The Government must be thinking about a March election, or even sooner, because they cannot possibly be serious that they will present a budget in May. Their latest fiscal horrors from The Australian:
WAYNE Swan has vowed deeper cuts to turn the budget around and post a surplus after last financial year’s deficit doubled to $43.7 billion from its original forecast 15 months ago.
Plunging company tax receipts contributed to the size of the deficit, slumping $876 million in the final two months of 2011-12.
The 2011-12 budget outcome, released by the Treasurer today, reveals a minor improvement in the final numbers compared to the May budget forecasts, with the underlying cash deficit coming in $661 million higher at $43.7 billion from $44.4 billion.
But despite the update, the final deficit is almost double the shortfall originally predicted in the May 2011-12 budget, when Mr Swan forecast a $22.6 billion deficit.
Didn’t they just borrow $3billion? How can they possibly make their forecast? Of course, we never expected them to, but when will Thr MSM rap them over the knuckles for it?
Twodogs
24 Sep 12 at 2:55 pm
So they keep repeatedly beating the productive business of the country with a stick to get it to cough up more tax, and then are shocked – shocked – to find out they’ve beaten it to death?
Strangling Golden Geese for more eggs is the Labor way.
Really, the Treasurer spends his time listening to Springsteen and his off-time insulting anyone who might have made a quid, and then blames them for not paying enough taxes to throw away?
It’s preposterous, but you watch the apologists say ‘it’s not Waynes fault, he had a mining boom to deal with’.
I get the feeling the good ship Australia is steaming straight for a storm, and all you can hear on the bridge is arguing about whether or not the deckhands should be paid double or triple for Sundays.
brc
24 Sep 12 at 2:57 pm
but he says ..”we do have a proven track record of finding responsible and measured savings in accord with Labor values, and we’ll do that again.”
does he think we have the thinking capacity of lemmings or maybe ants
sigh
val majkus
24 Sep 12 at 3:03 pm
It’s all falling into place:
- denigrate people who want budget responsibility, balanced budgets and reduced borrowings ‘cranks and crazies’
- denigrate miners as the devil incarnate
then…
- release teasers that ‘surplus might be in trouble’
- blame ‘unexpected fall in commodity prices’
- blame greedy miners
- hope for a cyclone so bananas can cop it again
No doubt they’ll find a way to put Campbell Newman in the attack as well.
The Libs need to go in hard and tear him apart. Don’t for a minute accept this ‘hard times’ BS – the surplus was always a mirage, a fantasy propped up by both their ability to actually reduce spending (never happened) and for the commodity prices to spiral ever, ever upwards.
They need to use imagery that the average person can understand – you don’t borrow to put in a pool when your breadwinner is reducing their hours.
*or*
A good captain gets his ship to the port, no matter what conditions he finds himself in.
This ‘oh but everything wasn’t perfect’ crap they will come up with has to be ridiculed widely.
brc
24 Sep 12 at 3:12 pm
So the story is about how the previous FY’s figures have improved by $661 million. Sounds like good news for the government to me, if somewhat minor.
m0nty
24 Sep 12 at 3:18 pm
I can’t understand why the more economically literate members of the liberals (sinodinos, cormann) are not out there campaigning to really target the fiscal and monetary message against swan.
Swan or even Lesbo no. 1 ticket holder P.Wong in no way could respond coherently against these types of people, apart from labor values (no surplus, higher business costs) and born in the USA BS.
Dan
24 Sep 12 at 3:20 pm
Monst
No fat boy, the story isn’t the minor improvement in last years figures. The story is that Shane Wand is not going to be able to meet his promise to attain a surplus this year and it could end up being a stinging deficit.
At first I thought you were being your normal regular disingenuous self. However on reflection I recalled you failed first year economics (by your own account) and we can rest easy you have no head for figures.
Go have a crispy cream… or in your case 3 or 4.
JC
24 Sep 12 at 3:26 pm
FFS, please don’t tell me the goose is going to try and claim this “minor improvement” as some sort win?
