"It doesn't matter how beautiful your theory is, it doesn't matter how smart you are. If it doesn't agree with experiment, it's wrong." Richard P. Feynman

Tuesday, June 12, 2012

Australia's finances not so rosy on eve of carbon tax!

With the nation weeks away from the carbon tax assault and the damage it will cause to the Australian economy the question of the Government's mismanagement of the economy once again is in the headlines.
We have had weeks of Wayne Swan prattling about his achievements because of a quarterly economic growth which was mostly brought about by the big miners who are the victims of Labor's class war. Thanks to people like Gina Rinehart and Clive Palmer GDP growth last month showed a healthy increase. However Swan, who has run up a billion dollars a week on the Aussie credit card over the last four years, has no claim to economic competence at all and favorably comparing Australia to  Euro basket-cases does not let him off the hook. Starting from a debt-free position Australia now owes 200 billion dollars thanks to Labor incompetence and the debt clock is ticking. Swan's inept performance reminds  of the Aussie joke at the expense of our trans-Tasman friends which says:
 "Q: How do you get a Kiwi to run a small business ?......... A: Start him off with a large one!"

It is interesting to see where our government has landed one of the richest countries in the world in a global context. At 188 out of 198 countries this is a sobering look at Australia's performance.
 If a tiny country like Singapore can achieve a Current Account Balance of 50 billion with virtually no natural resources and a population of only 5 million our comparative economic performance is woeful.

