… and no surplus.
A sigh of relief from the business community, grateful that we are not going to stop the economy in its tracks just to make the treasurer look less of an idiot. A sigh of relief turned into praise from the ABC for a treasurer ready to make the tough choices. In reality, though, just further evidence that we are governed by a bunch of raving incompetents, left to them we will end up as financially bankrupt as they are intellectually and morally bankrupt.
Remember that the promise of a return to surplus was made at a time when Labor were throwing money around fresh from the printing press. It’ll be alright we will be delivering a surplus … That promise was made over and over again.
When elected Labor stumbled upon a $20 billion surplus, no net debt and $70 billion in commonwealth net assets. The Treasurer of the year has had nothing but praise for the economy that he has managed ever since, it’s the best money can buy. Even this morning he was boasting of anticipated growth, low unemployment and low interest rates. True commodity prices have slipped back … presently they are only three times higher than they were when Labor got in! They have raised completely new taxes. How did they ever run out of money?
The reason is simple, Labor has done what Labor does – spend. This Labor government has spent very enthusiastically and delivered less in return than even Whitlam’s.
Everything they have actually done has gone wrong … from frying apprentices installing insulation in houses that later burn down to an Education Revolution that has seen us plummet to new levels of illiteracy.
To play safe they have replaced action with unfunded promises – the Gonsky spend, the Disability scheme.
Since it took office a government that promised to take “a meat axe” to an already bloated public service has appointed an extra 10,000 public servants. It has increased spending from $271 billion a year to more than $370 billion.
The debt on the nation’s credit card now stands at $144 billion.