He wouldn’t be that f*cking stupid, would he?
Oh, wait…
Rabz
24 Sep 12 at 3:47 pm
Comedy Gold.
Refer to M0nty’s pathetic attempt to spin the news there will be no Surplus under a Labor government to get an indication on what the Stenographers will be presenting.
Token
24 Sep 12 at 3:48 pm
Another outstanding result by Treasury – only out by $21bn for 2011-12.
I guess that is what is to be expected when the Department has been completely politicised as a legacy of the Wombat Whisperer.
Looking forward to Treasury’s “independent” costings of election promises next year. Hate to see any black holes emerge as a result of their fine work.
H B Bear
24 Sep 12 at 3:51 pm
But think how bad it could have been if we didn’t have the Worlds Greatest Living Treasurer looking after us.I’m sure that’s the line the Fairfax/ABC suckholes will run.
Bruce
24 Sep 12 at 3:53 pm
Put out MYEFO, then go straight to the polls.
Why?
(1) get to use June National Accounts for revenue estimates.
(2) Treasury basically has to use the MYEFO numbers (which you’ve cooked – Hello Ken) in Pre-Election Economic and Fiscal Outlook (PEFO).
Econocrat
24 Sep 12 at 3:58 pm
What odds a November election?
Pedro
24 Sep 12 at 4:00 pm
The Goose doesn’t know what he’s doing–we do, it’s the bidding of masters Rudd and Gillard who try to prove the money pit is bottomless–alas!…..
Jazza
24 Sep 12 at 4:02 pm
Hey a good news Budget story.
And from the Liberal coalition we can see thier priority is on Education……..
TONY Abbott’s budget razor gang is considering plans to charge students more for university degrees and introduce a new cap on university places.
As the Coalition searches for budget savings, sources have confirmed “all options” are on the table including calls for a 25 per cent increase to university HECS fees.
But Oh well at least the NSW Liberals are doing a better job……
When we left government in March last year our State had a sound record of financial performance. The budget was $1.3 billion in surplus, with a low debt burden, a triple-A rating and a sizeable and diverse economic base delivering growth and jobs. This Government inherited a 4.8 per cent unemployment rate—the second lowest in Australia. After just a matter of months the unemployment rate moved to 5.5 percent. For those lucky enough to keep a job, this Premier threatened in his recent State of the Region address at Rosehill that, “There are lots of public servants who will work their guts out.” Our previous Labor Government created 195,000 essential front-line jobs in its last two years of government. By contrast, Barry O’Farrell has already cut 20,000 jobs in less than 18 months, and he has promised even more to go. We have seen 3,600 jobs cut from our hospitals, 2,400 jobs cut from schools and TAFE, and 1,000 jobs cut from community services. Even as 44 children known to the department have died this year, the Government has still been willing to cut back on essential services that we need to ensure that children are safe. Rural services such as provided by regional development offices, fisheries, gaols and fire stations have been closed.
Xevram
24 Sep 12 at 4:02 pm
HIGH! Higher than a surplus!
Econocrat
24 Sep 12 at 4:03 pm
To be fair, Bear, i don’t think it’s entirely Treasury’s fault.
My suspicion is that the Treasurer has leant hard on his department to produce the ‘right’ figures, as he did with the carbon tax and the mining tax.
I am the Walrus, koo koo k'choo
24 Sep 12 at 4:03 pm
If they were serious about budget cuts they would put the NBN on hold for a start and stop the boat$ for seconds.
Chris M
24 Sep 12 at 4:05 pm
Really? You think Marty Parkinson and his senior people aren’t leftwing ideologues?
There’s a bridge in Brooklyn up for sale I think.
JC
24 Sep 12 at 4:11 pm
gotta love Peter Costello
val majkus
24 Sep 12 at 4:12 pm
Oh noes – they’re tekkin’ our frontline jerbs!