RANK COUNTRY CURRENT ACCOUNT BALANCE DATE  
1 China $280,600,000,000 2011 est.
2 Saudi Arabia $151,400,000,000 2011 est.
3 Germany $149,300,000,000 2011 est.
4 Japan $122,800,000,000 2011 est.
5 Russia $90,510,000,000 2011 est.
6 Switzerland $76,700,000,000 2011 est.
7 Qatar $76,370,000,000 2011 est.
8 Netherlands $64,100,000,000 2011 est.
9 Norway $63,500,000,000 2011 est.
10 Kuwait $61,720,000,000 2011 est.
11 Singapore $56,980,000,000 2011 est.
12 Iran $42,000,000,000 2011 est.
13 Sweden $41,600,000,000 2011 est.
14 Taiwan $40,910,000,000 2011 est.
15 United Arab Emirates $38,450,000,000 2011 est.
16 Malaysia $32,990,000,000 2011 est.
17 Korea, South $29,790,000,000 2011 est.
18 Venezuela $27,200,000,000 2011 est.
19 Denmark $22,100,000,000 2011 est.
20 Algeria $18,120,000,000 2011 est.
21 Iraq $17,370,000,000 2011 est.
22 Hong Kong $16,150,000,000 2011 est.
23 Kazakhstan $13,600,000,000 2011 est.
24 Nigeria $12,010,000,000 2011 est.
25 Austria $12,000,000,000 2011 est.
26 Thailand $11,900,000,000 2011 est.
27 Luxembourg $11,600,000,000 2011 est.
28 Azerbaijan $11,120,000,000 2011 est.
29 Angola $7,755,000,000 2011 est.
30 Uzbekistan $7,223,000,000 2011 est.
31 Philippines $7,044,000,000 2011 est.
32 Macau $6,238,000,000 2009 est.
33 Oman $6,233,000,000 2011 est.
34 Trinidad and Tobago $5,803,000,000 2011 est.
35 Indonesia $5,704,000,000 2011 est.
36 Belgium $4,700,000,000 2011 est.
37 Brunei $3,977,000,000 2009 est.
38 Congo, Republic of the $3,885,000,000 2011 est.
39 Puerto Rico $3,512,000,000 2010 est.
40 Gabon $3,428,000,000 2011 est.
41 Timor-Leste $2,375,000,000 2011 est.
42 Turkmenistan $1,544,000,000 2011 est.
43 Hungary $1,504,000,000 2011 est.
44 Ireland $1,400,000,000 2011 est.
45 Bolivia $1,293,000,000 2011 est.
46 Burma $997,300,000 2011 est.
47 Israel $866,700,000 2011 est.
48 Bermuda $730,000,000 2011 est.
49 Bahrain $617,400,000 2011 est.
50 Cote d'Ivoire $543,700,000 2011 est.
51 Estonia $390,100,000 2011 est.
52 Suriname $389,500,000 2011 est.
53 British Virgin Islands $362,600,000 2010 est.
54 Bulgaria $283,300,000 2011 est.
55 Pakistan $268,000,000 2011 est.
56 Namibia $108,700,000 2011 est.
57 Aruba $67,100,000 2011 est.
58 Cook Islands $26,670,000 2005
59 Palau $15,090,000 FY03/04
60 Tuvalu ($11,680,000) 2003
61 Montserrat ($16,700,000) 2011 est.
62 Kiribati ($21,000,000) 2007 est.
63 Tonga ($23,000,000) 2007 est.
64 Belize ($25,300,000) 2011 est.
65 Micronesia, Federated States of ($34,300,000) FY05 est.
66 Comoros ($37,600,000) 2011 est.
67 Zambia ($42,700,000) 2011 est.
68 Samoa ($58,900,000) 2010 est.
69 Vanuatu ($60,000,000) 2007 est.
70 Laos ($76,700,000) 2011 est.
71 Eritrea ($77,500,000) 2011 est.
72 Sao Tome and Principe ($90,000,000) 2011 est.
73 Djibouti ($90,600,000) 2011 est.
74 Guinea-Bissau ($100,000,000) 2011 est.
75 Anguilla ($102,400,000) 2011 est.
76 Dominica ($120,100,000) 2011 est.
77 Gambia, The ($143,600,000) 2011 est.
78 Saint Kitts and Nevis ($154,400,000) 2011 est.
79 Grenada ($174,800,000) 2009 est.
80 Bhutan ($175,000,000) 2011 est.
81 Saint Vincent and the Grenadines ($207,700,000) 2011 est.
82 Solomon Islands ($207,900,000) 2009 est.
83 Burundi ($214,000,000) 2011 est.
84 Central African Republic ($233,200,000) 2011 est.
85 Latvia ($244,400,000) 2011 est.
86 Saint Lucia ($255,800,000) 2011 est.
87 Argentina ($264,100,000) 2011 est.
88 Cape Verde ($264,400,000) 2011 est.
89 Guinea ($271,600,000) 2011 est.
90 Cuba ($275,100,000) 2011 est.
91 Mauritania ($296,600,000) 2011 est.
92 Guyana ($297,200,000) 2011 est.
93 Macedonia ($300,000,000) 2011 est.
94 Kyrgyzstan ($318,500,000) 2011 est.
95 Seychelles ($322,000,000) 2011 est.
96 Togo ($328,000,000) 2011 est.
97 Antigua and Barbuda ($330,600,000) 2011 est.
98 Malta ($352,000,000) 2011 est.
99 Bangladesh ($372,000,000) 2011 est.
100 Cayman Islands ($384,500,000) 2010 est.
101 Curacao ($400,000,000) 2011 est.
102 Lesotho ($415,700,000) 2011 est.
103 Barbados ($417,800,000) 2011 est.
