If there's one thing we all know Swan is good at, it's shooting his mouth off. In fact, it's the only thing he's good at, since he is clearly well and truly out of his depth handling any more money than the takings from a kids' lemonade stand. If it's a paid position, I look forward to the Yanks asking for their money back. I wonder if his book will be put on shelves in the Science Fiction section? I wouldn't be at all surprised...


FORMER treasurer Wayne Swan has been appointed to a global think-tank set up to examine economic growth which is fair and broadly shared. 
 
Mr Swan, who in 2011 was named by Euromoney magazine as finance minister of the year, has been made a member of the Inclusive Prosperity Commission.

The commission is a project of the US-based Center for American Progress and is co-chaired by former US treasury secretary Larry Summers and Britain's shadow chancellor Ed Balls.

The commission's website says it meets three times a year to discuss "new research and evaluate existing analysis, review case studies, and hear expert testimony from specialists in the public and private sector".

"The group will be tasked to produce a robust set of policy proposals to establish sustainable and inclusive prosperity over the long term in developed economies, with a specific focus on creating good middle-class jobs."

Mr Swan attended his first meeting earlier in March.

The former Rudd and Gillard government treasurer is also working on a book to be released in the second half of 2014.

http://www.dailytelegraph.com.au/news/breaking-news/ex-treasurer-swan-gets-new-honour/story-fni0xqi3-1226866287948

You economic illiterate! Swan saw us safe though the GFC with only ONE quarter of negative growth and obtained a AAA rating from all three ratings agencies. He removed like $130Bn a year of Howard’s irresponsible spending and started removing some of the tax expenditures. Hokey quickly reversed the cuts to this middleclass welfare—despite the “Budget Emergency.”

He also was busy issuing papers, doing electorate visits—an output way beyond anything Tip achieved. Forbes Business Magazine lauded with what Swan did with the ETS revenue—tripled the tax free thresh hold. Not bad, eh?

One thing Swan wasn’t known for—shooting his mouth off! No show pony was Swan.

Since the shambles took over unemployment has been climbing and we have lost Holden and Toyota and half the car parts industry. The Budget will likely tip us into recession.

I can't understand  this is supposed to be about that lying little rodent, John Howard, yet I can't find his name mentioned?...

I caught a bit of Hockey being questioned in Parliament about the doubling of the federal debt so early into the Coalition's leadership and instead of answering the question - he turned it into an attack on Swan. It was nasty.

If anyone can remember - there was a $70 billion blackhole in the Coalition's pre-election budget. No-one had a clue where the money was to come from, but it appears to be a lot more.

Hockey refuses to explain how they've spent this $200 billion in six months. Attack to distract is the Coalition doctrine.

Heh, I forgot about that skippy. Double digit unemployment, interest and inflation.

Wasn’t for all Little Johnny’s spending the Budget would not have gone into deficit despite the Keynesian spending.

St George of the Garden wrote on Mar 27^th, 2014 at 12:23pm:

Since the shambles took over unemployment has been climbing and we have lost Holden and Toyota and half the car parts industry. The Budget will likely tip us into recession.

Unemployment was always forecast to rise.

The car making sector has been doomed for ages.

Dumb arguements.

mantra wrote on Mar 27^th, 2014 at 12:34pm:

I caught a bit of Hockey being questioned in Parliament about the doubling of the federal debt so early into the Coalition's leadership and instead of answering the question - he turned it into an attack on Swan. It was nasty. If anyone can remember - there was a $70 billion blackhole in the Coalition's pre-election budget. No-one had a clue where the money was to come from, but it appears to be a lot more. Hockey refuses to explain how they've spent this $200 billion in six months. Attack to distract is the Coalition doctrine.

Nothing here to see !

mantra wrote on Mar 27^th, 2014 at 12:34pm:

I caught a bit of Hockey being questioned in Parliament about the doubling of the federal debt so early into the Coalition's leadership and instead of answering the question - he turned it into an attack on Swan. It was nasty. If anyone can remember - there was a $70 billion blackhole in the Coalition's pre-election budget. No-one had a clue where the money was to come from, but it appears to be a lot more. Hockey refuses to explain how they've spent this $200 billion in six months. Attack to distract is the Coalition doctrine.