Rabz
24 Sep 12 at 4:13 pm
But all the people on ABC’s Insiders sat on the couch earlier this year and praised Swan for announcing a surplus for 2012-2013. They were proud of him! And everyone was very impressed.
So therefore a deficit is out of the question. I don’t believe a word of it. The ABC told me there would be a surplus, so a surplus there will be.
Doubters.
dd
24 Sep 12 at 4:32 pm
Bawrie couldn’t contain himself when there was the surplus talk. he was like a kid with a new toy. Effusive is the best way to describe ol’ Leatherface with Wand announced that mirage.
JC
24 Sep 12 at 4:44 pm
Just who is this crazy, crackpot far right tea partier Wayne Swan? According to the award winning treasurer Wayne Swan, the crazy, irresponsible message being espoused by this loon Wayne Swan of “deep cuts” to achieve a balanced budget is the most dangerous thing for the economy and only something espoused by “crazy” “cranks”.
I cannot wait until Wayne Swan hears about this, Wayne Swan is going to get an earful from him.
twostix
24 Sep 12 at 4:45 pm
Dunno, JC, they probably are, i haven’t spoken to them.
But from what I know of the Treasury people who actually crunch the numbers (not the Executive Directors) they are diligent technocrats, whatever their political persuasions. Fudging the numbers isn’t their default setting – to get that sort of outcome, there usually has to be pressure from the Treasurer.
I am the Walrus, koo koo k'choo
24 Sep 12 at 4:45 pm
They couldn’t drive a greasy stick up a dog’s arse.
Splatacrobat
24 Sep 12 at 4:57 pm
Bog standard Labor tactics when they have ran the economy into the toilet (as they ultimately do).
They have stolen quite a few elections at state level serving up dodgy # and going to election early.
Token
24 Sep 12 at 5:02 pm
http://www.electionnow.com.au
Lysander Spooner
24 Sep 12 at 5:04 pm
Such “dilligent technocrats” would be sacked in a heartbeat in the private sector for their assistance in misleading the shareholders and creditors.
Token
24 Sep 12 at 5:04 pm
I agree with econocrat. Also, it will allow DC to falsely claim that he had ‘delivered’ a surplus for 2012-13. The portion of the electorate that is ignorant of the budget process will believe him, especially when he is backed up by the *cough* intellectual firepower contained in Canberra’s ever vigilant press gallery…
Skuter
24 Sep 12 at 5:07 pm
A good reason for the standards pertaining to the accounts and corporate governance of public companies to be applied to governments’ accounts.
I am the Walrus, koo koo k'choo
24 Sep 12 at 5:13 pm
Rabz ,woin is not stupid ! He got a batchler of them yarts in ergonomics os sumthin from brizzie Tafe ,none of yer fancy poofterunis fer woin . He done to be right with centrelink loik moi ,I got one too!
Borisgodunov
24 Sep 12 at 5:21 pm
Everything coming from the ALP of late seems to imply they are preparing for an early election…this is just another sign that they are laying the groundwork…
Skuter
24 Sep 12 at 5:29 pm
“…but when will Thr MSM rap them over the knuckles for it?
Comedy Gold.
Refer to M0nty’s pathetic attempt to spin the news there will be no Surplus under a Labor government to get an indication on what the Stenographers will be presenting.”
Oh, that wasn’t actually a question. I know damned well they will gloss over it completely. M0nty’s spin was not lost on me – I knew Swan would crow over that news, never mind it was only a slightly better result than the mid-year forecast which increased the deficit by, what, $15billion? Expect the MSM to lavish praise on Swan for being marginally less monstrously incompetent! The SMH has already commenced throwing flowers at the swanning idiot.
Twodogs
24 Sep 12 at 5:43 pm
“Our previous Labor Government created 195,000 essential front-line jobs in its last two years of government.”
