking their hard earned.

Title: Re: South Australia: massive oil reserves discovered
Post by Karnal on Jan 20^th, 2015 at 9:16am

John Smith wrote on Jan 20^th, 2015 at 8:34am:

longweekend58 wrote on Jan 20^th, 2015 at 8:03am:

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:41pm:

104B? where'd that number come from?

It comes from the money federal employees put into their super fund. Longy explained it all the other day.

He's now changed the maths (language?) to a "sovereign wealth fund".

Not bad, eh?

Title: Re: South Australia: massive oil reserves discovered
Post by The Grappler Hebdo (je suis) on Jan 20^th, 2015 at 9:24am

Melanias purse wrote on Jan 20^th, 2015 at 9:16am:

John Smith wrote on Jan 20^th, 2015 at 8:34am:

longweekend58 wrote on Jan 20^th, 2015 at 8:03am:

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:41pm:

104B? where'd that number come from?

It comes from the money federal employees put into their super fund. Longy explained it all the other day.

He's now changed the maths (language?) to a "sovereign wealth fund".

Not bad, eh?

Is that the cash stored in the Caymans that is allegedly meant to cover the politician and public servant superannuation schemes - but at the drop of a government could suddenly become a slush fund for expatriate politicians fleeing the guillotine?

Hardly 'our' sovereign slush fund, is it?

Title: Re: South Australia: massive oil reserves discovered
Post by philperth2010 on Jan 20^th, 2015 at 9:28am

Using Longy's bow we can also claim there is a cure for cancer and life on Mars!!!

:-? :-? :-?

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 20^th, 2015 at 9:52am

Swagman wrote on Jan 20^th, 2015 at 8:22am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:12am:

Who has the largest sovereign fund in the world again? Why?

Oil is a totally different commodity to iron ore and coal. It's highly inelastic demand and scarcity means that exorbitant super profit taxes do not scare away capital investment.

it is worth noting that the high taxes Norway imposes has currently rendered their oil industry unprofitable. Oil may be inelastic but that is changing. the massive increases in the quantity of retrievable oil has sent prices down and made it a buyers market. you really CAN tax an oil industry away and we need to keep that in mind.

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 20^th, 2015 at 9:55am

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:20am:

longweekend58 wrote on Jan 20^th, 2015 at 8:18am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:13am:

longweekend58 wrote on Jan 20^th, 2015 at 8:03am:

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:41pm:

You mean he didn't squander it all? Ohhhh, how nice. A little left from the billions he gave away for no outcome.

A great leader indeed ;D

it formed part of the $230B that Howard saved. Now can you recall any other government saving at all, nevermind a quarter of a trillion dollars??

and imagine if Labor had been in power. do you think we would have saved ANY? Imagine if Kevin Rudd has been PM. Do you think he would have had a surplus budget ir no debt? It is time to accept that howard did a good job. Could he have done a bit better? Hindsight would suggest so, but hindsight does tend to do that. IN hindsight is there a single Labor policy if the rudd/Gillard era that would still have occurred?

Title: Re: South Australia: massive oil reserves discovered
Post by John Smith on Jan 20^th, 2015 at 9:56am

longweekend58 wrote on Jan 20^th, 2015 at 9:52am:

you really CAN tax an oil industry away and we need to keep that in mind.

especially imaginary oil industries :D :D :D :D :D :D

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 20^th, 2015 at 9:56am

Sir Grappler Truth Teller OAM wrote on Jan 20^th, 2015 at 8:25am:

longweekend58 wrote on Jan 20^th, 2015 at 8:18am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:13am:

longweekend58 wrote on Jan 20^th, 2015 at 8:03am:

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:41pm:

You mean he didn't squander it all? Ohhhh, how nice. A little left from the billions he gave away for no outcome.

A great leader indeed ;D

it formed part of the $230B that Howard saved. Now can you recall any other government saving at all, nevermind a quarter of a trillion dollars??

You got that totally wrong. it was ACTUAL $28B in cash reserves. the $96B debt was actually gone and the $80B in the future fund was there in hard cold cash.

no book-cooking at all.

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 20^th, 2015 at 9:57am

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:29am:

Swagman wrote on Jan 20^th, 2015 at 8:22am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:12am:

Who has the largest sovereign fund in the world again? Why?

Oil is a totally different commodity to iron ore and coal. It's highly inelastic demand and scarcity means that exorbitant super profit taxes do not scare away capital investment.

So you agree we shouldn't hand it all over to the conglomerates and maximise the hell out of it? Ooh yay swampie no longer believes in trickle down!!

we should hand it over to the newly formed SA state govt dept for Oil Exploration, Production and Distribution. They already have the billions in capital to invest, all the staff and equipment they need just sitting around waiting for the call.

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 20^th, 2015 at 9:58am

St George of the Garden wrote on Jan 20^th, 2015 at 8:30am:

Actually the Future Fund is primarily to cover the massive mistake Keating made in refusing to cover future federal superannuation liabilities.

Read up and learn.

Title: Re: South Australia: massive oil reserves discovered
Post by St George of the Puissant HLT on Jan 20^th, 2015 at 9:59am

Howard fanned a real estate boom and squandered the proceeds on tax cuts and pork. An irresponsible spendthrift.

$40Bn out of $400Bn boom revenue was saved, big frigging deal!

We are now coping with the end of the boom and the structural Budget deficit Howard left us.

WORST EVER PM! And worst ever Treasurer!

Title: Re: South Australia: massive oil reserves discovered
Post by John Smith on Jan 20^th, 2015 at 10:04am

longweekend58 wrote on Jan 20^th, 2015 at 9:58am:

St George of the Garden wrote on Jan 20^th, 2015 at 8:30am:

Actually the Future Fund is primarily to cover the massive mistake Keating made in refusing to cover future federal superannuation liabilities.

Read up and learn.

so its not really savings as its already spent? :D :D :D

Title: Re: South Australia: massive oil reserves discovered
Post by bogarde73 on Jan 20^th, 2015 at 10:06am

Don't anyone please mention this possible find to perceptions because he will have to do a whole new set of peak oil charts.

Title: Re: South Australia: massive oil reserves discovered
Post by John Smith on Jan 20^th, 2015 at 10:09am

bogarde73 wrote on Jan 20^th, 2015 at 10:06am:

Don't anyone please mention this possible find to perceptions because he will have to do a whole new set of peak oil charts.

or alternatively, he can do what longie does and simply pretend a new chart already exists! :D :D

Title: Re: South Australia: massive oil reserves discovered
Post by St George of the Puissant HLT on Jan 20^th, 2015 at 10:17am

The Fatuous Fund was Costello putting some money out of Howard’s reach. At 10% of boom time revenues (not counting the asset sales what would make the FF like 2/3 of 5/8ths of SFA.)

Costello was always worried the damage Howard’s spending (built into the Budget) would do, never having the wit to realise his tax cuts had the same result, as we know know.

PS/military super payouts are covered by provisions in the Budget.

Title: Re: South Australia: massive oil reserves discovered
Post by sir alevine on Jan 20^th, 2015 at 10:20am

longweekend58 wrote on Jan 20^th, 2015 at 9:55am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:20am:

longweekend58 wrote on Jan 20^th, 2015 at 8:18am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:13am:

longweekend58 wrote on Jan 20^th, 2015 at 8:03am:

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:41pm:

You mean he didn't squander it all? Ohhhh, how nice. A little left from the billions he gave away for no outcome.

A great leader indeed ;D

it formed part of the $230B that Howard saved. Now can you recall any other government saving at all, nevermind a quarter of a trillion dollars??

You tell Howard that he could do a much better job. His hindsight still tells him he did everything right. Now that's arrogance! ;D

Had Kevin Rudd been PM who knows. One has to remember the only reason they went into debt was the GFC, at which point the Libs agreed! Don't forget that the Libs agreed with the expenditure minus $20b.

Imagine if we had put the mining tax on Gina during the actual boom? How much more would that $230 saved be?

The fact is, he squandered it all. And all really have to show for it is a fat pig with $30B in her bank account.

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 20^th, 2015 at 10:37am

St George of the Garden wrote on Jan 20^th, 2015 at 9:59am:

you are such a d1ck. it was $230B not $40B and last post it was a $350B boom. you are just making it up now like you always do. You are a liar.

Title: Re: South Australia: massive oil reserves discovered
Post by Dsmithy70 on Jan 20^th, 2015 at 10:39am

Australia does NOT have a sovereign wealth fund.
Australia has a future fund, although if it was actually named for what it is it would be called the public service super fund.
That you continually try & represent it as some benefit to the Australian community as a whole is garbage.

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 20^th, 2015 at 10:39am

St George of the Garden wrote on Jan 20^th, 2015 at 10:17am:

Apparently Treasury is not aware of this. Perhaps you can email them and tell them that the $80B funding shortfall is fake and te money does in fact exists somewhere. I am sure they will be thrilled.

idiot.

Title: Re: South Australia: massive oil reserves discovered
Post by Karnal on Jan 20^th, 2015 at 10:40am

Sir Grappler Truth Teller OAM wrote on Jan 20^th, 2015 at 9:24am:

Melanias purse wrote on Jan 20^th, 2015 at 9:16am:

John Smith wrote on Jan 20^th, 2015 at 8:34am:

longweekend58 wrote on Jan 20^th, 2015 at 8:03am:

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:41pm:

104B? where'd that number come from?

It comes from the money federal employees put into their super fund. Longy explained it all the other day.

He's now changed the maths (language?) to a "sovereign wealth fund".

Not bad, eh?

Hardly. Kudos to Longy though - he's managed to turn a federal employee super fund into a national sovereign wealth fund.

Title: Re: South Australia: massive oil reserves discovered
Post by bogarde73 on Jan 20^th, 2015 at 10:41am

Dsmithy70 wrote on Jan 20^th, 2015 at 10:39am:

100% correct.

Title: Re: South Australia: massive oil reserves discovered
Post by Karnal on Jan 20^th, 2015 at 10:42am

Dsmithy70 wrote on Jan 20^th, 2015 at 10:39am:

Australia does NOT have a sovereign wealth fund.

It does now, Smithy. Try to keep up.

Title: Re: South Australia: massive oil reserves discovered
Post by sir alevine on Jan 20^th, 2015 at 11:03am

longweekend58 wrote on Jan 20^th, 2015 at 9:52am:

Swagman wrote on Jan 20^th, 2015 at 8:22am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:12am:

Who has the largest sovereign fund in the world again? Why?

Oil is a totally different commodity to iron ore and coal. It's highly inelastic demand and scarcity means that exorbitant super profit taxes do not scare away capital investment.

and yet they have a $700B sovereign wealth fund. Talk all you want, the benefits are staring you right in the face. And all you can do is blabber about how Costello managed to finally pull Howard's fingers away from the coffers just long enough in order to save just a bit of what was possible if not for the lying rodent wasting it all away in order to stay elected.

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 20^th, 2015 at 11:04am

Melanias purse wrote on Jan 20^th, 2015 at 10:40am:

Sir Grappler Truth Teller OAM wrote on Jan 20^th, 2015 at 9:24am:

Melanias purse wrote on Jan 20^th, 2015 at 9:16am:

John Smith wrote on Jan 20^th, 2015 at 8:34am:

longweekend58 wrote on Jan 20^th, 2015 at 8:03am:

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:41pm:

104B? where'd that number come from?

It comes from the money federal employees put into their super fund. Longy explained it all the other day.

He's now changed the maths (language?) to a "sovereign wealth fund".

Not bad, eh?

Hardly. Kudos to Longy though - he's managed to turn a federal employee super fund into a national sovereign wealth fund.

If you read the constitution of the Future Fund you will see that it is a Superannuation fund UNTIL SUCH time as that obligation is covered or until 2020 at which time it turns into a Sovereign Wealth Fund. Amazing what a bit of reading will do for ignorance.

Title: Re: South Australia: massive oil reserves discovered
Post by Dsmithy70 on Jan 20^th, 2015 at 11:08am

longweekend58 wrote on Jan 20^th, 2015 at 11:04am:

it is a Superannuation fund UNTIL SUCH time as that obligation is covered or until 2020 at which time it turns into a Sovereign Wealth Fund.

Then call it what it actually is until it changes.

Who knows what will happen to the world economy in the next 5 years.

It was at 107 Bil in 2013 33 bil short of it 2020 target, but with commodities coming off the boil, well halving in value a loss could well be posted this year.

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 20^th, 2015 at 11:08am

sir prince duke alevine wrote on Jan 20^th, 2015 at 11:03am:

longweekend58 wrote on Jan 20^th, 2015 at 9:52am:

Swagman wrote on Jan 20^th, 2015 at 8:22am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:12am:

Who has the largest sovereign fund in the world again? Why?

Oil is a totally different commodity to iron ore and coal. It's highly inelastic demand and scarcity means that exorbitant super profit taxes do not scare away capital investment.

so what? They have had a highly profitable oil industry and they saved from it. We had a profitable mining industry and we banked $230B from it. Which other govt has created a fund like that? Only Howard.

Title: Re: South Australia: massive oil reserves discovered
Post by Karnal on Jan 20^th, 2015 at 11:12am

longweekend58 wrote on Jan 20^th, 2015 at 11:04am:

Melanias purse wrote on Jan 20^th, 2015 at 10:40am:

Sir Grappler Truth Teller OAM wrote on Jan 20^th, 2015 at 9:24am:

Melanias purse wrote on Jan 20^th, 2015 at 9:16am:

John Smith wrote on Jan 20^th, 2015 at 8:34am:

longweekend58 wrote on Jan 20^th, 2015 at 8:03am:

sir prince duke alevine wrote on Jan 19^th, 2015 at 8:41pm:

104B? where'd that number come from?

It comes from the money federal employees put into their super fund. Longy explained it all the other day.

He's now changed the maths (language?) to a "sovereign wealth fund".

Not bad, eh?

Hardly. Kudos to Longy though - he's managed to turn a federal employee super fund into a national sovereign wealth fund.

Are you changing the subject because no oil reserves have been discovered, Longy?

Good work.

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 20^th, 2015 at 11:18am

Dsmithy70 wrote on Jan 20^th, 2015 at 11:08am:

longweekend58 wrote on Jan 20^th, 2015 at 11:04am:

it is a Superannuation fund UNTIL SUCH time as that obligation is covered or until 2020 at which time it turns into a Sovereign Wealth Fund.

IM guessing I am the only one on here who even knew it. But I do find it entertaining how the usual suspects routinely blame howard for basically everything - including things he didn't do - and then blame him for things he should have done and then find out he did anyhow.

Your standards are not only very high but hopelessly hypocritical. You have to not only DO but also NOT DO the same think to win praise.

Clearly the best PM is a quantum object that can have both states at once.

