It's the economy, stupid!

 
  kitchgp Junior Train Controller


There is actually quite a big difference.

NSW pulled some power from other states, maybe I don't know. but it was limited as % of their total output. Yes they also called on Tomago to cut load for which they have a contract to do so although I heard the GM complaining it was longer than the contract time frame.

SA pulled the bulk of their power from interstate and had black outs as well. SA's load varies from ~1000MW at lowest to 3500MW at highest and they have through their reliance on wind, limited base load Gas a 700km long inter-connection and back up generators. That's a massive swing and more than NSW has to deal with and one that is always costly to deal with and a result of having limited industry to provide a base load.

SA needs a base load generator for summer, around 800MW. Coal is usually the easier choice as the coal is easier and fare cheaper to stockpile. For example 1 x train set could be running a continuous loop from say NSW to maintain the stockpile all year round.  No peak prices to compete with.
RTT_Rules

What are NSW's plans for dealing with a similar crisis in the future, apart from rolling blackouts in Ballarat and Bendigo? To quote from the SMH article:
"Mr Adamo [Australian Energy Market Operator spokesperson] defended arrangements that meant Victoria shared the pain to ensure key infrastructure wasn't damaged by the heavy loads, saying that was how the National Electricity Market was designed to work.
'If you export less to NSW, then ... you'd have to do more load-shedding [in NSW],' he said."

Why doesn't the National Electricity Market apply to SA. 10,000 homes blacked out in one state doesn't seem any different to the same number in another, the fact that it's a smaller percentage is little comfort to those in the 10,000. Tomego didn't see it as a bullet dodged:
http://www.smh.com.au/business/energy/for-gods-sake-nsws-biggest-power-user-pleads-for-agl-not-to-curb-supply-20170211-guaqxd.html

The energy market as a whole needs investigation, eg the unavailability of power plants, both gas and coal-fired, at critical times and the ludicrous situation developing in Victoria where it is proposed to import natural gas from overseas at Crib Point. As manufacturing is in decline in Australia, eg Point Henry aluminium smelter and car manufacturers closing, it is hard to see private industry building a coal-fired power station(s) that is only needed 10 or so days a year. With the Tomago situation above, there's a hint that fixed-price power to the smelter was curtailed so it could be sold elsewhere at the higher spot price.

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  don_dunstan Minister for Railways

Location: Adelaide proud
The Commonwealth Bank will surely get away it.
YM-Mundrabilla
This is what annoys me most - if you or I had accepted millions of dollars with the purpose of laundering it we would get the book thrown at us and be in jail for a very, very long time. Crimes where you help out terrorists and drug dealers are supposedly the sort of thing that they have "zero tolerance" for - yet it's discovered that the Commonwealth Bank is doing exactly that and what happens? Narev and his minders come out in public and say "oh dear, the coders must have gotten it wrong, silly us, we're so very sorry" and nothing happens. They are indeed above the law.
  don_dunstan Minister for Railways

Location: Adelaide proud
So after 30 years of people whinging and tabloid media of the "MASSIVE PROFITS" and rip offs that these banks supposdly do, Aussies are still lining up generation after generation and note we are now a global economy, why are people not using banks OS? Its not like you need to go into a branch anymore.
RTT_Rules
The Big Four have NOT got to where they are by being innovative, by taking on overseas markets or by being especially good at what they do. Since 1980 they've been giving Australians more and more money so they could bid up the price of housing and make money off the huge mortgages required all the while having their activities tacitly or implicitly backed by government guarantee - that's pretty much it in a nutshell. Foreign banks operating in Australia simply don't have that deposit or bond-holder guarantee; nor do they have the lobbyists in Canberra to ensure the status quo. Aussie banks hold an extremely privileged place in our society in that they are not allowed to go broke by government decree and thanks to the very effective brainwashing from the financial sector that super-profitable banks are good for the nation. That's part of the reason why smaller and overseas players have found it so difficult to assail their extremely entrenched positions - they are actually a hybrid government entity in themselves.

