Australian Politics Forum - South Australia: massive oil reserves discovered

St George of the Garden

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Re: South Australia: massive oil reserves discovered
Reply #60 - 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!

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John Smith

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Re: South Australia: massive oil reserves discovered
Reply #61 - 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:

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.

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? Cheesy

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bogarde73 Gold Member Offline Anti-Global & Contra Mundum Posts: 18443 Gender:	Re: South Australia: massive oil reserves discovered Reply #62 - 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.
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John Smith Gold Member Offline Australian Politics Posts: 78311 Gender:	Re: South Australia: massive oil reserves discovered Reply #63 - 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!
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St George of the Garden

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Re: South Australia: massive oil reserves discovered
Reply #64 - 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.

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sir prince duke alevine

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Re: South Australia: massive oil reserves discovered
Reply #65 - 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:

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.

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?

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 Grin

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.

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?

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

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.

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longweekend58

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Re: South Australia: massive oil reserves discovered
Reply #66 - Jan 20^th, 2015 at 10:37am

St George of the Garden wrote 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!

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.

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Dsmithy70 Gold Member Offline ire futuis vobismetipsis Posts: 13147 Newy Gender:	Re: South Australia: massive oil reserves discovered Reply #67 - 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.
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longweekend58

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Re: South Australia: massive oil reserves discovered
Reply #68 - Jan 20^th, 2015 at 10:39am

St George of the Garden wrote 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.

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.

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Melanias purse

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Re: South Australia: massive oil reserves discovered
Reply #69 - 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:

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.

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?

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?

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

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bogarde73

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Re: South Australia: massive oil reserves discovered
Reply #70 - Jan 20^th, 2015 at 10:41am

Dsmithy70 wrote 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.

100% correct.

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Melanias purse Gold Member Offline Australian Politics Posts: 101419	Re: South Australia: massive oil reserves discovered Reply #71 - 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.
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sir prince duke alevine

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Re: South Australia: massive oil reserves discovered
Reply #72 - 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.

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.

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.

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longweekend58

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Re: South Australia: massive oil reserves discovered
Reply #73 - 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:

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.

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?

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?

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.

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Dsmithy70

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Re: South Australia: massive oil reserves discovered
Reply #74 - 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.

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