($1 = 1.6515 Australian dollars) (Reporting by Wayne Cole; Editing by Shri Navaratnam and Sam Holmes)Sorry we are not currently accepting comments on this article.Get a discount code to save on your internet securityListen to podcasts and books for less with these offersGet the ultimate broadband and entertainment bundleHave a clean house and save money with these offersTricks to save on your clicks: £3 in every £10 is now spent online, but you need to be canny to bag the best bargains, so here's our guideIs an offset mortgage the best way to beat pitiful savings rates? "The fight for our health is a long way from being won. Maybe MMT is a bad theory.Another reason may be that neoliberal ideas are just as arbitrary and 'voodoo' as MMT, but they have the advantage of suiting the powerful. Because of the foreign debt, it now owes approximately $1.2 trillion USD to Japan, over $1 trillion USD to Mainland China, $393 billion USD to the United Kingdom, and similar amounts, in the order of billions, to many other foreign countries ( Source ). Many economists are skeptical of this method of federal borrowing because, besides the usual obligation of interest payment on issued bonds, there is the risk of exchange rate fluctuations. In order to be able to keep paying its regular incoming bills – such as public service wages – the government must borrow to fund any shortfall, adding to any existing pile of debt.Prior to the global financial crisis, the Howard government had managed to reduce Australia's net debt to effectively zero, thanks to the mining boom.After a decade of running big deficits, however, Australian government debt today is, in dollar terms, higher than at any other time in history.As a percentage of our economy, however, net debt is about where it was in the mid-1990s in the aftermath of the early '90s recession.Last financial year, Australian government net debt stood at $373 billion or 19.2 per cent of gross domestic product.This compares favourably to other nations. The Reserve Bank is responsible for Australia’s monetary policy. Governmental borrowing from central banks is generally considered shady or unnecessarily risky.
But don’t be scared of the debt – its costs aren’t that bad. But can hard-hit retailers really afford to be so picky?ASK TONY: Fraudsters claiming to be offering a rebate from Amazon bullied me out of £4kBeware property funds that can keep your cash PRISONER: Investors see accounts suspended after pandemic hit because of property market uncertaintyTerminally cruel: It's the final insult for those in the last months of their lives... insurers who still insist they're not sick enough to get a payout RBS offers £100 bribe to open a bank account after being voted one of the worst providersGrab a fixed rate deal before they disappear: Banks now offering over 1% but it may not last if NS&I cuts its ratesMARKET REPORT: ITV loses the plot as it drops out of FTSE 100 after advertising slump sends share price into free fallAstra seals deal to mass produce its Covid jab, as it begins large-scale human trials in the USThe Zoom BOOM: Company nobody had heard of before Covid is now bigger than HSBC and Lloyds put together Ann Summers cracks whip over shop rents: Lingerie chain threatens its landlords with store closuresTaxpayer to keep GWR on the rails: Train operators struggle as commuter numbers remain hugely reducedSavers trapped in frozen property funds until 2021 with watchdog still to bring in new rulesTrump's gift for sterling: The dollar has a history of weakening ahead of US presidential elections, says ALEX BRUMMER Female stock pickers have done better than men during investment industry's pandemic rollercoaster rideBudget carrier Wizz Air will create 5,000 jobs if it lands extra slots at GatwickLast orders for service: Retail staff must help customers learn new Covid rules not act like self-appointed prison guards, says VICTORIA BISCHOFFTravel firms are wrong to deny parents refunds for cancelled school trips, watchdog rules Santander extends branch opening hours after we told how banks were failing on service after lockdown easedAnother record month for Premium Bond buys means that £8bn has poured in within five months, so how long will it be until NS&I's best buy rates are cut?Mortgage lending soars 40% to pre-Covid levels as stamp duty cut help housing market bounce backGovernment's smart meter roll out hit by lockdown: Installations crept up by just 0.4% in three monthsHelp! And it’s probably the smart play this time too. If it wants to build huge amounts of public housing that would allow young people to get into the market, it can do that.If it wants to keep the Jobseeker allowance above $1000 a fortnight (the boosted amount for the COVID-19 stimulus), instead of dropping it back down to around $550, it can do that too - at least according to advocates of MMT.The reason it can do this — and this is the brain-melting part of MMT — is that taxes do not pay for government spending but are just a way of managing inflation.Admittedly, unlimited money does sound a bit too good to be true.However, in the last few weeks the criticism has died down and MMT has suddenly become a respectable economic idea.Conservative financial news outlets are running articles like "Here's Hoping the MMT Crowd Is Correct" and "We're all Modern Monetarists Now".In Australia it's created less of a splash, but there are signs the 40-year economic orthodoxy of only spending tax dollars has begun to falter.Shadow Treasurer Jim Chalmers last week wrote an opinion piece forPer Capita's Emma Dawson, who was once a senior policy adviser in the Rudd and Gillard governments, told "To have a Shadow Treasurer say 'neoliberalism has failed' — you wouldn't have seen that any time in my lifetime.
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