Costello created the future fund. The AI bot tells me he "He oversaw the return to and maintenance of federal budget surpluses, which enabled significant reduction in government debt. Costello brought down twelve consecutive Federal Budgets, including ten surpluses. During this period he eliminated the Commonwealth Government net debt of $96 billion." I so hope they don't politicise this amazing fund which in other scandi countries feeds their nation ten times over. I hope we leave it be, to be managed by independent fund managers.
More AI......Costello could have set up Australia’s future more robustly by saving a larger portion of the mining boom revenues in a sovereign wealth fund, similar to Norway's approach with its Government Pension Fund Global. Norway’s fund, which was established in the 1990s, invested surplus oil and gas revenues into global assets, accumulating wealth that now supports government spending and future generations. Costello did establish the Future Fund in 2006, primarily to cover unfunded public service pension liabilities. However, Australia’s mining boom earnings were not fully capitalized upon to create a broad-based sovereign wealth fund for broader economic security. Instead, much of the revenue was used for tax cuts, infrastructure projects, and other government expenditures aimed at boosting short-term economic growth and meeting immediate political goals. In contrast, Norway’s disciplined approach, which included saving a substantial portion of resource earnings and investing globally, allowed it to amass a fund now worth over a trillion dollars. This fund serves as a buffer for Norway’s economy against downturns and is a source of sustainable income for the government.
I wholeheartedly agree with you @payroll. It infuriates me too. Sadly its all we have to work with now. Here's hoping they don't start using it as their personal slush fund and leave it in the hands of really top notch professional investors with no bias or leanings.
@payroll970 I actually have to tip my hat. Every single thing you said 200% right and I couldn't feel more strongly. Have been frustrated about each and every point for so long. Watching a few individuals like Gina Rineheart profit at the expense of lower socio economic Australians at large. My godfather is a previous I won't say which speaker of the house. I have watched on for 20 years in frustration. But your words are so accurate appropriate and meaningful. Thanks for bothering to write. You have struck a cord and re lit a fire in me x (no prizes for guessing.. lib leaning with a green tinge but not if it doesn't make economic sense which it currently does not) so it leaves us planning for everything heading no where good, while we reject uranium which every country is already relying on by easily 25%.
5 nvidia 3 bitcoin 2 iem And i hate bitcoin but Trup's about to make it its own index it seems just about. With the stipulation its a 1 year round up. Lock it in eddie. 😂 🎉
This was my favourite so far. My all time fave before this the boat episode. Thanks boys 😂 so much gold righht there. Happy fishing
Thanks Claire. We're just trying to keep it real... and a little funny.
Costello created the future fund. The AI bot tells me he "He oversaw the return to and maintenance of federal budget surpluses, which enabled significant reduction in government debt. Costello brought down twelve consecutive Federal Budgets, including ten surpluses. During this period he eliminated the Commonwealth Government net debt of $96 billion."
I so hope they don't politicise this amazing fund which in other scandi countries feeds their nation ten times over. I hope we leave it be, to be managed by independent fund managers.
More AI......Costello could have set up Australia’s future more robustly by saving a larger portion of the mining boom revenues in a sovereign wealth fund, similar to Norway's approach with its Government Pension Fund Global. Norway’s fund, which was established in the 1990s, invested surplus oil and gas revenues into global assets, accumulating wealth that now supports government spending and future generations. Costello did establish the Future Fund in 2006, primarily to cover unfunded public service pension liabilities. However, Australia’s mining boom earnings were not fully capitalized upon to create a broad-based sovereign wealth fund for broader economic security. Instead, much of the revenue was used for tax cuts, infrastructure projects, and other government expenditures aimed at boosting short-term economic growth and meeting immediate political goals.
In contrast, Norway’s disciplined approach, which included saving a substantial portion of resource earnings and investing globally, allowed it to amass a fund now worth over a trillion dollars. This fund serves as a buffer for Norway’s economy against downturns and is a source of sustainable income for the government.
I wholeheartedly agree with you @payroll. It infuriates me too. Sadly its all we have to work with now. Here's hoping they don't start using it as their personal slush fund and leave it in the hands of really top notch professional investors with no bias or leanings.
@payroll970 I actually have to tip my hat. Every single thing you said 200% right and I couldn't feel more strongly. Have been frustrated about each and every point for so long. Watching a few individuals like Gina Rineheart profit at the expense of lower socio economic Australians at large. My godfather is a previous I won't say which speaker of the house. I have watched on for 20 years in frustration. But your words are so accurate appropriate and meaningful. Thanks for bothering to write. You have struck a cord and re lit a fire in me x (no prizes for guessing.. lib leaning with a green tinge but not if it doesn't make economic sense which it currently does not) so it leaves us planning for everything heading no where good, while we reject uranium which every country is already relying on by easily 25%.
5 nvidia 3 bitcoin 2 iem And i hate bitcoin but Trup's about to make it its own index it seems just about. With the stipulation its a 1 year round up. Lock it in eddie. 😂 🎉
Haha let’s see what happens!