The stimulus package has been scuttled in the Senate at the third reading by Nick Xenophon – however, Xenophon, the Greens and Fielding have all agreed with Labor (at the expense of much prancing about by Eric Abetz) for the Senate to sit again tomorrow. For NFL fans it’s 4th and inches, behind by 3 with seconds remaining on the clock. 15 hours of horsetrading is all that stands between an economic stimulus package being implemented and having, on the weight of evidence, a near immediate effect on the economy – or a great big bag of uncertainty including higher unemployment and lower economic growth over the near to medium term.
Fielding and the Greens are already onside with Labor – it comes down to Xenophon and his $5-6 billion demand for a Murray Darling package to be worked into the stimulus.
In 15 hours we’ll know whether Australia passes a package that minimises the economic and human costs from the GFC induced slowdown, or whether these blokes become the 3 Stooges of the Recession
Parochial Stooge, Political Stooge and from watching the Senate committee on this package, a bloke not too far removed from a bag of hammers.
I’m flabbergasted – let’s hope Xenophon comes to his senses tomorrow or he will carry a very heavy burden.
The real irony here is it’s the bloke in the middle that’s probably the one completely shitting himself, because if this package fails to get through the Senate, the fallout against Turnbull by the public will be enormous. Every piece of bad news will become his fault in the mind of a huge chunk of the public – Labor will make sure of it. That better economic manager series we looked at earlier might become a nostalgic golden age for the Coalition.
Elsewhere:
Larvatus Prodeo, Peter Martin, Core Economics, Grog’s Gamut, Larvatus Prodeo again (on X’s proposed amendments), Andrew Elder, and LP again on the politics.
40 Comments
Bring on the double dissolusion – the careers of all three stooges would be mercifully truncated
so let me get this straight. x wants 5b worth of pork to be added to a national stimulus package.
No, he wants a large sum of money to be spent on nebulous ‘infrastructure’ so that South Australians will be impressed by him, irrigators in particular, and he will get re-elected next time bugger everyone else except him.
Which I suppose is a yes isn’t it?
Change the first word in my comment.
Except…
It may backfire….
SAs, the Adelaide ‘Advertiser’ in particular, may not respond as X wants them too.
There is word that an online poll [don't tell Possum I'm citing such] has a negative reaction to his action.
I reckon he will get 30 pieces of silver overnight, enough to warrant a face saving about turn.
The trigger for a Double Dissolution would be 3 months away, at least.
Check Antony Green’s recent article about recent, mistaken, speculation about an early election: http://blogs.abc.net.au/antonygreen/2009/02/an-early-federa.html
Can’t wait for the Parliamentary Broadcast tomorrow!
Xenophon is a total plonker – but what do you expect from a youngLib?
X may well vote to pass the economic stimulus Bills tomorrow. He might have just been looking for the notoriety today and fame tomorrow.
I am sure that Mt Turnbull will be presenting his legislation tonight so all and sundry can examine and vote on it. Maybe I am wrong but I am under the impression that any member can present legislation.
Steve – it would be ultimate timing for him if he could do it on a way that doesnt make him look like he backflipped. He’d get wall to wall coverage on the Saturday papers and column inches in the Sunday tabloids.
In addition I feel like I am re-living the Whitlam years where the opposition made sure that no worthwhile legislation was passed without changes by the opposition that led to insecurity. I hope the belief that the world economy is collapsing is untrue as the opposition appears to believe, otherwise we are in trouble.
Thinking about it, X probably should be careful how many times he plays these games – the public wont get hooked on Xenophonics if they start to hear it too often.
Florence – if the actions of the opposition cause too much public opprobrium, they’ll have a polling moment and a bit of an epiphany along the way.
the difference Florence – no DLP, no Joh, no John Kerr.
Turnbull will have his future decided by of a “bag of hammers”. You have to ask who is the sillier of the two.
I like the reference to ‘4th and inches’, i enjoyed watching parliament today, just like watching as the NFL umpires get the marker with the chain to measure if there is a 1st down.
I can’t find the actual things that Xenophon is after.
If his changes to the legislation really helped the Murray Darling basin, then I am all for it. I can’t see that it matters much so far as economic stimulus is concerned, whether you spend it on a cash bonus for me, or cash for infrastructure on the Murray Darling.
