Thursday, May 16, 2013

Julia Gillard on delivering a surplus

Like respect, credibility is earned not given, it doesn't just come with the territory nor title, even if that title is, Prime Minister.

In all cases. it must be earned and maintained.

In August 2011, Gillard says its incredible to think she won’t give us the surplus saying,

"...the Budget’s coming back to surplus ... There’s no credible analysis on our economic plan that it won’t come back to surplus".
July 2011, she adds,
"The budget will be back in surplus in 2013 as promised".
In May 2012, within the budget papers we read:
The Government is returning the budget to surplus in 2012–13, on time and as promised, with surpluses growing over the forward estimates.
In November 2012 we were still assured it would be a surplus, but just a few short weeks later in December it was suddenly going to be a $1.1 billion deficit.

Then by late April 2013, the PM told us it would now blow out to a $12.5 billion deficit.

And following on, just three weeks later, as Treasurer Swan spells out budget 2013 and we find it's a deficit of over $19 billion!

Otherwise said, around $7,000,000,000 went astray in 3 weeks.

Julia Gillard has done little to earn anything but a loathing for her incapacity, the folly of her ways.

Credibility you ask? Please spare me ...

Wednesday, May 15, 2013

The Little Book of Big Labor Waste

No need for me to cover anything just read the book.

Download here or go here

Saturday, May 04, 2013

Australia's Financial Situation

A prominent and highly successful financial guru wrote this short piece about budgetary plight.

You probably heard Julia Gillard’s speech yesterday saying how bad our financial situation had become, which is in stark contrast to Wayne Swan going about saying we’re doing better than everybody else. As I’ve said many times at seminars, it’s a bit like a one armed man saying I’m better off than a man with no arms at all.

The harsh reality is that this government has got us into debt of nearly $300 billion and the servicing cost of this is over $15 billion a year.

The incoming government has an horrendous task, they first have to bring the budget back to surplus and then make that surplus big enough to pay back $300 billion. It would take 50 years at $20 billion a year. Looks like our great grandchildren will be paying it.

There was one point that has not been highlighted. The government’s revenue has NOT fallen - it is simply less than they expected. The problem is that expenditure has not been cut to match the fact that receipts were less than budgeted for, even though they are more than last year’s.

Click here to find out who