Howard as Treasurer in the Fraser government began the process of deregulating the very restricted operating environment that the banks had in the seventies; he began by allowing the banks to obtain funding from commercial sources overseas and they've pretty much been capitalising on that since then. Back then our entire foreign debt (government, private) was $2 billion; the entire mortgage market is something like $1.5 trillion now and most of that was raised overseas by our banks so they could give it to us. That's pretty much what's made the Commonwealth Bank the tenth-biggest bank in the world - Australian residential mortgages. Goes to show how much money there is to be made by actively pumping an asset bubble.

When it bursts of course it will be all about plausible deniability... "We didn't do it".

What is the actual percentage of OS income for any or all the big 4 or more banks? Please share
RTT_Rules
I'm not your research assistant, find the exact figures yourself.  Anyway we've had this discussion before - big Aussie companies hardly ever do well overseas. Coles and Woolies are not like Aldi. The Commonwealth Bank and the NAB are not like Chase or Citigroup - every time they go overseas they find it much harder than their lovely cossetted environment they have here with politicians in their pockets, much better to stay here and gouge everyone domestically... why not? It's made them what they are.
  RTT_Rules The Ghost of George Stephenson

Location: Dubai UAE
So after 30 years of people whinging and tabloid media of the "MASSIVE PROFITS" and rip offs that these banks supposdly do, Aussies are still lining up generation after generation and note we are now a global economy, why are people not using banks OS? Its not like you need to go into a branch anymore.
The Big Four have NOT got to where they are by being innovative, by taking on overseas markets or by being especially good at what they do. Since 1980 they've been giving Australians more and more money so they could bid up the price of housing and make money off the huge mortgages required all the while having their activities tacitly or implicitly backed by government guarantee - that's pretty much it in a nutshell. Foreign banks operating in Australia simply don't have that deposit or bond-holder guarantee; nor do they have the lobbyists in Canberra to ensure the status quo. Aussie banks hold an extremely privileged place in our society in that they are not allowed to go broke by government decree and thanks to the very effective brainwashing from the financial sector that super-profitable banks are good for the nation. That's part of the reason why smaller and overseas players have found it so difficult to assail their extremely entrenched positions - they are actually a hybrid government entity in themselves.

Howard as Treasurer in the Fraser government began the process of deregulating the very restricted operating environment that the banks had in the seventies; he began by allowing the banks to obtain funding from commercial sources overseas and they've pretty much been capitalising on that since then. Back then our entire foreign debt (government, private) was $2 billion; the entire mortgage market is something like $1.5 trillion now and most of that was raised overseas by our banks so they could give it to us. That's pretty much what's made the Commonwealth Bank the tenth-biggest bank in the world - Australian residential mortgages. Goes to show how much money there is to be made by actively pumping an asset bubble.

When it bursts of course it will be all about plausible deniability... "We didn't do it".

What is the actual percentage of OS income for any or all the big 4 or more banks? Please share
I'm not your research assistant, find the exact figures yourself.  Anyway we've had this discussion before - big Aussie companies hardly ever do well overseas. Coles and Woolies are not like Aldi. The Commonwealth Bank and the NAB are not like Chase or Citigroup - every time they go overseas they find it much harder than their lovely cossetted environment they have here with politicians in their pockets, much better to stay here and gouge everyone domestically... why not? It's made them what they are.
don_dunstan
Anyone who thinks a healthy banking sector isn't good for the country has their head in the sand.

Anyone who thinks a govt anywhere in the world will stand back and watch their banking sector collapse without getting involved also has their head in the sand.

The banks have ridden govt policy and grown accordingly, anyone who thinks this is the banks fault or the banks are evil as a result has their head in the sand as this is what businesses, any business does, operates within the legal boundaries provided by the govt.

You don't become the 10th biggest bank in the world feeding off one economy with only 25m people.

I asked you to prove your off the cuff and likely groundless comments, not do research for me. Again you failed to back up your claims, yes I looked up NAB and COM BANK's OS investments and stopped there as it was enough to indicate you don't know what you are talking about and only commenting on a few public screw ups, not the quite success. Yes, most of their money is made in Aus, but 25-35% is OS depending on the bank, after all they are Australian banks, not Bank of EU etc. Like most businesses when you go OS, the rules change and this creates more challenges. What many Australian companies struggle with is dealing with more corrupt govts and foreign public services especially if back hands are required to make things go smoother.