Title: Re: South Australia: massive oil reserves discovered
Post by sir alevine on Jan 20^th, 2015 at 11:23am

longweekend58 wrote on Jan 20^th, 2015 at 11:08am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 11:03am:

longweekend58 wrote on Jan 20^th, 2015 at 9:52am:

Swagman wrote on Jan 20^th, 2015 at 8:22am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:12am:

Who has the largest sovereign fund in the world again? Why?

Oil is a totally different commodity to iron ore and coal. It's highly inelastic demand and scarcity means that exorbitant super profit taxes do not scare away capital investment.

So, not only did they sit around and just be satisfied with taking corporate taxes from the funds, but you know what they did? Surprise, surprise - they incorporated an OIL TAX. And all the funds went into a SOVEREIGN FUND. Not the corporate taxes - just the OIL TAX. $700 B!!!

We had a MASSIVE boom. Larger than Norway's oil boom. Imagine what we would've pocketed? Oh wait..I forgot - Gina would moved to Somalia had it happened, and we'd have no one mining. Yeah right ;D

The lying rodent presided over the biggest boom we've ever had, and what did he do? Nothing! It took Costello to save just a small portion of what would've been possible had we not had the biggest economic illiterate as PM.

And All I'm saying is that if we get the oil found in SA, we'd be wise to do the same as Norway, and not just worry about the pittance we'd receive in corporate tax, while international companies pillage the rest.

Title: Re: South Australia: massive oil reserves discovered
Post by Karnal on Jan 20^th, 2015 at 11:25am

Dsmithy70 wrote on Jan 20^th, 2015 at 11:08am:

longweekend58 wrote on Jan 20^th, 2015 at 11:04am:

it is a Superannuation fund UNTIL SUCH time as that obligation is covered or until 2020 at which time it turns into a Sovereign Wealth Fund.

Then call it what it actually is until it changes.

Why? The PMO can rebrand these things however they want. It's simple maths.

Longy has spelled it out for us again, thank God. If the idiots refuse to listen, that's their problem.

Title: Re: South Australia: massive oil reserves discovered
Post by Karnal on Jan 20^th, 2015 at 11:26am

longweekend58 wrote on Jan 20^th, 2015 at 11:18am:

Dsmithy70 wrote on Jan 20^th, 2015 at 11:08am:

longweekend58 wrote on Jan 20^th, 2015 at 11:04am:

it is a Superannuation fund UNTIL SUCH time as that obligation is covered or until 2020 at which time it turns into a Sovereign Wealth Fund.

IM guessing I am the only one on here who even knew it.

You were, Longy. Most helpful.

Title: Re: South Australia: massive oil reserves discovered
Post by Dsmithy70 on Jan 20^th, 2015 at 11:27am

longweekend58 wrote on Jan 20^th, 2015 at 11:18am:

Dsmithy70 wrote on Jan 20^th, 2015 at 11:08am:

longweekend58 wrote on Jan 20^th, 2015 at 11:04am:

it is a Superannuation fund UNTIL SUCH time as that obligation is covered or until 2020 at which time it turns into a Sovereign Wealth Fund.

Then you'd be guessing wrong.

The fact remains until 2020 or 140 billion is the principle it remains a super fund.(

Im not involved in the Howard stuff & try not to be drawn into it.

But hey seeing as we are boasting about "Nation Building" lets seeing you pat Swan on the back

Quote:

In the 2008 Australian federal budget, the Treasurer, Wayne Swan announced that three new funds are to be established, to be managed by the Future Fundt:[2]

Building Australia Fund – An infrastructure fund to improve and create major infrastructure projects (including road, rail, ports and broadband) with an initial allocation of A$20 billion. At 31 December 2013, it was valued at A$4.28 billion.

Health and Hospitals Fund – A health infrastructure fund to provide increased spending on hospitals, medical equipment etc. with an initial allocation of A$10 billion. At 31 December 2013, it was valued at A$2.61 billion.

Education Investment Fund – A fund to provide capital investment in higher education and vocational education and training, with an initial allocation of around A$11 billion; including A$6 billion from the Higher Education Endowment Fund, of which it absorbs. At 31 December 2013, it was valued at A$3.91 billion.

DisabilityCare Australia Fund – A fund to fund the National Disability Insurance Scheme. The Fund is to receive contributions from the increase in the medicare levy by 0.5% to a total of 2% from 1 July 2014.

Careful remember

Quote:

The fund's investment decisions are made at arm's length from the executive.

Title: Re: South Australia: massive oil reserves discovered
Post by Karnal on Jan 20^th, 2015 at 11:31am

sir prince duke alevine wrote on Jan 20^th, 2015 at 11:23am:

longweekend58 wrote on Jan 20^th, 2015 at 11:08am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 11:03am:

longweekend58 wrote on Jan 20^th, 2015 at 9:52am:

Swagman wrote on Jan 20^th, 2015 at 8:22am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:12am:

Who has the largest sovereign fund in the world again? Why?

Oil is a totally different commodity to iron ore and coal. It's highly inelastic demand and scarcity means that exorbitant super profit taxes do not scare away capital investment.

Leftard nonsense. The oil is the solution to Mr Abbott's revenue problems. It's black gold.

Once they discover it, they'll issue a license to drill it up, and in 20 years time, when the oil flows, all Mr Abbott's problems will be over.

Hang in there, leftards. Keep voting Liberal. The solution is just around the corner.

Like the sovereign wealth fund that, in 2020, will be a federal super fund again.

Thank heavens the grown-ups are back in charge.

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 20^th, 2015 at 11:46am

sir prince duke alevine wrote on Jan 20^th, 2015 at 11:23am:

longweekend58 wrote on Jan 20^th, 2015 at 11:08am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 11:03am:

longweekend58 wrote on Jan 20^th, 2015 at 9:52am:

Swagman wrote on Jan 20^th, 2015 at 8:22am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:12am:

Who has the largest sovereign fund in the world again? Why?

Oil is a totally different commodity to iron ore and coal. It's highly inelastic demand and scarcity means that exorbitant super profit taxes do not scare away capital investment.

you persist on pretending that oil is like every other mineral when it clearly is not. it is (or at least was) a super-important commodity in huge demand which was not found in many places and its demand is inelastic - unlike iron ore and coal. if the mining boom had continued, our budget would be $200B better off. If we hadn't had to put up with the rudd/gillard shambles we could have been another $100B-$200B better off. There is another $400B we could have had. but mining IS subject to ebbs and flows and elastic demand.

and as for the 'pittance' in company tax you need to learn that our company tax rate is among the highest in the world.

Australia doesn't have an oil export industry - yet. So we have to work with what we have and to date the ONLY govt to ever save money, especially hundreds of Billions, was Howard. and the biggest spender by far - BY FAR - was Rudd and Gillard.

you need to accept that Howard did a damned fine job which is why you wont find labor criticising him very much. Instead, it is boofheads like you doing it.

Title: Re: South Australia: massive oil reserves discovered
Post by Swagman on Jan 20^th, 2015 at 12:08pm

Melanias purse wrote on Jan 20^th, 2015 at 11:31am:

Leftard nonsense. The oil is the solution to Mr Abbott's revenue problems. It's black gold.

Texas Tea?

On the contrary..........oil would be Lefty Utopia.....a real bottomless Treasury (or the closest thing to it)

Pork Barrel heaven.,,, :D

Hey Aust could join the OPEC cartel and then our Labour cartels (Unions) would have some extra comrades to play with ;) :D

They could discuss anti-competition tactics until the cows come home... :D

Title: Re: South Australia: massive oil reserves discovered
Post by St George of the Puissant HLT on Jan 20^th, 2015 at 12:14pm

Where is that $230Bn fund, Longy? Nowhere? Thought so.

Title: Re: South Australia: massive oil reserves discovered
Post by sir alevine on Jan 20^th, 2015 at 12:14pm

longweekend58 wrote on Jan 20^th, 2015 at 11:46am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 11:23am:

longweekend58 wrote on Jan 20^th, 2015 at 11:08am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 11:03am:

longweekend58 wrote on Jan 20^th, 2015 at 9:52am:

Swagman wrote on Jan 20^th, 2015 at 8:22am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:12am:

Who has the largest sovereign fund in the world again? Why?

Oil is a totally different commodity to iron ore and coal. It's highly inelastic demand and scarcity means that exorbitant super profit taxes do not scare away capital investment.

What does any of that have to do with not relying on mining simply through a corporate tax system but via a resource rent tax on profits that goes directly into a sovereign wealth fund?

Something Howard should've setup from day one, but instead chose to hand out in the form of baby cash.

and I'm curoius - what shambles from rudd/gillard are you referring to that could result in us being $200B better off?

Title: Re: South Australia: massive oil reserves discovered
Post by St George of the Puissant HLT on Jan 20^th, 2015 at 12:18pm

ahahahahah Longy, longy, the IMF said only recently said Howard was the most prolific spender! But dream on, better than facing the harsh reality that Abbott stinks like a fresh dog turd, that our Budget and economic problems stem largely from the inept Howard & Costello.

:D :D :D

Title: Re: South Australia: massive oil reserves discovered
Post by Armchair_Politician on Jan 20^th, 2015 at 12:23pm

longweekend58 wrote on Jan 19^th, 2015 at 7:02pm:

perceptions_now wrote on Jan 19^th, 2015 at 6:56pm:

longweekend58 wrote on Jan 19^th, 2015 at 6:46pm:

Heard it all before Longy, But it just never actually comes true!

Btw, where does it say -
SA's offshore oil reserves are tipped to perhaps be the worlds LARGEST offshore reserves.

you only have to read. Look for it.

But wouldn't it be nice to have a massive OIL economy booming in south Australia? TEN BILLION in royalties a year perhaps?

It'd be nice to be entirely self-sufficient in regard to oil, to have cheaper fuel and to make some cash by exporting it!

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 20^th, 2015 at 12:29pm

Dsmithy70 wrote on Jan 20^th, 2015 at 11:27am:

longweekend58 wrote on Jan 20^th, 2015 at 11:18am:

Dsmithy70 wrote on Jan 20^th, 2015 at 11:08am:

longweekend58 wrote on Jan 20^th, 2015 at 11:04am:

it is a Superannuation fund UNTIL SUCH time as that obligation is covered or until 2020 at which time it turns into a Sovereign Wealth Fund.

Careful remember

[quote]The fund's investment decisions are made at arm's length from the executive.

[/quote]

so swan borrowed money to put in the Future Fund. why didn't he borrow $500B and put it into the fund. If you are only borrowing, then what is its value? Howard put away money that was SAVED.

Title: Re: South Australia: massive oil reserves discovered
Post by St George of the Puissant HLT on Jan 20^th, 2015 at 12:30pm

There is a saying about counting chickens and eggs hatching.

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 20^th, 2015 at 12:30pm

St George of the Garden wrote on Jan 20^th, 2015 at 12:14pm:

Where is that $230Bn fund, Longy? Nowhere? Thought so.

you re a true idiot. LABOR SPENT IT you complete retard. the only thing left is the Future Fund. the idiots from the ALP spent the rest of it.

Title: Re: South Australia: massive oil reserves discovered
Post by St George of the Puissant HLT on Jan 20^th, 2015 at 12:31pm

And Howard spent all the money.

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 20^th, 2015 at 12:32pm

sir prince duke alevine wrote on Jan 20^th, 2015 at 12:14pm:

longweekend58 wrote on Jan 20^th, 2015 at 11:46am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 11:23am:

longweekend58 wrote on Jan 20^th, 2015 at 11:08am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 11:03am:

longweekend58 wrote on Jan 20^th, 2015 at 9:52am:

Swagman wrote on Jan 20^th, 2015 at 8:22am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:12am:

Who has the largest sovereign fund in the world again? Why?

Oil is a totally different commodity to iron ore and coal. It's highly inelastic demand and scarcity means that exorbitant super profit taxes do not scare away capital investment.

the biggest problem with a resource rent tax is that the states own the minerals as per the constitution and the feds cannot change that. That is why royalties are paid to the states and not the feds. We already have a Resource Rent Tax and it is the royalty system. The states wont hand over the money and that cant change. Even Labors idiotic mining tax made royalties made to the states as a DEDUCTION on the tax payable so as to try and get around this problem. That is why in the end, it raised no money.

Title: Re: South Australia: massive oil reserves discovered
Post by St George of the Puissant HLT on Jan 20^th, 2015 at 12:33pm

longweekend58 wrote on Jan 20^th, 2015 at 12:30pm:

St George of the Garden wrote on Jan 20^th, 2015 at 12:14pm:

Where is that $230Bn fund, Longy? Nowhere? Thought so.

you re a true idiot. LABOR SPENT IT you complete retard. the only thing left is the Future Fund. the idiots from the ALP spent the rest of it.

If they spent it why did they borrow $175Bn up to the Sep election?

$40Bn in the Fatuous Fund was the only money saved, 9% of all the boom time revenue. The rest of the money in the Fatuous Fund was Telstra shares.

Title: Re: South Australia: massive oil reserves discovered
Post by Dsmithy70 on Jan 20^th, 2015 at 12:37pm

Armchair_Politician wrote on Jan 20^th, 2015 at 12:23pm:

It'd be nice to be entirely self-sufficient in regard to oil, to have cheaper fuel and to make some cash by exporting it!

It would but as history & in fact present day demonstrates very few Australians will see any benefit at all & fuel will if anything cost more.

This is demonstrated by the Gas prices, we have huge reserves of natural gas but are selling it to China for a pittance & our local prices apparently must rise because local companies want to play on the International market.

Fresh out of todays paper

Quote:

But what will affect households directly is how this massive new industry transforms the domestic gas market.
Now that the east coast is able to export gas (WA has been doing it since 1989) producers have the option of selling to buyers in Asia, who are willing to pay much, much more for it than we have been.

Historically, the east coast gas market was insulated from the rest of the world, and the domestic wholesale price was stable at about $3 to $4 a gigajoule. Now, there are buyers across Asia prepared to pay $12 or $13, even when energy markets are in turmoil as they are at the moment.

That translates to much higher domestic prices. When you account for the costs of converting the gas into LNG and shipping, it still suggests a domestic gas price of $6 to $8 in the wholesale market. That is, a 100 per cent increase from the long-term average.

So far, the NSW regulator has approved a 17.8 per cent rise in retail gas prices between 2014 and 2016, partly in response to the new export boom. Victorians face a similar jump over the next few years because its producers can also sell their gas to the north.

And these increases are just the beginning, with further significant price rises expected for the next few years.

As this extra cost is passed on to users, it will push up utility bills significantly. A report by the Grattan Institute's Tony Wood last year estimated the average Melbourne household gas bill would jump $300 a year because of the changes over the next few years, while the average Sydney bill would rise by more than $100.

That compares with the extra $270 a year that Treasury estimated we'd be spending on gas and electricity because of the carbon price.

