Debt and Deficit - Coalition Budget Emergency

[medusala]

So the first dotted line is the Hockey/Abbott government.

The underlying cash balance was never going to get to the $18bn of the budget. Noone believed them at the time except for a gullible few. They had to backtrack weeks later. Comical that the deficit suddenly increased $12bn in 8 weeks.

Perhaps make a bit of an effort to understand the numbers before attempting to have a crack at others. What was that about own goal?

https://au.news.yahoo.com/thewest/business/a/18304877/federal-budget-deficit-hits-30b/

Just days out from the announcement of the Federal election campaign, the Government today released an economic statement showing it is on track for a $30 billion deficit this financial year.
Eight weeks ago in the May Budget then Treasurer Wayne Swan forecast a deficit of $18 billion.

Free healthcare for everyone remains.

It's not free though is it?

 

[medusala]

Speaking of 'no ticker', nice fallacy you've argued there. If you can't grasp the political reality that giving people tax cuts, gives them more money and the govt less then we may as well stop chatting.

It's damn simple. It is taxpayers money not the governments. Tax cuts are not the same as spending.

That is not a fallacy, that is reality.

 

[Todman]

So the first dotted line is the Hockey/Abbott government. Notice how it dips after heading back to zero in the previous year. weird that... It has been heading in a positive direction since 2010/11.

Conservative Cheerleader scores an own goal! lol

What you forget is Swan brought forward some expenditure and deferred others so he could say "Look I balanced the budget". Problem was he was fudging it and got caught out by a slowing world economy.

 

[medusala]

Plenty of expense didn't even appear ie tens of billions for the "NBN" etc.

#Pavlov
#JewHatingEconomics
#calimero

 

[Ratts of Tobruk]

Ratts cant grasp that tax cuts are not about giving people money. It's not taking it off them in the first place.

Speaking of 'no ticker', nice fallacy you've argued there. If you can't grasp the political reality that giving people tax cuts, gives them more money and the govt less then we may as well stop chatting. And then you compliment yourself by suggesting your point is 'extremely embarrassing' to me? Like a kid with a 'kick me' post-it note still stuck to your hand.

It's damn simple. It is taxpayers money not the governments. Tax cuts are not the same as spending.

That is not a fallacy, that is reality.

The fallacy was your claim that I was arguing that point. But please continue to compliment yourself based on pedantic definitions that have no effect on real life. Whether it's the government 'giving' tax cuts or 'not taking' tax off a person, it effects their reality the same way.

 

[yibbida]

The underlying cash balance was never going to get to the $18bn of the budget. Noone believed them at the time except for a gullible few. They had to backtrack weeks later. Comical that the deficit suddenly increased $12bn in 8 weeks.

Perhaps make a bit of an effort to understand the numbers before attempting to have a crack at others. What was that about own goal?

https://au.news.yahoo.com/thewest/business/a/18304877/federal-budget-deficit-hits-30b/

Just days out from the announcement of the Federal election campaign, the Government today released an economic statement showing it is on track for a $30 billion deficit this financial year.
Eight weeks ago in the May Budget then Treasurer Wayne Swan forecast a deficit of $18 billion.

LOL confusing structural deficit with budget deficit. Are you really sloppy Joe?

PEFO: http://www.treasury.gov.au/PublicationsAndMedia/Publications/2013/PEFO-2013/Report/Fiscal-Outlook

An underlying cash deficit of $30.1 billion (1.9 per cent of GDP) is estimated for 2013‑14

http://www.treasury.gov.au/Publicat...ions/2013/PEFO-2013/Report/Chart-Data#chartG1

Nek Minnit Abbott Hockey Budget 2014:

I look forward to your explanation (Liberal Party official statement) of why the 2014 Budget STRUCTURAL deficit is different than the 2013 PEFO. Should be a fascinating insight into the mind of a conservative cheerleader.

 

[yibbida]

What you forget is Swan brought forward some expenditure and deferred others so he could say "Look I balanced the budget". Problem was he was fudging it and got caught out by a slowing world economy.

WOT? More Liberal party talking points. Yawn.

 

[yibbida]

Costello's last budget (2006-07): $272m revenue. Swan's latest budget (2012-13): $369m.

That is a 35% increase in revenue in 6 years. Revenue might have been an issue in the first few years of the Rudd Govt, but it isn't now.

The real issue is 46% expenditure growth in that time ($371m in 2011-12 from $253m in 2006-07). Swanny is spending like a drunken sailor

From 2007 to 2014: Spending has increased 51.74%; Revenue has increased by 30.81%

From 2007 to 2013: Spending increased by 35%; Revenue increased by 19%

From 1996 to 2007: Spending increased by 94.6%; Revenue increased by 120.7%

Then look at it as a % of GDP! Liberal Party always taxes more than Labor.

http://www.budget.gov.au/2014-15/content/bp1/html/bp1_bst10-05.htm

 

[Todman]

WOT? More Liberal party talking points. Yawn.

