What does British American Tobacco say about sales volumes in Australia?

Thu, 19 Jun 2014  |  

The Australian's campaign to torture and misrepresent the data on the volume of tobacco consumed in Australia seems to have had a final nail in the coffin with news from British American Tobacco, no less, that sales volumes in Australia are falling.

In their annual report which covers the period up to 31 December 2013, the BAT report notes:

Profit was up strongly as a result of higher pricing and cost saving initiatives, partially offset by lower volume."

What was that?

BAT saying "lower volumes"?

Oh I see. The volume of tobacco sold by BAT was lower in 2013, a picture that dovtails perfectly with the data from the Australian Bureau of Statistics. Who would have thought that?

Certainly not The Australian writers Christian Kerr, Adam Creighton, Henry Ergas, Judith Sloan, Sinclair Davidson, Chris Merritt, The Editorial writer or the person who puts together the cheeky Cut and Paste column.

See BAT annual report, page 32:  



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RBA policy errors highlighted by Governor Stevens

Wed, 19 Nov 2014

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For someone who has passively sat by with the exchange rate ridiculously overvalued for several years and who has been reluctant to use monetary policy to manage the business cycle and the interest rate sensitive parts within, Mr Stevens calls for economic agents to "most of all, [show] a willingness to take the occasional risk" are a touch disingenuous.

Stevens questions "whether our overall business environment is conducive enough to risk-taking and innovation".

Look in the mirror Glenn!

It has been pretty obvious for the last couple of years that the Australian dollar has been over-valued, by a large amount, and this market misalignment is one reason why real GDP has been below trend over that time and as a result, the unemployment has risen to a decade high of 6.2 per cent.

Markets yawn at the G20 plans for faster growth

Mon, 17 Nov 2014

Financial markets are digesting the news from the G20 meeting, the centerpiece being the pledge to grow the global economy by 2.1 per cent more over the next 5 years.

Now everyone knows that financial markets give the best and most telling instant assessment of events – be they the horrors of September 11, a shock data release, a policy change, a geopolitical development or some other news that is likely to change the course of economic events and with that, financial market prices.

The initial reaction to the G20 meeting is, well, underwhelming.

Market think, quite frankly, that the G20 pledge for faster growth is not worth the paper it's written on, that it is lame, contains nothing new and who needs the G20 to tell governments that stronger growth is good, especially in the context of the hangover from the Great Recession.