I had my doubts about Morrison's abilities as Treasurer, and finance experts agree.
Scott Morrison's household debt remarks labelled 'inane and stupid' by finance experts
http://www.abc.net.au/news/2016-12-14/morrison-debt-remarks-inane-stupid/8121086
This clipping suggests it was disobeying Murdoch that forced the public, peer and press calls for his head:
https://independentaustralia.net/politics/politics-display/when-tony-abbott-crossed-the-line,7334
I had my doubts about Morrison's abilities as Treasurer, and finance experts agree.
Scott Morrison's household debt remarks labelled 'inane and stupid' by finance experts
http://www.abc.net.au/news/2016-12-14/morrison-debt-remarks-inane-stupid/8121086
I have to agree, maybe Morrison is better as an ideas man rather than a facts and figures man, I certainly thought his comments were stupid or misrepresented.
Everyone with excess debt, should be using the low interest rates, to pay it down.IMO
We are paying a $billion a week in interest alone on Labor's bad management 2007/2013 and they still have to borrow $100,000,000 a day to pay for the welfare of the 90% of the 50,000 illegal boat people let in by that stupid Rudd/Gillard/Rudd....Not to mention of course all the 36,000 dole bludgers.
We are having to pay for Labor's unfunded NDIS and Gonski...That funding was supposed to come from the Goose's MRT but it never happened.
Morrison does not have to figures man according Labor as Treasury does all that work for them.
We are paying a $billion a week in interest alone on Labor's bad management 2007/2013 and they still have to borrow $100,000,000 a day to pay for the welfare of the 90% of the 50,000 illegal boat people let in by that stupid Rudd/Gillard/Rudd....Not to mention of course all the 36,000 dole bludgers.
We are having to pay for Labor's unfunded NDIS and Gonski...That funding was supposed to come from the Goose's MRT but it never happened.
Morrison does not have to figures man according Labor as Treasury does all that work for them.
Amen to that.Until now if anybody asked who was the worst prime minister Australia ever had, most would say Billy McMahon.
Now Abbott's name will appear in Australia's history as the leader who could not lead; a man who is untrustworthy, unreliable and dishonest; who shamed himself and the country he should never have been allowed to lead because he was totally unqualified by birth and by incompetence.
No sensible Australian believed his argument that Labor had left a debt crisis in its wake, that the budget cuts he demanded were ever necessary.
No sensible Australian believed Joe Hockey's ramblings about a financial disaster left in the wake of a Labor party.
Actually, Labor had achieved a great deal more than was generally recognised, the truth buried in an unfortunate set of leadership changes, seen by a majority of the party as necessary at the time but punished by an irritated electorate.
The election of 2013 was the result of shameful dishonesty, shared between the Murdoch newspapers and the claims the Liberal-Nationals used ruthlessly in their pre-election desperation and then in their post-election incompetence.
Tony Abbott, maintaining his obsequious relationship with Rupert Murdoch, over dinner in December, allegedly blamed bad advice from his communications staff for the failings of the Government Murdoch himself had installed.
That's when Murdoch said: get rid of them ”” including Peta Credlin.
Abbott took Murdoch's orders and overhauled his media team, including dumping his press office director Jane McMillan and appointing the ABC's Mark Simkin in his place
But Abbott demurred on Credlin and tried to save her. Murdoch allegedly took to phoning Abbott demanding Credlin's head.
Abbott refused and so Murdoch used Twitter to reinforce his demand.
Predictably, this unleased the dogs of war and his sycophantic retinue of hacks for hire immediately took up their master's call.
It is easy to forget that when Labor was in office, Australia achieved triple A financial ratings on a level with Germany, Canada, Sweden and Switzerland ”” and even better than the USA at that time.
When the Abbott Government took power, Australia had one of the lowest levels of government debt in the western world. The debt is still relatively low, though the Abbott and Hockey financial team managed to double the debt in their first six months in power.
In 2008, the Labor Government under Rudd allowed the Budget to go into deficit because of the global financial crisis. This immediately stimulated the Australian economy, kept us out of recession and maintained a record high employment level.
The simple truth is that in 2014 Joe Hockey deceptively inflated Australia's debt level to produce panic. His Budget projections raised the deficit peak of $68 billion, when Labor's highest level had actually been $54 billion. Under Labor, spending growth was locked at less than two per cent per year, the lowest in 23 years.
The fiscal outlook for Australia was praised by no less than the Nobel laureate Joseph Stiglitz, who congratulated the Labor government's financial stimulus as one of the best designed programs in the world.
At the same time, Labor maintained one of the lowest tax takes in the western world, at just 22.5% of GDP, compared with John Howard's average rate of 25%.
Put more simply than the figures above, Australians can now accept that their country has been subjected to a government that lied its way into power ”” and now seems intent on lying its way back to oblivion.
noco,
Let's make allowance that it's been a few years since you learned the 3 R's. But if 86,000 "illegals and dole-bludgers" receive $100 Million a day, I think I'll give up trading for a living and become one of them myself. Divide one by the other and you get $1,162.79 per person and day. I don't know about you, but on average, that's more than I make trading the ASX.
That aside, you also conveniently omit that Labor had to deal with the GFC, which they did so successfully that Australia maintained AAA credit rating, beating even the USofA at the time. And all that from a standing start, because the previous mob had squandered the fruits of a decade-long boom by creating a massive expectation of middle-class welfare - attempts to buy votes with unfettered bribes.
Finally: Take the time to read and understand the article that Tisme provided the link to:
Amen to that.
