Despite having delivered Australia’s finest budget analysis for the last two years running, TMR still hasn’t received an invite to the budget green room. Consequently, while imbeciles like Shane Wright get to see what’s cooking in advance, TMR can only access the following at the moment:
In the meantime, as part of TMR’s ongoing community service, here is the sad story of how and where our money was comically squandered by Rudd, Gillard, Swan and Labor to the tune of about $400 billion.
Even if you’ve already read it, it pays to read it again, remind yourself of what really happened – and confirm that the biggest increased item of spending over the last 10 years really has been THE INTEREST ON THE DEBT THAT WAS SENSELESSLY AND EGREGIOUSLY RACKED UP. It’s not even close.
You can say what you like about Turnbull – goodness knows I have. But the fact is that neither he (nor Abbott) got this show on the road and caused the $400 billion handicap that they were forced to started off with (quick tangent: I wonder if our federal budget will qualify for NDIS assistance?).
Just imagine for a moment that you’ve worked hard your whole life and paid off your home. Despite still being more than capable, you then decide to hand some of the reins over to your children and give them power of attorney and guardianship over you and your assets. The next thing you know, six years have gone by and your house is now mortgaged for its full value. As for the borrowed money, all there is to show for it is:
- a huge shed out the back that sits next the the slightly smaller one you already owned (improvement to the value of your home: nil);
- a new modem that makes the internet go just as fast as it was always going to;
- mortgage repayments that far exceed what you can afford; and
- a new tenant occupying one of the rooms in your house, who comes and goes as they please – and without whom you cannot afford the mortgage repayments.
Feels great, doesn’t it?
What’s that? You’d also like to revisit TMR’s award-winning* budget analysis from the past two budgets? I’m glad you asked! Here they are for you to read, weep and wallow in:
(*) Award pending.