Australia’s Financial and Economical Standing 2014: The Audit Report

When considering a move to any country, whether it’s Australia or elsewhere, it’s a good idea to be aware of the country’s economical standing. Have they got their finances in order or not?

BrokeWell, we know there are quite a few countries that haven’t. Ireland, USA and the UK seem to be in an apparent financial mess, so how is Australia doing?

Last time I wrote about this sort of thing was almost exactly a year ago in a post called The Budget in Australia and the Disappearing Surplus. Well, this year’s budget is rapidly approaching, what kind of the state are we in this time?

A bad one, according to our new government. One of the first things they did when they got into office was say…

My word, what a financial mess the previous government has left for us! Now we are going to have to make massive cuts just to get back on track.

That’s not an actual literal quote by anyone in the current government, but you know what I mean.

Whose fault is it?

Australia enjoyed a budget surplus from 2003 through to 2008 during John Howard’s government. Then Labour got in and since 2009 we have had budget deficits. So it’s easy to blame the likes of, firstly, Kevin Rudd, then Julia Gillard, and then Kevin Rudd again in the topsy-turvy world of Labour leadership.

You do remember Australian Politics: A Modern and Brief History don’t you?

Labour supporters, on the other hand, say the party did a marvellous job steering Australia through the Global Financial Crisis and helping this country avoid going into a recession.

Here is an up-to-date professional analysis and I guarantee you will still not know who to blame…

See what I mean?

No matter whether we are in the zipperdy doo dah or not, or whose fault it was, cuts are coming, that’s for sure.

The current government commissioned the “National Commission of Audit” and that report was released this week. It’s the big news in Australia at the moment as we enter the 12 day countdown to this year’s budget.

Here is World News Australia’s assessment of the report along with, well, more confusion about whose fault it is…

The thing is, I know exactly whose fault it was.

The politicians!

 

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{ 2 comments… add one }
  • Miguel Caetano May 6, 2014, 11:47 pm | Link

    Hi Bob. I am a portuguese 39 years old architect. My qualifications are being assessed by AACA “as we speak” so I can apply for a 189 visa and move to Australia with my family. I think your website is very interesting and I want to thank you for all the time and effort you have to tell us about your experience in Australia.
    We have been living in the South of Portugal for almost 31 years with plenty of good weather, nice food, people, etc. Some years ago, we lived in the North of Portugal for 8 years and was a very rainy experience, not as much as in the UK, I Know! So our main reason for considering a future in Australia is mostly related with our children’s future, two boys aged 7 and 1, and a girl with 4 years old. That said, your post is quite interesting and is one of our top concerns, because we are considering to rely on my profession’s income and some small lease incomes from Portugal. We are aiming for Sydney, mainly for job offers or carreer oportunities. Do you consider that Australia is still a place where someone can rely on a single salary to make a living as it was in the past, in the case of a permanent resident.

    • BobinOz May 7, 2014, 1:58 pm | Link

      Hi Miguel

      Whether or not anyone can survive here in Australia on a single salary largely depends on what that salary is and what the family expenses are. So it’s an impossible question to answer.

      As for the above financial report on Australia, there is plenty of propaganda in there, that’s for sure. In global terms, Australia is way better off than many other countries but if politicians want to raise taxes (as they always do) then they have to scare us about the economy first.

      I’m no economist myself, but I’m pretty sure Australia is a stronger bet than Portugal right now.

      Good luck, Bob

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