'Budget black hole' vs 'fall in tax revenue'
Monday, 29 April 2013
Everyone's covering it today.
If we have a look at the wording of each headline you get a sense of what story leans in what direction.
I think it's important to note that this fall in revenue isn't a fall when compared to last year. Revenue is up on last year. The decrease is based upon the forecast.
I've been in the corporate world and held responsibility for multi million dollar contracts. I too had to provide forecasts to senior executives to be passed to the board, ASIC and shareholders.
There was always hell to pay when you were wrong but you avoided being wrong through good financial and operational management. If this was replicated in the private sector there'd be one CEO and one CFO living on the Newstart Allowance.
Putting the management hat on briefly I have 2 questions:
Question 1 is 'who provides the forecast?'. I assume it's a Treasury Department which is staffed by impartial Public Servants, fair enough.
Question 2 is 'who provides the assumptions and policy for the forecasts?'. This question will no doubt lead us up the hill to the current cabinet room, and that is precisely where the buck should stop.
No doubt our more experienced financial readers have calculators and pens poised for analysis and I'm looking forward to reading them!
I doubt it
They are just as full of corruption as the government
Posted by: gungit | Monday, 29 April 2013 at 08:09 AM
Michael, I must correct you. If this was replicated in the private sector there'd be a CEO and CFO facing criminal charges.
Posted by: mel | Monday, 29 April 2013 at 08:14 AM
Stupid Swann bleats on about everything is the fault of the fall in Revenue.
I think it was Abbott who said Revenue has in fact increased, the problem is their spending has increased even futher.
They have a spending problem NOT a revenue problem.....stupid gits
Posted by: Bill Johnson | Monday, 29 April 2013 at 08:18 AM
The argument that the government has used to justify its massive budget blowout,is akin to a person basing their personal spending on the premise that they will be promoted from entry level employee to general manager within a few years. A bank would never lend you money based on that kind of reasoning. No one in their right mind does that. Yet that is exactly what this government has done.
Posted by: Simon B | Monday, 29 April 2013 at 08:22 AM
Once a liar always a liar.Watch the spin today
Posted by: kimball | Monday, 29 April 2013 at 08:32 AM
If anyone is surprised they are as blind and ill-informed as Gillard, Swan, Wong, Bradbury and Shorten.
Australia needs an election not another fictitious unaudited balance sheet which this mob thinks is a realistic budget.
Posted by: john greybeard | Monday, 29 April 2013 at 08:37 AM
You do not need an economics degree to understand what has taken place. With the exception of 2008-9 revenues have gone up every year since Labor was elected. Labor has spent more money than it has collected.
Where to cut spending?
Experts (with economic degrees) say :middle class welfare, baby bonus,broaden and increase the GST, defense and increase the retirement age.
Instead, why not cut spending here:Foreign aid, ABC (privatise), Change legislation(pull out of our obligations to the UN regarding refugees) so that anyone coming to Australia without a valid passport is removed immediately with no access to our tax payer funded courts and lawyers,stop all funding to renewable energy and privatise SBS too.
To grow our economic pie we should be encouraging investment in mining. There is a shit load of revenue to be made from oil that is currently untapped. In fact there is so much oil that we would go from being an oil importer to an oil exporter. Even Gillard and Swan would have trouble spending that much revenue.
I just realised i was making sense right up to my last statement!
Posted by: Marty | Monday, 29 April 2013 at 08:44 AM
The question that must be answered truthfully is : "was this forecast in place when the surplus was being headlined ? " Because my feeling is this forecast has been "confected" recently to provide a contrived reason for the deficit that by most prudent financial observers opinions was always going to be there considering the track record and incompetence shown by the incumbents which shows quite clearly their habit of spending 105% of income and using wildly fanciful and mostly unachieveable estimates of future income to justify their profligate spending !
Posted by: Peter Dippl | Monday, 29 April 2013 at 08:44 AM
Labors story on budgets has been a myth from day one. Many newspaper columnists report the facts and that is a good thing, however, reporting in the newspaper does not hold the 'clowns' to account because there is no need for them to reply.