Howard was only Treasury for a few years, there has been 20 years of ALP govts since to change things if they wanted, they don't want and as Hawke/Keating govt was one of the most progressive in modernising and deregulating the economy, I'd say they would have had Howard not.

Rising housing prices are not unique to Sydney although the rise has been stronger there than many other places. If we look around numerous other cities including 3rd world have risen in similar levels. Vancouver, London, Stockholm......
  RTT_Rules The Ghost of George Stephenson

Location: Dubai UAE
The Commonwealth Bank will surely get away it.
This is what annoys me most - if you or I had accepted millions of dollars with the purpose of laundering it we would get the book thrown at us and be in jail for a very, very long time. Crimes where you help out terrorists and drug dealers are supposedly the sort of thing that they have "zero tolerance" for - yet it's discovered that the Commonwealth Bank is doing exactly that and what happens? Narev and his minders come out in public and say "oh dear, the coders must have gotten it wrong, silly us, we're so very sorry" and nothing happens. They are indeed above the law.
don_dunstan
Old story,

Owe the govt $1000 in unpaid taxes they take you to jail

Owe the govt $100,000,000 in unpaid taxes they take you to lunch. A bit like James Bond movies where the villian invites him to a lobster lunch/dinner and champagne before sentencing to death.

I don't think things will ever change in this regard.
  Valvegear The Ghost of George Stephenson

Location: Norda Fittazroy
Owe the govt $1000 in unpaid taxes they take you to jail

Owe the govt $100,000,000 in unpaid taxes they take you to lunch.
"RTT_Rules"
As the father taught his son, "If you owe the Tax Department $5,000, you're in trouble; if you owe $500,000, the Department's in trouble.
  don_dunstan Minister for Railways

Location: Adelaide proud
Anyone who thinks a healthy banking sector isn't good for the country has their head in the sand.
RTT_Rules
You are consistently confusing "healthy" with "monopoly rent extractors in a government-mandated and protected monopoly". The two are not the same thing - in fact I'd go so far as to say that huge amounts of money are actually wreaking our capacity to reign in the unethical law-breaking behaviour because politicians are far too frightened to take the sector on lest they ruin their chances of working for them after politics. If our banking system was completely healthy and open to scrutiny then why resist the calls for a broad-based Royal Commission into their activities?

They are hiding a Pandora's Box of unethical, corrupt and criminal behaviour - that's the only conclusion you can come to. My suspicion is that the Big Four will eventually be found to be complicit (if not active) in the greatest money laundering scheme that this nation has ever seen - the financing and loaning of money to foreign nationals to help them hide stolen money in Australian residential real estate. If Ian Narev's Commonwealth Bank has nothing at all to hide from a Royal Commission then why pay lobbyists like Anna Bligh $500,000+ to try and stop it? They know full well what's there waiting to be discovered, that's why they're so keen to keep it all under wraps for as long as they possibly can.

Kelly O'Dwyer's enquiry came perilously close to revealing the truth three years ago but then the banking and real estate industry made damn sure that no substantial recommendations were made from that enquiry. The situation has become so bad that Australia's banking system is now on an international watch-list for failing to comply with global anti-money laundering legislation dealing in particular with real estate as discussed in this very interesting Michael West analysis. In particular there's some suspicion from the IMF-backed Global Taskforce on money laundering that Australia is actually helping rich Chinese to hide stolen money in Aussie residential property - and that the government was deliberately ignoring the situation (well, duh!).

Do you think that kind of behaviour is an indicator of a 'healthy' banking system or one which is addicted to graft, rent-seeking and protecting their monopoly by doing whatever it takes?
You don't become the 10th biggest bank in the world feeding off one economy with only 25m people.
RTT_Rules
Yup, that's exactly how you do it; they do it because they occupy an extremely privileged and powerful position within our nation that other companies can only look at with envy.

