An economist is someone who didn't have enough personality to become an accountant.

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Money is like manure. If you spread it around it does a lot of good. But if you pile it up in one place it stinks like hell. - Jr Murchison

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Tony Abbott – will the music stop?

Tony Abbott – will the music stop?

I wrote a post called “Federal Budget and flying to the moon” in May 2014 about how federal politicians don’t seem to have a long term economic view. The recent debacle the Liberal government has found itself in and subsequent fall in popularity is of no surprise. I commented on how Australian economists felt there was a pressing need for structural economic reform in Australia. All either side of politics can manage at the moment is internal bickering, leadership problems and little concern for what really matters – running the country!!

It is like a game of musical chairs but unfortunately for us it’s our livelihoods and Australia’s reputation that suffers.

Tony Abbott – The gaff video

I couldn’t help myself. I had to add this video and the unfortunate thing is if it wasn’t so serious it would be twice as funny. Just remember when you watch this video that this is a Prime Minister.

Will our political system grow up?

I personally don’t care what happens next week with the Liberal party leadership battle. It’s inconsequential in the long run but is also important for party and political stability for Australia. There’s no doubt about it – Australia needs political parties with strong and stable leadership and with a vision for intelligent economic structural reform.

How will this effect the money markets?

At the moment the money markets seem to like what is happening. The Reserve Bank reduced interest rates again last week which is good for most people except self funded retirees who rely on higher interest rates for Fixed Term bank deposits. They can instead invest in high yielding income stocks (such as Telstra) and earn more than they would in a Fixed Term deposit.

I hope this silliness can stop as soon as possible and we return to a stable and effective government. I will now copy some statements from Federal Budget and flying to the moon which i think are even more relevant today.

“Who do the politicians blame when everything goes pear shaped? Everyone and everything but themselves.

The answer I think is to mind your own business, get on with trying to save some money and worry little about outside influences.”

 

 

 

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