Until the radio and TV commentators put the facts to these 'clowns' in face to face interviews and demand an accurate and truthful reply then the 'clowns' will keep on with their lies.
A strong TV presenter needs to close down the interview the moment the 'clowns' refuse to answer the question asked. It is at the point whereby these 'clowns' need to be humiliated into speaking truthfully.
Posted by: Mac1 | Monday, 29 April 2013 at 08:46 AM
And only the Oz got it right: "$12bn hit to revenue forecasts". None of those misleading headlines go to the cause; the forecasts were horribly wrong.
Posted by: Allan Cox | Monday, 29 April 2013 at 08:47 AM
And there's still 30% of our voting age population prepared to vote for her. It's now in the realm for "Ripley's Believe It or Not!" .....
Posted by: Romeo Mike November Delta | Monday, 29 April 2013 at 09:16 AM
@ Posted by: Marty | Monday, 29 April 2013 at 08:44 AM
Why not? Because it would take common sense and decency to make those decisions and there is precious little around of that particular one.
Posted by: Ulla | Monday, 29 April 2013 at 09:21 AM
Watch Abbott have to pay it all off and make massive cuts. I reckon labor are enjoying the spending knowing what Abbott will have to do to bring us back on track.
It is all games ..... stuff the people - it is all about labor.
Posted by: sue | Monday, 29 April 2013 at 09:28 AM
Does ANYBODY listen to these morons anymore? I don't think so. Everything, everything these people say are lies. Wouldn't survive 1 minute in the real world. Who in their right mind would employ these lightweights? Dumbo Gillard got in by stealth and throwing (our) money at the independents. It was always going to end in tears, and ol tin ear and her morons are going to hang right in there. God I can't wait till September!
Posted by: Kenny | Monday, 29 April 2013 at 09:30 AM
BUDGETARY BLACK HOLES? WHAT ABOUT EDDIE AND MACCAS POCKETS? WHAT ABOUT THE BLACK HOLE INTO WHICH JOHNNY MAITLAND'S KEY MINE SCAM DOCUMENTS WERE CHUCKED INTO?
Kate McClymont (SMH 29/4/20130 has been at it again:
"Macdonald deal documents kept from Parliament
Almost 1000 pages of documents concerning the allegedly corrupt coal deal involving two former Labor ministers Ian Macdonald and Eddie Obeid were withheld from Parliament in 2009, a parliamentary inquiry has found.
In November 2009 the Legislative Council issued a call for papers regarding the exploration licence for Mount Penny, in the Bylong Valley near Mudgee.
Since then, an explosive public inquiry by the Independent Commission Against Corruption has uncovered a treasure trove of documents. Most of the crucial documents were withheld from Parliament. Those documents revealed Mr Macdonald may have corruptly granted a coal exploration licence for Mount Penny, which happened to be where the Obeid family had bought rural properties.
The Obeids have made $30 million from the coal deal and could reap a further $100 million if approval is granted for an open-cut mine at Bylong, which could be worth up to a billion dollars
. . . . . . .
Some of those documents revealed how Mr Macdonald had personally ordered the department to produce an exploration licence for Mount Penny, in spite of advice that more drilling was required in order to determine just how much coal was there.
On Tuesday, the Privileges Committee will release its report into the potential cover-up. Prominent barrister Bret Walker, SC, was retained by the Privileges Committee to work out which documents in ICAC's holdings should have been given to Parliament. It is understood no witnesses were called to give evidence to the Privileges Committee, so recommendations may include a formal investigation.
Mr Macdonald quit Parliament in mid-June 2010 over allegations he had rorted travel expenses. During the recent ICAC investigation, evidence was given suggesting that he was to be paid $4 million from the allegedly rigged coal tender. Notes tendered during the inquiry indicated he had previously received thousands of dollars in secret payments for advancing the interests of mates in other deals involving the government.
Then if you head south to Victoria you have the Slater & Gordon lost docs, black hole, the Federal Court black hole; and in WA the corporate affairs black whole.
The Big Bang Theory certainly holds up with the ALP.