Apart from a small glitch at the end of the 80's due to uncontrollably high interest rates (which was so bad that Westpac was technically broke) our banks have pretty much been huge cash-printing machines since Fraser/Howard started to deregulate them. You need the key ingredients our banks have been gifted over the last 30 years:

  • Very stable country with economically prosperous history, rule of law.
  • Emerging out of an extremely constrained and regulated market into one where there's a historical opportunity to loan money into a real estate market where people seem all too prepared to outbid each other with borrowed money.
  • Added to that Howard's very clever un-announced move to more than double the long-term migration intake so that Sydney and Melbourne would be swamped with 100,000 new residents every year.
Really, they couldn't help but make huge windfall profits in that environment - as long as we are seen as a safe bet by those lending our banks the money then it's got the potential to keep going forever.
  RTT_Rules The Ghost of George Stephenson

Location: Dubai UAE
Anyone who thinks a healthy banking sector isn't good for the country has their head in the sand.
You are consistently confusing "healthy" with "monopoly rent extractors in a government-mandated and protected monopoly". The two are not the same thing - in fact I'd go so far as to say that huge amounts of money are actually wreaking our capacity to reign in the unethical law-breaking behaviour because politicians are far too frightened to take the sector on lest they ruin their chances of working for them after politics. If our banking system was completely healthy and open to scrutiny then why resist the calls for a broad-based Royal Commission into their activities?

They are hiding a Pandora's Box of unethical, corrupt and criminal behaviour - that's the only conclusion you can come to. My suspicion is that the Big Four will eventually be found to be complicit (if not active) in the greatest money laundering scheme that this nation has ever seen - the financing and loaning of money to foreign nationals to help them hide stolen money in Australian residential real estate. If Ian Narev's Commonwealth Bank has nothing at all to hide from a Royal Commission then why pay lobbyists like Anna Bligh $500,000+ to try and stop it? They know full well what's there waiting to be discovered, that's why they're so keen to keep it all under wraps for as long as they possibly can.

Kelly O'Dwyer's enquiry came perilously close to revealing the truth three years ago but then the banking and real estate industry made damn sure that no substantial recommendations were made from that enquiry. The situation has become so bad that Australia's banking system is now on an international watch-list for failing to comply with global anti-money laundering legislation dealing in particular with real estate as discussed in this very interesting Michael West analysis. In particular there's some suspicion from the IMF-backed Global Taskforce on money laundering that Australia is actually helping rich Chinese to hide stolen money in Aussie residential property - and that the government was deliberately ignoring the situation (well, duh!).

Do you think that kind of behaviour is an indicator of a 'healthy' banking system or one which is addicted to graft, rent-seeking and protecting their monopoly by doing whatever it takes?
You don't become the 10th biggest bank in the world feeding off one economy with only 25m people.
Yup, that's exactly how you do it; they do it because they occupy an extremely privileged and powerful position within our nation that other companies can only look at with envy.

Apart from a small glitch at the end of the 80's due to uncontrollably high interest rates (which was so bad that Westpac was technically broke) our banks have pretty much been huge cash-printing machines since Fraser/Howard started to deregulate them. You need the key ingredients our banks have been gifted over the last 30 years:

  • Very stable country with economically prosperous history, rule of law.
  • Emerging out of an extremely constrained and regulated market into one where there's a historical opportunity to loan money into a real estate market where people seem all too prepared to outbid each other with borrowed money.
  • Added to that Howard's very clever un-announced move to more than double the long-term migration intake so that Sydney and Melbourne would be swamped with 100,000 new residents every year.
Really, they couldn't help but make huge windfall profits in that environment - as long as we are seen as a safe bet by those lending our banks the money then it's got the potential to keep going forever.
don_dunstan
Again name me a country with a healthy and profitable banking system that has a significant economy problem.

And to be honest, if they hired Anna Bligh to protect them, the I doubt they have much to hide at all. $500k would be peanuts for what they potentially need to protect and you would invest more wisely in this case. Its very rare banks hire ex (and unpopular) ex politicans to be a front man, they normally hire the competent ones to actually run the show and/or provide support in dealing with govt.

