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



Rocky mum leaves region to get away from drug past

court

Mother of four in court for supplying meth

BREAKING: 'Sad reality' Smelter to cut jobs after power price hike

IN A response to The Observer, Boyne Smelter general manager Joe Rea has labelled the need to cut jobs at the company a "sad reality" due to the hike in power prices.

BSL will be cutting jobs after a power price hike

Local Partners

Jess ready to fire as Heat chases finals berth

Rockhampton's Jess Jonassen is hoping to get among the runs in the Brisbane Heat's must-win double header against the Adelaide Strikers.


New Year New Yard

Win $1000 Bunnings Voucher
Learn More

WHAT'S ON: Your guide to events in CQ this weekend

Aussie Shakespeare is a frenetic and good-humoured canter combining classic Shakespearean stories and characters with Australian themes from cyclones to football to the revolving door of federal politics.

Everything you need to know about events in the region

Excitement builds over Da Vinci exhibition

Exhibition features in excess of 60 models of machines

Puppetry of the Penis secrets revealed ahead of show

The famed Puppetry of the Penis is coming to the Sunshine Coast for shows in Noosa and Caloundra.

WARNING: This interview contains adult themes and traces of nuts

Ocean Sleeper discuss being 'Six Feet Down'.

Ocean Sleeper make waves with their new EP. Photo Contributed

Gippsland band shines at Unify

Bowie's final music EP No Plan released

NEW: Artwork for David Bowie's posthumous 2016 EP, No Plan.

David Bowie's 28th and final album

Married At First Sight: Ipswich bachelor seeks love

READY FOR IT: Ipswich man Simon McQuillan will appear on the upcoming new season of Married At First Sight.

Romance would top off recovery for Booval man

Dinky-di Denyer: Family Feud favourite hosts Oz Day party

Grant Denyer will host Channel 10's Australia Day concert from the Sydney Opera House.

GRANT Denyer shares his Australia Day traditions ahead of concert.

Chelsea Handler blames the Kardashians for Donald Trump win

Chelsea Handler pictured in a scene from her talk show in Los Angeles.

TALK show host blames rise of reality TV family for election result.

Law & Order’s Trump inspired episode is still in limbo

The cast of Law & Order: SVU season 18, from left, Kelli Giddish, Raul Esparza, Mariska Hargitay, Ice-T and Peter Scanavino. Supplied by Channel 10.

SHOW'S mastermind unsure if or when twice-delayed episode will air.

Collapsed Coast company could owe up to $5 million

Staff, ATO, landlords among those out of pocket.

Ipswich block of dirt sells for $582 a square metre

JUST SOLD: A property on the Brookwater golf course sold for a record-breaking $612,000.

Property smashed 2007 record by close to $100,000

Sunday auction for historical home

Former Catholic school sure to attract spirited bidding

Looking back, looking ahead in Noosa

NEVER-ENDING GLORY: Looking towards Laguna Bay and Hastings St from Noosa National Park.

Natural appeal of Noosa continues to attract buyers

Thousands of jobs part of $1b retirement village project

THIS YEAR: An artist impression of the new Aveo retirement village in Springfield.

Aveo Springfield unveiled this month, homes ready by July

Ready to SELL your property?

Post Your Ad Here!