Oz' budget has gotten worse, says the new government.

[Swampy]

They'd say that, blaming it on the socialists, but that's a standard trick, to make everything look bad initially, then come out with a miracle cure to make them look good - and just in time for the next election.

[Sir John]

The budget situation has been getting worse year by year for the 6 years of the socialist government.

They took over a Treasury with NIL net debt, and a budget SURPLUS of about $20 Billion. They blew that to bits in the first year. and it has got steadily worse ever since, (debt is now $300 billion). The voters know all that, and that is why they threw them out. The rusted on socialist voters will never admit it, but enough knew the reality and gave them the arse!

The last, very similar, situation ($97 billion) took about 11 years to clear the slate, and as soon as they had done that, the voters put the socialists back in!!!


Not very bright!



SJ

[Deleted]

Swampy we will know more once the commission of audit has completed its work. However, the mining boom that commenced in 2004 has all but disappeared and the terms of trade have slipped backwards, revenue is shrinking.

The socialists raised the debt ceiling for 2012/13 to $300 Billion but have increased debt to $360 Billion since the start of this financial year without raising the ceiling, despite calls for them to do so from the former opposition. And the socialists failed to fund Budget expenditure beyond 30 June 2013.

The Reserve Bank of Australia usually has an A$ fighting fund to use to protect the A$ but the socialists had withdrawn monies from the Bank leaving them with about $3-4 Billion instead of the preferred reserve of $12 Billion, so the Coalition had to find $8-9 Billion immediately. The socialists now say the RBA never asked them for money, but they do not admit that the RBA asked them not to withdraw monies which they used to make budget deficits look lower.

Following years of Coalition government producing surpluses most years, all but one I recall, Labor have only produced deficits that amounted to over $200 Billion at 30 June 2013. They even underestimated the current year deficit estimate by several billion.

Unemployment is increasing, but even more telling is that under employment is rising faster and hours of work are falling for under employed.

The fact is that the socialists created a mountain of financial and economic messes that will take a long time to sort through. They wasted so much money, squandered after borrowing money when revenue was well up on any previous period of government before 2007. The illegal immigration expenses are a huge budget burden too, as is the national broadband network that is far too expensive and being mismanaged, way behind schedule and way over budget, we are told by media as the NBN is a government owned private company and its operating details are not published.

The commission of audit will give us a better picture to assess.