House debates
Wednesday, 26 February 2014
Questions without Notice
United States Economy
2:12 pm
Clive Palmer (Fairfax, Palmer United Party) Share this | Hansard source
I have a question for the Treasurer. The US economy leads the world with its economic strength, growth and exports. I understand that Equatorial Guinea and Uzbekistan have the lowest debt levels in the world. Is the government seeking to follow the US model for growth and jobs or are we seeking to follow Uzbekistan and Equatorial Guinea to achieve their standard of living? When was the last time the US had a surplus? How many surpluses has the US had in the last 50 years? Is the US economy, with its military and economic pre-eminence, sustainable?
Comments
Dwight Walker
Posted on 27 Feb 2014 2:58 pm
Error: should read: Budget deficit Australia -$12.9Bn (-0.8% GDP)
Harry Makris
Posted on 28 Feb 2014 9:15 pm
theacademyplanet
..The US model is not one to which we should aspire...
..your comparisons are absurd..and the thrust of your comment is simplistic and with respect inaccurate..
..I agree with Strategic Deficit Spending...but far beyond the current paradigm.
Dwight Walker
Posted on 27 Feb 2014 2:56 pm
GDP 2012
Equatorial Guinea $19.7Bn
Uzbekistan $104.7Bn
Australia $1.542T
Public Debt 2012
Equatorial Guinea 9.3% GDP
Uzbekistan 8.8% GDP
Australia 29.3% GDP
External Debt 2012
Equatorial Guinea $1.858Bn (9.4% GDP)
Uzbekistan $10.48Bn (10.0% GDP)
Australia $1.497T (97.0% GDP)
Budget surplus/deficit 2012
Equatorial Guinea -$177M (-0.9% GDP)
Uzbekistan +$209M (0.2% GDP)
Australia $12.9Bn (0.8% GDP)
Australia has had persistently large current account deficits for more than 50 years.
Source: Wikipedia