Posted by: Max1 | Monday, 29 April 2013 at 09:30 AM
The impartialish Treasury will provide a forecast in the form of a range of values and a set of assumptions. They would also explain how variation in those underlying assumptions would impact on the forecast outcome AND their estimate of the likelihood of a variation in the underlying assumption.
The government will then select a figure from the range and (without explaining the caveats applicable) say that this figure IS the Treasury forecast.
So, as you can see, this process allows the Governmet to pick a figure out of thin air to suit their purpose, the characterise it as an independent forecast.
Posted by: Angus Black | Monday, 29 April 2013 at 09:37 AM
Gillard and Swan have deliberately adopted a scorched earth policy.
Posted by: Bec | Monday, 29 April 2013 at 09:47 AM
How much of this $12B black hole went to "Corruption Fund"?
Posted by: Aquarian | Monday, 29 April 2013 at 09:53 AM
Read Carbon Tax. Read Mining Tax. Forecasts completely over the top and perceived income spent beore reality. There's the problem and they cannot be allowed to lie about it. Yes; In private enterprise we'd be fired and worse!
Posted by: Outraged | Monday, 29 April 2013 at 09:55 AM
There's a hole in the budget, juliar, juliar,
There's a hole in the budget, juliar, a hole
Well fix it dear Swanny, dear Swanny, dear Swanny, fix it, dear Swanny fix it
How shall I fix it juliar, juliar, how shall I fix it, juliar, how?
With lies dear Swanny, dear Swanny, dear Swanny, with lies, dear Swanny with lies
With what lies juliar, juliar, juliar, what lies juliar?
Blame Abbott dear Swanny, dear Swanny, dear Swanny
Blame Abbott dear Swanny, dear Swanny, blame Abbott
Posted by: Albert | Monday, 29 April 2013 at 09:56 AM
I'm not good at understanding terms used in accountancy - that requires a university degree, but as a lay person I understood clearly what I heard and read last week.
Since Gillard came to power they have received an income of $1.5 TRILLION. That's via a number of avenues, ie our income tax for one. This Gillard government has SPENT THE $1.5 TRILLION PLUS,PLUS !!! ANOTHER $270 BILLION, closing in on $300 BILLION - ALL BORROWED!!! I understand this clearly and Joe Hockey needs to bring this down to the people paying those taxes, not those that deal daily in the economic sector - but to the average man/woman on the street. We all can't be economists. We all can't be doctors. We all can't be carpenters. We have a right to understand at the simpliest level as it affects each and everyone of us.
Now, people are loosing their jobs - no income for the government. The mining industry that has kept that income rolling in is SLOWING due to the downturn in CHINA, a reduced income for the government. This could go belly up very quickly and if we cannot pay our debt back, unemployment etc will engulf the country. This corrupt government intend clearly to trash Australia on its way out. Each and everyone in Gillard's government should be held criminally responsible for the lies, deceit, waste and fraud they are inflicting on each and everyone of us and the future generations. As someone has said, maybe we should let 10 year olds and under vote - because they are the ones going to be saddled for life with this debt.
Posted by: Isabell | Monday, 29 April 2013 at 10:02 AM
Thanks for helping give Michael a break….you are a true mate.
This book may be interesting to contributors to the blog, State of the Nation: aspects of Australian public policy, The book brings together 15 distinguished and independent experts (most of them senior practitioners in their fields) to critique policy and performance in diverse policy areas under the Rudd and Gillard governments since 2007.
Posted by: Jack | Monday, 29 April 2013 at 10:06 AM
The forward estimates supplied by treasury are based on assumptions that certain factors will prevail for a certain period of time.
For the past 4 years these estimates have relied heavily on mining revenue and a certain percentage of economic growth.
What treasury has failed to take into account is the fact that its own government policies in Industrial relations, the carbon tax green tape red tape have all worked against economic growth, therefore reducing government revenue.
The treasury also expected certain revenues from the MRRT which have not eventuated.
Major mining projects have been cancelled as a result of the increasing cost of doing business in this country due to the above policies and massive union interference added in.
