topic Re: Labors MESS they left Australia in in Community Spirit

Labors MESS they left Australia in

nero_bolt — Wed, 07 May 2014 09:39:41 GMT

We were recently reminded by the Commission of Audit of the immense challenge to restore the Budget over the long term.

Six years of Labor delivered:

five record Budget deficits,
a further $123 billion in deficits for the next four years, and
debt projected to reach at least $667 billion.

Today we are releasing a document that sets out in detail the legacy that Australians have been left by Labor.

While the Coalition Government did not create this mess, we are determined to do the responsible thing by all Australians.

The next step in the Abbott Government’s Economic Action Strategy to build a strong, prosperous economy will be the release of the Budget next Tuesday night.

The Government will face up to the difficult but necessary decisions to repair the Budget so that we can build a stronger economy.

It is in building a stronger economy that we can create more jobs, help small businesses and families and ensure there are more opportunities for all Australians.

Regards,

Mathias Cormann
Minister for Finance

64 Pages of the sad and sorry mess that Labor left Australia in

http://www.laborsmess.com.au/

http://www.laborsmess.com.au/?utm_source=Liberal+Party+E-news&utm_campaign=01c401355e-Labor+Mess+Booklet&utm_medium=email&utm_term=0_51af948dc8-01c401355e-57834785

Or the 64 page PDF is here

http://www.laborsmess.com.au/LaborsMess.pdf?utm_source=Liberal+Party+E-news&utm_campaign=01c401355e-Labor+Mess+Booklet&utm_medium=email&utm_term=0_51af948dc8-01c401355e-57834785

Re: Labors MESS they left Australia in

nero_bolt — Wed, 07 May 2014 09:37:49 GMT

Re: Labors MESS they left Australia in

lakeland27 — Wed, 07 May 2014 09:41:04 GMT

nobody with half a brain swallows that anymore, they now know that hockey has doubled the deficit since september

Re: Labors MESS they left Australia in

azureline** — Wed, 07 May 2014 09:41:34 GMT

"The lady doth protest too much, methinks."

Re: Labors MESS they left Australia in

debra9275 — Wed, 07 May 2014 09:44:21 GMT

A lot of the public aren't falling for the propaganda bombing Nero.it's an LNP mess now

Re: Labors MESS they left Australia in

cherry*135 — Wed, 07 May 2014 09:48:26 GMT

Agree with posts 3, 4 & 5.

Re: Labors MESS they left Australia in

spotweldersfriend — Wed, 07 May 2014 10:03:47 GMT

You know they're worried when they have to resort to saturation bombing.

Re: Labors MESS they left Australia in

freakiness — Wed, 07 May 2014 10:06:42 GMT

@am*3 wrote:
Agree with posts 3, 4 & 5.

There is something seriously wrong with a mob who have to rely on trashing the opposition as if they're still on the campaign trail.

I dislike Cormann's style a lot. I also think people should live in Australia for longer and get to know Australia better before they're allowed to enter politics. He seems to be in it for the money and power.

Re: Labors MESS they left Australia in

boris1gary — Wed, 07 May 2014 11:46:26 GMT

http://www.thevine.com.au/life/news/10-things-what-if-they-gave-a-budget-and-nobody-came-20140429-280674/

B-b-b-but the economy is on fire! Australia's going to be repossessed!

But enough of the lefty Abbott-bashing - let's look at some evidence for our terrible spiralling debt.

First up, our level of debt to GDP has been remarkably consistent, sitting around 10% since the 70s (aside from the mid-90s where it blew out to around double that under Abbott's economic hero John Howard). Certainly for the last decade it's pretty much flatlined at around 11%, where it currently sits. The OECD average is around 50%. Compared with the UK, New Zealand, the US, Israel and every other developed economy, we're utterly amazing. So: no huge debt blowout.

Our interest payments are also completely tiny and entirely manageable: our interest rate is miniscule, sitting under 0.5% (this is why the whole "like households, governments need to leave within their means" argument is bull**bleep**: they have different responsibilities from and enjoy far better economic conditions than households).

There's also the tiny point that the numbers that Hockey is using to justify his budget are, to be kind, made up: more specifically, he's using "out-of-date forecasts from the beginning of December", according to BusinessWeek's Michael Pascoe, instead of the actual current data.

And while government public debt isn't by definition a bad thing - borrowing money to stimulate the economy or protect services in times of crisis is often the most responsible thing that a government can do, which is why our level of debt rightfully skyrocketed during WWII - the fact remains that our debt burden is scary-sounding numbers that translate as negligible percentages.

Now, there are those who argue that all debt is bad and that things could be better. This is largely nonsense, and takes as its premise that public money is not collected for the benefit of the people who contribute that money.

To use Abbott's own ridiculous governments-as-households analogy: you could have more money to put away in savings if you stopped buying food and clothing, but a) being hungry and naked is not preferable to being fed, clothed and managing your debt responsibly, and b) ultimately, what's the point of money if it's not to exchange for things we need? That's literally the entire reason we have the stuff.

