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

[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.

[lakeland27]

that other treasury official Grech was a good example of treasury independence. they are not dependent on the executive branch for employment security or suchlike.. but they might want to curry favour with the purse on the end of Gina's tentacle. (and then fake a mental illness to escape having to explain or go to gaol)