I guess if it went to buying out water licences, although that would be good for Oz in the long run, it would not provide the stimulus required – those who sold the water licences would benefit greatly, but might well just sock it away somewhere.
I really tried to find his demands, but got nowhere.
Don, this is Xenophon’s amendment from earlier today:
http://www.aph.gov.au/Senate/DynamicRed/docs/5720.pdf
That’s pretty much what he seems to be after, but I’d imagine there is a bit of flexibility on that somewhere.
Thanks Poss, I just found it myself over at LP.
Here are the relevant clauses:
2) The purpose of the Fund is to provide targeted assistance measures to improve the
economic and environmental viability of the Murray-Darling Basin, including by:
(a) bringing forward $3.1 billion in funding allocated to buy back water entitlements
and accelerate implementation of the Restoring the Balance in the Murray-Darling
Basin program; and
(b) bringing forward $2 billion of the $5.8 billion allocated to water infrastructure
programs in the Murray-Darling Basin under the Commonwealthís Water Plan; and
(c) bringing forward $250 million in funding for pilot stormwater harvesting projects
through the National Water Security Plan for Towns and Cities; and
(d) providing for the payment of grants of up to a total of $2 billion under the structural
adjustment scheme required to be determined under section 19.
I’m not much wiser, to be honest.
If water entitlements are bought back (and that’s more than half of what X wants) will that provide a stimulus, or just a feel good, and better things for the Murray Darling Basin down the track?
ETA: not quite half, I missed the clause (d)
Possum, the better NFL analogy would be 4th and goal, inches from the goal line, and behind by 4 pts, not 3. In NFL, if you were behind by 3, you’d just kick a field goal to force a tie and overtime. Down by 4, you need to score a touchdown to win.
Lord D – but if they get those few inches tonight, then first down starts tomorrow with the new amended bills having to go through both the house and the Senate, with the end of Friday being the effective practical deadline.
But you’re right – should have been 4 rather than 3! And probably minutes rather than seconds.
And if they don’t pass it tomorrow and they don’t make provision to sit in the senate over the weekend or next week to get it through ASAP, i guess that would be the ‘two minute warning’; a completely pointless break not related to football (the economy) but the broadcasters bottom line (the politics).
heh!
Just saw channel 10 late news – Turnbull with Bishop on shoulder saying he won’t vote for package markII because ‘Rudd has insulted them by telling the opposition they are irrelivant’ (or words to that effect). Pride is a weakness Turnbull finds hard to mask.
by opposing it Mal just proves the Libs are irrelevant, and elevates Mr Xylophone to King Of The Hill..
data9090,
That’s a pretty bad perception to push out to the Channel 10 crowd!
A DD would seem to be a gift to Labor, surely the torys can rustle up a “rebel” senator or two… where is Barnaby when you need him?
serious stiff this, but v funny while your at it poss, cheers,
oops, stuff not stiff
Saul,
I think Barnaby was last seen in the fetal position at the back of the committee room, muttering something about “fisculus” and “decomposing the package”.
When Ken Henry mentioned the word fungible, Barnyard never fully recovered.
He’s but a shell of his former self.
I saw Xenophon on 7:30 Report and its clear from his answers that the money he is after for the Murray Darling Basin cannot be spent quickly as the Government requires, which is why they agreed to the $415 million.
Self interest beats the national interest!
Check out this one about the effect on employment of the pre Christmas stimulus package.
http://petermartin.blogspot.com/2009/02/just-when-it-looked-as-stiumulus.html
the only objection I have to this article is the use of sporting metaphors, in particular American sporting metaphors. Please let’s not succumb to even more American “Kulcha”.
But I quite like NFL DR.
and as it’s your sandpit – fair enough. Just that it gets so irritating – one expects it of US commentators (caught one at it yesterday on that SBS Newshour thingy, or something similar).
What we are desperately missing is some Canadian sports! Anyone know any Curling analogies?
How about an AFL analogy? Gridiron is doubly unintelligible to me in a non-rugby state…
hmmm used wrong enclosure lol
{puts fingers in ears whenever someone starts talking sport}
Ice Hockey?
Rudd beat the puck out of the Libs this week.
ah – I thought you were saying the member for North Sydney was an illegal drug user!