Deluded from Canberra

Speaking at an investment conference yesterday, Treasurer Frydenberg said this:

I never thought as a Liberal treasurer that I would be here with the highest deficit and the debt.

Hahahahahaha.

You’d be one of very few who though a “Liberal treasurer” wouldn’t deliver the highest deficit and the debt.  Given that the 2 “Liberal treasurers” before Mr Frydenberg, Hockey and Morrison, set the previous deficit and the debt records.

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8 Responses to Deluded from Canberra

  1. Spurgeon Monkfish III

    I never thought as a Liberal treasurer that I would be here with the highest deficit and the debt.

    He really is about as useful and intelligent as a dead wombat lying by the side of the road.

  2. Davey Boy

    The following is an extract from a letter received by a relative, a long-retired public school teacher (from last century) about their (NSW) Sate Super pension. I have highlighted some bits below that caught my eye.

    According to whomever administers the NSW State Super scheme, it appears that we have negative CPI.

    In what I see, read and hear, we are currently in a period of stagflation – high unemployment, and prices are rising across the board for the “basket of goods” (with all the money being sprayed out from the govt helicopter, how could prices not rise?) Has there really been a negative CPI?

    Annual Consumer Price Index (CPI) adjustment

    Your pension payments are adjusted in October each year to reflect the percentage movement in the Consumer Price Index (All Groups Sydney) for the previous financial year. This adjustment most often results in an increase in your State Super pension, but your pension can be decreased if the CPI is a negative amount.

    Annual adjustments to State Super pensions were introduced in 1974, and under the scheme rules introduced at that time, where a negative CPI is less than -1.0%, the legislation allowed for no adjustment to be made in the current year, however, the negative CPI percentage is carried forward to the next year and offset against that year’s CPI rate.

    ln July 2020 the ABS released the CPI from the June quarter 2019 to June quarter 2020, and for the All Groups Sydney index it was -1.0%. This would have resulted in a reduction to your pension, however, legislation has recently been amended to increase the threshold to -1.1%. This means that State Super pensions will not be reduced by the negative CPI rate for this year, but the rate will be carried forward and offset against next years CPI adjustment rate.

    Therefore, there will be no CPI adjustment to your pension this year.

    This is the first time that the CPI for Sydney has been negative since adjustments to State Super pensions commenced in 1974. The negative CPI rate for 2020 can be attributed to the economic consequences of the global COVID-19 pandemic, with the fall in the June quarter of 2020 the largest fall in the 72-history of the CPI.

  3. Spurgeon Monkfish III

    ln July 2020 the ABS released the CPI from the June quarter 2019 to June quarter 2020, and for the All Groups Sydney index it was -1.0%

    Meanwhile, every single regular household bill I received over that period was higher than the previous year’s.

    The CPI bears no resemblance to reality, even coincidentally.

  4. H B Bear

    Josh suddenly realises he is a Lieboral.

    Relax Josh, we have known for years.

  5. a happy little debunker

    Who would have thought that a LNP Australian Government would trash the Australian economy in response to a flu-like respiratory virus?
    A virus that has a 99.5-99.997% survival rate for those under 70 and a 94.5% survival rate for those over 70.
    A virus so deadly the ‘leader of the free world’ being in the highest of risk groups, recovered in just 4 days.

  6. Michel Lasouris

    Dus AFKAS ever proof-reed his coments?

  7. Shy Ted

    But he has an economic plan which is sooooooo goooood that the est debt by 2031 will be $1,700,000,000,000, up about 70-110% depending on whose numbers you believe. The spelling for politicians should really be dilluded.

  8. Neil

    Given that the 2 “Liberal treasurers” before Mr Frydenberg, Hockey and Morrison, set the previous deficit and the debt records.

    That is wrong. The Hockey and Morrison deficits were lower than the Swan deficits. Swan had the record until now.

    It should never be forgotten that we were debt free in 2007 thanks to Howard/Costello. We have not run a surplus budget since 2007 with many more deficits to come

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