Are you worried yet?

Source

One might suspect that Queensland will be disproportionately affected by the loss of tourism income.

But it is a good thing they are pursing fiscal prudence by increasing the salaries of the very large number of public servants employed and plans to buy a badly managed and bankrupt airline.

But the rest of us should not be concerned.  When the Queensland budget blows up and (non RBA) debt markets stop lending, the rest of us will need to kick in again.  With a Medicare levy surcharge as was required for the Queensland floods because the Queensland government failed to properly insure (self or otherwise).

Queensland.  Profligate one day.  Mendicant the next.

Hey Queensland Government and QIC.  TAFKAS has shares in a bridge and opera house tokenised offering available.  Once it is paid off, you can relocate them to Brisbane.  Good returns available.  Please send your cheque to my Nigerian bank.

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34 Responses to Are you worried yet?

  1. Up The Workers!

    If Queensland cannot repay all its borrowings, what happens if Labor’s Uncle Xi, from the Homemade Bat Soup Stall at the ‘Wuhan Wet Market and Chemical Weapons Facility’ as mortgagee, decides on a repossession and eviction of all the debt-ridden freeloader- lodgers?

  2. Dave of Reedy Creek, Qld

    Oh wow, are you saying Queensland Government is not on top of things? Never!! Just look at what they did to the Gold Coast with the Commonwealth Games for example. What happened to the jingo catch phrase “We’re all in this together”? What an utter load of BS. The polies, the public servants, the ‘elites’ still went out and still got paid while people lost/losing their livelihood. I bet the useless Premier didn’t take a pay cut and now claiming we can’t reopen our borders until much later to destroy what’s left.

  3. stackja

    Eggs in one basket.
    What could possibly go wrong?

  4. H B Bear

    Not to mention $1bn in cyclone/flood grants every 5 years.

  5. H B Bear

    Qld debt is a slow motion train wreck.

    No one should say they did not see it coming. But they will.

  6. Ed Case

    Depends what part is domestic and what part is international.
    Queensland used to have a strong domestic tourism market until the mid 1970s.
    The average Aussie can’t afford a honeymoon or a holiday in Queensland anymore.

  7. And people keep hanging shit on Victoristan!

  8. Lee

    But it is a good thing they are pursing fiscal prudence by increasing the salaries of the very large number of public servants employed and plans to buy a badly managed and bankrupt airline.

    I did read somewhere recently that a large part of the massively growing Queensland debt was due to borrowing billions to greatly expand the public service.
    Not exactly productive expenditure.

  9. Infidel Tiger King

    Those numbers are not accurate at all.

    For starters New Zealand is at least 15%.

  10. Howard Hill

    And people keep hanging shit on Victoristan!

    Deservedly!

  11. Deservedly!

    And Qld? Beautiful one day, fcuked the next? Is Victoristan going to bail out Qld once again, as it has many times before? Queenslanders love hanging shit on Victoristan, until they need help.

  12. Howard Hill

    I live in this shithole, bemused. Don’t try to tell me it doesn’t deserve every bit of ridicule it gets and some!

    PS. And I wasn’t defending expat victrorians( QLD’ers ) living up north. Look at the mess they’ve created there as well.

    Capiche?

  13. I live in this shithole, bemused. Don’t try to tell me it doesn’t deserve every bit of ridicule it gets and some!

    While Victoristan has its warts and is managed by a Grand Wartmeister, I still wouldn’t call it a shit hole. There really isn’t a state, in my view, that makes itself inviting over Victoristan.

  14. John Bayley

    You all worry too much.
    Too much debt or even no jobs is no problem, now that we have MMT in place.
    The RBA will simply print as much money as required and buy all the shares, bonds and property there is. That way, the markets will have reached a permanently high plateau – just like they did in 1929.
    And they will also bailout the state and federal governments, plus the big banks, too.
    It’s pretty easy, really.
    Socialism will finally be correctly implemented, because we have the right experts, who know how to do it.
    Just ask Steve Keen, the ‘famous economist’. He thinks if only the politicians gave every Australian $100,000, everyone would live happily ever after.

  15. Biota

    If COVID-19 is not as bad as the regular winter flu then with the distancing and other restrictions the usual winter deaths spike should be down on previous.

  16. yarpos

    Not sure QLD will be that much more affected that other States, especially in terms of international visitors. Thats just QLD beleiving its own publicity. Frankly I put tourism in the same bucket as being a quarry, I would rather see focus on value adding industries.

  17. Spurgeon Monkfish III

    While Victoristan has its warts and is managed by a Grand Wartmeister, I still wouldn’t call it a shit hole. There really isn’t a state, in my view, that makes itself inviting over Victoristan.

    So. Just as I thought. The aptly named “bemused” is actually an ALP troll. Should have known when the imbecile couldn’t even spell victoriastan correctly and then came up with the following utterly ridiculous “statement” (if it could be dignified with such a term) :

    “Duuuuuhhhh, viktorahstan will be the lastest place to sign up to da chinese commies, I tells ya!”

    Despite the fact it’s actually been the first.

    You fucking moron. Give it away, you stupid, stupid troll imbecile.

  18. Tel

    Just ask Steve Keen, the ‘famous economist’. He thinks if only the politicians gave every Australian $100,000, everyone would live happily ever after.

    Keen got corrupted by the Fabian School of Economics when he went to live in the UK.

    Once long ago he used to be something of a debt hawk, with the unusual aspect that he was worried about both public debt and private debt … and that’s not entirely illogical, they both can cause macro problems.