Treasury also failed to factor any possibility of commodity prices taking a hit because of the situations in other major economies, especially with China where they over estimated China's growth factor by failing to recognise that the worlds largest economy the US was going to remain in a malaise for much longer than estimated.
What has made matters worse we have an inept government and totally inept Treasurer that have both sat on their hands and expected that the RBA would do the heavy lifting for them.
The ALP is so inept that it took months to organise a coup against Gillard that was so badly organised it fell on its arse before the starters gun was fired.......that's how smart they are .........and
These are the people that are running our country.
They could not successfully run a chocolate wheel at a local fete at a profit!!!
Posted by: Don of Qld | Monday, 29 April 2013 at 10:23 AM
Dont worry about the newstart allowance, put them behind bars how stupid do they think the electorate is. Everyone else prioritises and reigns in spending to what is affordable. Not the ALP, Whitlam showed the party how to spend the country into ruin whilst maintaining (lying) we will have a surplus and we wont fail. Failure is not an option, failure is the option failure = ALP. We have pensioners going to bed at 7pm in winter because they cant afford heating so we can keep illegal immigrants with everything laid on to suit the bleeding hearts Sarah Hanson Young etc. An absolute disgrace in this country this is Australia not North Korea. I dont know how these Labor people sleep at night I suppose if you lie and cheat your way up the ladder in the unions and ALP you just have no shame.
Posted by: James | Monday, 29 April 2013 at 10:26 AM
Brilliant. Very funny. :)
Posted by: Gianna | Monday, 29 April 2013 at 10:30 AM
what is the real story about Michael's disappearance? If he had taken a planed holiday he surely would have told us in advance. I bet on it.
If he is taking a few days off from the site and us I am glad and hope he can re-charge his batteries.
Thanks for keeping us up-to-date.
Posted by: Ulla | Monday, 29 April 2013 at 10:32 AM
Annual income twenty pounds, annual expenditure nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pound ought and six, result misery.
Charles Dickens, David Copperfield, 1849
English novelist (1812 - 1870)
Posted by: muso | Monday, 29 April 2013 at 10:33 AM
If you think nothing has happened to revenue over the last five years you can see what has happened on the graph here: http://www.michaelsmithnews.com/2013/02/if-my-aunty-had-well-shed-be-my-uncle-the-swan-school-of-economics.html
The GFC made a big difference to revenue, and apparently income tax is permanently down (compared to the rate of growth of population, spending, GDP, etc) because of changes to super-tax laws enacted by Costello in his last budget. It is not much good to say revenue is increasing - most spending is locked in and increases automatically - you have to look at rates of increase.
It's a good political move - Labor governments tend to lock in spending (Medicare by Whitlam comes to mind. Similarly childcare rebates, baby-bonuses from the coalition) that future governments find hard to change, and Coalition governments tend to lock in tax cuts which future governments find hard to change. As a cartoon said recently - the structural problem with the budget is that voters like tax cuts and don't like spending cuts.
Posted by: michael (Tango Delta Alpha) | Monday, 29 April 2013 at 10:38 AM
Unless you are a looney... in private or family businesses forecasts and/or budgets are conservative. When it is your money most people are be realistic with asumptions.
It is no coincindence that the only winners when you consistantly spend more money than you earn are politicians.
Posted by: noodles | Monday, 29 April 2013 at 10:41 AM
Labor needs to be decimated, not one Labor MP should hold a seat in our Parliament, they have proven to everybody how corrupt they are. you can never trust a Labor Politician ever.
Posted by: terminator | Monday, 29 April 2013 at 10:45 AM
Poor Wayne, it's not his fault if the "IFCOME" did not live up to expectation
Posted by: Nat from Queensland | Monday, 29 April 2013 at 10:48 AM
Michael did you watch "Paul Murray Live " on Sky last night, both Grace Collier (Australian Financial Review) and Jason Morrison (Radio 2UE)said the main headline on all the news should not be about Gai Waterhouse and Singleton, but the Prime Minister of Australia who is seeking re election is currently being investigated by the Victorian Police Fraud Squad. Also saw Chris Kenny on Saturday Agenda asking a Labor Senator about the investigation, he of coarse denied knowing anything about the investigation. Are you able to put both these discussions up on your website for people who did not see them.
