News

Swan warns Republicans against holding world to ransom

TREASURER Wayne Swan warned the threat posed by American Republicans could damage the world economy in his speech to a G'day USA function in New York City.

After speaking about Australia's national economic strength when so much of the world was smarting from economic crises, Mr Swan said a major threat to world financial security was the persistent battles between the Democrats led by President Barack Obama and "elements of Congress" keen to hold the US to ransom.

It comes just weeks after the US government dodged the "fiscal cliff" - a dire combination of scheduled tax hikes and spending cuts - that could have prompted another recession at the start of the year.

Now it was America's borrowing limit or "debt ceiling" the Treasurer said would be the next risk to international markets.

"Like many of you, I'm deeply concerned about the next flashpoint on the horizon, the looming US debt ceiling debate," Mr Swan said.

"We all remember only too well the chaos and confusion in the global economy last time the debt ceiling was used by some elements of Congress to hold the nation to ransom."

Quoting US economist Paul Krugman, Mr Swan said, "Threatening to hurt tens of millions of innocent victims unless you get your way, which is what the (Republican) strategy boils down to, shouldn't be treated as a legitimate political tactic".

In questioning afterward, the Treasury was quizzed on the health of the Mining Resources Rent Tax, with reporters asking when the success or failure of the policy would be revealed.

Mr Swan said it would be up to the Treasury and Australian Tax Office to release that information.

The Treasurer said he was not privy to those details because of confidentiality surrounding those who pay tax.

On the broader question of the Australian economy, Mr Swan said he was "cautiously optimistic" for Australia in 2013.

Topics:  economy, republicans, wayne swan




FORGOTTEN CAP COAST: Why don't our beaches rate a mention?

beackless map.Photo Contributed

POLL: The Capricorn Coast boasts beautiful beaches, which is best?

WEIGH-ING IN FOR NBL SHOWDOWN

GAME ON: Rockhampton's own Stephen Weigh will line up with the Cairns Taipans in the two NBL clashes against the Perth Wildcats this week.

Weigh returns to home court for NBL showdown

Prominent businessman accused of stalking Brittany Lauga

Businessman Petros Khalesirad.

Businessman charged with stalking Keppel MP

Latest deals and offers

Fine arts uncover early women travellers

The Australian Decorative and Fine Arts Society of Rockhampton will host an illustrated presentation at 10.30am on Saturday, September at the library.


Get Set for Summer!

Win One of Ten Prize Packs
Learn More

Bucking good time at Glenden Rodeo

ALL SMILES: Jim Sant.

Crowds enjoy the run at Glenden Rodeo.

MOVIE REVIEW: Ben-Hur isn't likely to become a new classic

Toby Kebbell plays Messala Severus and Jack Huston plays Judah Ben-Hur in a scene from Ben-Hur.

ANYTHING less than grand in a remake of Ben-Hur won't do.

FORGOTTEN CAP COAST: Why don't our beaches rate a mention?

beackless map.Photo Contributed

POLL: The Capricorn Coast boasts beautiful beaches, which is best?

Coming up on your TVs this September...

Don't miss A Place to Call Home as season four launches this September.

HERE'S a sneak peek at what's coming up on Foxtel.

Taylor Swift dismissed from jury duty

Taylor Swift was dismissed from jury duty in a sexual assault case

Zumbo's Willy Wonka hat trick trips up Queensland brickie

Adriano Zumbo and Rachel Khoo with Zumbo's floating dessert in a scene from Zumbo's Just Desserts.

NOOSA'S Michael Basset asked to recreate floating chocolate dish.

John Lennon's killer denied parole for 9th time

John Lennon

John Lennon's killer has been denied parole for the ninth time.

Bunnings starts demolition of historic foundry buildings

SAWTOOTH GONE: Demolition of Foundry sawtooth shed to make way for new Bunnings building.

Lane and footpath closures will take place

Australia's most expensive balcony and it hasn't been built

Viridian Noosa.

How Noosa millionares' squabble could affect body corporates

Receivers move in on Springfield's 'Tower of Power'

The 10-storey tower at Springfield is up for sale with interest high in the iconic structure.

Interest high in iconic 10-storey office building

Palm Lake Resort set to move in to Coast with 276 villas

Palm Lake Group has been given approval by Sunshine Coast Council to build a 276-villa over 50s resort and 120-bed aged care facility at the intersection of Caloundra Rd and Caloundra Mooloolaba Rd in Little Mountain.

New facility planned for Caloundra Rd

Warning for unit investors with price plummet prediction

The warning signs are flashing for one real estate sector in 2017 despite others performing the best they have in years and it's not going to be pretty.

One real estate sector looks set for a rocky 2017

Red hot property for sale

HOT PROPERTY: The building where Red Rooster sits on Musgrave St is for sale.

Musgrave St property up for sales