This is Liberal party talking points

Posted on May 15, 2013 in Homepage, Media, Newsletters | 0 comments
You can’t trust Wayne Swan, you can’t trust Labor
The record.
Actions speak louder than words, results more than rhetoric. Peter Costello summarised it perfectly this morning. Wayne Swan really is out of his depth.
Last year, Mr Swan promised no less than 500 times that he would deliver a budget surplus this year.
Joe Hockey called Labor on it years ago – this Labor Government and Wayne Swan will never deliver a budget surplus.
And tonight we saw Joe proved right. This marks Mr Swan’s fifth straight budget deficit.
We knew it was coming; Wayne Swan has form. The last few weeks have been full of Labor’s excuses.
Looking through the six budgets Wayne Swan has delivered, there is an eerie similarity with the promises and, sadly, the results.
In his 2008 Budget speech Wayne Swan said “We are budgeting for a surplus of $21.7 billion in 2008-09, 1.8 per cent of GDP,
the largest budget surplus as a share of GDP in nearly a decade”.
The result was a deficit of $27 billion.
In 2009 Wayne Swan claimed that a major aim of the 2009 budget was to bring it
back to surplus and pay down debt in the medium term.
The result was a deficit of $55 billion.
It wasn’t third time lucky for Australia or Wayne Swan in 2010: “Our strategy will see us return to
surplus in three years, three years ahead of schedule. The budget deficit of
$40.8 billion for 2010-11 is almost $6 billion less than the forecast at MYEFO
and $16 billion less than expected one year ago,” he said.
The result was a deficit of $48 billion.
In 2011 Wayne Swan said the budget would be back in the black by 2012-13. He
went on to add that the alternative – meandering back to surplus – would
compound the pressures in our economy and push up the cost of living for
pensioners and working people.
The result was a deficit of $44 billion.
Of course, this time last year, Wayne Swan attempted to fool everyone again –
yet he only managed to fool himself: “The four years of surpluses I announce tonight are a powerful endorsement. … This
Budget delivers a surplus this coming year, on time, as promised, and surpluses
each year after that, strengthening over time.”

Scott Ryan.
Liberal Senator for Victoria.

 

[medusala]

I look forward to your explanation (Liberal Party official statement) of why the 2014 Budget STRUCTURAL deficit is different than the 2013 PEFO. Should be a fascinating insight into the mind of a conservative cheerleader.

Pathetic misdirection once again. Budgets rarely if ever come in as predicted the year before. They change due to a) policy decisions and b) underlying parameters such as terms of trade.

$200bn of debt clocked up and you are attempting to bang on about debts and deficits.

When did the ALP predict a surplus? 2012/13? What happened to that?

Why is it that fanbois think they have some sort of understanding of economics and finance? Is Adam Smith now compulsory in Arts degrees?

 

[yibbida]

Pathetic misdirection once again.

Yeah, who would bring up the Structural deficit then when called out on it totally change the subject?

 

[medusala]

Yeah, who would bring up the Structural deficit then when called out on it totally change the subject?

You simply don't have a clue. Structural deficit circa 1% in the last year of the Howard government. Then massively increased under the ALP

The facts speak for themselves.

Take your nauseating cheerleading and economic misology elsewhere.

 

[yibbida]

$200bn of debt clocked up and you are attempting to bang on about debts and deficits.

Abbott and Hockey have racked up $126 Billion since September 2013.

When did the ALP predict a surplus? 2012/13? What happened to that?

Budgets rarely if ever come in as predicted the year before. They change due to a) policy decisions and b) underlying parameters such as terms of trade.


Do you even know how to google?

Why is it that fanbois think they have some sort of understanding of economics and finance? Is Adam Smith now compulsory in Arts degrees?

Why are you asking yourself questions?

 

[yibbida]

You simply don't have a clue. Structural deficit circa 1% in the last year of the Howard government. Then massively increased under the ALP

The facts speak for themselves.

Take your nauseating cheerleading and economic misology elsewhere.

round and round in circles.

In conservative land structural deficits are fixed in one year... oh wait.. the 2014 Budget facts speak for themselves.

You should take your own advice.

 

[yibbida]