Posted by: lucinda | Monday, 29 April 2013 at 10:49 AM
It would be nice to see the coalition recover the money by hitting that area of the community that supports this kind of government - alas it will be the usual bunnies that carry the can.
@Posted by: Albert | Monday, 29 April 2013 at 09:56 AM
Posted by: Percy Phelps | Monday, 29 April 2013 at 10:54 AM
The Australian "Labor" Party was given the honour to run the Australian economy and true to form they have screwed it up yet again. Hardly unexpected from a party that is truly "economically illiterate" as well as being unable to spell.
Posted by: H E | Monday, 29 April 2013 at 10:54 AM
@Albert | Monday, 29 April 2013 at 09:56 AM
There's a crater in the budget, dear swanny, dear swanny
There's a crater in the budget dear swanny my dear.
Then fix it dear swanny dear swanny, then fix it dear swanny my dear.
With what shall I fix it dear Julia with what shall I fix it dear Jualia my dear?
With what shall I fix it dear Julia with what shall I fix it dear Jualia my dear?
With bulltish dear swanny dear swanny dear swanny
with bulltish dear swanny dear swanny. with bulltish dear swanny, my dear.
There's not enough bulltish dear Julia , dear Julia
There's not enough bulltish dear Julia , dear Julia not enough bulltish dear Julia my dear
There's always more bulltish dear swanny dea swanny dear swanny
There's always more bulltish dear swanny dea swanny dear swanny
Posted by: john greybeard | Monday, 29 April 2013 at 10:56 AM
When you appoint the Head of the Department of Environment and Climate Change to head the Treasury, you will get over-the-top estimates supporting Government Policy.
What have we got?
Posted by: john greybeard | Monday, 29 April 2013 at 10:59 AM
Bec | 09:47 AM
Gillard and Swan have deliberately adopted a scorched earth policy.
With all respect Bec, Gillard and Swan are simply lefties; too far out of their depth for anything approaching fiscal management.
Swan couldn't be trusted to serve pre-schoolers at a tuck shop correctly. Strikes me as a compulsive lair, dill and with Beattie and Bligh, the most damned citizens to ever dwell in Qld. That's my learned opinion.
Posted by: Arch | Monday, 29 April 2013 at 11:00 AM
Reply to Max 1 at 9:30 a.m.
Spot on and I would add the "big black hole" that contains "potentially incriminating documents" from S&G's conveyancing files, state court files, bank account files, AWU files etc etc.
Posted by: H E | Monday, 29 April 2013 at 11:03 AM
Apologies Max 1 you did mention the AWU scandal related files black hole.
Posted by: H E | Monday, 29 April 2013 at 11:10 AM
Gillard will reveal today a 12 billion dollar budget deficit ...this is a desperate attempt to recuperate the respect lost and boost morale...
Posted by: Eduardo | Monday, 29 April 2013 at 11:37 AM
Slim Dusty - Your country's been sold.
Posted by: geoff | Monday, 29 April 2013 at 11:51 AM
How can we wait until September? She is doing her best to destroy everything just to give Abbott nightmares when he comes to power. This is now a fact and she should be stopped now. We are all watching powerless while our country is slowly destroyed. What about our children's future?
Posted by: Lauretta | Monday, 29 April 2013 at 12:05 PM
The budget deficit just increased again!
Jason Clare's media unit has just issued a media release for another arrival (Friday):
HMAS Maitland, operating under the control of Border Protection Command, intercepted a suspected irregular entry vessel west-north-west of Darwin on Friday.
Initial indications suggest there were 75 people on board.
Presume there will be several more media releases before the end of the day for the weekend arrivals?
Posted by: Jeff of FNQ | Monday, 29 April 2013 at 12:05 PM
Memo to THIESS, double check any invoices coming in from the Australian Government or associated derivatives thereof.
Especially if they are for $12 Billion or so.