  19. Spurgeon Monkfish III
    #3462056, posted on May 23, 2020 at 5:51 pm

    So. Just as I thought. The aptly named “bemused” is actually an ALP troll. Should have known when the imbecile couldn’t even spell victoriastan correctly and then came up with the following utterly ridiculous “statement” (if it could be dignified with such a term) :

    “Duuuuuhhhh, viktorahstan will be the lastest place to sign up to da chinese commies, I tells ya!”

    Are you OK? A nanosecond of investigation would have revealed that I’m anything but a Labor supporter.

    I purposely write it as Victoristan, as you might write Afghanistan, Kurdistan, Pakistan and any other …stan.

    And where exactly did I write that last sentence?

    It’s going to take some time to clean that egg off your face.

  20. Spurgeon Monkfish III

    where exactly did I write that last sentence?

    Victoristan seems to be the last place in Australia that will be taken over by China.

    bemused
    #3459662, posted on May 21, 2020 at 12:19 pm

    There.

  21. Spurgeon Monkfish III

    You fucking imbecile.

  22. Chris M

    South Korea is impacted the least: just 2.8% of its GDP is reliant on tourism.

    Must be a grim place to visit?

    Thailand is around 20% tourism, 30,000 chink tourists were visiting each week but they kept their Wuhan virus cases real low… by, ahem, re-labeling the disease. Don’t want to scare off tourist right.

  23. Siltstone

    Saudia Arabia is number 7 after Australia” Does anyone ever go there for tourism? Don’t call those hadji tourists. Maybe they will avoid a stampede this year?

  24. Squirrel

    It’s not just the likely re-set of travel and tourism to a somewhat lower level for the entire nation, it’s the whole population ponzi racket – which has a number of links to travel and tourism, and that’s going to be a problem for all the state and territory budgets.

    Chances are we’ll need a bail-out of some sort for most of the sub-national governments. The federal LNP will try to resist that, but Labor will likely offer it in the guise of increased funding for health and education – which the punters will probably support next time.

  25. JohnJJJ

    loss of tourism income
    How many Q’landers go out of the state and OS every year? So they have saved money.
    10 million Australian travel overseas each year. At a minimum : that is $3k for airfare, $4k plus for the holiday. So we saved around $20billion over the three COVID months. Pretty good if you ask me.
    Tourism industry is a scam. They never talk about the departures or leakage. Tourism just transfers money into a vacuous service industry we don’t need.

  26. sfw

    Every political leader in Oz is second rate, doesn’t matter what their politics are, whether they are in power or opposition they are low grade when it comes to intelligence, moral strength and courage. We have the worst elites imaginable.

  27. Tourism industry is a scam. They never talk about the departures or leakage. Tourism just transfers money into a vacuous service industry we don’t need.

    Tell that to people who work in hotels and motels though.

    So we saved around $20billion over the three COVID months.

    No, many of them lost their jobs.

  28. Spurgeon Monkfish III
    #3462134, posted on May 23, 2020 at 7:42 pm

    where exactly did I write that last sentence?

    Victoristan seems to be the last place in Australia that will be taken over by China.

    bemused
    #3459662, posted on May 21, 2020 at 12:19 pm

    There.

    Yet you, see it as this (seek help)?

    “Duuuuuhhhh, viktorahstan will be the lastest place to sign up to da chinese commies, I tells ya!”

    However, given that Cat contributors use Their ABC as a reference, I guess I can do the same. So here’s a rundown on what industries in Australia China is currently known to own or have significant ownership (Victoria is kind of minuscule compared to the northern states).

    Yep, not much in Victoristan to date.

  29. John Bayley

    Keen got corrupted by the Fabian School of Economics when he went to live in the UK.

    You are too kind.

    Keen was always a crank, although through some amazing fortune he managed to ‘predict’ the GFC. Perhaps it had something to do with the fact that he’d been predicting one for years already. Because he’d read some Minsky, or something.

    Recall that he was one of the very few economists who wholeheartedly supported Rudd’s ‘stimulus’ package and in fact thought it was not enough.

    Keen has long been influenced by Marxist economics and he’s always been a strong supporter of statist solutions to everything.

    For example, he’s blamed ‘deregulation of banks’ for the debt problem we now have, rather than pointing the finger where it belongs – namely government tax incentives and, most of all, massive monetary inflation, which, while mainly created by commercial banks, was nevertheless always enabled, and wholeheartedly supported, by the RBA.

    Who (RBA), surprising no-one with half a brain cells left (admittedly that rules out most Australians) have now cranked up (pun intended) that inflation on steroids.

    Because, as every academic economist knows, you can only cure too much debt by more debt. MMT ‘proves’ it, apparently.

  30. MMT actually solves inflation.

    You just wait until the currency has no value at all and no one uses it.

    It can’t be worth less than kindling.

  31. stackja

    Weimar Republic people found another use for a wheelbarrow and a new source of wallpaper.

  32. Destroyer D69

    The average Aussie can’t afford a honeymoon or a holiday in Queensland anymore………Fifty years ago 2 weeks on Lindeman Island (accommodation only) cost more than six weeks in New Zealand including air fares,campervan hire and van park fees. (Door to door Mackay-Mackay) in the Christmas New Year season. I am not sure if the situation has changed or not but I would be amazed if the reliativity has improved by very much….

  33. Soberinthemorning

    Get your facts right, there is a pay freeze for Queensland public servants.

    The real way to get Queensland public debt down is to privatise its energy businesses, cut boondoggle programs, and freeze staff numbers.

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