Read more: http://www.smh.com.au/business/comment-and-analysis/local-gas-prices-set-to-soar-as-exports-to-asia-get-under-way-20150118-12rl6c.html#ixzz3PKERquAs

Seems Tone lied about cost of living as well >:(

Title: Re: South Australia: massive oil reserves discovered
Post by St George of the Puissant HLT on Jan 20^th, 2015 at 12:43pm

longweekend58 wrote on Jan 20^th, 2015 at 12:32pm:

sir prince duke alevine wrote on Jan 20^th, 2015 at 12:14pm:

longweekend58 wrote on Jan 20^th, 2015 at 11:46am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 11:23am:

longweekend58 wrote on Jan 20^th, 2015 at 11:08am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 11:03am:

longweekend58 wrote on Jan 20^th, 2015 at 9:52am:

Swagman wrote on Jan 20^th, 2015 at 8:22am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:12am:

Who has the largest sovereign fund in the world again? Why?

Oil is a totally different commodity to iron ore and coal. It's highly inelastic demand and scarcity means that exorbitant super profit taxes do not scare away capital investment.

Not correct. Henry had some such idea in his Tax Review but it was soon realised it would open the govt to almost unlimited govt liabilities under certain conditions. The actual MRRT did not mention royalties. Abbott should have improved and increased the rate, created a sovereign wealth fund.

Title: Re: South Australia: massive oil reserves discovered
Post by sir alevine on Jan 20^th, 2015 at 12:45pm

longweekend58 wrote on Jan 20^th, 2015 at 12:32pm:

sir prince duke alevine wrote on Jan 20^th, 2015 at 12:14pm:

longweekend58 wrote on Jan 20^th, 2015 at 11:46am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 11:23am:

longweekend58 wrote on Jan 20^th, 2015 at 11:08am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 11:03am:

longweekend58 wrote on Jan 20^th, 2015 at 9:52am:

Swagman wrote on Jan 20^th, 2015 at 8:22am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:12am:

Who has the largest sovereign fund in the world again? Why?

Oil is a totally different commodity to iron ore and coal. It's highly inelastic demand and scarcity means that exorbitant super profit taxes do not scare away capital investment.

so now you admit your previous jibberish had nothing to do with WHY Howard didn't setup a proper scheme similar to Norway. Nice to know.

As for your new "reasoning", of course royalty allowances were put in on the MRRT, and were deducted against the profit calculation for the purposes of the MRRT. Meaning, if they fell below the initial 22.5% profit threshold after paying royalties, there was no MRRT applied. Der.

And all of this makes sense when we deal with a sovereign welath fund, not just general revenue. The biggest dumbass problem for Rudd was he tried to bribe the electorate with it, instead of doing the smart thing.

Title: Re: South Australia: massive oil reserves discovered
Post by perceptions_now on Jan 20^th, 2015 at 1:05pm

longweekend58 wrote on Jan 20^th, 2015 at 11:46am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 11:23am:

longweekend58 wrote on Jan 20^th, 2015 at 11:08am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 11:03am:

longweekend58 wrote on Jan 20^th, 2015 at 9:52am:

Swagman wrote on Jan 20^th, 2015 at 8:22am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:12am:

Who has the largest sovereign fund in the world again? Why?

Oil is a totally different commodity to iron ore and coal. It's highly inelastic demand and scarcity means that exorbitant super profit taxes do not scare away capital investment.

you persist on pretending that oil is like every other mineral when it clearly is not. it is (or at least was) a super-important commodity in huge demand which was not found in many places and its demand is inelastic - unlike iron ore and coal. if the mining boom had continued, our budget would be $200B better off. If we hadn't had to put up with the rudd/gillard shambles we could have been another $100B-$200B better off. There is another $400B we could have had. but mining IS subject to ebbs and flows and elastic demand.

and as for the 'pittance' in company tax you need to learn that our company tax rate is among the highest in the world.

Australia doesn't have an oil export industry - yet. So we have to work with what we have and to date the ONLY govt to ever save money, especially hundreds of Billions, was Howard. and the biggest spender by far - BY FAR - was Rudd and Gillard.

you need to accept that Howard did a damned fine job which is why you wont find labor criticising him very much. Instead, it is boofheads like you doing it.

So Longy, do you think the $1 Trillion that Norway have now generated, via its taxing Oil, is a pittance?

And, WHAT SHOULD OZ HAVE GENERATED, BY PROPERLY TAXING ITS FULL RANGE OF NATURAL RESOURCES???

Title: Re: South Australia: massive oil reserves discovered
Post by St George of the Puissant HLT on Jan 20^th, 2015 at 1:16pm

This:

Quote:

Australia doesn't have an oil export industry - yet. So we have to work with what we have and to date the ONLY govt to ever save money, especially hundreds of Billions, was Howard. and the biggest spender by far - BY FAR - was Rudd and Gillard.

Is just plain wrong!

Howard saved nothing, spent it all. $40Bn was finally put out of his reach. $350Bn boom time revenue pissed up against the wall!

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 20^th, 2015 at 2:28pm

St George of the Garden wrote on Jan 20^th, 2015 at 12:33pm:

longweekend58 wrote on Jan 20^th, 2015 at 12:30pm:

St George of the Garden wrote on Jan 20^th, 2015 at 12:14pm:

Where is that $230Bn fund, Longy? Nowhere? Thought so.

you re a true idiot. LABOR SPENT IT you complete retard. the only thing left is the Future Fund. the idiots from the ALP spent the rest of it.

are you really that stupid, so breathtakingly dense that words hardly exist to describe it? It is as if no fact, no bit of information ever penetrates that terminally thick skull of yours to the4 empty space inside.

you are like SOB and little better.

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 20^th, 2015 at 2:29pm

Dsmithy70 wrote on Jan 20^th, 2015 at 12:37pm:

Armchair_Politician wrote on Jan 20^th, 2015 at 12:23pm:

It'd be nice to be entirely self-sufficient in regard to oil, to have cheaper fuel and to make some cash by exporting it!

Seems Tone lied about cost of living as well >:(

so are you joining the illiterate boofheads to redefine the meaning of the word 'lie' now?

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 20^th, 2015 at 2:30pm

perceptions_now wrote on Jan 20^th, 2015 at 1:05pm:

longweekend58 wrote on Jan 20^th, 2015 at 11:46am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 11:23am:

longweekend58 wrote on Jan 20^th, 2015 at 11:08am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 11:03am:

longweekend58 wrote on Jan 20^th, 2015 at 9:52am:

Swagman wrote on Jan 20^th, 2015 at 8:22am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:12am:

Who has the largest sovereign fund in the world again? Why?

Oil is a totally different commodity to iron ore and coal. It's highly inelastic demand and scarcity means that exorbitant super profit taxes do not scare away capital investment.

you persist on pretending that oil is like every other mineral when it clearly is not. it is (or at least was) a super-important commodity in huge demand which was not found in many places and its demand is inelastic - unlike iron ore and coal. if the mining boom had continued, our budget would be $200B better off. If we hadn't had to put up with the rudd/gillard shambles we could have been another $100B-$200B better off. There is another $400B we could have had. but mining IS subject to ebbs and flows and elastic demand.

and as for the 'pittance' in company tax you need to learn that our company tax rate is among the highest in the world.

Australia doesn't have an oil export industry - yet. So we have to work with what we have and to date the ONLY govt to ever save money, especially hundreds of Billions, was Howard. and the biggest spender by far - BY FAR - was Rudd and Gillard.

you need to accept that Howard did a damned fine job which is why you wont find labor criticising him very much. Instead, it is boofheads like you doing it.

we are all just waiting for you to tell us about Peak Oil and how there wont be any left by 2000.

Title: Re: South Australia: massive oil reserves discovered
Post by Dsmithy70 on Jan 20^th, 2015 at 2:49pm

longweekend58 wrote on Jan 20^th, 2015 at 2:29pm:

so are you joining the illiterate boofheads to redefine the meaning of the word 'lie' now?

Lie?

Once again lets just do a little goggle search.

https://www.google.com.au/search?q=Tony+Abbott+quotes+on+cost+of+living&oq=Tony+Abbott+quotes+on+cost+of+living&aqs=chrome..69i57.16287j0j8&sourceid=chrome&es_sm=91&ie=UTF-8

Shall we start at the top?

Quote:

My commitment to the forgotten families of Australia is to ease your cost of living pressure.
Tony Abbott

Read more at http://www.brainyquote.com/quotes/authors/t/tony_abbott_2.html#mpooZAtlT8HRIYri.99

Quote:

As this extra cost is passed on to users, it will push up utility bills significantly. A report by the Grattan Institute's Tony Wood last year estimated the average Melbourne household gas bill would jump $300 a year because of the changes over the next few years, while the average Sydney bill would rise by more than $100.

So his committed to easing the Cost of Living
His bragged he has done so by getting rid of the Carbon Tax
Yet as the article states, his about to allow it to go back up.

His the PM, he could & it would be passed with broad public support quarantine X amount of gas just as the Saudis etc do for domestic purposes at cheap prices.

He won't.

Tell me are you the thickhead type to get aggressive & abusive when you feel you are losing a debate?

Title: Re: South Australia: massive oil reserves discovered
Post by John Smith on Jan 20^th, 2015 at 3:02pm

Armchair_Politician wrote on Jan 20^th, 2015 at 12:23pm:

It'd be nice to be entirely self-sufficient in regard to oil, to have cheaper fuel and to make some cash by exporting it!

rubbish ... we'd sell the cheap stuff to china and force prices here up to even higher levels .

Title: Re: South Australia: massive oil reserves discovered
Post by St George of the Puissant HLT on Jan 20^th, 2015 at 3:02pm

longweekend58 wrote on Jan 20^th, 2015 at 2:28pm:

St George of the Garden wrote on Jan 20^th, 2015 at 12:33pm:

longweekend58 wrote on Jan 20^th, 2015 at 12:30pm:

St George of the Garden wrote on Jan 20^th, 2015 at 12:14pm:

Where is that $230Bn fund, Longy? Nowhere? Thought so.

you re a true idiot. LABOR SPENT IT you complete retard. the only thing left is the Future Fund. the idiots from the ALP spent the rest of it.

Nope. That describes you better.

Howard saved no money, spent it all on pork and tax cuts. Costello put $40Bn out of his reach in the Fatuous Fund.

No infrastructure was built (I note you have pointed to none) no huge money to health and education, rather infrastructure, education and health budgets were robbed to give bigger surpluses, more pork.

Title: Re: South Australia: massive oil reserves discovered
Post by John Smith on Jan 20^th, 2015 at 3:06pm

wow ... longies about to go into meltdown, and they're only exploring .... imagine how he'd react if they actually found anything :D :D :D :

someone had better keep a defibrillator handy ;D ;D

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 20^th, 2015 at 3:19pm

Dsmithy70 wrote on Jan 20^th, 2015 at 2:49pm:

longweekend58 wrote on Jan 20^th, 2015 at 2:29pm:

so are you joining the illiterate boofheads to redefine the meaning of the word 'lie' now?

[quote]As this extra cost is passed on to users, it will push up utility bills significantly. A report by the Grattan Institute's Tony Wood last year estimated the average Melbourne household gas bill would jump $300 a year because of the changes over the next few years, while the average Sydney bill would rise by more than $100.

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 20^th, 2015 at 3:22pm

John Smith wrote on Jan 20^th, 2015 at 3:06pm:

wow ... longies about to go into meltdown, and they're only exploring .... imagine how he'd react if they actually found anything :D :D :D :

someone had better keep a defibrillator handy ;D ;D

then you explain to gullible George how $28B in cash, $80B in a Future Fund and $96B reduction in debt is not a saving. To almost anybody that would be a saving, but not to George-of-the-basement.

Title: Re: South Australia: massive oil reserves discovered
Post by Dsmithy70 on Jan 20^th, 2015 at 3:26pm

longweekend58 wrote on Jan 20^th, 2015 at 3:19pm:

I will give you a hint: it doesn't mean TO BE WRONG.

How has Tones been wrong?

He has committed verbally.

Will he commit physically, politically?

He can, but he won't.

To state you will do something, then wilfully avoid doing so is a lie.

But please tell me your story of heartbreak & misunderstanding.

Title: Re: South Australia: massive oil reserves discovered
Post by sir alevine on Jan 20^th, 2015 at 3:26pm

longweekend58 wrote on Jan 20^th, 2015 at 3:19pm:

Dsmithy70 wrote on Jan 20^th, 2015 at 2:49pm:

longweekend58 wrote on Jan 20^th, 2015 at 2:29pm:

so are you joining the illiterate boofheads to redefine the meaning of the word 'lie' now?

okay so you've gone over to the dark (and dumb) side. Look up a dictionary meaning of the word 'lie'. I will give you a hint: it doesn't mean TO BE WRONG.[/quote]
He committed to easing cost of living, yet his own policies are contributing to growth in cost of living. ARe you suggesting he thought his policies wouldn't? And that's why he didn't LIE? Sounds like you think he is incompetent.

Title: Re: South Australia: massive oil reserves discovered
Post by sir alevine on Jan 20^th, 2015 at 3:29pm

longweekend58 wrote on Jan 20^th, 2015 at 3:22pm:

John Smith wrote on Jan 20^th, 2015 at 3:06pm:

wow ... longies about to go into meltdown, and they're only exploring .... imagine how he'd react if they actually found anything :D :D :D :

someone had better keep a defibrillator handy ;D ;D

then you explain to gullible George how $28B in cash, $80B in a Future Fund and $96B reduction in debt is not a saving. To almost anybody that would be a saving, but not to George-of-the-basement.

should have been $100B in cash, $500B in a sovereign wealth fund, and $96B in reduction in debt.

Too bad we had Howard.

Title: Re: South Australia: massive oil reserves discovered
Post by St George of the Puissant HLT on Jan 20^th, 2015 at 3:30pm

And Longy keeps saying Howard saved $230Bn just can’t point to where the money is. It just doesn’t get better than this :D :D :D

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 20^th, 2015 at 3:31pm

Dsmithy70 wrote on Jan 20^th, 2015 at 3:26pm:

longweekend58 wrote on Jan 20^th, 2015 at 3:19pm:

I will give you a hint: it doesn't mean TO BE WRONG.

ah so the key to your position is to ASSUME he is doing so wilfully?

then your move to the dark side is complete. Please join up with Pansi and alevine and the utter nutters on the left where no fact or dictionary meaning will ever inconvenience you ever again.

Title: Re: South Australia: massive oil reserves discovered
Post by Dsmithy70 on Jan 20^th, 2015 at 3:31pm

I took your advice

Quote:

lie1
[lahy]
Spell Syllables
Examples Word Origin
noun
1.
a false statement made with deliberate intent to deceive; an intentional untruth; a falsehood.
Synonyms: prevarication, falsification.
Antonyms: truth.
2.
something intended or serving to convey a false impression; imposture:
His flashy car was a lie that deceived no one.
3.
an inaccurate or false statement; a falsehood.

