Howe, all respect due to your overview, but whether and/or when either side returns to surplus is immaterial. Both sides would attempt to do it, the cons perhaps a bit more harshly and partisanly picking on the most vulnerable, but even that is not the point.
The point is that while Swan and co, spent their time being what was is retrospect over-optomistic about revenues in a GFC world, the cons spent the same time trumpeting loudly and to anyone who would listen that Labor's budget's were unachievable, while their prescriptions were achievable.
Loudly and clearly domestically, that is, but praising the economy when overseas.
Having had their prognostications broadly come true; in fact, as they well knew, while they brayed about waste and mismanagement, the problems are the same ones that are now biting them - loss of revenue rather than over-spending, they are now bleating that their promises of budget surpluses in their first year and every subsequent year ad infinitum are now 'inoperable' due to circumstances beyond their control, all due to Labor.
Not only are they trying to have their cake and eat it, they've stolen the flour and forced the baker to make it free of charge and sold the surplus at enormous expense to the populace.
A perspective on budget deficits and borrowings - 16 years of Pig Iron Bob saw not a single surplus, and they are looked on as the 'golden years' by conservatives.
Overseas borrowings were high - this was the age of the construction of the Snowy River Scheme and associated networks of irrigation channels among other major works.
It's nowhere near as grave as the cons make out, so long as they don't send us into recession by ripping and tearing.
Commenter
BillR
Location
Date and time
April 28, 2014, 9:35AM
The Libs were so eager to get to government, they bs'ed their way through opposition. Abbott put his own interest before the national interest. Now his big fat mouth is coming back to haunt him. If he makes savage cuts, he's sure to break promises; if he doesn't return the budget to surplus or even come close, then he's breaking his promise of 'putting the budget right'.
Whatever happens, Abbott and Hockey should be seen as the economic charlatans and purveyors of best-selling fiction that they truly are.
Commenter
meatatarian
Location
Date and time
April 28, 2014, 9:39AM
Howe, how do you arrive at the conclusion that we are in "dire straits"? The only people who are panicking are people who a) no nothing of the budget process b) haven't looked at the economic statistics c) and no little about economics.
This I can tell you - any supposed budget problem wont be fixed by Abbott handing money to the rich, by bashing the poor. Unless he takes on the business welfare, and the superannuation rort, all he will achieve is a short-lived boost to the rich, a short redistribution to the wealthy.
Labor is the party of reform - proven over and over. Liberals are the indolent rent seekers who's business rorting gets us into problems, Labor is the party left to untangle to social inequality and provide the reforms.
Garnaut indicates long term problems - many created by John Howard. Mostly the debate surrounds the shift to a net energy-exporter, and the impact on the local manufacturers, and the drop in local business because of the hight dollar - its cheaper to import. But the problem isn''t the high wage - even at $6.50 and hour, China is still cheaper, because their currency is fixed to be export friendly.
And if China collapses? Well, we will lose a proportion of income that currently is sent either overseas to the mine owners, to to a few local magnates. The worst part is that our TVs and dishwashers will be 30% more expensive.
And properties along train lines will become even more expensive as Chines flee their economy and dump their money into Australian real estate.
Garnaut points out many challenges that require attention - none of these will be handled by merely shoving wads of cash from the poor to the rich, many of them overseas.
Commenter
Axis
Location
Date and time
April 28, 2014, 11:06AM
I think it's time to ask ourselves how we managed to assemble a government full of so many weirdos and freaks. It's like the Three Stooges but with the Three Stooges there was only three of them. It's as if every one of the nastiest least popular most bitterly entitled kids from every school across the country formed a club and now they're out to get us. Where does the LNP find these creatures. They even make Clive Palmer look sane.
Commenter
GOV
Location
Sydney
Date and time
April 28, 2014, 10:41AM