Re: Labors MESS they left Australia in

monman12 — Wed, 07 May 2014 12:49:35 GMT

http://www.smh.com.au/federal-politics/its-the-debt-not-the-spending-why-the-budget-is-bleeding-20140503-zr3mo.html#ixzz3121XgCtM

B-b-b-but it's the debt, not the spending: why the budget is bleeding.

The trouble with relying upon C&P which you do not read, and/or you do not understand, is that you end up posting biased rubbish e.g.

"First up, our level of debt to GDP has been remarkably consistent, sitting around 10% since the 70s (aside from the mid-90s where it blew out to around double that under Abbott's economic hero John Howard). Certainly for the last decade it's pretty much flatlined at around 11%, where it currently sits."

Thus by extrapolation the whole post, and subsequent ones, will be viewed as being as reliable!

"Last decade flatlined at around 11%" really? the Circus would appear to have achieved what could be described as a debt big-top.

Looks like the OECD also have a different idea of FLATLINE:

nɥºɾ

Re: Labors MESS they left Australia in

fourandsixpants — Wed, 07 May 2014 13:34:25 GMT

to monman.

*Yawn dear......as boris points out.....Why have money if you're not going to spend it, that's basically what it's for you know and this money is the people of Australia's money, to be spent on stuff for them.

This money is not a slush fund for lying, pontificating politicians or their mates to order boys toys with.

...if those in power are worried about current debt - national, personal, state, federal -whatever, then these govt fat cats should be getting stuck into the legislation that can harness and control banksters (instead of granting banks financial product selling powers where unsuspecting customers ultimately get 'ripped off' and where these financial planners & banks gets MASSIVE earnings off customers monies), financial planners and these same financial fat cat corporations.

Re: Labors MESS they left Australia in

poddster — Wed, 07 May 2014 13:50:06 GMT

I would hate you to be my banker with an attitude like you have just expressed.

So you are under the impression that government should spend taxes willy nilly as it is not their personal funds.

I an sure that you would make a fuss if the lending institution was to spend up on your credit card without concern about the debt that they ran up on your account and foisted goods and services on you that you did not need, want or could afford.

You know........ eventually the piper has to be paid.

Re: Labors MESS they left Australia in

fourandsixpants — Wed, 07 May 2014 14:26:22 GMT

.....er....I don't have a credit card. I only have a debit card. I practise only spending what I have and budget for what I need.

The govt should spend what they have on what we need.....not on what they want.

ref. your comment ...."........ eventually the piper has to be paid." Sure but we don't all have to donn extra tight lycra budgie smugglers whilst making affordable increment payments on a planned and well managed budget.....wouldn't want to blow out the crotch seams!

Re: Labors MESS they left Australia in

poddster — Wed, 07 May 2014 14:31:25 GMT

That raises a question.

Why don't you have a credit card and live on funds you do not have, like the majority of the population?

Re: Labors MESS they left Australia in

fourandsixpants — Wed, 07 May 2014 14:52:06 GMT

I did experience the 'greed' concept and I didn't like the results! So, I chopped up the 2 credit cards, made a plan to pay them off and had a lot less stress just keeping my greedy wants at bay, so to speak:)

Sure, there are times of 'emergency' .......so you borrow on an agreed and affordable repayment plan....or start saving for future emergencies-takes a LOT of discipline btw to do this .

I well remember what my Dad told me, many years ago

".....it's not how much money you make/get/have that matters but HOW you spend it."

I try to practise this.

Had a boss many years ago who told me that HIS boss told him that money is nothing but what you can buy with it as this is where the value is.....and NEVER think of money as anything but 'units' then when you plan how you will spend your money you will not get distracted by emotion.

He also passed on that every pay you should use %'s to divvie up and budget for bills, spendings on self and others and savings both short and long term.

I practise this.

Re: Labors MESS they left Australia in

poddster — Wed, 07 May 2014 15:00:31 GMT

Good advice and good plan.

Don't you think that a country should adopt a plan that is similar?

Perhaps Hockey is in the process of trying to repay the country's dept and aiming to cut up the credit cards that the previous government maxed out over a six year period of spending like a drunken sailor on superfluous things

Re: Labors MESS they left Australia in

fourandsixpants — Wed, 07 May 2014 15:13:46 GMT

No!!!!!

Hockey himself has just DOUBLED the deficit !!

I don't trust him to manage our money.

Re: Labors MESS they left Australia in

poddster — Wed, 07 May 2014 15:20:51 GMT

Like I said in another thread don't believe all you read 🙂

The landscape that the previous government left was scattered with financial land mines that are just now being discovered, there are still plenty left to try and find and defuse.

Re: Labors MESS they left Australia in

fourandsixpants — Wed, 07 May 2014 15:28:12 GMT

I distrust this because this present leadership clan have had since September 2013 to go through the books.

This present bs leading up to the budget is just a ploy.....they have failed miserably to convince me that they are competent, trustworthy sincere and professional. Nothing that Hockey, Australia's Treasurer, has said in the last few weeks gives me confidence.

Everything that Hockey has done worries me actually.

Re: Labors MESS they left Australia in

poddster — Wed, 07 May 2014 16:13:22 GMT

What was your confidence level of Swan