Ahhhh come on, you don't make a massive impact on a countries finances in 6 bloody months.

The debt was always forecast to rise.

::)f ::)f ::)s

Good grief, Wayne Swan, they are desperate.

The troll posts. . .rubbish.

King FriYAY II wrote on Mar 27^th, 2014 at 12:39pm:

The debt was always forecast to rise.

Yes - but another $200 billion in 6 months? Labor incurred $268 billion over 6 years and the Coalition never let up on it.

We're supposed to be reducing the debt.

King FriYAY II wrote on Mar 27^th, 2014 at 12:38pm:

St George of the Garden wrote on Mar 27th, 2014 at 12:23pm: Since the shambles took over unemployment has been climbing and we have lost Holden and Toyota and half the car parts industry. The Budget will likely tip us into recession. Unemployment was always forecast to rise. The car making sector has been doomed for ages. Dumb arguements.

A govt is supposed to make a difference!

Unemployment was always forecast to rise—so what the hell is the shambles doing to reverse that rise? Making it worse by talking down the economy.

Holden could have been saved (unlike Ford) because it exports but was being savaged by the high Australian dollar.

Dear god the simian is grunting in QT—roads of 21st century (no) carbon tax ook ook grunt. No flipping idea! Someone please tell the idiot he is PM not LOTO!

Par for the course - go ahead and flick up a country's economy, then you become an instant expert on economics and how to manage a country.

I await with bated breath the elevation of Lord Joe of the Hock Shop to a few 'honorary doctorates'....

this is  a process I've observed at close hand for yeas now - managers who cannot mange move on from one disaster to another, on the 'strength' of their 'proven history in management' - and thus the cycle of endless devastation and loss on all sides is perpetuated.

Same applies to government - it operates on the same principle.

Treasurers, of course, need no credentials - other than being a party hack - and rely on the advice of their public servant coffles - who are equally inefficient.

Of course - as before - titles and positions and lovely incomes for being a complete waste of time are par for the course.

Look at the handout to Arfur Sinodinos - chance to garner $20m for sitting in on a board of sold-off public utilities.

THAT is what ICAC needs to be looking into....

Armchair_Politician wrote on Mar 27^th, 2014 at 12:12pm:

Australia's worst-ever Treasurer joins US talkfest

If you can cast off the shackles of one eyed, political bias - just for a moment - you'd have to admit that Wayne Swan is recognized by economists, world-wide, as one of our BEST
Probably, second only, to Paul Keating

King FriYAY II wrote on Mar 27^th, 2014 at 12:38pm:

St George of the Garden wrote on Mar 27th, 2014 at 12:23pm: Since the shambles took over unemployment has been climbing and we have lost Holden and Toyota and half the car parts industry. The Budget will likely tip us into recession. Unemployment was always forecast to rise. The car making sector has been doomed for ages. Dumb arguements.

Almost as stupid as blaming a government for spending money when there is a global recession, wouldn't you say?

skippy. wrote on Mar 27^th, 2014 at 12:30pm:

I can't understand  this is supposed to be about that lying little rodent, John Howard, yet I can't find his name mentioned?...

No.  It says "worst ever" not "worst recent".  The thread has got to be about Billy McMahon.

Quote:

On his blog (23 January 2012) which appeared on The Monthly’s website, Manne wrote that Julia Gillard was “the least impressive prime minister since Billy McMahon”. Then, lo and behold, the Robert Manne outburst obtained page one coverage in The Sunday Age on 5 February 2012 as the La Trobe University academic told journalist Misha Schubert that he did not really mean when he actually said.  Here’s how The Sunday Age reported the saga: When Tony Abbott, at the National Press Club last week, invoked academic Robert Manne dismissing Julia Gillard as ”the least impressive prime minister since Billy McMahon” last week, the Liberal crowd laughed loudly…. Manne didn’t intend a literal comparison with McMahon, the jug-eared figure of mockery once described by The Australian as “the most publicly vilified prime minister in Australia’s history, portrayed as inept and indecisive, cruelly caricatured, and literally slandered in every pub and living room in the nation”. Nor did Manne mean the worst, mindful of the damage, he argues, John Howard did to the country.