FAILURE TO DELIVER A SURPLUS IS NOT AN OPTION. FAILURE WITH THE ALP IS A GIVEN.
Posted by: underminder | Monday, 29 April 2013 at 12:12 PM
Bob Carr should shoulder the blame for the rot that set in NSW under his leadership and Gillard for the rot that set in nationally under her useless leadership.Manifestation of their poor leadership with the help of the Union heavies is apparent for everyone to see in every state and everywhere that they have governed and wrestled for power,greed and money.These cowards will not concede their faults but always attempt to shift the blame and allay fear by providing lame excuses.They simply cannot manage taxpayers money,their eyes are bigger than their stomachs,their brains smaller than a pea.I wonder if they have any residual intellectual functioning left.
Posted by: Shaun K | Monday, 29 April 2013 at 12:22 PM
The next black holes I want to read about are those of the fundamental type belonging to Messrs Gillard and Swan et al as they disappear over the horizon in September or, by the Grace of God, sooner!
Posted by: Penguinite | Monday, 29 April 2013 at 12:33 PM
Memo Woyne and Joolya: I can only repeat the timeless words of that lady in the Brisbane supermarket, "Why do you lie? I am not stupid!"
Posted by: Allen Ford | Monday, 29 April 2013 at 12:43 PM
"Annual income twenty pounds, annual expenditure nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pound ought and six, result misery. - Charles Dickens, David Copperfield, 1849
English novelist (1812 - 1870)" Posted by: muso | Monday, 29 April 2013 at 10:33 AM
Dickens may not have agreed with everything his comical character Mr Micawber said. Here are the accounts from the Dickens household the year he bought a house: "annual income eighty pounds, annual expenditure three hundred pounds" and the next year he was paying interest on his debt!
In 1849 the cumulative UK government debt was 100% of GDP (source: ukpublicspending.co.uk), which I guess explains all the misery in the UK in Dickens's novels.
Posted by: michael (Tango Delta Alpha) | Monday, 29 April 2013 at 12:45 PM
And you can bet they will attack the ordinary Australian and small business with some sort of grubby tax grab while Gillard,Swan and the other clowns will retire with millions of dollars in defined benefit superannuation and pensions and other perks. It pisses us all off.
Posted by: BruceB | Monday, 29 April 2013 at 12:51 PM
Yesterday, having watched the excellent DVD of Les Miserables in concert, I thought I'd "wiki" Cameron Macintosh and I came up with this little gem of a quote from the man:-
In 1998 Mackintosh was named in a list of the biggest private financial donors to the Labour Party (UK), a decision he later claimed to regret,saying: "Labour really f****d it up. They were profligate at a time when we were doing well. That's why we have the problems we have now. They didn't save any money for a rainy day. It couldn't have been worse these last 12 years."
Labor is the same the world over, prudent financial management is not in their DNA.
Posted by: martinR | Monday, 29 April 2013 at 12:54 PM
I would be grateful for some thoughts on the reason why the AWU-ARA fraud and ancillary matters is being ignored by the mainstream media bar a few exceptions and we are all know who they are.
It is also pretty plain the the Coalition has gone quiet on the matter as have the Greens and independents. The governments of Victoria and WA are silent.
Apart from a couple of hints there is not much abroad about the state of the police investigation - like how many police and which states are involved.
Even the self-professed independent public intellectuals, think tankers and other "talking heads" are silent.
The only thing I can come up with is that Australia is in the grip of systemic corruption compounded by a fear of what speaking out might bring upon those who do. Perhaps it is because no-one believes that the PM might be a criminal, or that just no-one knows about the frauds?
Please convince me I am wrong and that there is another more benign or intelligible explanation.
If there is a serious investigation being undertaken some public authority at the highest level must let the people know before the election. To do otherwise would be absolutely irresponsible.
Posted by: Max1 | Monday, 29 April 2013 at 12:59 PM
Old proverb, but very true:
"Never count your chickens before they have hatched".
During my working life, promised annual or performance pay rises were never taken into account in my spending habits. Once I received said pay increase, I may have splurged on something I had been wanting.