Number 2 & 3 fit like gloves.

Number 1 yep sorry
No cuts etc
Will the state of the budget be an excuse?

So on & so forth

Let me know when you reach China ;)

Title: Re: South Australia: massive oil reserves discovered
Post by sir alevine on Jan 20^th, 2015 at 3:33pm

Dsmithy70 wrote on Jan 20^th, 2015 at 3:31pm:

I took your advice

Quote:

Number 2 & 3 fit like gloves.

Number 1 yep sorry
No cuts etc
Will the state of the budget be an excuse?

So on & so forth

Let me know when you reach China ;)

It's okay smithy, longie has finally admitted he thinks Tony is incompetent. We might finally get the formidable debater back.

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 20^th, 2015 at 3:33pm

sir prince duke alevine wrote on Jan 20^th, 2015 at 3:29pm:

longweekend58 wrote on Jan 20^th, 2015 at 3:22pm:

John Smith wrote on Jan 20^th, 2015 at 3:06pm:

wow ... longies about to go into meltdown, and they're only exploring .... imagine how he'd react if they actually found anything :D :D :D :

someone had better keep a defibrillator handy ;D ;D

then you explain to gullible George how $28B in cash, $80B in a Future Fund and $96B reduction in debt is not a saving. To almost anybody that would be a saving, but not to George-of-the-basement.

should have been $100B in cash, $500B in a sovereign wealth fund, and $96B in reduction in debt.

Too bad we had Howard.

so lets add up George-of-the-basements numbers shall we? Just shy of $700B from his own quoted figure of a $350B boom.

no wonder you failed maths as well as so many other things. You are criticising Howard for not taking the money to the roulette wheel on double-or-nothing.

idiots laugh at you.

Title: Re: South Australia: massive oil reserves discovered
Post by sir alevine on Jan 20^th, 2015 at 3:34pm

longweekend58 wrote on Jan 20^th, 2015 at 3:31pm:

Dsmithy70 wrote on Jan 20^th, 2015 at 3:26pm:

longweekend58 wrote on Jan 20^th, 2015 at 3:19pm:

I will give you a hint: it doesn't mean TO BE WRONG.

So he is introducing policies that he doesn't really understand the full effect of? That's your argument? Definitely you must think Tony is incompetent! How can he ever try and tell us that his policies are "good policies" when he doesn't even know what possible outcomes they will bring???

Title: Re: South Australia: massive oil reserves discovered
Post by Dsmithy70 on Jan 20^th, 2015 at 3:36pm

longweekend58 wrote on Jan 20^th, 2015 at 3:31pm:

Dsmithy70 wrote on Jan 20^th, 2015 at 3:26pm:

longweekend58 wrote on Jan 20^th, 2015 at 3:19pm:

I will give you a hint: it doesn't mean TO BE WRONG.

My position assumes nothing, it is based on behaviour seen, recorded & viewed.

Tones is a self admitted liar

Tony told massive porkies to win government & the saddest part is he didn't need to but wilfully choose to.

Title: Re: South Australia: massive oil reserves discovered
Post by sir alevine on Jan 20^th, 2015 at 3:36pm

longweekend58 wrote on Jan 20^th, 2015 at 3:33pm:

sir prince duke alevine wrote on Jan 20^th, 2015 at 3:29pm:

longweekend58 wrote on Jan 20^th, 2015 at 3:22pm:

John Smith wrote on Jan 20^th, 2015 at 3:06pm:

wow ... longies about to go into meltdown, and they're only exploring .... imagine how he'd react if they actually found anything :D :D :D :

someone had better keep a defibrillator handy ;D ;D

then you explain to gullible George how $28B in cash, $80B in a Future Fund and $96B reduction in debt is not a saving. To almost anybody that would be a saving, but not to George-of-the-basement.

should have been $100B in cash, $500B in a sovereign wealth fund, and $96B in reduction in debt.

Too bad we had Howard.

I'm criticising Howard for taking the winnings and spending all of them on a Ferrari each for the entire family, including members who could afford their own, as opposed to extracting maximum opportunity and investing it for his future generations.

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 20^th, 2015 at 3:37pm

Dsmithy70 wrote on Jan 20^th, 2015 at 3:31pm:

I took your advice

Quote:

Number 2 & 3 fit like gloves.

Number 1 yep sorry
No cuts etc
Will the state of the budget be an excuse?

So on & so forth

Let me know when you reach China ;)

2 and 3 depend on an INTENT to deceive which you have manifestly failed to prove or even suggest.

if you wish to assume evil intent on the part of Abbott or any Liberal pollie as the default position then please don't bother debating anymore. it is more fun skewering Georges' astonishingly stupid statements than playing word games with someone who possesses the intelligence but not the integrity to do so.

Title: Re: South Australia: massive oil reserves discovered
Post by sir alevine on Jan 20^th, 2015 at 3:40pm

longweekend58 wrote on Jan 20^th, 2015 at 3:37pm:

You mean he didn't intend to cut education and health prior to the election?

Doesn't your argument also mean, for all we know, that gillard didn't intend to lie about the carbon tax? and yet you cried like a little whiny baby for 3 years. To think...

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 20^th, 2015 at 3:40pm

sir prince duke alevine wrote on Jan 20^th, 2015 at 3:34pm:

longweekend58 wrote on Jan 20^th, 2015 at 3:31pm:

Dsmithy70 wrote on Jan 20^th, 2015 at 3:26pm:

longweekend58 wrote on Jan 20^th, 2015 at 3:19pm:

I will give you a hint: it doesn't mean TO BE WRONG.

seriously? now you are defining 'lie' as mistakes with unforeseen consequences? keep going. I cant wait to hear how else you define a rather obvious word.

Title: Re: South Australia: massive oil reserves discovered
Post by St George of the Puissant HLT on Jan 20^th, 2015 at 3:42pm

longweekend58 wrote on Jan 20^th, 2015 at 3:33pm:

sir prince duke alevine wrote on Jan 20^th, 2015 at 3:29pm:

longweekend58 wrote on Jan 20^th, 2015 at 3:22pm:

John Smith wrote on Jan 20^th, 2015 at 3:06pm:

wow ... longies about to go into meltdown, and they're only exploring .... imagine how he'd react if they actually found anything :D :D :D :

someone had better keep a defibrillator handy ;D ;D

then you explain to gullible George how $28B in cash, $80B in a Future Fund and $96B reduction in debt is not a saving. To almost anybody that would be a saving, but not to George-of-the-basement.

should have been $100B in cash, $500B in a sovereign wealth fund, and $96B in reduction in debt.

Too bad we had Howard.

Longy longy longy, maths dear boy, maths!

There was $350Bn of boom time revenue, without a MRRT. Imagine if a MRRT had been put in place, we might actually have saved more than $40Bn!

Title: Re: South Australia: massive oil reserves discovered
Post by sir alevine on Jan 20^th, 2015 at 3:42pm

longweekend58 wrote on Jan 20^th, 2015 at 3:40pm:

seriously? now you are defining 'lie' as mistakes with unforeseen consequences? keep going. I cant wait to hear how else you define a rather obvious word.

I'm not saying 'lie as mistakes with unforeseen consequences'. I'm saying if you think he didn't lie it must mean he didn't know his "better than good" policies would lead to the consequences. Which means he didn't consult enough, or he didn't do enough research. If that's your suggestion it must mean that you think he is utterly incompetent to be delivering policies he has no idea about the possible outcome of.

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 20^th, 2015 at 3:43pm

sir prince duke alevine wrote on Jan 20^th, 2015 at 3:36pm:

longweekend58 wrote on Jan 20^th, 2015 at 3:33pm:

sir prince duke alevine wrote on Jan 20^th, 2015 at 3:29pm:

longweekend58 wrote on Jan 20^th, 2015 at 3:22pm:

John Smith wrote on Jan 20^th, 2015 at 3:06pm:

wow ... longies about to go into meltdown, and they're only exploring .... imagine how he'd react if they actually found anything :D :D :D :

someone had better keep a defibrillator handy ;D ;D

then you explain to gullible George how $28B in cash, $80B in a Future Fund and $96B reduction in debt is not a saving. To almost anybody that would be a saving, but not to George-of-the-basement.

should have been $100B in cash, $500B in a sovereign wealth fund, and $96B in reduction in debt.

Too bad we had Howard.

the embarrassment for you is that Labor was so inept you have to go back a decade in time to blame someone else for something you think he could have been doing better despite that someone saving more money than anyone else in history. and as said multiple times, it if was so bad why did labor do ABSOLUTELY nothing about any of it.

because history accords Howard the place as most popular PM and arguably the best. Rudd and Gillard scarcely make the top ten.

Title: Re: South Australia: massive oil reserves discovered
Post by sir alevine on Jan 20^th, 2015 at 3:47pm

longweekend58 wrote on Jan 20^th, 2015 at 3:43pm:

sir prince duke alevine wrote on Jan 20^th, 2015 at 3:36pm:

longweekend58 wrote on Jan 20^th, 2015 at 3:33pm:

sir prince duke alevine wrote on Jan 20^th, 2015 at 3:29pm:

longweekend58 wrote on Jan 20^th, 2015 at 3:22pm:

John Smith wrote on Jan 20^th, 2015 at 3:06pm:

wow ... longies about to go into meltdown, and they're only exploring .... imagine how he'd react if they actually found anything :D :D :D :

someone had better keep a defibrillator handy ;D ;D

then you explain to gullible George how $28B in cash, $80B in a Future Fund and $96B reduction in debt is not a saving. To almost anybody that would be a saving, but not to George-of-the-basement.

should have been $100B in cash, $500B in a sovereign wealth fund, and $96B in reduction in debt.

Too bad we had Howard.

Labor is incompetent, I don't disagree with you. They tried to do the whole clean up around the sides bullcrap, but never did the big things that need to be done. Just like this idiot is doing the whole "I'll just make a slight modification here, and here " because they are all piss weak no balls pricks. But the fact remains that it's not just me saying a decade on that Howard over-spent the boom. the IMF says it. and our structural problems with the budget say it.

Title: Re: South Australia: massive oil reserves discovered
Post by St George of the Puissant HLT on Jan 20^th, 2015 at 3:58pm

History is already not kind to Howard. His profligate and irresponsible spending, and Petey’s tax cuts, created a structural Budget deficit.

Under Gillard a lot of this spending was cut out the Budget, the private health care rebate indexed, the baby bonus gone and so on. Finally the first reduction in the superannuation rort was made, only to be reversed by Abbott & Hokey.

Lots still more to be done. Weird then that Abbott and Hokey are not tackling any of that.

BTW Longy, here is a bit of maths for you. If you sell $A in assets to pay a $A debt you are no better off, assets and liabilities reduced by the same amount.

When you have absorbed that there is a second lesson for you.

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 20^th, 2015 at 4:04pm

sir prince duke alevine wrote on Jan 20^th, 2015 at 3:42pm:

longweekend58 wrote on Jan 20^th, 2015 at 3:40pm:

seriously? now you are defining 'lie' as mistakes with unforeseen consequences? keep going. I cant wait to hear how else you define a rather obvious word.

so on what planet does any of that amount to lying? Im not saying what you are saying is truth or accurate, but by the contract that is the common usage of terms, he cannot be said to have lied which implies deliberate intent to deceive.

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 20^th, 2015 at 4:04pm

St George of the Garden wrote on Jan 20^th, 2015 at 3:58pm:

are we talking about the COMM-BANK and QANTAS?

Title: Re: South Australia: massive oil reserves discovered
Post by perceptions_now on Jan 20^th, 2015 at 4:08pm

longweekend58 wrote on Jan 20^th, 2015 at 11:46am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 11:23am:

longweekend58 wrote on Jan 20^th, 2015 at 11:08am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 11:03am:

longweekend58 wrote on Jan 20^th, 2015 at 9:52am:

Swagman wrote on Jan 20^th, 2015 at 8:22am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:12am:

Who has the largest sovereign fund in the world again? Why?

Oil is a totally different commodity to iron ore and coal. It's highly inelastic demand and scarcity means that exorbitant super profit taxes do not scare away capital investment.

Really?

http://www.indexmundi.com/g/r.aspx?c=as&v=95

Rank Country Oil - exports (bbl/day)
39 Australia 312,600

Title: Re: South Australia: massive oil reserves discovered
Post by John Smith on Jan 20^th, 2015 at 4:08pm

longweekend58 wrote on Jan 20^th, 2015 at 3:37pm:

if you wish to assume evil intent on the part of Abbott or any Liberal pollie as the default position then please don't bother debating anymore. it is more fun skewering Georges' astonishingly stupid statements than playing word games with someone who possesses the intelligence but not the integrity to do so.

ahh, aint it funny how the world revolves? ... and how longies definitions, off even the most simple things, twist and turn .... If you replace 'Abbott' with 'Gillard' and 'liberal' with 'labor' you'd be describing yourself longie :D :D :D :D :D

Title: Re: South Australia: massive oil reserves discovered
Post by Dsmithy70 on Jan 20^th, 2015 at 4:12pm

longweekend58 wrote on Jan 20^th, 2015 at 3:37pm:

if you wish to assume evil intent on the part of Abbott or any Liberal pollie as the default position then please don't bother debating anymore

I don't assume evil intent of anyone in our parliament regardless of political affiliation.

Although it might be getting close with the asylum seeker issues but both majors are in favour of that little bit of Australiana.

However I am saying Abbott had a publicly unpalatable agenda if office was won.

Had he said what he intended to do on any of his fronts medicare/higher ED/welfare, he may not have lost but the victory would have been far less infactic.

Abbott would have won the last election by doing a Bill Shorten, he didn't need to even mention other than in the broadest terms his policy agenda.
He could have just said to any question of cuts or reform, "we'll just have to wait & see"

Abbott wilfully chose to lie to Australia's voting public.

Title: Re: South Australia: massive oil reserves discovered
Post by St George of the Puissant HLT on Jan 20^th, 2015 at 4:12pm

longweekend58 wrote on Jan 20^th, 2015 at 4:04pm:

St George of the Garden wrote on Jan 20^th, 2015 at 3:58pm:

are we talking about the COMM-BANK and QANTAS?

We are talking about the most profligate PM we have ever had.

You said he saved $230Bn. I am pointing out that the $96Bn component of this mythical $230Bn is not a saving.

You do agree selling assets to pay liabilities leaves you no better off? Hmmm? No more attempted deflections please.

