Labor have more to worry about in question time than Pete's comments.
If we thought the "Batts in ceilings" was bad the latest bombshell is the school projects.
$16 billion of taxpayers money has been spent so far and claims that the jobs were overpriced.
Labor is being attacked by their own union.
There will be a public enquiry.
Its fraud at its finest.
Another Labor govt role out without checks and balances.
Speaking of checks and balances, read this little ditty by Ross Greenwood and you can see why we have these problems.
Quoted by: Ross Greenwood of Money News.
Right now the Federal Government is at pains to tell everyone
- including us the mug-punters and the International Monetary
Fund that it will not exceed its own, self-imposed, borrowing
limits. How much? $200 billion. And here's a worry. If you work
in a bank's money market operation; or if you are a politician;
the millions turn into billions and it rolls off the tip of the tongue
a bit too easily. But every dollar that is borrowed, some time,
has to be repaid. By you, by me and by the rest of the country.
Just after 5 o'clock tonight I did a bit of maths for Jason Morrison.
But it's so staggering its worth repeating now. First though; here's
what Chairman Rudd has been saying about - what he calls
- these temporary borrowings.
Remember those words: Temporary Deficit. But the total
Government debt could end up around $200 billion. So here's a
very basic calculation ... I used a home loan calculator to work
it out ... it's that simple. $200 billion is $200,000 million. The
current 10 year Government bond rate is 4.67 per cent. I worked
the loan out over a period of 20 years.
Now here's where it gets scary ... really scary. The repayments
on $200 billion come to more than one and a quarter billion dollars
- every month - for 20 years. It works out we - as taxpayers - will
be repaying $154 billion in interest and principal every year ...
$733 for every man woman and child - every year. The total interest
bill over the 20 years is - get this - $108 billion. Remember, this is a
Government that just 18 months ago had NO debt. NO debt. In fact
it had enough money to create the Future Fund to pay the future
liabilities of public servants' superannuation ... and it had enough
to stick $20 billion into the Building Australia Fund last year.
He continues ... a note that was sent to me which explains that the
six leading members of the Government from Mr. Rudd down, the
top six have a collective work experience of 181 years, but only 13
in the private sector.
If you take out of those 13 years the number that were spent as trade
union lawyers, that total 11, of the 181 years only two years were
spent in the private sector.
So the people who will rack up a net Federal debt of a minimum of
$188 billion, the highest in our history, have virtually no experience
in business.
So out of those 181 years:
- no years spent running their own business
- no years spent starting their own business
- no years spent as a director of a family business or a company
- no years as a director of a public company
- no years in a senior position in a public company
- no years in a senior position in a private company
- no years working in corporate finance
- no years in corporate or business restructuring
- no years working in or with a bank
- no years of experience in the capital markets
- no years in a stock-broking firm
- no years in negotiating debt facilities with banks
- no years running a small business
- no years at the World Bank or IMF or OECD
- no years in Treasury or Finance.
But these people have plunged Australia into unprecedented debt,
and now threaten to torpedo employee share schemes which they
plainly don't understand.
Well, in a way you can't blame them. It's clear the electorate did
not do their homework, because the Goverment is there by right.