This is Liberal party talking points

Posted on May 15, 2013 in Homepage, Media, Newsletters | 0 comments
You can’t trust Wayne Swan, you can’t trust Labor
The record.
Actions speak louder than words, results more than rhetoric. Peter Costello summarised it perfectly this morning. Wayne Swan really is out of his depth.
Last year, Mr Swan promised no less than 500 times that he would deliver a budget surplus this year.
Joe Hockey called Labor on it years ago – this Labor Government and Wayne Swan will never deliver a budget surplus.
And tonight we saw Joe proved right. This marks Mr Swan’s fifth straight budget deficit.
We knew it was coming; Wayne Swan has form. The last few weeks have been full of Labor’s excuses.
Looking through the six budgets Wayne Swan has delivered, there is an eerie similarity with the promises and, sadly, the results.
In his 2008 Budget speech Wayne Swan said “We are budgeting for a surplus of $21.7 billion in 2008-09, 1.8 per cent of GDP,
the largest budget surplus as a share of GDP in nearly a decade”.
The result was a deficit of $27 billion.
In 2009 Wayne Swan claimed that a major aim of the 2009 budget was to bring it
back to surplus and pay down debt in the medium term.
The result was a deficit of $55 billion.
It wasn’t third time lucky for Australia or Wayne Swan in 2010: “Our strategy will see us return to
surplus in three years, three years ahead of schedule. The budget deficit of
$40.8 billion for 2010-11 is almost $6 billion less than the forecast at MYEFO
and $16 billion less than expected one year ago,” he said.
The result was a deficit of $48 billion.
In 2011 Wayne Swan said the budget would be back in the black by 2012-13. He
went on to add that the alternative – meandering back to surplus – would
compound the pressures in our economy and push up the cost of living for
pensioners and working people.
The result was a deficit of $44 billion.
Of course, this time last year, Wayne Swan attempted to fool everyone again –
yet he only managed to fool himself: “The four years of surpluses I announce tonight are a powerful endorsement. … This
Budget delivers a surplus this coming year, on time, as promised, and surpluses
each year after that, strengthening over time.”

Scott Ryan.
Liberal Senator for Victoria.

It's December 2014 bro. Your team has been in power for 15 months.

You must have missed the latest one

http://static.guim.co.uk/ni/1417755917666/labour-and-coalition-messag.pdf

 

[yibbida]

Hockey borrowed another $600 million today.

Due to be paid back in 2033.

The Coalition has a plan for a strong, prosperous economy and that means ensuring that our children are not burdened by unfairly high taxes and left with a heavy debt.

http://www.liberal.org.au/latest-ne...ess-release-joe-hockey-2013-14-federal-budget

 

[yibbida]

‏@TheKouk
MYEFO likely next week. Treasury is ruling off on the numbers now. Budget deficit will blow out by around $15 - 25 bill per year from PEFO

‏@TheKouk
For the record: Budget balance numbers from PEFO
2014-15: -$24.0b
2015-16: -$4.7b
2016-17: +$4.0b
2017-18: +$10.0b (approx, not published)

 

[Todman]

Hockey borrowed another $600 million today.

Due to be paid back in 2033.



http://www.liberal.org.au/latest-ne...ess-release-joe-hockey-2013-14-federal-budget

Shocking isn't it. It will have to be repaid one day.

 

[spinynorman]

On debts and deficits:

http://theaimn.com/taxes-fund-spending/

 

[yibbida]

Shocking isn't it. It will have to be repaid one day.

http://www.joehockey.com/media/media-releases/details.aspx?r=286

The Treasurer must recognise that if debt is the problem then more debt is surely not the answer.

 

[yibbida]

Hockey is borrowing another $600 million tomorrow. This one will be paid back in 2024.

 

[RUNVS]

Hockey is borrowing another $600 million tomorrow. This one will be paid back in 2024.

He has borrowed A LOT of money since he became treasurer.

 

[Admiral Byng]

There's a lot of rot in this thread. let's face what really happened.

Under Howard and Costello we had two pillars of economic growth, the minerals boom and the pre-GFC housing and investment bubble. Mostly international events beyond our control but we felt the benefit. Howard and Costello got sucked in (as we all did) to thinking that this was the going to be the new normal for the medium term. They got a bit too generous with tax cuts and middle-class welfare. Even upper-class welfare if you count superannuation.

Roll along Rudd and the GFC, one pillar comes crashing down. The Australian economy doesn't go into recession, but the Federal budget positions declines sharply. No surpluses produced by an ALP government in those 6 years.

Roll along the Abbott government, and the other pillar looks like crashing too. The minerals boom has ended and it looks like a hard landing.

Going to be some hard times ahead.

 

[Ice-Wolf]

That's embarrassing. He's asked the question straight-up twice and pretends to not understand what 'structural deficit' means.

What makes you think he is pretending? He might not actually know, he's a politician not an economist.

 

[Power Raid]

Wrong.

http://www.theage.com.au/victoria/s...to-the-red-as-jobs-a-bite-20120315-1v69d.html
http://www.theage.com.au/victoria/s...to-the-red-as-jobs-a-bite-20120315-1v69d.html

I don't know how many times I have heard uneducated punters claiming something along the lines of 'The Libs save money, the Labor party spends it'.

Seems to me that, as with the GFC coinciding with the federal ALP's rise to power, the current deficit under the Victorian Liberals is largely due to factors outside of their immediate control.

There are plenty of reasons to detest either major party, but this is one myth which needs to be debunked amongst the wider community, in my opinion.

given labor is blocking the budget reforms.....then the title still stands true

the PPL should not be implemented though, it goes against the grain of our financial problems