Surplus turns to $10bn deficit ANOTHER LABOR FAILURE

[nero_bolt]

SO much for the worlds greatest  WORST  treasurer

LABOR is at risk of posting a deficit of more than $10 billion this year as it seeks to fight an election on economic management, with new figures revealing a $5.2bn blow to revenue.

The revenue shortfall not only destroys the prospect of a budget surplus this year, it also casts doubt over future surpluses, amid caucus concerns over Wayne Swan's performance in selling the government's message.

Finance Minister Penny Wong warned last night of further "spending restraint" in response to the latest budget accounts, highlighting the government's challenge in slashing outlays or raising taxes to fund its big election commitments.

Senior economists cited the figures as a further sign of sluggish growth and forecast the deficit would come in between $10bn and $15bn.

A key industry group called on the major banks to make immediate cuts to interest rates to ease pressures on employers and consumers.

http://www.theaustralian.com.au/national-affairs/surplus-turns-to-10bn-deficit/story-fn59niix-1226579244087

FAIL FAIL FAIL by Gillard and swan and Labor.

On 500+ occasions Labor promised a surplus  http://youtu.be/YRuDZ3R5P3Y

Wayne Swan - How Embarrassing Was That? Lying About The Surplus In Your Pamphlet!  

http://youtu.be/8vKYC4jKCDw

[monman12]

Forget the myopic bleatings here of NW and LL,  (at least LL does post some original thoughts/research, sometimes), also filter the remainder of the noisy flocks (cycloptic acolytes) bleats.

Try some "independent" references like the treasury, ABS, the major banks, financial analysts,  etc.

NW, whilst you are  blindly castigating all things Labour,  take the time to research  coalition State budget forecasts.

[lightningdance]

Forget the myopic bleatings here of NW and LL,  (at least LL does post some original thoughts/research, sometimes), also filter the remainder of the noisy flocks (cycloptic acolytes) bleats.

Try some "independent" references like the treasury, ABS, the major banks, financial analysts,  etc.

NW, whilst you are  blindly castigating all things Labour,  take the time to research  coalition State budget forecasts.

.

Thank goodness for a quiet sane voice on here from monman.

This from the treasury secretary Martin  Parkinson

Explosive testimony reveals Treasury compiled MRRT budget forecasts in ignorance of the real cost of tax concessions agreed by Labor. 

TREASURY secretary Martin Parkinson has admitted the design of the mining tax is responsible for its failure to generate revenue, not the falling commodity prices, higher currency and state royalties blamed by the government.

[lakeland27]

.

Thank goodness for a quiet sane voice on here from monman.

This from the treasury secretary Martin  Parkinson

Explosive testimony reveals Treasury compiled MRRT budget forecasts in ignorance of the real cost of tax concessions agreed by Labor. 

TREASURY secretary Martin Parkinson has admitted the design of the mining tax is responsible for its failure to generate revenue, not the falling commodity prices, higher currency and state royalties blamed by the government.

How exactly ?

[monman12]

"TREASURY secretary Martin Parkinson has admitted the design of the mining tax is responsible for its failure to generate revenue,"

"How exactly ?"

http://www.theaustralian.com.au/national-affairs/treasury/treasury-exposes-mining-tax-flaws-as-martin-parkinson-blames-labors-concessions/story-fn59nsif-1226578314817

[lightningdance]

"TREASURY secretary Martin Parkinson has admitted the design of the mining tax is responsible for its failure to generate revenue,"

"How exactly ?"

http://www.theaustralian.com.au/national-affairs/treasury/treasury-exposes-mining-tax-flaws-as-martin-parkinson-blames-labors-concessions/story-fn59nsif-1226578314817

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Thank you monman for the link. It seems that if it's posted by you it's OK but from me it's not worth comment. :-x

[lakeland27]

.

Thank you monman for the link. It seems that if it's posted by you it's OK but from me it's not worth comment. :-x

one treasury official . there's nothing compelling in that. the states royalty hikes played a large part too .. there are many factors. it beats sending money in the opposite direction .. justify that stance if you can 🙂

[lakeland27]

can abbott actually say it ? i'm not taxing them , i'm taxing you'  nothing to be crowing about there ..

[id_pending]

one treasury official . there's nothing compelling in that. the states royalty hikes played a large part too .. there are many factors. it beats sending money in the opposite direction .. justify that stance if you can 🙂

One Treasury Official? 

Isn't the Treasury Secretary the one official Head of the department?

Isn't the Treasury a part of the executive government?

[windrake]

One Treasury Official? 

Isn't the Treasury Secretary the one official Head of the department?

Isn't the Treasury a part of the executive government?

Seems no proof of the failure of Swan & Gillard, no admitting that the tax is flawed, no higher than the Executive Senior Treasury  saying so, this cannot compute with some of the woftams on here.

It's a waste of energy & time to even give them any creedence.

[topsidesoul]

.Strictly of course we're not. The Treasury Department is a department of state. It is part of the executive government. It works to the government of the day, whatever the political persuasion of the government of the day. And so in that sense of course the Treasury is not independent from government and it can never behave as if it is independent from government. But there's another sense in which it does have a degree of independence and that is that the Treasury conducts its analysis without government interference. It's up to the government of the day to decide whether to accept that analysis or whether to reject that analysis.