104 Congo, Democratic Republic of the ($419,000,000) 2011 est.
105 Nepal ($437,900,000) 2010 est.
106 Swaziland ($461,800,000) 2011 est.
107 Maldives ($463,000,000) 2010 est.
108 Botswana ($467,900,000) 2011 est.
109 Fiji ($507,000,000) 2007 est.
110 Liberia ($511,200,000) 2011 est.
111 Benin ($559,500,000) 2011 est.
112 Sierra Leone ($603,600,000) 2011 est.
113 Tajikistan ($660,800,000) 2011 est.
114 Zimbabwe ($675,600,000) 2011 est.
115 Malawi ($714,200,000) 2011 est.
116 Slovenia ($764,900,000) 2011 est.
117 Mali ($798,600,000) 2011 est.
118 Moldova ($829,000,000) 2011 est.
119 Rwanda ($847,500,000) 2011 est.
120 Iceland ($900,000,000) 2011 est.
121 Mongolia ($931,500,000) 2010 est.
122 Equatorial Guinea ($941,000,000) 2011 est.
123 Paraguay ($943,800,000) 2011 est.
124 Uruguay ($1,076,000,000) 2011 est.
125 Mauritius ($1,077,000,000) 2011 est.
126 Cameroon ($1,097,000,000) 2011 est.
127 Chile ($1,099,000,000) 2011 est.
128 Burkina Faso ($1,106,000,000) 2011 est.
129 Bosnia and Herzegovina ($1,135,000,000) 2011 est.
130 Ecuador ($1,135,000,000) 2011 est.
131 Cambodia ($1,143,000,000) 2011 est.
132 Bahamas, The ($1,146,000,000) 2011 est.
133 Haiti ($1,206,000,000) 2011 est.
134 Lithuania ($1,225,000,000) 2011 est.
135 Honduras ($1,248,000,000) 2011 est.
136 Armenia ($1,265,000,000) 2011 est.
137 El Salvador ($1,288,000,000) 2011 est.
138 Niger ($1,294,000,000) 2011 est.
139 Jordan ($1,316,000,000) 2011 est.
140 Albania ($1,380,000,000) 2011 est.
141 Mozambique ($1,385,000,000) 2011 est.
142 Finland ($1,394,000,000) 2011
143 Senegal ($1,425,000,000) 2011 est.
144 Ghana ($1,438,000,000) 2011 est.
145 Uganda ($1,456,000,000) 2011 est.
146 Ethiopia ($1,656,000,000) 2011 est.
147 Libya ($1,839,000,000) 2011 est.
148 Georgia ($1,845,000,000) 2011 est.
149 Montenegro ($1,927,000,000) 2011 est.
150 Costa Rica ($1,969,000,000) 2011 est.
151 Tanzania ($2,071,000,000) 2011 est.
152 Madagascar ($2,242,000,000) 2011 est.
153 Peru ($2,267,000,000) 2011 est.
154 Jamaica ($2,367,000,000) 2011 est.
155 Croatia ($2,400,000,000) 2011 est.
156 Papua New Guinea ($2,420,000,000) 2011 est.
157 Nicaragua ($2,449,000,000) 2011 est.
158 Syria ($2,452,000,000) 2011 est.
159 Afghanistan ($2,475,000,000) 2009 est.
160 Kenya ($2,636,000,000) 2011 est.
161 Guatemala ($2,712,000,000) 2011 est.
162 Cyprus ($2,858,000,000) 2011 est.
163 Kosovo ($2,880,000,000) 2011 est.
164 Slovakia ($2,899,000,000) 2011 est.
165 Chad ($2,986,000,000) 2011 est.
166 Yemen ($3,120,000,000) 2011 est.
167 Serbia ($3,230,000,000) 2011 est.
168 Panama ($3,874,000,000) 2011 est.
169 Sri Lanka ($4,000,000,000) 2011 est.
170 Tunisia ($4,576,000,000) 2011 est.
171 Vietnam ($4,740,000,000) 2011 est.
172 Belarus ($5,000,000,000) 2011 est.
173 Sudan ($5,003,000,000) 2011 est.
174 New Zealand ($5,097,000,000) 2011 est.
175 Ukraine ($5,695,000,000) 2011 est.
176 Dominican Republic ($6,005,000,000) 2011 est.
177 Czech Republic ($6,290,000,000) 2011 est.
178 Romania ($6,350,000,000) 2011 est.
179 Colombia ($7,328,000,000) 2011 est.
180 Morocco ($8,041,000,000) 2011 est.
181 Egypt ($8,609,000,000) 2011 est.
182 Mexico ($11,270,000,000) 2011 est.
183 Lebanon ($11,780,000,000) 2011 est.
184 South Africa ($16,670,000,000) 2011 est.
185 Portugal ($20,400,000,000) 2011 est.
186 Greece ($28,400,000,000) 2011 est.
187 Poland ($29,960,000,000) 2011 est.
188 Australia ($30,700,000,000) 2011 est.
189 European Union ($32,720,000,000) 2011 est.
190 Canada ($52,600,000,000) 2011 est.
191 Spain ($60,900,000,000) 2011 est.
192 India ($62,960,000,000) 2011 est.
193 Brazil ($63,470,000,000) 2011 est.
194 United Kingdom ($66,600,000,000) 2011 est.
195 Turkey ($71,940,000,000) 2011 est.
196 France ($74,300,000,000) 2011 est.
197 Italy ($77,800,000,000) 2011 est.
198 United States ($599,900,000,000) 2011 est.

1 comment:

  1. The only thing which would surprise me about this woeful 'government' would be if they did something in the national interest (which will never happen).

    ReplyDelete