Seems to me, that that is basic common sense..nothing to do with being an accountant, university educated, etc.
In reality, running the country is the same as running a household....you earn $200, you spend $180 (or thereabouts) and you put $20 away for a rainy day. As we all now, there are lots of rainy days. Only the dollar amounts changes in relation to households, companies, the government etc. The principle remains the same.
Posted by: havago | Monday, 29 April 2013 at 01:13 PM
I really pity Tony Abbott and the Coalition when they inherit this unholy and I believe deliberate raping of our Economy by these incompetent, left wing, fiscally illiterate, self cantered, union stooges on their way out. Not only do I believe the three "independents" who keep these mongrels in power should be brought to account for what they've done, but I hope Tony Abbott, when he is faced with no other option[ after sacking 1000s of unnecessary Labor public servants etc. ] but to raise taxes to repair this $275 Billion " Black Hole" for our and our children's sake, probably by raising the GST, names the tax " LABOR PARDIE DEBT TAX" so that all when slugged know why! Come on Ken Lay.....Please, please, please
Posted by: Greg | Monday, 29 April 2013 at 01:17 PM
On 2GB, Alan Jones interview with Terry Mc Crann on
the budget black hole.
Posted by: Anna | Monday, 29 April 2013 at 02:09 PM
And the excuses blah blah blah
Posted by: jenni cummins | Monday, 29 April 2013 at 02:34 PM
Looks like Gillard and Swan want more money, and for everyone to share the burden of their spending habit's..
Posted by: michelle 2 | Monday, 29 April 2013 at 02:51 PM
Gillard and Swan were a pushover for the 3 big miners.
These 2 should go quietly after the election, never to be seen again.
Mining tax deeply flawed, Garnaut says
Date April 29, 2013 - 2:11PM
"Leading economist Ross Garnaut has told a Senate committee that the mining tax is highly flawed and may never raise any revenue in its current form."
Posted by: Jay | Monday, 29 April 2013 at 02:59 PM
Julia Gillard says all Australians will have to shoulder the burden of new structural savings in the upcoming federal budget, declaring all options will be on the table:
Perhaps she could lead from the front and declare she is taking a 50% pay cut (but even then she would be drastically overpaid).
Posted by: Jeff of FNQ | Monday, 29 April 2013 at 03:25 PM
The best place for Labour is The Black Hole of Calcutta.Leave them to rest in that dungeon for good.
Posted by: Shaun K | Monday, 29 April 2013 at 03:48 PM
OMG, blame blame blame.
Why not just get Donald Rumsfeld in to explain the revenue forecast deficit to us?
Posted by: underminder | Monday, 29 April 2013 at 03:51 PM
Shaun K, Carr should shoulder the blame ... NSW
When did a politician ever shoulder any blame - the worst of them get rewarded.
(Does Malcolm Fraser think he was a failure? He does not - he's still waffling.)
Having spent all the money, Gillard and Swan will tell us to do the shouldering.
Four months of these wreckers waffling on, while we watch in disgust.
Posted by: Christine M | Monday, 29 April 2013 at 03:58 PM
Please, please, please x 1 billion, we want an election now, this country cant afford to have the Gillard Government any longer. One more time PLEASE!
And we are FED UP with this lying, incompetent Government.
Posted by: FED UP | Monday, 29 April 2013 at 04:46 PM
Fact is that every financial year since Labor took office has been blessed with far better terms of trade, revenue well exceeding any Howard government year in office. Howard repaid $96 Billion of Labor debt with interest $176 Billion over 10 years ended 2006, and achieved budget surpluses in all but 1 year (East Timor deployment)and for 8 years there was no mining boom.
They handed over a $60 Billion Future Fund and smaller funds and a $22 Billion budget surplus in 2007/08.
Labor spent the $22 Billion and have raided Future Fund and Reserve Bank earnings, and will have borowed $300 Billion by June plus the hidden off budget NBN Co debt.
There is no excuse for their fiscal foolishness and economic vandalism, a public company board would have dismissed these fools long ago.