It is starting to look like the Country is running out of ammo.IMO
noco,
Let's make allowance that it's been a few years since you learned the 3 R's. But if 86,000 "illegals and dole-bludgers" receive $100 Million a day, I think I'll give up trading for a living and become one of them myself. Divide one by the other and you get $1,162.79 per person and day. I don't know about you, but on average, that's more than I make trading the ASX.
That aside, you also conveniently omit that Labor had to deal with the GFC, which they did so successfully that Australia maintained AAA credit rating, beating even the USofA at the time. And all that from a standing start, because the previous mob had squandered the fruits of a decade-long boom by creating a massive expectation of middle-class welfare - attempts to buy votes with unfettered bribes.
Finally: Take the time to read and understand the article that Tisme provided the link to:
Amen to that.
Did spending “save” Australia?
Spending did save our economy. The company I worked for was a case in point as we avoided having to lay off staff due the money spent on schools. A lot of our regular work dried up. Once unemployment starts rising and fear takes hold all bets are off and the economy goes into recession leading to loss of more jobs. This is how it works and is proven. It's easy for some to say everything would have been OK if we had done nothing but I have no doubt that this is a fallacy.
I do think though the second handout by Rudd was not required and if he had of been more prudent we would be in a better position now. And of course the ceiling batts rollout was completely mishandled.
I guess it depends where you source your opinion from, pixel.
Did spending “save” Australia?
Firstly,
Spending did save our economy. The company I worked for was a case in point as we avoided having to lay off staff due the money spent on schools. A lot of our regular work dried up. Once unemployment starts rising and fear takes hold all bets are off and the economy goes into recession leading to loss of more jobs. This is how it works and is proven. It's easy for some to say everything would have been OK if we had done nothing but I have no doubt that this is a fallacy.
I do think though the second handout by Rudd was not required and if he had of been more prudent we would be in a better position now. And of course the ceiling batts rollout was completely mishandled.
We are paying a $billion a week in interest alone on Labor's bad management
A billion a week in interest? Geez, not even Heinz would be able to supply all the sauce added to come up with that figure.Of course we won't mention the GFC. I'm sure if the Libs had been running the show we would have sailed through with surpluses at 5% of GDP.
Gross government debt when Labor left office was around $250b. I guarantee they weren't borrowing at ~20% interest.
Of course we won't mention the GFC. I'm sure if the Libs had been running the show we would have sailed through with surpluses at 5% of GDP.
Rudd/Gillard
Underlying Cash Balance
The underlying cash balance includes cash from operations and net cash provided by investing activities in non-financial assets but excludes the net cash earnings for the Future Fund.
The underlying cash balance for the year to 31 August 2013 was a deficit of $10,563 million, compared to the Budget profile deficit of $9,317 million. The difference of $1,246 million relates to lower underlying cash receipts partially offset by lower underlying cash payments.
Fiscal Balance
The fiscal balance for the year to 31 August 2013 was a deficit of $5,719 million, this is $164 million lower than the Budget profile deficit. The difference relates to lower expenses and net capital investment, partially offset by lower revenue.
Revenues
Total revenue was $3,074 million lower than the Budget profile primarily due to lower taxation revenue. This reflects lower company, superannuation fund and individual and other withholding taxation revenue compared to the Budget profile, together with other minor variations including timing of taxation revenues.
Expenses
Total expenses were $2,600 million lower than the Budget profile primarily due to lower grants and personal benefit expenditure. This is in part consistent with reduced expenditure during the election caretaker period.
Assets and Liabilities
The net worth of the General Government sector is a negative net asset position of $205,908 million at 31 August 2013. The net debt of the General Government sector is $161,253 million at 31 August 2013.
https://www.finance.gov.au/publications/commonwealth-monthly-financial-statements/2013-08/
Howard
Underlying Cash Balance
The main components of the underlying cash balance are cash from operations and cash movements in the
net investment in non-financial assets.
The underlying cash balance for the year to 31 December 2007 was a deficit of $300 million. This
underlying cash balance is $7.7 billion lower than the 2007-08 MYEFO pro rata. The difference reflects a
number of individual variations including the following:
Movements in underlying cash receipts:
Lower receipts compared to pro rata MYEFO estimates from:
• Taxation due to collections typically being higher in the second half of the financial year.
Movements in underlying cash payments:
Higher payments compared to pro rata MYEFO estimates for:
• Personal benefit payments mainly influenced by seasonality factors; and
• Education grants due to the timing of higher education payments.
Fiscal Balance
The fiscal balance for the year to 31 December 2007 was a surplus of $4,609 million. This fiscal balance is
$3,372 million lower than the 2007-08 MYEFO pro rata estimate.
FINANCIAL OUTCOMES
Revenues and Expenses
GFS Expenses are $889 million lower when compared with a pro rata of the 2007-08 MYEFO estimate
whilst GFS Revenue is $4,447 million lower when compared with a pro rata of the 2007-08 MYEFO
estimate.
The main reason for the lower expenses is due to the timing of grant and personal benefit payments whilst
lower revenue is due to the seasonality of revenue collections.
Assets and Liabilities
The net worth balance within the General Government sector is a positive net asset position of
$15,442 million at 31 December 2007.
Lindsay Tanner MP Ian Watt
Minister for Finance and Deregulation Secretary to the Department of
Finance and Deregulation
14 March 2008 14 March 2008
Contact: Lindsay Tanner MP’s Office: George Wright 0419 556 616
Department of Finance and Deregulation:
https://www.finance.gov.au/sites/default/files/mfs_nov-dec2007.pdf
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