Economic ignorance beyond the superhuman. These people are certifiably insane but we elected them. You just have to see the numbers: Victoria’s budget John Cain/Joan Kirner to a new dimension.
Victoria’s debt bill will skyrocket to $154.8bn over the next four years even as the Andrews government bets that it can avoid a third wave of COVID-19 and kickstart a rapid economic recovery.
Tim Pallas’s sixth state budget reveals the sea of red caused by the coronavirus crisis, with Victoria a whopping $23.3bn in deficit as the economy shrinks by 4 per cent this year after almost three decades of uninterrupted economic growth.
They must have already sold the State to the Chinese because there is zero means for these people to fix the books and pay these debts. And do let me add this:
The budget papers also reveal Victoria’s public service wages bill has soared almost 10 per cent this year – and will blow out by $6bn over the next four years.
Mr Pallas defended the massive increase in borrowing, saying it had been recommended by the Reserve Bank and the federal government, and that interest charges – averaging 4.4 per cent of revenue a year – were manageable.
I want every Victorian politician’s retirement super to be discounted by five percent a year until the deficit is gone. And if this has been endorsed by Morrison, I want to hear him say so. None of them know a thing about managing an economy.