http://www.thesydneyinstitute.com.au/issue-167/

St George of the Garden wrote on Mar 27^th, 2014 at 1:04pm:

King FriYAY II wrote on Mar 27th, 2014 at 12:38pm: St George of the Garden wrote on Mar 27th, 2014 at 12:23pm: Since the shambles took over unemployment has been climbing and we have lost Holden and Toyota and half the car parts industry. The Budget will likely tip us into recession. Unemployment was always forecast to rise. The car making sector has been doomed for ages. Dumb arguements. A govt is supposed to make a difference! Unemployment was always forecast to rise—so what the hell is the shambles doing to reverse that rise? Making it worse by talking down the economy. Holden could have been saved (unlike Ford) because it exports but was being savaged by the high Australian dollar. Dear god the simian is grunting in QT—roads of 21st century (no) carbon tax ook ook grunt. No flipping idea! Someone please tell the idiot he is PM not LOTO!

Nice rant.

Doesn’t help your dumb arguments.

Frances wrote on Mar 27^th, 2014 at 1:22pm:

skippy. wrote on Mar 27th, 2014 at 12:30pm: I can't understand  this is supposed to be about that lying little rodent, John Howard, yet I can't find his name mentioned?... No.  It says "worst ever" not "worst recent".  The thread has got to be about Billy McMahon.

Oops, of course, I stand corrected. :)

King FriYAY II wrote on Mar 27^th, 2014 at 1:27pm:

St George of the Garden wrote on Mar 27th, 2014 at 1:04pm: King FriYAY II wrote on Mar 27th, 2014 at 12:38pm: St George of the Garden wrote on Mar 27th, 2014 at 12:23pm: Since the shambles took over unemployment has been climbing and we have lost Holden and Toyota and half the car parts industry. The Budget will likely tip us into recession. Unemployment was always forecast to rise. The car making sector has been doomed for ages. Dumb arguements. A govt is supposed to make a difference! Unemployment was always forecast to rise—so what the hell is the shambles doing to reverse that rise? Making it worse by talking down the economy. Holden could have been saved (unlike Ford) because it exports but was being savaged by the high Australian dollar. Dear god the simian is grunting in QT—roads of 21st century (no) carbon tax ook ook grunt. No flipping idea! Someone please tell the idiot he is PM not LOTO! Nice rant. Doesn’t help your dumb arguments.

So govts can’t act to stop unemployment rising? If your mob thinks that—they should get out the bloody way!

The simian craps on and on about Roads of the 21st Century. Roads are built the same way John MacAdam did IN THE LATE 1700s! With issues of global warming and peak oil—the true roads of the 21st Century are the fibre optic cables being run out in just about every other blessed country no matter how poor—apart from Australia—and the railroads the simian has said he won’t help states build.

St George of the Garden wrote on Mar 27^th, 2014 at 2:32pm:

King FriYAY II wrote on Mar 27th, 2014 at 1:27pm: St George of the Garden wrote on Mar 27th, 2014 at 1:04pm: King FriYAY II wrote on Mar 27th, 2014 at 12:38pm: St George of the Garden wrote on Mar 27th, 2014 at 12:23pm: Since the shambles took over unemployment has been climbing and we have lost Holden and Toyota and half the car parts industry. The Budget will likely tip us into recession. Unemployment was always forecast to rise. The car making sector has been doomed for ages. Dumb arguements. A govt is supposed to make a difference! Unemployment was always forecast to rise—so what the hell is the shambles doing to reverse that rise? Making it worse by talking down the economy. Holden could have been saved (unlike Ford) because it exports but was being savaged by the high Australian dollar. Dear god the simian is grunting in QT—roads of 21st century (no) carbon tax ook ook grunt. No flipping idea! Someone please tell the idiot he is PM not LOTO! Nice rant. Doesn’t help your dumb arguments. So govts can’t act to stop unemployment rising? If your mob thinks that—they should get out the bloody way! The simian craps on and on about Roads of the 21st Century. Roads are built the same way John MacAdam did IN THE LATE 1700s! With issues of global warming and peak oil—the true roads of the 21st Century are the fibre optic cables being run out in just about every other blessed country no matter how poor—apart from Australia and the railroads the simian has said he won’t help states build.

