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What we're talking about
- Durkim on New Zealand Gangs Mm, yeah... Real funny, Randhil... more
- Kayli on The Boats God help me, I put aside a whole afteroonn to figure this out. more
- Raynes on Tax and Pollution Until I found this I thoguht I'd have to spend the day inside. more
- James Brown on Mark Latham Mark, you must fell as if you are pushing it uphill, but you are the hope of the side. Keep it up! more
- Michael on Halal certification The Halal Choices website is http://www.halalchoices.com.au/product_lists.htmlIt lists all the products that have been ... more
- a barker on A few facts on illegal boat people We are the Lucky Country, or are we?.15 years ago maybe.How many Indonesian Officials are taking a a bribe from the people ... more
- Robin on The Boats Hey,Thanks! Great post you have written on "The Boats ".Really I can say that your post is very informative, I'll come ... more
- dan on A few facts on illegal boat people From what i can see if we dont do something about this flood gate issue,we will have the same nonsense thats happening over ... more
- Randhil on New Zealand Gangs This info is the cat's pajmaas! more
- Keshawn on CMC Complaint into Queensland Health That's rlelay shrewd! Good to see the logic set out so well. more
- howard on Learning from one another? We are such a politically correct and multiculturally sensitive country Islamists are flourishing here. Just as they ... more
- PP on Halal certification Thank you for the Halal Choices and the info about Coles - I will not be purchasing meat from Coles henceforth. In the UK it ... more
- PP on Halal certification Thank you for the Halal Choices and the info about Coles - I will not be purchasing meat from Coles henceforth. In the UK it ... more
- anne white on Halal certification A website that lists all Australian food products that are halal is, HALAL CHOICES.Also I phoned COLES (1800 061 562) and ... more
- john on The Taxi Industry No one have the right to do anything they dont want.. you want to drive cabs do it you are not force to do something you do ... more
- Diana on Halal certification I just found out about this today! Does anyone know how to get a list of products bearing this logo so we can boycott them? more
- lol on New Zealand Gangs lol... this isnt good at all more
- Ann on Support our Diggers Is it possible to buy this sticker? I'm sure any number of people would be proud to support our diggers by displaying the ... more
- Mimosa on Smith with PM Gillard You mean I don't have to pay for expert adcvie like this anymore?! more
- figsen/hypolgirl on Anna Bligh as President Hope you're checking this out Wobblyone. Your comment is one of the cleverist/funniest I have read. Couldn't stop laughing. ... more
Nice Work If You Can Get IT
The Federal Government is borrowing like topsy to pay for its spending on gifts of cash to all and sundry – including 69,000 people who live in other countries. They’re also spending up big on foreign aid - like the $1.75 KEV “loan” to Indonesia we spoke about a week or so ago.
The Australian banks are among the institutions buying up Kev’s bonds - here are some of the issues over the past few weeks – with thanks to Stephen Mayne of the Mayne Report.
Wednesday, March 11: $600m tender for eight year bonds expiring in February 2017 were sold for an average yield of 4.18% and was 3 times over-subscribed.
Friday, March 6: $600m tender for 5 year Commonwealth bonds expiring in June 2014 were sold for an average yield of 3.71% and was 3.1 times over-subscribed.
Wednesday, March 4: $600m tender for 2 year Commonwealth bonds expiring in April 2012 were sold for an average yield of 3.30% and was 3.9 times over-subscribed.
Friday, February 27: $600m tender for 12 year Commonwealth bonds expiring in May 2021 were sold for an average yield of 4.52% and was 3.9 times over-subscribed.
Wednesday, February 25: $600m tender for 4 year Commonwealth bonds expiring in May 2013 were sold for an average yield of 3.48% and was 4.1 times over-subscribed.
Friday, February 20: $600m tender for 2 year Commonwealth bonds expiring in June 2011 were sold for an average yield of 2.93% and was 4.4 times over-subscribed.
Wednesday, February 18: $600m tender for 3 year Commonwealth bonds expiring in April 2012 were sold for an average yield of 2.98% and was 4.8 times over-subscribed.
Friday, February 13: $600m tender for 5 year bonds Commonwealth expiring in June 2014 were sold for an average yield of 3.69% and was 2.9 times over-subscribed.
Wednesday, February 11: $600m tender for 4 year bonds Commonwealth expiring in May 2013 were sold for an average yield of 3.46% and was 2.6 times over-subscribed.
Friday, February 6: $600m tender for 6 year bonds Commonwealth expiring in April 2015 were sold for an average yield of 3.91% and was 2.6 times over-subscribed.
Like I said, the Australian banks are among the institutions buying these bonds. Last October the Australian Government guaranteed the overseas borrowings of our banks. So they can borrow the money overseas, with the Government’s AAA+ credit rating, and then use that cheap money from overseas to buy the government’s own bonds. The banks are profiting very nicely from this arrangement – nice work if you can get it.
And the big issue for me is that the government has given so much – on a plate – to the banks with nothing in return. No cap on executive salaries. The banks are free to send Australian jobs overseas, just like the disgrace we’ve seen with the ANZ recently.
With friends like Kevin in Canberra this is a great time to be a banker. Shame about the mugs like us who are paying for it all!