Are the banks hiding Chinese money? Not at all. In UAE I cannot buy or rent a property without providing a copy of my passport. A govt requirement and lending, renting and ownership rules vary based on if local or expat. Expats cannot buy or rent in many locations as deemed for only locals.  Hence its a govt decision in Australia to allow this to continue despite their being a law stating whats allowed, there is no checks in place by the real state business, not a bank issue as if they don't borrow money what has the bank got to do with it?

Howard finished as PM 10 years ago this Oct, there was 6 years of ALP govt since and 4 years of LNP since then, if its so bad why wasn't it changed?

We cannot keep blaming past leaders if subsequent govt made no changes as they are effectively endorsing the status quo and if that's the case, was it really that bad?
  RTT_Rules The Ghost of George Stephenson

Location: Dubai UAE
Look around the world. Strength of the domestic banking sector is directly linked to economy, govt and overall domestic incomes and Std of living.

Becareful for what you wish for.
What, responsible lending? Ethical behaviour?
don_dunstan
Not what I was getting at and you know that.

The ongoing attacks on the banks profitability and stability which is coming across as "Tall Poppy Syndrome"
  RTT_Rules The Ghost of George Stephenson

Location: Dubai UAE
Well one of the Big 5 or 6 banks has my investment portfolio through their own brand name Managed funds. I choose it, they didn't make me. I looked around and they gave me what worked. So no I have no issue with it. Its a free country,
So your own self-interest is at the heart of your vigorous defence of the banks?
don_dunstan
Side tracking by attacking my financial arrangement and really one we all have a similar arrangement doesn't justify or strengthen your argument any further.

I have no issue with the banks or any company making a healthy profit provided they operate within the law. Unfortunately many Australian's and tabloid media see the banks profit as something evil and likewise try and justify the banks improving their competitive position by laying off staff they don't need as morally wrong.

The reason the govt got out of the banking business is like many other govt owned and operated institutions the CBA was being a social employment scheme. Had the govt not sold the CBA when it did which was at the start of mass electronic roll out of electronic banking and automation the CBA would have been dragged into a cesspit of losses.

The profits the big 4 banks make is because 80% of Australian's choose to use them by choice rather than the dozens of other banks and financial institutions on the market both local and foreign owned. The reason Australian's must be using the big 4 is because they offer a better deal, in other words likely to be saving you money, however some how you seem to indicate this is wrong. Which bank do you personally use?

Unlike many other countries, Australian's enjoy very limited restrictions in the banking sector (and most sectors) which is mostly limited to the ATO requirements anyway and if you don't like the deal offered by one, go to another, they will more than likely tailor something for your specific need.  In most countries you don't have anywhere near the level of services, range of products and limited govt restriction. For example, try getting a mortgage offset account in most countries, good luck!

For the last 20-30 years the govt has decided to stay out of the banking sector and not apply artificial limits on borrowing, basically leaving up to banking sector to use financial testing to each customer and apply their own "moral" limits. The issue is how far do you protect people against themselves? I mean if someone wants to send their life savings to the billionaire in Nigeria who needs help transferring his money despite this scam being well known for 30 years, when do you say, "sorry, you're a big/girl boy now, your own your own".  After all what maybe bad for them, may not be bad for me, so why should I suffer.

Having said that, there is one area I think the govt should get involved and I think it would be better for the banks and customers and general population and that's setting a 80% mortgage limit on your primary place of residence.  But the govts position is once you start here, where does it stop?
  Valvegear The Ghost of George Stephenson

Location: Norda Fittazroy
Hundreds of words, and very little sensible comment about money laundering through/by the CBA.
I'm not anti-bank or anti-profit. I am pro law-abiding.
  don_dunstan Minister for Railways

Location: Adelaide proud
Hundreds of words, and very little sensible comment about money laundering through/by the CBA.
I'm not anti-bank or anti-profit. I am pro law-abiding.
Valvegear
The basic fear is that the banks are so big and powerful that they have made obeying the law optional; this seems pretty much confirmed by the CBA money laundering scandal where it appears that they have broken the law many thousands of times but they'll be let off because of who they are.