Nice rant.

Doesn’t help your dumb arguments.

Hmmm   :-/

skippy. wrote on Mar 27^th, 2014 at 12:30pm:

I can't understand  this is supposed to be about that lying little rodent, John Howard, yet I can't find his name mentioned?...

I thought it meant Hockey......

Lebenty-one, lebenty-two.......

;)

St George of the Garden wrote on Mar 27^th, 2014 at 12:23pm:

You economic illiterate! Swan saw us safe though the GFC with only ONE quarter of negative growth and obtained a AAA rating from all three ratings agencies. He removed like $130Bn a year of Howard’s irresponsible spending and started removing some of the tax expenditures. Hokey quickly reversed the cuts to this middleclass welfare—despite the “Budget Emergency.” He also was busy issuing papers, doing electorate visits—an output way beyond anything Tip achieved. Forbes Business Magazine lauded with what Swan did with the ETS revenue—tripled the tax free thresh hold. Not bad, eh? One thing Swan wasn’t known for—shooting his mouth off! No show pony was Swan. Since the shambles took over unemployment has been climbing and we have lost Holden and Toyota and half the car parts industry. The Budget will likely tip us into recession.

Wayne Swan, the most incompetent Treasurer  managed to chug along because his first boss handed money out like it was going out of style, and together with his second boss, resided over the most ridiculous accounting fiasco possible, he has a hard time staying awake let alone looking after a nations finances.

It would appear that economics really isn't your forte.

Oh I have a basic grasp of economics. The response to the GFC was classic Keynesian. Do you have any clue as to why spending had to be kept up since then?

Grendel wrote on Mar 27^th, 2014 at 12:50pm:

Good grief, Wayne Swan, they are desperate.

Yeah, talk about scraping the bottom of the barrel!!!  ;D ;D ;D

Grendel wrote on Mar 27^th, 2014 at 12:50pm:

Good grief, Wayne Swan, they are desperate.

I guess they may know a tad more than thee, Grendel.

Rhet-Oracle wrote on Mar 27^th, 2014 at 2:45pm:

St George of the Garden wrote on Mar 27th, 2014 at 12:23pm: You economic illiterate! Swan saw us safe though the GFC with only ONE quarter of negative growth and obtained a AAA rating from all three ratings agencies. He removed like $130Bn a year of Howard’s irresponsible spending and started removing some of the tax expenditures. Hokey quickly reversed the cuts to this middleclass welfare—despite the “Budget Emergency.” He also was busy issuing papers, doing electorate visits—an output way beyond anything Tip achieved. Forbes Business Magazine lauded with what Swan did with the ETS revenue—tripled the tax free thresh hold. Not bad, eh? One thing Swan wasn’t known for—shooting his mouth off! No show pony was Swan. Since the shambles took over unemployment has been climbing and we have lost Holden and Toyota and half the car parts industry. The Budget will likely tip us into recession. Wayne Swan, the most incompetent Treasurer  managed to chug along because his first boss handed money out like it was going out of style, and together with his second boss, resided over the most ridiculous accounting fiasco possible, he has a hard time staying awake let alone looking after a nations finances. It would appear that economics really isn't your forte.

What's the difference between Costello and Swan? Costello spent money he had, Swan just borrowed it as if it grew on trees. Costello generated one surplus after another, Swan gave us the biggest deficits this country has ever seen. Costello paid off Keatings' debt of $96bn, Swan racked up a debt in excess of $300bn. Both gave us tax cuts, the difference being that Costello could afford to, whereas Swan further eroded his source of badly needed revenue (brilliant move, Swanny). Costello has a high-ranking and influential position with the World Bank, while Swan attends US think-tank talkfests of no consequence. In short, Costello is one of the best Treasurers in the country, if not the world, whereas Swan will contend with a legacy of incompetence, ineptitude, debt and reckless spending.

can you hear the heavy breathing from the groupies .. A BOOK.. as if we didnt guess..

the worlds greatest treasurer..will tell us all how to buy bread in bulk and save money...cant wait.

cods wrote on Mar 27^th, 2014 at 4:35pm:

will tell us all how to buy bread in bulk and save money...cant wait.

From Costco or Aldi?

I see nobody tried to answer my question.