Title: Re: South Australia: massive oil reserves discovered
Post by perceptions_now on Jan 20^th, 2015 at 4:14pm

longweekend58 wrote on Jan 20^th, 2015 at 2:30pm:

perceptions_now wrote on Jan 20^th, 2015 at 1:05pm:

longweekend58 wrote on Jan 20^th, 2015 at 11:46am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 11:23am:

longweekend58 wrote on Jan 20^th, 2015 at 11:08am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 11:03am:

longweekend58 wrote on Jan 20^th, 2015 at 9:52am:

Swagman wrote on Jan 20^th, 2015 at 8:22am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:12am:

Who has the largest sovereign fund in the world again? Why?

Oil is a totally different commodity to iron ore and coal. It's highly inelastic demand and scarcity means that exorbitant super profit taxes do not scare away capital investment.

you persist on pretending that oil is like every other mineral when it clearly is not. it is (or at least was) a super-important commodity in huge demand which was not found in many places and its demand is inelastic - unlike iron ore and coal. if the mining boom had continued, our budget would be $200B better off. If we hadn't had to put up with the rudd/gillard shambles we could have been another $100B-$200B better off. There is another $400B we could have had. but mining IS subject to ebbs and flows and elastic demand.

and as for the 'pittance' in company tax you need to learn that our company tax rate is among the highest in the world.

Australia doesn't have an oil export industry - yet. So we have to work with what we have and to date the ONLY govt to ever save money, especially hundreds of Billions, was Howard. and the biggest spender by far - BY FAR - was Rudd and Gillard.

you need to accept that Howard did a damned fine job which is why you wont find labor criticising him very much. Instead, it is boofheads like you doing it.

we are all just waiting for you to tell us about Peak Oil and how there wont be any left by 2000.

So, I'll take that non answer as an admission that OZ should have accumulated $1 trillion, $2 trillion, $3 trillion OR MORE???

AND, what sort of position should that have now put us in???

Title: Re: South Australia: massive oil reserves discovered
Post by John Smith on Jan 20^th, 2015 at 4:19pm

perceptions_now wrote on Jan 20^th, 2015 at 4:14pm:

longweekend58 wrote on Jan 20^th, 2015 at 2:30pm:

perceptions_now wrote on Jan 20^th, 2015 at 1:05pm:

longweekend58 wrote on Jan 20^th, 2015 at 11:46am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 11:23am:

longweekend58 wrote on Jan 20^th, 2015 at 11:08am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 11:03am:

longweekend58 wrote on Jan 20^th, 2015 at 9:52am:

Swagman wrote on Jan 20^th, 2015 at 8:22am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:12am:

Who has the largest sovereign fund in the world again? Why?

Oil is a totally different commodity to iron ore and coal. It's highly inelastic demand and scarcity means that exorbitant super profit taxes do not scare away capital investment.

you persist on pretending that oil is like every other mineral when it clearly is not. it is (or at least was) a super-important commodity in huge demand which was not found in many places and its demand is inelastic - unlike iron ore and coal. if the mining boom had continued, our budget would be $200B better off. If we hadn't had to put up with the rudd/gillard shambles we could have been another $100B-$200B better off. There is another $400B we could have had. but mining IS subject to ebbs and flows and elastic demand.

and as for the 'pittance' in company tax you need to learn that our company tax rate is among the highest in the world.

Australia doesn't have an oil export industry - yet. So we have to work with what we have and to date the ONLY govt to ever save money, especially hundreds of Billions, was Howard. and the biggest spender by far - BY FAR - was Rudd and Gillard.

you need to accept that Howard did a damned fine job which is why you wont find labor criticising him very much. Instead, it is boofheads like you doing it.

we are all just waiting for you to tell us about Peak Oil and how there wont be any left by 2000.

So, I'll take that non answer as an admission that OZ should have accumulated $1 trillion, $2 trillion, $3 trillion OR MORE???

AND, what sort of position should that have now put us in???

if you ask the libs they'd still say we have to cut medicare, we can't afford it :D :D :D :D

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 20^th, 2015 at 4:26pm

Dsmithy70 wrote on Jan 20^th, 2015 at 4:12pm:

longweekend58 wrote on Jan 20^th, 2015 at 3:37pm:

if you wish to assume evil intent on the part of Abbott or any Liberal pollie as the default position then please don't bother debating anymore

that is an assumption without evidence and in direct contradiction to your first statement. It assumes an intent to deceive where no such evidence exists.

Title: Re: South Australia: massive oil reserves discovered
Post by sir alevine on Jan 20^th, 2015 at 4:27pm

longweekend58 wrote on Jan 20^th, 2015 at 4:04pm:

sir prince duke alevine wrote on Jan 20^th, 2015 at 3:42pm:

longweekend58 wrote on Jan 20^th, 2015 at 3:40pm:

seriously? now you are defining 'lie' as mistakes with unforeseen consequences? keep going. I cant wait to hear how else you define a rather obvious word.

what part of this are you missing?

Either he lied or he is incompetent. Which one do you pick?

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 20^th, 2015 at 4:27pm

St George of the Garden wrote on Jan 20^th, 2015 at 4:12pm:

longweekend58 wrote on Jan 20^th, 2015 at 4:04pm:

St George of the Garden wrote on Jan 20^th, 2015 at 3:58pm:

are we talking about the COMM-BANK and QANTAS?

of course it is a saving, you blithering idiot. If you are paying down debt, you are effectively saving as pretty much everyone knows - although you don't.

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 20^th, 2015 at 4:29pm

perceptions_now wrote on Jan 20^th, 2015 at 4:14pm:

longweekend58 wrote on Jan 20^th, 2015 at 2:30pm:

perceptions_now wrote on Jan 20^th, 2015 at 1:05pm:

longweekend58 wrote on Jan 20^th, 2015 at 11:46am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 11:23am:

longweekend58 wrote on Jan 20^th, 2015 at 11:08am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 11:03am:

longweekend58 wrote on Jan 20^th, 2015 at 9:52am:

Swagman wrote on Jan 20^th, 2015 at 8:22am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:12am:

Who has the largest sovereign fund in the world again? Why?

Oil is a totally different commodity to iron ore and coal. It's highly inelastic demand and scarcity means that exorbitant super profit taxes do not scare away capital investment.

you persist on pretending that oil is like every other mineral when it clearly is not. it is (or at least was) a super-important commodity in huge demand which was not found in many places and its demand is inelastic - unlike iron ore and coal. if the mining boom had continued, our budget would be $200B better off. If we hadn't had to put up with the rudd/gillard shambles we could have been another $100B-$200B better off. There is another $400B we could have had. but mining IS subject to ebbs and flows and elastic demand.

and as for the 'pittance' in company tax you need to learn that our company tax rate is among the highest in the world.

Australia doesn't have an oil export industry - yet. So we have to work with what we have and to date the ONLY govt to ever save money, especially hundreds of Billions, was Howard. and the biggest spender by far - BY FAR - was Rudd and Gillard.

you need to accept that Howard did a damned fine job which is why you wont find labor criticising him very much. Instead, it is boofheads like you doing it.

we are all just waiting for you to tell us about Peak Oil and how there wont be any left by 2000.

So, I'll take that non answer as an admission that OZ should have accumulated $1 trillion, $2 trillion, $3 trillion OR MORE???

AND, what sort of position should that have now put us in???

Fantasy Island. The island where you can tax companies 300% of their profit and they come back for more. The Island where you can charge $5B tax on $1B worth of goods.

worst drivel you've come up with yet.

Title: Re: South Australia: massive oil reserves discovered
Post by St George of the Puissant HLT on Jan 20^th, 2015 at 4:29pm

How is it a saving when overall you are no better off?

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 20^th, 2015 at 4:33pm

St George of the Garden wrote on Jan 20^th, 2015 at 4:29pm:

How is it a saving when overall you are no better off?

are you serious? how are you better off without your debts???

You need that explained to you?

Title: Re: South Australia: massive oil reserves discovered
Post by Karnal on Jan 20^th, 2015 at 4:33pm

John Smith wrote on Jan 20^th, 2015 at 3:06pm:

wow ... longies about to go into meltdown, and they're only exploring .... imagine how he'd react if they actually found anything :D :D :D :

Depends which government was in at the time.

Title: Re: South Australia: massive oil reserves discovered
Post by St George of the Puissant HLT on Jan 20^th, 2015 at 4:36pm

longweekend58 wrote on Jan 20^th, 2015 at 4:33pm:

St George of the Garden wrote on Jan 20^th, 2015 at 4:29pm:

How is it a saving when overall you are no better off?

are you serious? how are you better off without your debts???

You need that explained to you?

But you have less assets! Assets sold, unnecessarily, at firesale prices! You position overall is the same.

$A - $A = 0, correct?

Title: Re: South Australia: massive oil reserves discovered
Post by Karnal on Jan 20^th, 2015 at 4:39pm

longweekend58 wrote on Jan 20^th, 2015 at 4:26pm:

Dsmithy70 wrote on Jan 20^th, 2015 at 4:12pm:

longweekend58 wrote on Jan 20^th, 2015 at 3:37pm:

if you wish to assume evil intent on the part of Abbott or any Liberal pollie as the default position then please don't bother debating anymore

that is an assumption without evidence and in direct contradiction to your first statement. It assumes an intent to deceive where no such evidence exists.

Sorry, Longy, you’ll need to change your definition.

It exonerates JuLiar.

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 20^th, 2015 at 4:44pm

St George of the Garden wrote on Jan 20^th, 2015 at 4:36pm:

longweekend58 wrote on Jan 20^th, 2015 at 4:33pm:

St George of the Garden wrote on Jan 20^th, 2015 at 4:29pm:

How is it a saving when overall you are no better off?

are you serious? how are you better off without your debts???

You need that explained to you?

But you have less assets! Assets sold, unnecessarily, at firesale prices! You position overall is the same.

$A - $A = 0, correct?

I was talking about debt, not assets - as were you. But if you have a problem with asset sales, take it up with Keating and his massive 'firesale'.

Title: Re: South Australia: massive oil reserves discovered
Post by sir alevine on Jan 20^th, 2015 at 4:44pm

Melanias purse wrote on Jan 20^th, 2015 at 4:39pm:

longweekend58 wrote on Jan 20^th, 2015 at 4:26pm:

Dsmithy70 wrote on Jan 20^th, 2015 at 4:12pm:

longweekend58 wrote on Jan 20^th, 2015 at 3:37pm:

if you wish to assume evil intent on the part of Abbott or any Liberal pollie as the default position then please don't bother debating anymore

that is an assumption without evidence and in direct contradiction to your first statement. It assumes an intent to deceive where no such evidence exists.

Sorry, Longy, you’ll need to change your definition.

It exonerates JuLiar.

THERE WILL BE NO CARBON TAX UNDER A GOVERNMENT I LEAD

Title: Re: South Australia: massive oil reserves discovered
Post by St George of the Puissant HLT on Jan 20^th, 2015 at 4:48pm

longweekend58 wrote on Jan 20^th, 2015 at 4:44pm:

St George of the Garden wrote on Jan 20^th, 2015 at 4:36pm:

longweekend58 wrote on Jan 20^th, 2015 at 4:33pm:

St George of the Garden wrote on Jan 20^th, 2015 at 4:29pm:

How is it a saving when overall you are no better off?

are you serious? how are you better off without your debts???

You need that explained to you?

But you have less assets! Assets sold, unnecessarily, at firesale prices! You position overall is the same.

$A - $A = 0, correct?

I was talking about debt, not assets - as were you. But if you have a problem with asset sales, take it up with Keating and his massive 'firesale'.

I am talking about you and your claim of a mythical $230Bn saved by Howard.

It is a truism that selling assets to pay debts leaves you the same overall. Less assets, less debts. Simple.

In fact the incredible bulldust you have been spouting means that Keating with his CommBank and Qantas sales also saved us hundreds of billions of dollars :D :D :D :D :D

Title: Re: South Australia: massive oil reserves discovered
Post by Karnal on Jan 20^th, 2015 at 4:54pm

That’s right, Alevine. We now know JuLiar was telling the truth the whole time.

Longy said so.

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 20^th, 2015 at 5:07pm

St George of the Garden wrote on Jan 20^th, 2015 at 4:48pm:

longweekend58 wrote on Jan 20^th, 2015 at 4:44pm:

St George of the Garden wrote on Jan 20^th, 2015 at 4:36pm:

longweekend58 wrote on Jan 20^th, 2015 at 4:33pm:

St George of the Garden wrote on Jan 20^th, 2015 at 4:29pm:

How is it a saving when overall you are no better off?

are you serious? how are you better off without your debts???

You need that explained to you?

But you have less assets! Assets sold, unnecessarily, at firesale prices! You position overall is the same.

$A - $A = 0, correct?

I was talking about debt, not assets - as were you. But if you have a problem with asset sales, take it up with Keating and his massive 'firesale'.

everything is HUNDREDS of billions with you. the FTTN NBN will cost us $200B, or is it $300B now? Howard should have saved $700B which I assume will be $1T by tomorrow?

My guess is you live in someone elses house paying rent because you have not s cent to your name and you blame every liberal for your failure.

Title: Re: South Australia: massive oil reserves discovered
Post by St George of the Puissant HLT on Jan 20^th, 2015 at 5:09pm

Desperately deflecting Longy. If Howard “saved” $230Bn partly because of asset sales then so did Keating, and Howard spent Keatings ’ savings :D :D

That is a nonsense and so is your claim that Howard saved $230Bn.

QED

Title: Re: South Australia: massive oil reserves discovered
Post by perceptions_now on Jan 20^th, 2015 at 9:53pm

longweekend58 wrote on Jan 20^th, 2015 at 4:29pm:

perceptions_now wrote on Jan 20^th, 2015 at 4:14pm:

longweekend58 wrote on Jan 20^th, 2015 at 2:30pm:

perceptions_now wrote on Jan 20^th, 2015 at 1:05pm:

longweekend58 wrote on Jan 20^th, 2015 at 11:46am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 11:23am:

longweekend58 wrote on Jan 20^th, 2015 at 11:08am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 11:03am:

longweekend58 wrote on Jan 20^th, 2015 at 9:52am:

Swagman wrote on Jan 20^th, 2015 at 8:22am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:12am:

Who has the largest sovereign fund in the world again? Why?

Oil is a totally different commodity to iron ore and coal. It's highly inelastic demand and scarcity means that exorbitant super profit taxes do not scare away capital investment.

you persist on pretending that oil is like every other mineral when it clearly is not. it is (or at least was) a super-important commodity in huge demand which was not found in many places and its demand is inelastic - unlike iron ore and coal. if the mining boom had continued, our budget would be $200B better off. If we hadn't had to put up with the rudd/gillard shambles we could have been another $100B-$200B better off. There is another $400B we could have had. but mining IS subject to ebbs and flows and elastic demand.

and as for the 'pittance' in company tax you need to learn that our company tax rate is among the highest in the world.

