Economy 'idling at the traffic lights', needs real spending: Keating

Mr Keating said with monetary policy barely having an impact, and the"The economy is idling at the lights, it's like the car idling at the lights, waiting for the lights to turn green again to take off," he said. "The economy at 1.4 per cent is simply idling."Mr Keating, who oversaw the first budget surpluses since the 1950s when he was treasurer, said Howard government treasurer Peter Costello had been correct to follow with more surpluses.

There was now a view that it was "naughty" or "immoral" not to run a surplus when a government was very different to a small business. "I think what Peter has done has put the surplus virus into the Liberal Party bloodstream and they can't get away from it," he said. "The budget of the Commonwealth of Australia is not like the budget of a corner shop that in the end must be able to close the door on Friday night and be in surplus."

Mr Keating said the government should take advantage of current low interest rates to invest in very large infrastructure projects. Major projects with bipartisan support, rather than those only championed by politicians with a direct local link, should be developed. He nominated a fast train between Newcastle and Sydney, which could be extended to the NSW south coast, as an idea that would deliver substantial economic and social benefits.

Oh right, so the local council in Newcastle has just torn out our rail tracks and train stations for a useless light rail that goes no where, our city of Newcastle is dying so fast and now you want Novocastrians to go spend their. Money in Sydney.... Wake up to yourself !!!

swrighteconomy Hahahaha! Hahahahah! Hahahaha! The professional con artist is calling on govt to spend. He invented comp super to halt the economy. And now he wants more poor to lose more wages to IndustrySuper Super is an austerity measure by keatingtheconartist

Send in the Auditors Keating wants your money for his building mates. Where’s the accord?

Says the man who said, “ this is the recession Australia had to have”

How much longer do we have to listen to this failed treasurer and Prime Minister. When in office he sent interest rates through the roof causing many small business to go broke. I don’t think he is qualified to now tell the current government how to run the country.

Or here’s a crazy thought, a water pipeline from Northern Australia where rainfall is measured in metres, pumping valuable water into dams and rivers which are the lifeblood of industry, farmers and townships. Why isn’t this a priority?

Has Paul Keating walked around Sydney lately? If he did, he would see massive infrastructure spending underway. A new metro line, upgrade of Central, West Connex, light rail, a new airport.

Or maybe a national infrastructure project to recycle almost everything we discard into other useful things (road surface, building materials, etc), driven by renewable energy sources. And carbon capture projects (tech & seaweed, etc) widespread.

Coming from ex treasurer and PM who was in charge of the worst recession we had to have.

At the end of the day the price pressures in Sydney are due to access to credit, not population or land availability

How about a fast train between Melbourne, Sydney and Brisbane?

Tax cuts and fewer bureaucrats a smarter strategy.

Whether you make valid points or not Paul, this Do Nothing Government will do exactly that! NOTHING! Coming from an ex Labor Prime Minister Will be the reason!

But out keating.

Newcastle is a ghost town A derelict coal port

Forget Sydney & Newcastle - it’s time to see fast trains MELBOURNE to Sydney

I'd love a fast train between Sydney and Newcastle 😁😁. Can't see it happening though

What's the bet he has a few investment properties in Newcastle?

Says a failed politician who hasn't been in parliament in a quarter of a century. I suppose he wants 12% unemployment and 17% mortgage rates that Australia suffered under during his prime minister-ship. Will the SMH dig up Gough next for a sound bite?

Paul Keating is the only PM in my lifetime that didn't make me cringe every time he opened his mouth We throw away anything that smacks of intelligent leadership and vision While the Libs listen to Peter Costello a second rater they wont listen to this man. Why? He's Labor.

Best PK can come up with is a Fast Train. Yeh that'll spur the economy

Best you go wisper in Albo’s ear, give him something constructive to plan for.

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