Why did trying to restrain spending cause unemployment to rise?

Will ask a second one: What are the fiscal implications of rising unemployment?


Hmmm will ask a third one: was Costello ever praised in an independent magazine, did he ever get a high paying job in private enterprise?

Double post.

mantra wrote on Mar 27^th, 2014 at 12:34pm:

I caught a bit of Hockey being questioned in Parliament about the doubling of the federal debt so early into the Coalition's leadership and instead of answering the question - he turned it into an attack on Swan. It was nasty. If anyone can remember - there was a $70 billion blackhole in the Coalition's pre-election budget. No-one had a clue where the money was to come from, but it appears to be a lot more. Hockey refuses to explain how they've spent this $200 billion in six months. Attack to distract is the Coalition doctrine.

Hockey has always been a buffoon. Since getting in, he's a nasty buffoon.

Australia's worst-ever Treasurer joins US talkfest

Must have missed the story - which talkfest is Crazy Joe on this time ????

Armchair_Politician wrote on Mar 27^th, 2014 at 3:38pm:

Rhet-Oracle wrote on Mar 27th, 2014 at 2:45pm: St George of the Garden wrote on Mar 27th, 2014 at 12:23pm: You economic illiterate! Swan saw us safe though the GFC with only ONE quarter of negative growth and obtained a AAA rating from all three ratings agencies. He removed like $130Bn a year of Howard’s irresponsible spending and started removing some of the tax expenditures. Hokey quickly reversed the cuts to this middleclass welfare—despite the “Budget Emergency.” He also was busy issuing papers, doing electorate visits—an output way beyond anything Tip achieved. Forbes Business Magazine lauded with what Swan did with the ETS revenue—tripled the tax free thresh hold. Not bad, eh? One thing Swan wasn’t known for—shooting his mouth off! No show pony was Swan. Since the shambles took over unemployment has been climbing and we have lost Holden and Toyota and half the car parts industry. The Budget will likely tip us into recession. Wayne Swan, the most incompetent Treasurer  managed to chug along because his first boss handed money out like it was going out of style, and together with his second boss, resided over the most ridiculous accounting fiasco possible, he has a hard time staying awake let alone looking after a nations finances. It would appear that economics really isn't your forte. What's the difference between Costello and Swan? Costello spent money he had, Swan just borrowed it as if it grew on trees. Costello generated one surplus after another, Swan gave us the biggest deficits this country has ever seen. Costello paid off Keatings' debt of $96bn, Swan racked up a debt in excess of $300bn. Both gave us tax cuts, the difference being that Costello could afford to, whereas Swan further eroded his source of badly needed revenue (brilliant move, Swanny). Costello has a high-ranking and influential position with the World Bank, while Swan attends US think-tank talkfests of no consequence. In short, Costello is one of the best Treasurers in the country, if not the world, whereas Swan will contend with a legacy of incompetence, ineptitude, debt and reckless spending.

Swan got us through a huge economic downturn - Costello helped to cause it?

Costello and Howard fed a credit-fuelled real estate boom. Then came GFC. Suddenly people realised they had sky high credit card bills, mortgages etc and house values were no longer zooming up to provide more equity to borrow more against.

Suddenly people were saving, paying down debt, not confident. We were ripe for a huge recession like the UK, US, Europe—but we didn’t go into recession, thanks to Rudd & Swan etc.

Life_goes_on wrote on Mar 27^th, 2014 at 4:59pm:

mantra wrote on Mar 27th, 2014 at 12:34pm: I caught a bit of Hockey being questioned in Parliament about the doubling of the federal debt so early into the Coalition's leadership and instead of answering the question - he turned it into an attack on Swan. It was nasty. If anyone can remember - there was a $70 billion blackhole in the Coalition's pre-election budget. No-one had a clue where the money was to come from, but it appears to be a lot more. Hockey refuses to explain how they've spent this $200 billion in six months. Attack to distract is the Coalition doctrine. Hockey has always been a buffoon. Since getting in, he's a nasty buffoon.

I had to turn it off, can't abide that ignorant, incompetent fool of a man.

He, unlike Swann, truly IS a bad choice as Treasurer.