And how many of those artificial jobs pay for themselves? What’s the bet those jobs are only “front line” due to a redefinition of the term? Does anyone seriously believe that there are 195,000 additional police, firies, doctors and nurses than there were before? More like 195,000 positions in useless roles for the express purpose of creating 195,000 new labor voters.
Please provide a breakdown of those new jobs, otherwise it is nothing more than a load of bollocks.
Twodogs
24 Sep 12 at 5:58 pm
How many jobs did they kill with regulation and occupational licensing…not to mention new taxes.
.
24 Sep 12 at 6:26 pm
The Assholes are earning 100 a. Week and spending 143 instead of 147 ? This is a victory? Get F—en real!
Borisgodunov
24 Sep 12 at 6:45 pm
What will be even funnier will be the NBN Co report.
“Hilarious yet tragic” as they say on the cat. Hilarious for foreigners, tragic for Aussies.
.
24 Sep 12 at 6:47 pm
Waynes World – excellent (for mouth breathing dribblers)
Carpe Jugulum
24 Sep 12 at 7:17 pm
Total Commonwealth Government Securities
on Issue – $248,126m consisting of:
Treasury Bonds – $216,388m
Treasury Indexed Bonds – $16,719m
Treasury Notes – $15,000m
Other Securities – $19m
As at 21 September 2012
Updated weekly
Face value amounts rounded to the nearest million
For those of us who want to know the score.
This week will see the Australia Card maxxed out to its limit.
But what’s this I see?
Some of it isn’t counted, and the nice Bank Manager has extended the Credit Limit to $300 million.
Whoopee.
Winston Smith
24 Sep 12 at 7:35 pm
Beastophobe!
Chris M
24 Sep 12 at 8:04 pm
Chris M:
Eh?
I thought he was just calling Juliar a dog…. but now I think about it, that makes the comment even more Beastophobic!
Mk50 of Brisbane
24 Sep 12 at 8:14 pm
Let’s see ferbile colon spasm defend the NBN funding, management, planning, procurement..jobs for union boys…etc.
.
24 Sep 12 at 8:42 pm
Are we really going to allow that incompetent brain-dead fool Swan to simply walk away from this fiasco on his taxpayer funded pension for life, after he has rooted this country’s finances?
Surely it cannot be so.
The idea of of show trials, and walls, and rifles comes to mind.
James P
24 Sep 12 at 9:59 pm
Do we still have a Future Fund or have they raided that already?
Gab
24 Sep 12 at 10:00 pm
Those would be jobs calculated by modelling studies based on money spent by the gummint. In other words, no-one got the abacus out and counted them up, rather it’s a case of take a number and divide by another number that you make up to get a number you like. Which is more or less how Wayne created his surplus (*snork*) in the first place.
Catfeesh?
25 Sep 12 at 12:44 am
I don’t know if this answers your question Gab, but, the balance of funds is around the $10 Billion mark – which is composed of equal amounts of debt and credit.
The majority of the assets is probably the 1.5 Billion (?) Telstra shares.
In other words it’s gooorne….
But get someone with a knowledge of stuff to have a look.
Winston SMITH
25 Sep 12 at 9:05 am
A well-connected friend thinks a November election a real possibility.
Pedro
25 Sep 12 at 11:55 am
I would like to know more.
.
25 Sep 12 at 11:58 am
Winston, it’s not looking good.
Total Credits $10,934.7 million
Total Commitments $10,492.3 million
Actual Net Earnings $1,372.8 million
Uncommitted Balance * $1,815.2 million
Total Payments from the fund $6,429.4 million
Balance of the fund**
$5,878.1 million
Maximum Annual Payment Limit for 2012-13 $1,229.4 million
Annualised rate of return 5.3%
Not much left in there to fill the $22 billion black hole in Swan’s imaginary budget surplus.
Gab
25 Sep 12 at 12:08 pm
I’m well connected and I agree.
Econocrat
25 Sep 12 at 12:11 pm
Didn’t that fund use to be about $90 Billion, Gab?
Winston SMITH
25 Sep 12 at 2:32 pm