Australia doesn't have an oil export industry - yet. So we have to work with what we have and to date the ONLY govt to ever save money, especially hundreds of Billions, was Howard. and the biggest spender by far - BY FAR - was Rudd and Gillard.

you need to accept that Howard did a damned fine job which is why you wont find labor criticising him very much. Instead, it is boofheads like you doing it.

we are all just waiting for you to tell us about Peak Oil and how there wont be any left by 2000.

So, I'll take that non answer as an admission that OZ should have accumulated $1 trillion, $2 trillion, $3 trillion OR MORE???

AND, what sort of position should that have now put us in???

Fantasy Island. The island where you can tax companies 300% of their profit and they come back for more. The Island where you can charge $5B tax on $1B worth of goods.

worst drivel you've come up with yet.

Really???
Then how did Norway get their $1 Trillion and they only had Oil to sell, we ~~have~~ had a lot more???

Title: Re: South Australia: massive oil reserves discovered
Post by sir alevine on Jan 20^th, 2015 at 10:07pm

Melanias purse wrote on Jan 20^th, 2015 at 4:54pm:

That’s right, Alevine. We now know JuLiar was telling the truth the whole time.

Longy said so.

And he used his engineering maths book to come to that conclusion. It must be right.

Title: Re: South Australia: massive oil reserves discovered
Post by SupositoryofWisdom on Jan 21^st, 2015 at 7:21am

R
longweekend58 wrote on Jan 19^th, 2015 at 7:31pm:

Bam wrote on Jan 19^th, 2015 at 7:25pm:

longweekend58 wrote on Jan 19^th, 2015 at 7:23pm:

St George of the Garden wrote on Jan 19^th, 2015 at 7:03pm:

Wow, some companies are EXPLORING. :D

They're exploring. They haven't found anything yet. You're carrying on as if they've already found the oil.

Now grow up and stop trolling.

no they are more than exploring. they are judging the EXTENT of an existing field. And why the angst? does it upset you that Australia may become a major oil exporter?

The only thing the Abort government will ensure is the profits will be exported and no aussie workers will be involved.

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 21^st, 2015 at 7:52am

St George of the Garden wrote on Jan 20^th, 2015 at 5:09pm:

Keating left $96B of debt and a budget in deficit. that is hardly a 'savings', even to a dipstick like you.

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 21^st, 2015 at 7:52am

perceptions_now wrote on Jan 20^th, 2015 at 9:53pm:

longweekend58 wrote on Jan 20^th, 2015 at 4:29pm:

perceptions_now wrote on Jan 20^th, 2015 at 4:14pm:

longweekend58 wrote on Jan 20^th, 2015 at 2:30pm:

perceptions_now wrote on Jan 20^th, 2015 at 1:05pm:

longweekend58 wrote on Jan 20^th, 2015 at 11:46am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 11:23am:

longweekend58 wrote on Jan 20^th, 2015 at 11:08am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 11:03am:

longweekend58 wrote on Jan 20^th, 2015 at 9:52am:

Swagman wrote on Jan 20^th, 2015 at 8:22am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 8:12am:

Who has the largest sovereign fund in the world again? Why?

Oil is a totally different commodity to iron ore and coal. It's highly inelastic demand and scarcity means that exorbitant super profit taxes do not scare away capital investment.

you persist on pretending that oil is like every other mineral when it clearly is not. it is (or at least was) a super-important commodity in huge demand which was not found in many places and its demand is inelastic - unlike iron ore and coal. if the mining boom had continued, our budget would be $200B better off. If we hadn't had to put up with the rudd/gillard shambles we could have been another $100B-$200B better off. There is another $400B we could have had. but mining IS subject to ebbs and flows and elastic demand.

and as for the 'pittance' in company tax you need to learn that our company tax rate is among the highest in the world.

Australia doesn't have an oil export industry - yet. So we have to work with what we have and to date the ONLY govt to ever save money, especially hundreds of Billions, was Howard. and the biggest spender by far - BY FAR - was Rudd and Gillard.

you need to accept that Howard did a damned fine job which is why you wont find labor criticising him very much. Instead, it is boofheads like you doing it.

we are all just waiting for you to tell us about Peak Oil and how there wont be any left by 2000.

So, I'll take that non answer as an admission that OZ should have accumulated $1 trillion, $2 trillion, $3 trillion OR MORE???

AND, what sort of position should that have now put us in???

Really???
Then how did Norway get their $1 Trillion and they only had Oil to sell, we ~~have~~ had a lot more???

It was $700B, dopey.

Title: Re: South Australia: massive oil reserves discovered
Post by St George of the Puissant HLT on Jan 21^st, 2015 at 8:01am

longweekend58 wrote on Jan 21^st, 2015 at 7:52am:

St George of the Garden wrote on Jan 20^th, 2015 at 5:09pm:

Keating left $96B of debt and a budget in deficit. that is hardly a 'savings', even to a dipstick like you.

And a PM who spent all the boomtime revenue without building anything lasting to improve the country is not a saver.

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 21^st, 2015 at 8:30am

St George of the Garden wrote on Jan 21^st, 2015 at 8:01am:

longweekend58 wrote on Jan 21^st, 2015 at 7:52am:

St George of the Garden wrote on Jan 20^th, 2015 at 5:09pm:

Keating left $96B of debt and a budget in deficit. that is hardly a 'savings', even to a dipstick like you.

And a PM who spent all the boomtime revenue without building anything lasting to improve the country is not a saver.

he SAVED $230B while your beloved Labor OVERSPENT $350B and we have practically nothing to show for it.

Title: Re: South Australia: massive oil reserves discovered
Post by St George of the Puissant HLT on Jan 21^st, 2015 at 8:51am

Saved NOTHING! $350Bn of boomtime revenue just spent on pork, tax cuts, middleclass welfare.

The Gillard/Swan govt cut a lot of this wasteful spending out the Budget while funding a huge roadbuilding and other infrastructure work like the NBN.

Their problem, and now Abbott and Hokey’s problem, the Howard/Costello structural Budget deficit made a real cash deficit. Much more of Howard’s irresponsible spending needs to be cut out the Budget—$50Bn of savings there! Funny then that Abbott & Hokey are not doing that and thereby are bringing about a recession.

Abbott & Hokey doubled and tripled the deficit. Incompetent idiots!

Title: Re: South Australia: massive oil reserves discovered
Post by perceptions_now on Jan 21^st, 2015 at 11:17am

longweekend58 wrote on Jan 21^st, 2015 at 7:52am:

perceptions_now wrote on Jan 20^th, 2015 at 9:53pm:

longweekend58 wrote on Jan 20^th, 2015 at 4:29pm:

perceptions_now wrote on Jan 20^th, 2015 at 4:14pm:

longweekend58 wrote on Jan 20^th, 2015 at 2:30pm:

perceptions_now wrote on Jan 20^th, 2015 at 1:05pm:

longweekend58 wrote on Jan 20^th, 2015 at 11:46am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 11:23am:

[quote author=longweekend58 link=1421657187/75#75 date=1421716129]

So, not only did they sit around and just be satisfied with taking corporate taxes from the funds, but you know what they did? Surprise, surprise - they incorporated an OIL TAX. And all the funds went into a SOVEREIGN FUND. Not the corporate taxes - just the OIL TAX. $700 B!!!

We had a MASSIVE boom. Larger than Norway's oil boom. Imagine what we would've pocketed? Oh wait..I forgot - Gina would moved to Somalia had it happened, and we'd have no one mining. Yeah right ;D

The lying rodent presided over the biggest boom we've ever had, and what did he do? Nothing! It took Costello to save just a small portion of what would've been possible had we not had the biggest economic illiterate as PM.

And All I'm saying is that if we get the oil found in SA, we'd be wise to do the same as Norway, and not just worry about the pittance we'd receive in corporate tax, while international companies pillage the rest.

you persist on pretending that oil is like every other mineral when it clearly is not. it is (or at least was) a super-important commodity in huge demand which was not found in many places and its demand is inelastic - unlike iron ore and coal. if the mining boom had continued, our budget would be $200B better off. If we hadn't had to put up with the rudd/gillard shambles we could have been another $100B-$200B better off. There is another $400B we could have had. but mining IS subject to ebbs and flows and elastic demand.

and as for the 'pittance' in company tax you need to learn that our company tax rate is among the highest in the world.

Australia doesn't have an oil export industry - yet. So we have to work with what we have and to date the ONLY govt to ever save money, especially hundreds of Billions, was Howard. and the biggest spender by far - BY FAR - was Rudd and Gillard.

you need to accept that Howard did a damned fine job which is why you wont find labor criticising him very much. Instead, it is boofheads like you doing it.

we are all just waiting for you to tell us about Peak Oil and how there wont be any left by 2000.

So, I'll take that non answer as an admission that OZ should have accumulated $1 trillion, $2 trillion, $3 trillion OR MORE???

AND, what sort of position should that have now put us in???

Really???
Then how did Norway get their $1 Trillion and they only had Oil to sell, we ~~have~~ had a lot more???

It was $700B, dopey.

Actually, it IS, much closer to $1 Trillion, ~~Longy~~ Dopey!

According to the following article, from a few weeks ago, it was over $930 Billion.
http://www.abc.net.au/news/2014-01-09/all-norwegians-become-millionaire-shareholders-in-world27s-big/5191480

AND then, as usual, you have not addressed the question, "how did Norway get their $930-$1,000 Billion and they only had Oil to sell?

AND, how much could/should Australia have accrued, rather than the relatively small $100 Billion or so, particularly given we ~~have~~/had a lot more Natural Resources???

Title: Re: South Australia: massive oil reserves discovered
Post by crocodile on Jan 21^st, 2015 at 11:33am

perceptions_now wrote on Jan 21^st, 2015 at 11:17am:

longweekend58 wrote on Jan 21^st, 2015 at 7:52am:

perceptions_now wrote on Jan 20^th, 2015 at 9:53pm:

longweekend58 wrote on Jan 20^th, 2015 at 4:29pm:

perceptions_now wrote on Jan 20^th, 2015 at 4:14pm:

longweekend58 wrote on Jan 20^th, 2015 at 2:30pm:

perceptions_now wrote on Jan 20^th, 2015 at 1:05pm:

longweekend58 wrote on Jan 20^th, 2015 at 11:46am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 11:23am:

you persist on pretending that oil is like every other mineral when it clearly is not. it is (or at least was) a super-important commodity in huge demand which was not found in many places and its demand is inelastic - unlike iron ore and coal. if the mining boom had continued, our budget would be $200B better off. If we hadn't had to put up with the rudd/gillard shambles we could have been another $100B-$200B better off. There is another $400B we could have had. but mining IS subject to ebbs and flows and elastic demand.

and as for the 'pittance' in company tax you need to learn that our company tax rate is among the highest in the world.

Australia doesn't have an oil export industry - yet. So we have to work with what we have and to date the ONLY govt to ever save money, especially hundreds of Billions, was Howard. and the biggest spender by far - BY FAR - was Rudd and Gillard.

you need to accept that Howard did a damned fine job which is why you wont find labor criticising him very much. Instead, it is boofheads like you doing it.

we are all just waiting for you to tell us about Peak Oil and how there wont be any left by 2000.

So, I'll take that non answer as an admission that OZ should have accumulated $1 trillion, $2 trillion, $3 trillion OR MORE???

AND, what sort of position should that have now put us in???

Really???
Then how did Norway get their $1 Trillion and they only had Oil to sell, we ~~have~~ had a lot more???

It was $700B, dopey.

Are you suggesting that the Norwegian wealth fund is something really good ?

Title: Re: South Australia: massive oil reserves discovered
Post by The Grappler Hebdo (je suis) on Jan 21^st, 2015 at 11:38am

longweekend58 wrote on Jan 21^st, 2015 at 8:30am:

St George of the Garden wrote on Jan 21^st, 2015 at 8:01am:

longweekend58 wrote on Jan 21^st, 2015 at 7:52am:

St George of the Garden wrote on Jan 20^th, 2015 at 5:09pm:

Keating left $96B of debt and a budget in deficit. that is hardly a 'savings', even to a dipstick like you.

And a PM who spent all the boomtime revenue without building anything lasting to improve the country is not a saver.

he SAVED $230B while your beloved Labor OVERSPENT $350B and we have practically nothing to show for it.

Would have been smarter to spend it on genuine infrastructure and not just The Road To Perdition... IF he really did save it - which is only on his books and nowhere else... her certainly didn't have it in a bank account....

Title: Re: South Australia: massive oil reserves discovered
Post by The Grappler Hebdo (je suis) on Jan 21^st, 2015 at 11:40am

Lif' dat cotton and kick dat page
Maybe Ozpol is goin' through a stage
That just keeps loling along....

OzPol jes' lolly-gaggin' in dat warm sun dere.. eatin' water melon.... yes, suh.. dat da life!

Title: Re: South Australia: massive oil reserves discovered
Post by sir alevine on Jan 21^st, 2015 at 11:41am

perceptions_now wrote on Jan 21^st, 2015 at 11:17am:

longweekend58 wrote on Jan 21^st, 2015 at 7:52am:

perceptions_now wrote on Jan 20^th, 2015 at 9:53pm:

longweekend58 wrote on Jan 20^th, 2015 at 4:29pm:

perceptions_now wrote on Jan 20^th, 2015 at 4:14pm:

longweekend58 wrote on Jan 20^th, 2015 at 2:30pm:

perceptions_now wrote on Jan 20^th, 2015 at 1:05pm:

longweekend58 wrote on Jan 20^th, 2015 at 11:46am:

sir prince duke alevine wrote on Jan 20^th, 2015 at 11:23am:

longweekend58 wrote on Jan 20^th, 2015 at 11:08am:

you persist on pretending that oil is like every other mineral when it clearly is not. it is (or at least was) a super-important commodity in huge demand which was not found in many places and its demand is inelastic - unlike iron ore and coal. if the mining boom had continued, our budget would be $200B better off. If we hadn't had to put up with the rudd/gillard shambles we could have been another $100B-$200B better off. There is another $400B we could have had. but mining IS subject to ebbs and flows and elastic demand.

and as for the 'pittance' in company tax you need to learn that our company tax rate is among the highest in the world.

Australia doesn't have an oil export industry - yet. So we have to work with what we have and to date the ONLY govt to ever save money, especially hundreds of Billions, was Howard. and the biggest spender by far - BY FAR - was Rudd and Gillard.

you need to accept that Howard did a damned fine job which is why you wont find labor criticising him very much. Instead, it is boofheads like you doing it.

we are all just waiting for you to tell us about Peak Oil and how there wont be any left by 2000.

So, I'll take that non answer as an admission that OZ should have accumulated $1 trillion, $2 trillion, $3 trillion OR MORE???

AND, what sort of position should that have now put us in???

Really???
Then how did Norway get their $1 Trillion and they only had Oil to sell, we ~~have~~ had a lot more???

It was $700B, dopey.