This has nothing to do with 'tall poppy' jealousy - this is a genuine fear that our political system has become so corrupted by the money that the banks are generating that they can't be policed any longer, not by anyone.
  don_dunstan Minister for Railways

Location: Adelaide proud
Ian Narev pushed out of his job by the money laundering scandal (ABC), officially called a 'retirement'. He may not have been willing to take responsibility for the money laundering scandal but the bank board decided that actually he should.
  don_dunstan Minister for Railways

Location: Adelaide proud
And to be honest, if they hired Anna Bligh to protect them, the I doubt they have much to hide at all. $500k would be peanuts for what they potentially need to protect and you would invest more wisely in this case. Its very rare banks hire ex (and unpopular) ex politicans to be a front man, they normally hire the competent ones to actually run the show and/or provide support in dealing with govt.
RTT_Rules
It's what everyone does and it works.

When the lobby consisting of 7/11, Caltex et al wanted to delay having any hard and fast laws applied to them telling them they had to at least pay minimum wage - what did they do but get the former Small Business Minister Bruce Billson on board as soon as he left his job so that he could nag his replacement not to bring in laws affecting his new employer. And lo and behold - it's worked; the legislation is now permanently mired in committees.

My understanding is that Anna Bligh's job is not only to nag politicians about getting the best deal for her new employers but also to try and head off any other potentially profit-crimping laws by getting a whiff of what might be about to happen next. And apparently she's doing a splendid job and the ABA are very happy with her. You might not think she was a very good Premier of QLD but the fact is that she's well networked, she knows everyone in politics.
  RTT_Rules The Ghost of George Stephenson

Location: Dubai UAE

There is actually quite a big difference.

NSW pulled some power from other states, maybe I don't know. but it was limited as % of their total output. Yes they also called on Tomago to cut load for which they have a contract to do so although I heard the GM complaining it was longer than the contract time frame.

SA pulled the bulk of their power from interstate and had black outs as well. SA's load varies from ~1000MW at lowest to 3500MW at highest and they have through their reliance on wind, limited base load Gas a 700km long inter-connection and back up generators. That's a massive swing and more than NSW has to deal with and one that is always costly to deal with and a result of having limited industry to provide a base load.

SA needs a base load generator for summer, around 800MW. Coal is usually the easier choice as the coal is easier and fare cheaper to stockpile. For example 1 x train set could be running a continuous loop from say NSW to maintain the stockpile all year round.  No peak prices to compete with.
What are NSW's plans for dealing with a similar crisis in the future, apart from rolling blackouts in Ballarat and Bendigo? To quote from the SMH article:
"Mr Adamo [Australian Energy Market Operator spokesperson] defended arrangements that meant Victoria shared the pain to ensure key infrastructure wasn't damaged by the heavy loads, saying that was how the National Electricity Market was designed to work.
'If you export less to NSW, then ... you'd have to do more load-shedding [in NSW],' he said."

Why doesn't the National Electricity Market apply to SA. 10,000 homes blacked out in one state doesn't seem any different to the same number in another, the fact that it's a smaller percentage is little comfort to those in the 10,000. Tomego didn't see it as a bullet dodged:
http://www.smh.com.au/business/energy/for-gods-sake-nsws-biggest-power-user-pleads-for-agl-not-to-curb-supply-20170211-guaqxd.html

The energy market as a whole needs investigation, eg the unavailability of power plants, both gas and coal-fired, at critical times and the ludicrous situation developing in Victoria where it is proposed to import natural gas from overseas at Crib Point. As manufacturing is in decline in Australia, eg Point Henry aluminium smelter and car manufacturers closing, it is hard to see private industry building a coal-fired power station(s) that is only needed 10 or so days a year. With the Tomago situation above, there's a hint that fixed-price power to the smelter was curtailed so it could be sold elsewhere at the higher spot price.
kitchgp
NSW is not perfect but better off than what is happening in SA which has placed it power supply in the hands of non continuous supply sources and a 700km long power cable with no redundancy.

