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The Bullroarer - Thursday 7th August 2008
Posted by aeldric on August 7, 2008 - 2:00am in The Oil Drum: Australia/New Zealand
ABC - Economy suffering in climate policy debate: RBA director
A director of the Reserve Bank of Australia (RBA) says policy uncertainty about climate change is costing the economy.
Professor Warwick McKibbin says there is a fixation with targets and timetables for addressing climate change and it is crucial to "get the balance right" between long-term environmental gains and short-term economic costs.
Stuff.co.nz - Scepticism over fuel-saving schemes
Fuel-saving devices and additives are probably a waste of money, says the Automobile Association - a view several Timaru mechanics share.
The AA said there was a lack of scientific testing and a reluctance by manufacturers to put forward products for independent testing.
Bob Robb Motors' Malcolm Gavin has tried a number of additives in his car, even a magnetic device intended to improve fuel economy.
While his car possibly ran smoother with some of the products, any savings weren't large enough to attribute to the additive or device alone.
His advice was that a well-tuned car with properly inflated tyres used less fuel.
The National Business Review (NZ) - Pohokura oil and gas reserves lifted
Oil and gas reserves in this country's largest petroleum field at Pohokura, offshore from New Plymouth, have both been lifted.
The Ministry of Economic Development's latest Energy Data File shows the field's oil reserves up 38 percent from 44 million barrels to 61.6 million barrels.
Pohokura's total gas reserves have grown by 24 percent to 978 billion cubic feet from 791bcf.
TheGisborne Herald - Find oil field soon or start planning safe sensible city cycle lanes
If you live off the beaten track, in smaller cities like Gisborne, for instance, the best thing that could happen for the district would be to find an oilfield on our doorstep.
Will it ever happen? Who knows, there have been high hopes of oil fields on land and sea around here. But we do know that if we don't find more resources or alternative supplies, over the next 40 years or so, life could become a lot more difficult than it is today.
ABC - Energy suppliers 'plan emissions scheme rip-off'
Electricity suppliers are being accused of planning to rip off consumers under the Federal Governments' emissions trading scheme.
The Australian - Origin Energy backs carbon trading scheme
CORPORATE Australia cannot afford to harbour climate change sceptics as the Government moves towards introducing its emissions trading scheme, according to Origin Energy's chairman.
The Australian - Call for Rudd to strengthen renewables target
CONSERVATIONISTS have urged the Rudd Government to strengthen its proposed mandatory renewable energy target to meet its long-term greenhouse gas reduction goals, not ditch it as the Productivity Commission and Labor's adviser have suggested.
One News TV NZ - Fuel tax cops criticism
The Auckland Regional Council's proposed regional fuel tax is under fire from the Road Transport Forum.
The council is seeking government approval to gradually phase in the fuel tax, starting at one cent a litre, and building up to five cents a litre by July 2011.
Scene (NZ) - Fuel costs hit DIY snow-field
The cost of helicopter access gives Invincible a narrow market of ardent snow-sporters not in pursuit of the après-ski social scene.
“It costs money but it’s not a luxury thing,” Scott says.
Soaring fuel prices play hell with the field’s viability.
The Age - Partisan climate law can damage economy, says Garnaut critic
AUSTRALIA is in danger of getting its legislative approach to climate change wrong to the extent that it could seriously undermine the economy, a leading economist and Reserve Bank board member has warned.
Warwick McKibbin, Australian National University professor at the college of business and economics, said the Government and Opposition needed to strike a bipartisan agreement on a carbon scheme to tackle climate change.
Otherwise, he said, any legislation resulting from the Government's green paper on its pollution reduction scheme would be at the mercy of minor parties in the Senate.
Nelson Mail , Stuff.co.nz - Clear weather window allows oil rig to leave
The hulking form of the Ensco 56 oil rig slipped out of town Thursday morning after a nine-week stay at Port Nelson.
The 143m-high, 53m-wide self-elevating rig arrived in Nelson at the end of May for a six-week refit.
It had previously been drilling in the Pohokura gas field off Taranaki.
It is now heading for the Awakino South site, which is being operated by Asian Drilling Services, about 10 nautical miles off the New Plymouth coast.
NZ Herald - Motorists hit with new fuel taxes
Auckland motorists face new fuel taxes of up to 10c a litre from 2011, to pay for electric trains and other congestion-busting public transport investments.
The Auckland Regional Council yesterday resolved unanimously to apply to the Government for its own 5c tax to be introduced in three stages, between next winter and mid-2011.
ABC - NRMA wants fairer country fuel price
The NRMA wants oil companies called to account over a big gap between the cost of petrol in country centres and that being paid by motorists in Sydney and Wollongong.
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Another jaw-dropping one from yesterday's Sydney Morning Herald "Money" section...
Future Shock
Yes,well,these things happen in an unsustainable venture,which is what Australia is.
You didn't need to be a finance whiz kid to see that we will not escape the coming economic meltdown.Australia has slavishly followed the US led globalization abomination which makes a few very rich(or richer)while impoverishing the middle and lower classes.
We followed the US into Vietnam,Gulf Wars 1&2 and Afganistan.To all intents and purposes Australia is the 51st state and probably will remain so under the present government.We have "leadership" which is incapable of reasoning from first principles,incapable of taking an altruistic view,incapable of forward thinking beyond about the next election,if that and incapable of considering the interests of the nation above those of their wealthy and influential friends.
Maybe, maybe not. Actually, Australia probably will escape the economic meltdown.
One big difference is that in Australia the banks are solvent, and that you can't just walk away from your mortgage if your house loses value short of declaring bankruptcy (which is more difficult here than there).
Another big difference is that Australia and New Zealand are the only two developed economies which still have a substantial primary industry. People overseas might not want to buy our services, but they will continue to buy food. So there's a limit to how much a global slowdown can affect us.
And the final big difference is that Australia is a net energy exporter (yes, it's highly polluting coal for the most part unfortunately), which will only increase in demand regardless of what happens in the rest of the economy.
I think the US, Canada and France might dispute that assertion. And a number of others that might be border-line "developed". The US production and export of wheat far exceeds Australia's, for instance. But your point is taken - if we actually ran agriculture in this country "sustainably" (a big ask), then we could run a food-for-oil trade policy for quite a while.
I also agree that our banks are in better shape than many others, and most of the punters paying off a mortgage are in a better position to pay them - not incidentally because the lending criteria have generally been tougher.
Bankruptcy as a result of serious default on home repayments is not very common at all. Credit card maxing seems to be a significant factor though, and that is a really bad way to be in debt.
I would hazard a guess that most bankruptcies in Australia, due to consumer debt are either driven by credit card, interst free deals and/or mobile phone debt mainly by the young and stupid. Home ownership tends to have a habit of getting your fiscal house in much better shape so that if the crunch comes, the balance sheet has more assets than liabilities.
The banks are actually quite happy about the housing crisis situtation as it is keeping values high. Banks need house prices high as this is the basis of them creating the credit in the first palce. If they need to sell a mortgagee property, the last thing they want to do is let it go for a fire sale price. As soon as they do that, they effectively knock out the supports of every other house value in that suburb, which would require them to look at the security vlaue versus the loan value and adjust accordingly.
Imagine getting a margin call on your home mortgage even if you weren't in default! It could yet happen.