About SA's previous debt!!

[AtD]

It's a measure of risk to the lender. The better the rating, the lower the risk, thus the lower the interest rate. The risk being the borrower pays late or defaults.

[bdm]

Credit rating = "Ability to pay interest"

Simple.

You could be in a massive amount of debt, but if you can service the interest, you will get a high credit rating.

I wonder how much interest South Australia is paying every year?--money that could be spent on infrastructure if we hurried up and repaid our debts.

And as for the Liberals, they did the hard yards to nullify our state debt; they were put in a position to do some very unpopular things to make this state healthy again, all Labor had to do was oppose it for show, put on a good campaign, and swing into power.

[Ho Really]

...And as for the Liberals, they did the hard yards to nullify our state debt; they were put in a position to do some very unpopular things to make this state healthy again, all Labor had to do was oppose it for show, put on a good campaign, and swing into power.

Thanks bdm. You answered my question correctly. Rhino, the Liberals would have done what was necessary, but you would have been wrong regarding infrastructure, shredding the public service to the bone, etc. At the last election who lied about the public service? As for prices, we are better off now than if we had continued being public. Also thank the Federal Libs for the GST which is helping us now and that Labor opposed and cannot do without when it wins power (if they deserve to).

Cheers

[rhino]

Sorry Ho I can't agree with you there. The Libs did start doing the hard yards, but kept going much longer than they needed to to get us out of debt. Economists were saying this at the time, and the Libs kept on selling. They sold our TAB for less than the income it brought in in a year! They kept going because they don't believe in the Public owning very much at all. As for public service cuts, I was in the Public Service during that time and can well remember how hard things got - trying to offer a service without the (human) resources to do so, and copping flack from the general public the whole time becuse they just didn't understand that it was the severity of the cuts that was the reason the service was lacking.

[bdm]

The Liberals will always be declaring war against the public service. Not on the basis that the public service is inherently "bad", but because they believe that community organisations or business can deliver services more effectively than government. So they're always looking to trim it to, in their eyes, save money and make things more efficient.

Of course, when funding cuts are made to essential services provided solely by government, this can make things difficult.

Liberals also hate debt. They don't like being in it, and they don't like paying interest on it. Interest money is money wasted.

This debate could easily become a big government / small government one, but the fact remains that Labor profited immensely from the Liberals being in the position of having to clean up the state. Never mind the exact details (in Rhino's case), they did what needed to be done and if they had not we would be royally fucked and Labor would not be able to talk about a good economy today because it would simply not be there.

[PhilM]

Seems old habits die hard under Labour in South Australia.

Once upon a time we had a slick talking corporate scheister running the State Bank into a multi billion dollar loss under the nose of the State Labour Government.

Today we have Bruce Carter turning WorkCover from a 67 million loss to liabilities in the billions in just 5 years!

What does Rann and he government do, NADA!

PhilM

[Norman]

Ten News tonight started a 2 part report on the State Bank collapse. Tomorrow's part will focus on what's ahead for the state in the future.

I will upload both parts tomorrow evening if you missed it.

[Edgar]

Thanks Norman, looking forward for the report.

[frank1]

Yeh, the state bank collpase wasn't a good time for SA as this state lost alot of light industry interstate to sydney and melbourne as buisnesses didn't want to pay off the states debt. However, i think SA no longer drowns in the mistakes of the past and the attitude and economic growth is changing this state for the better

[PhilM]

Mike Rann might want to reassign his SA assets Management Corporation to filling in the Billion Dollar hole Bruce Carter and the Board of WorkCover have created for South Australia.

[Norman]

Here it is folks

Some nice shots of the State Bank Building as well.

[Howie]

Thanks for norman, appreciate your videos. Good to see we're about to close that chapter soon... but the reporter seemed a little uninterested in the story though from his voice

[PhilM]

unfortunately, his tone represents the standard of journalism in this state. They are happy to regurgitate media spin put out by Rann and his flunkeys and often it becomes tedious even for them.
We need more investigative journo s like archer to take the time to understand the issues not trained parrots like Smithson.

[SRW]

Thanks for norman, appreciate your videos. Good to see we're about to close that chapter soon... but the reporter seemed a little uninterested in the story though from his voice

Yeah, I noticed that. The story was put together well enough (though not brilliantly), but the reporter hasn't got the enunciation for TV news.

Great to see this chapter essentially closed. Thanks Norman!

[Norman]

The reporter was a bit boring, but the report was interesting. Hopefully the said reporter can improve in the future.