[quote]"Many countries have found that temporary large revenues from natural resource exploitation produce relatively short-lived booms that are followed by difficult adjustments," she said.

Remind us of anyone? Maybe our politicians need 5 hours of sunlight only to get them to become smart? Works in Norway.

Title: Re: South Australia: massive oil reserves discovered
Post by John Smith on Jan 21^st, 2015 at 11:44am

crocodile wrote on Jan 21^st, 2015 at 11:33am:

Are you suggesting that the Norwegian wealth fund is something really good

you think it's not? they pay all their pensions on the interest alone.

not bad if you can accomplish it

Title: Re: South Australia: massive oil reserves discovered
Post by crocodile on Jan 21^st, 2015 at 11:56am

longweekend58 wrote on Jan 21^st, 2015 at 8:30am:

St George of the Garden wrote on Jan 21^st, 2015 at 8:01am:

longweekend58 wrote on Jan 21^st, 2015 at 7:52am:

St George of the Garden wrote on Jan 20^th, 2015 at 5:09pm:

Keating left $96B of debt and a budget in deficit. that is hardly a 'savings', even to a dipstick like you.

And a PM who spent all the boomtime revenue without building anything lasting to improve the country is not a saver.

he ~~SAVED~~ robbed the private sector of $230B while ~~your beloved~~ the equally egregious Labor ~~OVERSPENT~~ returned $350B and we have practically nothing to show for it.

fixed

Title: Re: South Australia: massive oil reserves discovered
Post by perceptions_now on Jan 21^st, 2015 at 11:59am

crocodile wrote on Jan 21^st, 2015 at 11:33am:

perceptions_now wrote on Jan 21^st, 2015 at 11:17am:

Are you suggesting that the Norwegian wealth fund is something really good ?

It will certainly give the Norwegians a much better chance, at offsetting the problems relating to the Baby Boomer Bust & a few other issues!

Title: Re: South Australia: massive oil reserves discovered
Post by St George of the Puissant HLT on Jan 21^st, 2015 at 12:01pm

But it is still wrong.

Howard spent prolifically on pork, buying elections etc. Costello the same with tax cuts to the rich. Fanned a boom. No infrastructure or anything like that.

Now we are struggling with the hangover of that boom, the structural Budget deficit Howard & Costello put in there.

Title: Re: South Australia: massive oil reserves discovered
Post by crocodile on Jan 21^st, 2015 at 12:13pm

perceptions_now wrote on Jan 21^st, 2015 at 11:59am:

crocodile wrote on Jan 21^st, 2015 at 11:33am:

perceptions_now wrote on Jan 21^st, 2015 at 11:17am:

Are you suggesting that the Norwegian wealth fund is something really good ?

It will certainly give the Norwegians a much better chance, at offsetting the problems relating to the Baby Boomer Bust & a few other issues!

Don't think so. Norway's private sector debt is disgusting ( around 170% of GDP ). Tax is still high at ~50% of GDP. Incomes are high but so are costs. In a land that sells cucumbers by the slice there are no bargains and a highly indebted populace. Stripping nearly a trillion out of the private sector to plonk in a wealth fund is not a lot of help.

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 21^st, 2015 at 12:14pm

St George of the Garden wrote on Jan 21^st, 2015 at 8:51am:

Gillard borrow $400B to spend on her office. Swan borrowed $2T to put away in his bank account.

See? I can make stuff up too.

Idiot.

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 21^st, 2015 at 12:16pm

crocodile wrote on Jan 21^st, 2015 at 12:13pm:

perceptions_now wrote on Jan 21^st, 2015 at 11:59am:

crocodile wrote on Jan 21^st, 2015 at 11:33am:

perceptions_now wrote on Jan 21^st, 2015 at 11:17am:

Are you suggesting that the Norwegian wealth fund is something really good ?

It will certainly give the Norwegians a much better chance, at offsetting the problems relating to the Baby Boomer Bust & a few other issues!

how dare you criticise Norway!! isn't the fact of their wealth fund an excuse to ignore all other issues?

Title: Re: South Australia: massive oil reserves discovered
Post by John Smith on Jan 21^st, 2015 at 12:35pm

longweekend58 wrote on Jan 21^st, 2015 at 12:16pm:

crocodile wrote on Jan 21^st, 2015 at 12:13pm:

perceptions_now wrote on Jan 21^st, 2015 at 11:59am:

crocodile wrote on Jan 21^st, 2015 at 11:33am:

perceptions_now wrote on Jan 21^st, 2015 at 11:17am:

Are you suggesting that the Norwegian wealth fund is something really good ?

It will certainly give the Norwegians a much better chance, at offsetting the problems relating to the Baby Boomer Bust & a few other issues!

how dare you criticise Norway!! isn't the fact of their wealth fund an excuse to ignore all other issues?

in fact it's you wrongie, who keeps bringing up Howards wealth fund .... Is that why you do it? to ignore the other issues? ;D ;D ;D ;D

Title: Re: South Australia: massive oil reserves discovered
Post by perceptions_now on Jan 21^st, 2015 at 1:01pm

longweekend58 wrote on Jan 21^st, 2015 at 12:16pm:

crocodile wrote on Jan 21^st, 2015 at 12:13pm:

perceptions_now wrote on Jan 21^st, 2015 at 11:59am:

crocodile wrote on Jan 21^st, 2015 at 11:33am:

perceptions_now wrote on Jan 21^st, 2015 at 11:17am:

Are you suggesting that the Norwegian wealth fund is something really good ?

It will certainly give the Norwegians a much better chance, at offsetting the problems relating to the Baby Boomer Bust & a few other issues!

how dare you criticise Norway!! isn't the fact of their wealth fund an excuse to ignore all other issues?

Still running away from the questions, Longy!!!

"How did Norway get their $930-$1,000 Billion and they only had Oil to sell?"

"AND, how much could/should Australia have accrued, rather than the relatively small $100 Billion or so, particularly given we ~~have~~/had a lot more Natural Resources???"

Title: Re: South Australia: massive oil reserves discovered
Post by perceptions_now on Jan 21^st, 2015 at 1:15pm

crocodile wrote on Jan 21^st, 2015 at 12:13pm:

perceptions_now wrote on Jan 21^st, 2015 at 11:59am:

crocodile wrote on Jan 21^st, 2015 at 11:33am:

perceptions_now wrote on Jan 21^st, 2015 at 11:17am:

Are you suggesting that the Norwegian wealth fund is something really good ?

It will certainly give the Norwegians a much better chance, at offsetting the problems relating to the Baby Boomer Bust & a few other issues!

Don't think so. Norway's private sector debt is disgusting ( around 170% of GDP ). Tax is still high at ~50% of GDP. Incomes are high but so are costs. In a land that sells cucumbers by the slice there are no bargains and a highly indebted populace. Stripping nearly a trillion out of the private sector to plonk in a wealth fund is not a lot of help.

Really? And, how about the rest of Europe, the UK, the USA etc.etc.

As I said, "it will certainly give them (the Norwegians) a much better chance, at offsetting the problems relating to the Baby Boomer Bust & a few other issues!

I think you will find the Norwegian Private sector are not alone with their 170% Debt (as you put it), But they do at least have some 200% of GDP in a Sovereign Fund, so they are clearly alone at the top of that issue, which will definitely assist in their fight against the Baby Boomer Bust & other issues!

Title: Re: South Australia: massive oil reserves discovered
Post by Dsmithy70 on Jan 21^st, 2015 at 1:57pm

If you think Norways stuffed because of private debt to GDP WITH a real SWF

What does that make us?

http://www.australiandebtclock.com.au/history

Click the link

check the box total private debt

check the box GDP

Uncheck total debt box

click refresh

Title: Re: South Australia: massive oil reserves discovered
Post by ImSpartacus2 on Jan 21^st, 2015 at 2:04pm

longweekend58 wrote on Jan 19^th, 2015 at 6:46pm:

And you bought the shares I bet. Let me guess: you could hardly believe how cheap they were and so you took out a second mortgage on your house. ;D

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 21^st, 2015 at 3:17pm

John Smith wrote on Jan 21^st, 2015 at 12:35pm:

longweekend58 wrote on Jan 21^st, 2015 at 12:16pm:

crocodile wrote on Jan 21^st, 2015 at 12:13pm:

perceptions_now wrote on Jan 21^st, 2015 at 11:59am:

crocodile wrote on Jan 21^st, 2015 at 11:33am:

perceptions_now wrote on Jan 21^st, 2015 at 11:17am:

Are you suggesting that the Norwegian wealth fund is something really good ?

It will certainly give the Norwegians a much better chance, at offsetting the problems relating to the Baby Boomer Bust & a few other issues!

how dare you criticise Norway!! isn't the fact of their wealth fund an excuse to ignore all other issues?

in fact it's you wrongie, who keeps bringing up Howards wealth fund .... Is that why you do it? to ignore the other issues? ;D ;D ;D ;D

because you boofheads don't even believe it exists. you are THAT stupid.

Title: Re: South Australia: massive oil reserves discovered
Post by crocodile on Jan 21^st, 2015 at 3:51pm

perceptions_now wrote on Jan 21^st, 2015 at 1:15pm:

crocodile wrote on Jan 21^st, 2015 at 12:13pm:

perceptions_now wrote on Jan 21^st, 2015 at 11:59am:

crocodile wrote on Jan 21^st, 2015 at 11:33am:

perceptions_now wrote on Jan 21^st, 2015 at 11:17am:

Are you suggesting that the Norwegian wealth fund is something really good ?

It will certainly give the Norwegians a much better chance, at offsetting the problems relating to the Baby Boomer Bust & a few other issues!

There would not be such a private debt problem in the first place had about a trillion folding green ones not been pinched and stuffed in a wealth fund.

Title: Re: South Australia: massive oil reserves discovered
Post by perceptions_now on Jan 21^st, 2015 at 3:54pm

perceptions_now wrote on Jan 21^st, 2015 at 1:01pm:

longweekend58 wrote on Jan 21^st, 2015 at 12:16pm:

crocodile wrote on Jan 21^st, 2015 at 12:13pm:

perceptions_now wrote on Jan 21^st, 2015 at 11:59am:

crocodile wrote on Jan 21^st, 2015 at 11:33am:

perceptions_now wrote on Jan 21^st, 2015 at 11:17am:

Are you suggesting that the Norwegian wealth fund is something really good ?

It will certainly give the Norwegians a much better chance, at offsetting the problems relating to the Baby Boomer Bust & a few other issues!

how dare you criticise Norway!! isn't the fact of their wealth fund an excuse to ignore all other issues?

So, ~~Longy~~ ~~Forrest~~ Longy, you're still running away?
https://www.youtube.com/watch?v=QgnJ8GpsBG8

Title: Re: South Australia: massive oil reserves discovered
Post by perceptions_now on Jan 21^st, 2015 at 4:02pm

crocodile wrote on Jan 21^st, 2015 at 3:51pm:

perceptions_now wrote on Jan 21^st, 2015 at 1:15pm:

crocodile wrote on Jan 21^st, 2015 at 12:13pm:

perceptions_now wrote on Jan 21^st, 2015 at 11:59am:

crocodile wrote on Jan 21^st, 2015 at 11:33am:

perceptions_now wrote on Jan 21^st, 2015 at 11:17am:

Are you suggesting that the Norwegian wealth fund is something really good ?

It will certainly give the Norwegians a much better chance, at offsetting the problems relating to the Baby Boomer Bust & a few other issues!

There would not be such a private debt problem in the first place had about a trillion folding green ones not been pinched and stuffed in a wealth fund.

As I said -
Really? And, how about the rest of Europe, the UK, the USA etc.etc.
I would suggest Norway is not alone and it would not be possible to blame taxes in all those countries with higher Private sector Debt!

Btw, you seem to have Longy's syndrome, of not addressing the Right issue/s or simply not addressing questions at all!

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 21^st, 2015 at 4:07pm

crocodile wrote on Jan 21^st, 2015 at 3:51pm:

perceptions_now wrote on Jan 21^st, 2015 at 1:15pm:

crocodile wrote on Jan 21^st, 2015 at 12:13pm:

perceptions_now wrote on Jan 21^st, 2015 at 11:59am:

crocodile wrote on Jan 21^st, 2015 at 11:33am:

perceptions_now wrote on Jan 21^st, 2015 at 11:17am:

Are you suggesting that the Norwegian wealth fund is something really good ?

It will certainly give the Norwegians a much better chance, at offsetting the problems relating to the Baby Boomer Bust & a few other issues!

There would not be such a private debt problem in the first place had about a trillion folding green ones not been pinched and stuffed in a wealth fund.

we've had this conversation before. I think you are being quite simplistic in imagining that public/private debt are somehow interchangeable and that the total debt remains the same no matter how you split it.

Title: Re: South Australia: massive oil reserves discovered
Post by St George of the Puissant HLT on Jan 21^st, 2015 at 4:49pm

And if you sell assets to pay debt you are no better off after it:

$A - $A = $0

Title: Re: South Australia: massive oil reserves discovered
Post by crocodile on Jan 21^st, 2015 at 5:00pm

longweekend58 wrote on Jan 21^st, 2015 at 4:07pm:

crocodile wrote on Jan 21^st, 2015 at 3:51pm:

perceptions_now wrote on Jan 21^st, 2015 at 1:15pm:

crocodile wrote on Jan 21^st, 2015 at 12:13pm:

perceptions_now wrote on Jan 21^st, 2015 at 11:59am:

crocodile wrote on Jan 21^st, 2015 at 11:33am:

perceptions_now wrote on Jan 21^st, 2015 at 11:17am:

Are you suggesting that the Norwegian wealth fund is something really good ?

It will certainly give the Norwegians a much better chance, at offsetting the problems relating to the Baby Boomer Bust & a few other issues!

There would not be such a private debt problem in the first place had about a trillion folding green ones not been pinched and stuffed in a wealth fund.

Not at all Longy. They are two distinctly different beasts with different outcomes.

Public debt is funded by the private sector via bond issues. They don't affect private savings as they are a fungible asset with high liquidity.

Private debt is however funded by savings. The continuous diminution of private savings via taxation above spending requirements and the non return of positive trade balances simply forces the private individual into greater debt in order to maintain lifestyle choices.

Wealth is created by the private sector, not the government.

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 21^st, 2015 at 6:17pm

crocodile wrote on Jan 21^st, 2015 at 5:00pm:

longweekend58 wrote on Jan 21^st, 2015 at 4:07pm:

crocodile wrote on Jan 21^st, 2015 at 3:51pm:

perceptions_now wrote on Jan 21^st, 2015 at 1:15pm:

crocodile wrote on Jan 21^st, 2015 at 12:13pm:

perceptions_now wrote on Jan 21^st, 2015 at 11:59am:

crocodile wrote on Jan 21^st, 2015 at 11:33am:

perceptions_now wrote on Jan 21^st, 2015 at 11:17am:

Are you suggesting that the Norwegian wealth fund is something really good ?