Tomago signed a new contract that enabled it to both sell its power at a higher price if the conditions were right and is common overseas and I talked to my Manager about this pending option at Boyne Smelters in 2009 but also for the grid can also pull the plug on Tomago for rolling periods for each potline to protect the grid and prevent blackouts.

The power prices are high enough to get finance for a coal fired station and much higher than when the last private plants were built nearly 20 years ago, noting that others are due to close in the coming years as life is expired. However the banks won't lend the money because they don't trust the govt.
  RTT_Rules The Ghost of George Stephenson

Location: Dubai UAE
And to be honest, if they hired Anna Bligh to protect them, the I doubt they have much to hide at all. $500k would be peanuts for what they potentially need to protect and you would invest more wisely in this case. Its very rare banks hire ex (and unpopular) ex politicans to be a front man, they normally hire the competent ones to actually run the show and/or provide support in dealing with govt.
It's what everyone does and it works.

When the lobby consisting of 7/11, Caltex et al wanted to delay having any hard and fast laws applied to them telling them they had to at least pay minimum wage - what did they do but get the former Small Business Minister Bruce Billson on board as soon as he left his job so that he could nag his replacement not to bring in laws affecting his new employer. And lo and behold - it's worked; the legislation is now permanently mired in committees.

My understanding is that Anna Bligh's job is not only to nag politicians about getting the best deal for her new employers but also to try and head off any other potentially profit-crimping laws by getting a whiff of what might be about to happen next. And apparently she's doing a splendid job and the ABA are very happy with her. You might not think she was a very good Premier of QLD but the fact is that she's well networked, she knows everyone in politics.
don_dunstan
Agree,
For the record when she became Premier I thought Qld was in safe hands as she was basically dealling with all the hard stuff that Beattie didn't want anyway (and inadvertently publicly stated during a Premiers meeting in Canberra when the didn't think a mic would hear). However something happened and Bligh and Fraser had Qld on the path to ruin. The actual budget itself wasn't that RED in deficit but they were borrowing left right and centre to build stuff and fix things.
  allan Chief Commissioner

Hmmm. Solar thermal. No coal required... Good of the Feds to put up a very substantial loan.
  wobert Deputy Commissioner

Location: Half way between Propodolla and Kinimakatka
Yeah, nearly as much as their going to spend on an opinion poll. How big of them. And there's always a billion for Adani.
  RTT_Rules The Ghost of George Stephenson

Location: Dubai UAE
Hmmm. Solar thermal. No coal required... Good of the Feds to put up a very substantial loan.
allan
solar thermal has some way to go yet. Yes I agree we should be investing in the R&D but its not yet ready to kill off our coal power stations, probably 10-15 years at the earliest but would be ideal for SA as the output would match the demand.
  wobert Deputy Commissioner

Location: Half way between Propodolla and Kinimakatka
That's strange, the South Australians seem to think it'll be up and running by 2020 and there's several existing  plants in the US and Europe.
  rxclass Junior Train Controller

Location: On the manual turntable at Marino turning an exquisite Rx class steam locomotive.
And to be honest, if they hired Anna Bligh to protect them, the I doubt they have much to hide at all. $500k would be peanuts for what they potentially need to protect and you would invest more wisely in this case. Its very rare banks hire ex (and unpopular) ex politicans to be a front man, they normally hire the competent ones to actually run the show and/or provide support in dealing with govt.
It's what everyone does and it works.

When the lobby consisting of 7/11, Caltex et al wanted to delay having any hard and fast laws applied to them telling them they had to at least pay minimum wage - what did they do but get the former Small Business Minister Bruce Billson on board as soon as he left his job so that he could nag his replacement not to bring in laws affecting his new employer. And lo and behold - it's worked; the legislation is now permanently mired in committees.

My understanding is that Anna Bligh's job is not only to nag politicians about getting the best deal for her new employers but also to try and head off any other potentially profit-crimping laws by getting a whiff of what might be about to happen next. And apparently she's doing a splendid job and the ABA are very happy with her. You might not think she was a very good Premier of QLD but the fact is that she's well networked, she knows everyone in politics.
don_dunstan
G'day all,

According to the article in 'The Australian' on the day she was appointed, the Australian Banking Association (ABA) advised the LNP of her appointment. The article stated that this really piss*d off Scott Morrison no end.