Posted by: Dennis Thompson | Monday, 29 April 2013 at 04:53 PM
"There will be no governing under the guvment I lead"
Here example of poor old worker John, was sickening. Talk about dumbing down the country, she needs Gonski more than the kids!
Posted by: Rapscallion | Monday, 29 April 2013 at 05:27 PM
this is a woman , on a partners income , did not save , borrowed 100% of her house deposit from S&G..
Now she has squandered the Nations $$$
Posted by: Lola | Monday, 29 April 2013 at 05:34 PM
Fiscal gap? Surely Julia 'jumped the shark' with those two words. Cranial void would have been be a more accurate descriptor. Fiscal gap? That would be when Craig and Pete's plastic bounced. Albo will probably need a remedial massage after this revelation. Oh shit... What a mess.
Posted by: Doubtful John | Monday, 29 April 2013 at 06:00 PM
Her & Swan's problems with tax revenue seem set to continue:
Posted by: Jeff of FNQ | Monday, 29 April 2013 at 07:00 PM
The Grattan Institute was set up in 2008 by funding from Federal ALP govt, State Vic ALP govt and private enterprise.
Please have good look what the Grattan Institute report said about 'alarming' structural deficits we face (ie. $60 billion a year evevy year)....
Page 3 first paragraph says it all. Also, page 28 talks about massive revenue write-downs of the carbon TAX (it uses the term 'price' - but it's ok it just means it's comparing our fixed $23 per tonne price with the less than $4 per tonne in the EU) and also page 28 of report points and laughs at the MRRT revenue FAIL.
Gillard is now saying the sky WILL fall, but it's reverse psychology, so then when budget comes around, the sky will only fall half way based on rubbery figures; paving way for the latte-set to then report the 'half hell' positive and go on and say something like 'oh Gillard is so great - she defied the sledgehammer effect on revenue to come up with (rubbery) surplus in the fourth year of forward estimates'. A surplus will magically appear on rubbery assumption on the fourth year of forward estimates. Which of course is empty as the pork that's left in the barrel.
Gillard of course is a fraud. She proved that when she worked for Slater and Gordon and she hasn't changed a scrap. Trouble is though, the frauds she commits today are 'legal', no matter how immoral. $12 billion deficit masks the true extent of the deceit. It's a lot more than that.
Posted by: Jollybagman | Monday, 29 April 2013 at 07:38 PM
But we are the "envy of the world" and have the "worlds best treasurer" how could this bottomless, Labor designed black hole ever of occurred while under JuLia's shabby watch?
JuLia does not exactly have a good reputation for good book-keeping does she.
Evidently the politicised treasury have been asleep behind the wheel and need to be punted too!!
Posted by: WWW.ABORTIONTRUTH.COM | Monday, 29 April 2013 at 07:39 PM
It is hard to believe this woman passed law exams seems she has got the budget sorted out now just keep the spending and up the taxes for everyone. Well it is obvious she was far better at law than managing the economy. Every month this lot stay in power is another extra year to fix the economy. Nearly fell off my chair watching 7.30 report tonight Ross Garnaut (self proclaimed climate change guru) said Howard government was the problem they spent too much and Labor carried it on. I dont envy the coalition's job of fixing this mess.
Posted by: James | Monday, 29 April 2013 at 08:42 PM
Of course we all could see this coming.
We have been lied to for years, all the figures were always rubbery, they were never ever correct.
Even last week, they lost seven and a half Billion, During the week-end they lost some more it is now
My guess is that for this year the deficit will be
al least 20 Billion.
And then she wants the Gonski and the NDIS that is
to be legislated into the next six years at least, who does she think she is, perhaps the Empress without clothes?
She has thrashed our country, no doubt!
We desperately need an election NOW !
Posted by: Liz of Vic | Monday, 29 April 2013 at 09:02 PM
What we do expect from this government led by an economic nincompoop, when she tells us that if "John" gets into financial trouble - due to not forseeing a downturn in income - the answer is to borrow MORE money!
Posted by: Not on the Left | Monday, 29 April 2013 at 11:06 PM