« | »

Australian Parliament Rejects Stimulus

From an apoplectic Reuters:

A view shows the Harbour Bridge and the central business district in Sydney February 3, 2009.

Australia parliament rejects stimulus plan

By James Grubel – Thu Feb 12

CANBERRA (Reuters) – Australia’s parliament rejected the government’s A$42 billion ($28 billion) stimulus plan on Thursday, dealing a major blow to Prime Minister Kevin Rudd and delaying cash payments to millions of workers and families.

The government was one vote short of passing the laws in the upper house Senate. The government reintroduced the bills in the lower House of Representatives late on Thursday, and urged the Senate to reconsider its stand as early as Friday.

Analysts said the measures were expected to pass eventually, but the delay in distributing cash handouts worth A$12.7 billion could add to the case for a further interest rate cut to stem the fallout in Australia from the global economic slowdown.

"These measures are urgent and in the national economic interest," Rudd told parliament, after suffering his biggest parliamentary setback since he won office in late 2007.

"This government will not be deterred from taking whatever action is necessary in the national economic interest to underpin this country’s and our people’s economic well-being."

The Australian dollar fell from $0.6580 to $0.6540 after the Senate vote, and later was below $0.65 cents in offshore trade. Government Senate Leader Chris Evans said the vote would hurt confidence in the Australian economy and put jobs at risk.

Australia’s largest business organization, the Australian Chamber of Commerce and Industry, echoed the sentiment and said the Senate defeat was a blow to business confidence and investment certainty.

"The outcome reflects poorly on the capacity of our parliament to respond quickly to a global and national economic crisis," chamber chief executive Peter Anderson said

Rudd had said the stimulus spending was needed to protect Australia’s economy from falling into recession due to the impact of the global downturn…

You can sense that the economic mavens at Reuters are positively beside themselves at this report.

How benighted of Australia to even allow its stimulus plan to be delayed.

Hopefully we in the US will learn from their terrible mistakes before we do similar harm to our own economy.

By the way, note that Australia is not even in a recession the moment.

But if Reuters has its way, they soon will be.

This article was posted by Steve on Thursday, February 12th, 2009. Comments are currently closed.

15 Responses to “Australian Parliament Rejects Stimulus”

  1. BigBad says:

    Does it scare anyone else when it is reported as a bad thing when governments do not get things done “quickly”? You heard it here a lot from our press and our President.

    It seems like they are almost begging for a dictatorship like powers so they don’t have to deal with the inconvenient checks and balances.

    • TwilightZoned says:

      I don’t know about you, but I was raised if you have to make a decision NOW, the answer is NO.

    • TwilightZoned says:

      BB I think the democratic morons are working so quickly to pass this stimulus bill so they can pull a fast one over on us before we REALLY know what’s in it. (Just one example of the future “transparency” we can expect from the Obama administration.) The small percentage of the ones in the know on the hill understand that the majority of the American people will strongly disapprove if they know exactly what’s in it. Shoot…most members of congress haven’t read through the hundreds of pages. They are voting blind and we will all pay dearly for it.

  2. proreason says:

    The Aussies are already pretty Socialistic, but they don’t have as large monolithic, hate-fueled, hate-filled minority populations as does the U.S. so there are no guaranteed zombie voting blocks.

    The politicians can’t lead them by the nose like they do here.

    • gipper says:

      I have some in-laws in Australia, proreason. If it gets any worse here in the USA, I’ve actually thought about going to live in Australia. Sure, the Aussies are somewhat socialistic when it comes to social programs, but they are laissez faire when it comes to the economy. My in-laws run a thriving import-export business.

      Incidentally, PM Rudd is a member of the Australian Labor Party, a left-leaning party. The conservative party in Australia is, ironically, the Liberal Party of Australia.

    • proreason says:

      mrs reason and i lived in Australia for about a year, and we also have discussed moving back.

      It’s a great country and the people are fantastic. The only issue i had was the huge distances between the population centers. It’s like a series of city states separated by 500 miles each. After a while, you begin to feel isolated.

      I wonder what the gun laws are like there.

    • JohnMG says:

      They’re a redux of Englands in the late ’80’s and early ’90’s. In only the last few years they were commanded to turn in their firearms to be destroyed. Like it or not, folks, this (US) is the last bastion of private firearms ownership left in the world. And the assault on your 2nd Amendment rights will start this spring, right after Obama’s first 100 days.

      You can tell everybody you heard it here first–from me!

    • Liberals Demise says:

      WHAT GUNS?

    • Liberals Demise says:

      I bow to JohnMG and his fast fingers on the keys.
      SEMPER FI, John!

    • proreason says:

      But if you are a liberal, the laws don’t apply.

      So all I have to do is show my “I voted for The Moron” tatoo, and I’ll be able to do anything I want.

    • JohnMG says:

      This whole scenario reminds me of the movie ‘High Noon’, only it’s too real, and the consequences are dire.

      Patriots, unite! (Thanks, LD, Semper Fi.)

    • JohnMG says:

      That tattoo, PR? Is that the one they refer to as the “mark of the beast”?

    • Liberals Demise says:

      PR….you know that the part of your bod that has the “MORON” tatto will refuse to work and is of no further use to you. PLEASE reconsider and drink through it!!

    • proreason says:

      But LD, i still expect Angelina Jolie will answer my letters, particularly when she learns my role in exposing the tanking of the economy. That blond guy is just her toy de jour.

  3. 12 Gauge Rage says:

    The Aussies have stimulus bills too? Jeez. I thought we were the only country in the world cursed to have politicians stupid enough to propose such bills. Too bad about their draconian gun laws. Australia strikes me as a very rugged land with equally rugged people where having a gun wouldn’t be such a bad thing. Especially if you’re living in the outback.

« Front Page | To Top
« | »