But it achieved it's purpose, ie:- the ABA are perceived to have the LNP in their pockets (witness the Government defending them against the MANY calls for a banking Royal Commission), now they needed a lobbyist to keep the ALP in line.

We have not yet got to the situation as in the good old USA where the lobbyists actually present the required legislation to the financially backed Congressman who then presents it as is for approval to Congress. The legislation is not written by the Public Servants but by the industry for it's own self interest. Give it time.

Regards,
  kitchgp Junior Train Controller

NSW is not perfect but better off than what is happening in SA which has placed it power supply in the hands of non continuous supply sources and a 700km long power cable with no redundancy...............
RTT_Rules

The quote in this post, attributed to kitchgp, is incorrect. It's a combination of two posts.
  don_dunstan Minister for Railways

Location: Adelaide proud
Agree,
For the record when she became Premier I thought Qld was in safe hands as she was basically dealling with all the hard stuff that Beattie didn't want anyway (and inadvertently publicly stated during a Premiers meeting in Canberra when the didn't think a mic would hear). However something happened and Bligh and Fraser had Qld on the path to ruin. The actual budget itself wasn't that RED in deficit but they were borrowing left right and centre to build stuff and fix things.
RTT_Rules
Queensland had above-average growth for decades thanks to inter-state migration and is still playing catch-up; not that it's an excuse. Judith Sloan recently wrote a piece on how Melbourne's amenity has been ruined by mass-migration - there's no denying that infrastructure hasn't kept up despite the million extra people who have moved there in twelve years but then again we're talking huge numbers of people. Even the public transport focus is on cramming more people into existing infrastructure rather than building extensive new networks to help cope.

I see that Scott Morrison came out yesterday in rabid defence of the 'Big Australia' thing saying that remote SA, WA and the NT are dependent on having high numbers of migrants to Australia. What a load of utter BS; the migrants end up in Sydney and Melbourne - not the regions or remote areas.
  don_dunstan Minister for Railways

Location: Adelaide proud
Australia's low wage growth confirmed by the ABS again today - smashing the budget forecasts according to Business Insider:

“This low wages growth reflects, in part, ongoing spare capacity in the labour market,” said Bruce Hockman, chief economist at the ABS. “Underemployment, in particular, is an indicator of labour market spare capacity and a key contributor to ongoing low wages growth.”

The ABS said that private-sector wages, employing the vast majority of the Australian workers, grew by just 1.78% over the year, the slowest pace on record, undershooting the 1.79% pace reported in the year to march this year.

Over the quarter, private wages grew by 0.4%, the weakest result since the September quarter of 2009. That’s GFC territory.

It's hard to imagine that our economy is doing so well when there's a chronic lack of demand for labour?
  Carnot Chief Commissioner

Australia's low wage growth confirmed by the ABS again today - smashing the budget forecasts according to Business Insider:

“This low wages growth reflects, in part, ongoing spare capacity in the labour market,” said Bruce Hockman, chief economist at the ABS. “Underemployment, in particular, is an indicator of labour market spare capacity and a key contributor to ongoing low wages growth.”

The ABS said that private-sector wages, employing the vast majority of the Australian workers, grew by just 1.78% over the year, the slowest pace on record, undershooting the 1.79% pace reported in the year to march this year.

Over the quarter, private wages grew by 0.4%, the weakest result since the September quarter of 2009. That’s GFC territory.

It's hard to imagine that our economy is doing so well when there's a chronic lack of demand for labour?
don_dunstan
"Underemployment".  Let's unpack that a bit more.  Dare I say that a reason for this is parents desiring to spend more time with their kids (i.e. Tag-team parenting and work duties which is now very common as workplaces try to be more flexible).  And with a service-based economy this would be more prevalent as well?

Another factor could be the "keep your job but cut back the hours" request from the boss...

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