St George of the Garden wrote on Mar 27^th, 2014 at 5:33pm:

Costello and Howard fed a credit-fuelled real estate boom. Then came GFC. Suddenly people realised they had sky high credit card bills, mortgages etc and house values were no longer zooming up to provide more equity to borrow more against. Suddenly people were saving, paying down debt, not confident. We were ripe for a huge recession like the UK, US, Europe—but we didn’t go into recession, thanks to Rudd & Swan etc.

And yet the Right despise them for it.

Something seriously wrong with the way conservatives think...

If you want insomnia—imagine Howard & Costello winning in 2007 and having to face the GFC. Trillion dollar debt by 2010! 12% unemployment, dollar US50¢ on a good day so inflation rife, interest rates high.

Kat wrote on Mar 27^th, 2014 at 5:44pm:

St George of the Garden wrote on Mar 27th, 2014 at 5:33pm: Costello and Howard fed a credit-fuelled real estate boom. Then came GFC. Suddenly people realised they had sky high credit card bills, mortgages etc and house values were no longer zooming up to provide more equity to borrow more against. Suddenly people were saving, paying down debt, not confident. We were ripe for a huge recession like the UK, US, Europe—but we didn’t go into recession, thanks to Rudd & Swan etc. And yet the Right despise them for it. Something seriously wrong with the way conservatives think...

If Hokey hands down the sort of Budget I think he will—we will finally be in recession.

As people lose their jobs they stop paying tax and start drawing unemployment benefits. Businesses stop paying tax and company tax, thanks to idiot Costello, is now a major part of total tax revenue. Result—recession, high unemployment, increased deficits.

For those with their heads up their proverbials, still in denial about Swan's successful economic management through the GFC should come out and take a deep breath of fresh air instead of fueling themselves on Hockey's stench of sh!te.

Have any of you actually spent large amounts of time overseas since the GFC, enough time to actually read a newspaper and get a feel for foreign current affairs from the horses mouth. Do you realise how the rest of the world viewed, and still does view Swan's legacy? You won't get an honest word out of ol mate Joe or that Murder of Murdoch's picking at the diminishing carcass of what was once a workable economy in tough economic times.

Some perspective: the nay sayers will have to stretch themselves here to view these links, I know it's hard viewing things that may burst sensitive bubbles. (I can't post direct links yet, newbie and all that - figured this was a good place to start)

independentaustralia.net/politics/politics-display/australia-tops-the-iarem-worlds-best-economy,6279

independentaustralia.net/politics/politics-display/the-worlds-best-economy-part-two-winners-and-losers-through-the-gfc,6304

fezz wrote on Mar 27^th, 2014 at 5:56pm:

For those with their heads up their proverbials, still in denial about Swan's successful economic management through the GFC should come out and take a deep breath of fresh air instead of fueling themselves on Hockey's stench of sh!te. Have any of you actually spent large amounts of time overseas since the GFC, enough time to actually read a newspaper and get a feel for foreign current affairs from the horses mouth. Do you realise how the rest of the world viewed, and still does view Swan's legacy? You won't get an honest word out of ol mate Joe or that Murder of Murdoch's picking at the diminishing carcass of what was once a workable economy in tough economic times. Some perspective: the nay sayers will have to stretch themselves here to view these links, I know it's hard viewing things that may burst sensitive bubbles. (I can't post direct links yet, newbie and all that - figured this was a good place to start) independentaustralia.net/politics/politics-display/australia-tops-the-iarem-worlds-best-economy,6279 independentaustralia.net/politics/politics-display/the-worlds-best-economy-part-two-winners-and-losers-through-the-gfc,6304

Fixed, fez.....

;)

Lobo wrote on Mar 27^th, 2014 at 6:14pm:

Fixed, fez..... ;)

thanks froggie

Wow Fez! What a fantastic first post.

Now you really have got all our attention with your extensive travels of the world.

Perhaps you could enlighten us with your own slant on the world's greatest treasurer Wayne Swann.