It will certainly give the Norwegians a much better chance, at offsetting the problems relating to the Baby Boomer Bust & a few other issues!

There would not be such a private debt problem in the first place had about a trillion folding green ones not been pinched and stuffed in a wealth fund.

you are still making the simplistic argument about Norway that their wealth fund is directly the result of private debt. that is rubbish.

Title: Re: South Australia: massive oil reserves discovered
Post by crocodile on Jan 21^st, 2015 at 7:24pm

longweekend58 wrote on Jan 21^st, 2015 at 6:17pm:

crocodile wrote on Jan 21^st, 2015 at 5:00pm:

longweekend58 wrote on Jan 21^st, 2015 at 4:07pm:

crocodile wrote on Jan 21^st, 2015 at 3:51pm:

perceptions_now wrote on Jan 21^st, 2015 at 1:15pm:

crocodile wrote on Jan 21^st, 2015 at 12:13pm:

perceptions_now wrote on Jan 21^st, 2015 at 11:59am:

crocodile wrote on Jan 21^st, 2015 at 11:33am:

perceptions_now wrote on Jan 21^st, 2015 at 11:17am:

Are you suggesting that the Norwegian wealth fund is something really good ?

It will certainly give the Norwegians a much better chance, at offsetting the problems relating to the Baby Boomer Bust & a few other issues!

There would not be such a private debt problem in the first place had about a trillion folding green ones not been pinched and stuffed in a wealth fund.

you are still making the simplistic argument about Norway that their wealth fund is directly the result of private debt. that is rubbish.

No, the other way around. Private debt is a symptom of capital accumulation by the government sector.

Title: Re: South Australia: massive oil reserves discovered
Post by John Smith on Jan 21^st, 2015 at 7:57pm

longweekend58 wrote on Jan 21^st, 2015 at 3:17pm:

John Smith wrote on Jan 21^st, 2015 at 12:35pm:

longweekend58 wrote on Jan 21^st, 2015 at 12:16pm:

crocodile wrote on Jan 21^st, 2015 at 12:13pm:

perceptions_now wrote on Jan 21^st, 2015 at 11:59am:

crocodile wrote on Jan 21^st, 2015 at 11:33am:

perceptions_now wrote on Jan 21^st, 2015 at 11:17am:

Are you suggesting that the Norwegian wealth fund is something really good ?

It will certainly give the Norwegians a much better chance, at offsetting the problems relating to the Baby Boomer Bust & a few other issues!

how dare you criticise Norway!! isn't the fact of their wealth fund an excuse to ignore all other issues?

in fact it's you wrongie, who keeps bringing up Howards wealth fund .... Is that why you do it? to ignore the other issues? ;D ;D ;D ;D

because you boofheads don't even believe it exists. you are THAT stupid.

wow, you don't know what position to take do you? ;D ;D ;D ;D I said you keep bringing it up ... i didn't agree with you on it. As it stands today, it's just a superannuation fund.

Title: Re: South Australia: massive oil reserves discovered
Post by The Grappler Hebdo (je suis) on Jan 21^st, 2015 at 8:15pm

To get back to the issue -

THERE HAVE BEEN NO OIL RESERVES DISCOVERED

There is prospecting for the possibility...

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 21^st, 2015 at 8:28pm

crocodile wrote on Jan 21^st, 2015 at 7:24pm:

longweekend58 wrote on Jan 21^st, 2015 at 6:17pm:

crocodile wrote on Jan 21^st, 2015 at 5:00pm:

longweekend58 wrote on Jan 21^st, 2015 at 4:07pm:

crocodile wrote on Jan 21^st, 2015 at 3:51pm:

perceptions_now wrote on Jan 21^st, 2015 at 1:15pm:

crocodile wrote on Jan 21^st, 2015 at 12:13pm:

perceptions_now wrote on Jan 21^st, 2015 at 11:59am:

crocodile wrote on Jan 21^st, 2015 at 11:33am:

perceptions_now wrote on Jan 21^st, 2015 at 11:17am:

Are you suggesting that the Norwegian wealth fund is something really good ?

It will certainly give the Norwegians a much better chance, at offsetting the problems relating to the Baby Boomer Bust & a few other issues!

There would not be such a private debt problem in the first place had about a trillion folding green ones not been pinched and stuffed in a wealth fund.

you are still making the simplistic argument about Norway that their wealth fund is directly the result of private debt. that is rubbish.

No, the other way around. Private debt is a symptom of capital accumulation by the government sector.

My debt is in no way related to govt spending. and even if there were a relationship it is certainly not 1:1 as you are suggesting.

Title: Re: South Australia: massive oil reserves discovered
Post by crocodile on Jan 21^st, 2015 at 10:05pm

longweekend58 wrote on Jan 21^st, 2015 at 8:28pm:

crocodile wrote on Jan 21^st, 2015 at 7:24pm:

longweekend58 wrote on Jan 21^st, 2015 at 6:17pm:

crocodile wrote on Jan 21^st, 2015 at 5:00pm:

longweekend58 wrote on Jan 21^st, 2015 at 4:07pm:

crocodile wrote on Jan 21^st, 2015 at 3:51pm:

perceptions_now wrote on Jan 21^st, 2015 at 1:15pm:

crocodile wrote on Jan 21^st, 2015 at 12:13pm:

perceptions_now wrote on Jan 21^st, 2015 at 11:59am:

crocodile wrote on Jan 21^st, 2015 at 11:33am:

perceptions_now wrote on Jan 21^st, 2015 at 11:17am:

Are you suggesting that the Norwegian wealth fund is something really good ?

It will certainly give the Norwegians a much better chance, at offsetting the problems relating to the Baby Boomer Bust & a few other issues!

There would not be such a private debt problem in the first place had about a trillion folding green ones not been pinched and stuffed in a wealth fund.

you are still making the simplistic argument about Norway that their wealth fund is directly the result of private debt. that is rubbish.

No, the other way around. Private debt is a symptom of capital accumulation by the government sector.

My debt is in no way related to govt spending. and even if there were a relationship it is certainly not 1:1 as you are suggesting.

In isolation your personal debt is unrelated. However, the sum total of all private savings and investments is directly related dollar for dollar. It is easier to see if the sectoral balances are examined. Falls in private savings must be matched by borrowings in order to maintain equivalent lifestyle choices. By the way, I never intimated that debt is matched 1:1 but rather savings is matched 1:1. Private debt is the manifestation of decreased private savings.

You will find that the private sector balance is precisely equal to the public sector balance plus the current account deficit ( or minus current account if in surplus ). It will always hold true as economies consist of a public sector, a private sector and a foreign sector ( imports and exports ). As shown in the Australian example above that since we consistently run a trade deficit then all public capital accumulation can only come from the private sector. The same is true for the Norwegians as the trade surplus is accumulated in the wealth fund. Therefore, the only possible source of excess capital for the government sector must be from the private sector ( as long as the budget is in surplus ).

You can pick the same information for any world economy and you will find the same result. That is the private sectoral balance, foreign trade balance and public sectoral balance always sums to zero.

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 22^nd, 2015 at 7:39am

It is your interpretation of this that sucks. Just like you were blaming Norways personal debt on the Sovereign wealth fund and forgetting that it all came from overseas. The same way you think deficits are a great way of reducing personal debt while forgetting imports/exports.

Title: Re: South Australia: massive oil reserves discovered
Post by Redneck on Jan 22^nd, 2015 at 8:16am

Oi Any oil yet?

Nope!

OK!

Title: Re: South Australia: massive oil reserves discovered
Post by crocodile on Jan 22^nd, 2015 at 8:28am

longweekend58 wrote on Jan 22^nd, 2015 at 7:39am:

My interpretation is well in line with any published dissertation on macroeconomics. The fact that the Norwegian SWF is created from international funds is of no consequence as none of it finds it way into either the public or private sector balance sheets. The Norwegian budget surpluses are therefore funded entirely by the private sector.

Quote:

The same way you think deficits are a great way of reducing personal debt while forgetting imports/exports

You've misinterpreted things a bit Longy. Nobody forgot about the external trade balance. In the Norwegian case, the trade balance is largely off the table as it is entirely seconded by the wealth fund as far as oil revenues go. In the local case it doesn't matter as we almost always run a negative current account. I'll look when I get a bit of spare time but I suspect that the Norwegian trade balance would be negative as well with oil removed from the figures.

If the private sector has to fund both a trade deficit and a budget surplus then logically, private savings must decrease.

Local GDP expands by about 5% pa in nominal terms. Naturally, so too does the base money supply. As pointed out before, as long as the budget deficit is smaller than the money supply growth it is not going to add to net public debt in any way. The deficit is always funded by bond issues that are taken up by the private sector. The RBA simply repurchases them when they expand the money supply. Any difference between the base money supply growth and the public deficit can be used to manage the government debt position.

If you really are interested in how the RBA manages the money supply I suggest you google "open market operations" for a description.

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 22^nd, 2015 at 8:40am

crocodile wrote on Jan 22^nd, 2015 at 8:28am:

longweekend58 wrote on Jan 22^nd, 2015 at 7:39am:

The same way you think deficits are a great way of reducing personal debt while forgetting imports/exports

The point is that you were directly 'blaming' the wealth fund as having come from private citizens when it clearly did not.

Title: Re: South Australia: massive oil reserves discovered
Post by crocodile on Jan 22^nd, 2015 at 8:48am

longweekend58 wrote on Jan 22^nd, 2015 at 8:40am:

crocodile wrote on Jan 22^nd, 2015 at 8:28am:

longweekend58 wrote on Jan 22^nd, 2015 at 7:39am:

The same way you think deficits are a great way of reducing personal debt while forgetting imports/exports

The point is that you were directly 'blaming' the wealth fund as having come from private citizens when it clearly did not.

Not directly but indirectly. If the revenues of the SWF were disbursed to the citizenry or even used to fund the public budget there would be less need to cover the shortfall in savings.

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 22^nd, 2015 at 9:14am

crocodile wrote on Jan 22^nd, 2015 at 8:48am:

longweekend58 wrote on Jan 22^nd, 2015 at 8:40am:

crocodile wrote on Jan 22^nd, 2015 at 8:28am:

longweekend58 wrote on Jan 22^nd, 2015 at 7:39am:

The same way you think deficits are a great way of reducing personal debt while forgetting imports/exports

The point is that you were directly 'blaming' the wealth fund as having come from private citizens when it clearly did not.

Not directly but indirectly. If the revenues of the SWF were disbursed to the citizenry or even used to fund the public budget there would be less need to cover the shortfall in savings.

hmm... so tell me what you think a Sovereign Wealth Fund is supposed to be??? I can certainly see you studied economics. The mere concept of 'saving' seems to elude you.

Title: Re: South Australia: massive oil reserves discovered
Post by crocodile on Jan 22^nd, 2015 at 9:44am

longweekend58 wrote on Jan 22^nd, 2015 at 9:14am:

crocodile wrote on Jan 22^nd, 2015 at 8:48am:

longweekend58 wrote on Jan 22^nd, 2015 at 8:40am:

crocodile wrote on Jan 22^nd, 2015 at 8:28am:

longweekend58 wrote on Jan 22^nd, 2015 at 7:39am:

The same way you think deficits are a great way of reducing personal debt while forgetting imports/exports

The point is that you were directly 'blaming' the wealth fund as having come from private citizens when it clearly did not.

Not directly but indirectly. If the revenues of the SWF were disbursed to the citizenry or even used to fund the public budget there would be less need to cover the shortfall in savings.

hmm... so tell me what you think a Sovereign Wealth Fund is supposed to be??? I can certainly see you studied economics. The mere concept of 'saving' seems to elude you.

Saving for whom ? The private sector have no access to it. The public sector don't use the dividends. It's been accumulating since 1990. Both sectors have been denied working capital for 25 years just in case a rainy day comes along some time. Savings my arse.

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 22^nd, 2015 at 10:18am

crocodile wrote on Jan 22^nd, 2015 at 9:44am:

longweekend58 wrote on Jan 22^nd, 2015 at 9:14am:

crocodile wrote on Jan 22^nd, 2015 at 8:48am:

longweekend58 wrote on Jan 22^nd, 2015 at 8:40am:

crocodile wrote on Jan 22^nd, 2015 at 8:28am:

longweekend58 wrote on Jan 22^nd, 2015 at 7:39am:

The same way you think deficits are a great way of reducing personal debt while forgetting imports/exports

The point is that you were directly 'blaming' the wealth fund as having come from private citizens when it clearly did not.

Not directly but indirectly. If the revenues of the SWF were disbursed to the citizenry or even used to fund the public budget there would be less need to cover the shortfall in savings.

hmm... so tell me what you think a Sovereign Wealth Fund is supposed to be??? I can certainly see you studied economics. The mere concept of 'saving' seems to elude you.

so I was right. you don't really believe in putting money away for a future that is unsure? You don't believe in savings of any kind?

Title: Re: South Australia: massive oil reserves discovered
Post by crocodile on Jan 22^nd, 2015 at 11:30am

longweekend58 wrote on Jan 22^nd, 2015 at 10:18am:

crocodile wrote on Jan 22^nd, 2015 at 9:44am:

longweekend58 wrote on Jan 22^nd, 2015 at 9:14am:

crocodile wrote on Jan 22^nd, 2015 at 8:48am:

longweekend58 wrote on Jan 22^nd, 2015 at 8:40am:

crocodile wrote on Jan 22^nd, 2015 at 8:28am:

longweekend58 wrote on Jan 22^nd, 2015 at 7:39am:

The same way you think deficits are a great way of reducing personal debt while forgetting imports/exports

The point is that you were directly 'blaming' the wealth fund as having come from private citizens when it clearly did not.

Not directly but indirectly. If the revenues of the SWF were disbursed to the citizenry or even used to fund the public budget there would be less need to cover the shortfall in savings.

hmm... so tell me what you think a Sovereign Wealth Fund is supposed to be??? I can certainly see you studied economics. The mere concept of 'saving' seems to elude you.

so I was right. you don't really believe in putting money away for a future that is unsure? You don't believe in savings of any kind?

You can say that if you want. In the context of the Norwegians if you think tying up usable capital for quarter of a century to give everyone an ice cream later on is a good idea you're welcome to it. In the meantime that private debt just keeps on climbing.

Title: Re: South Australia: massive oil reserves discovered
Post by longweekend58 on Jan 22^nd, 2015 at 11:38am

And I think you are demonstrating to us exactly why economists are the last people that should be consulted about the economy.

Title: Re: South Australia: massive oil reserves discovered
Post by macman on Jan 25^th, 2015 at 5:48am

Longy, have they found that oil yet? ;D ;D ;D ;D