Brother I can't wait to hear it in your words, much better than reading some vague link. 8-)

bump

Could do with a bit of a downturn in the AU forecasting and economic data for me personally actually.
I'm getting 1.81 to the £ this morning, whereas I was getting 1.88 last month!

red baron wrote on Mar 27^th, 2014 at 6:25pm:

Wow Fez! What a fantastic first post. Now you really have got all our attention with your extensive travels of the world. Perhaps you could enlighten us with your own slant on the world's greatest treasurer Wayne Swann. Brother I can't wait to hear it in your words, much better than reading some vague link. 8-)

Yeas....I too thought it was impressive as a first post, especially given how adroitly they dodged the word filter on 'poo.'

;D

red baron wrote on Mar 27^th, 2014 at 6:25pm:

Wow Fez! What a fantastic first post. Now you really have got all our attention with your extensive travels of the world. Perhaps you could enlighten us with your own slant on the world's greatest treasurer Wayne Swann. Brother I can't wait to hear it in your words, much better than reading some vague link. 8-)

Thanks red for the praise, I'm glad I've pleased another fan of the colour red.

Not so much intermittent world travels, it’s the long term expat work in multiple foreign countries, kinda gets one in the groove of local culture and politics, far more so than just blowin through having cups of tea at all the groovy places to be seen. One  really starts to see how the rest of the world see us…not from the slanted mouthpieces of Murdoch propaganda.

As for Swan and my own words, I could ramble a whole lotta shite, just like the far right brigade do, however the two articles I linked say all I want to say but waaayyy better.

Now, I don’t know why those two links go to the home page of IA, but once you are there, select Politics, then Economics.

The two articles to read are these:

Australia tops the IAREM: World’s best economy

The world’s best economy (Part Two): Winners and losers through the GFC

St George of the Garden wrote on Mar 27^th, 2014 at 12:23pm:

You economic illiterate! Swan saw us safe though the GFC with only ONE quarter of negative growth and obtained a AAA rating from all three ratings agencies. He removed like $130Bn a year of Howard’s irresponsible spending and started removing some of the tax expenditures. Hokey quickly reversed the cuts to this middleclass welfare—despite the “Budget Emergency.” He also was busy issuing papers, doing electorate visits—an output way beyond anything Tip achieved. Forbes Business Magazine lauded with what Swan did with the ETS revenue—tripled the tax free thresh hold. Not bad, eh? One thing Swan wasn’t known for—shooting his mouth off! No show pony was Swan. Since the shambles took over unemployment has been climbing and we have lost Holden and Toyota and half the car parts industry. The Budget will likely tip us into recession.

I'm just waiting for GeorgeMonkey to pause and surprise us all with a....

....BAZINGA....

Armchair_Politician wrote on Mar 27^th, 2014 at 3:38pm:

One thing Swan wasn’t known for—shooting his mouth off! No show pony was Swan.

;D  ;D  ;D  ;D

No absolutely not. Certainly didn't shoot his mouth off did he?
How did he go on backing it up? Well let's all have a look.....


"The Government remains absolutely crystal clear on our commitment to delivering a budget surplus as we planned. I'll say it again, there will be a surplus delivered by this Government in 2013 come hell or high water"

Wayne Swan, August 2011.


"We'll be back in the black in 2012/13 as promised. No question."

Wayne Swan, May 2011.


"Well Mr Abbott can laugh, but despite tough global conditions we remain absolutely committed to delivering a budget surplus in 2013 and we will absolutely get there"

Wayne Swan, March 2012



Swan Forecasted 2013 Result - $1,500,000,000 SURPLUS

Australian Budget 2013 Actual Result - ($23,388,000,000) DEFICIT

VARIANCE $24,888,000,000

Swan Declared Forecast incorrect by - 1,632%

Economic novice or bumbling buffoon?

Andrei.Hicks wrote on Mar 28^th, 2014 at 6:17am:

Economic novice or bumbling buffoon?

Swann - neither.

Hockey - both, and more.

Andrei.Hicks wrote on Mar 28^th, 2014 at 6:17am:

Economic novice or bumbling buffoon?

Treasury have been overestimating revenue since the GFC.

At least Swan could see what too strong a fiscal contraction would do to unemployment and stopped trying to get a surplus. Personally I thought this stuff about getting to a surplus was a mistake, a mistake economically (which did get recognised) and politically.

Now we have the idiot Hokey going to cut spending harshly and you will see why Swan and Gillard stopped the chase to a surplus.

So those comments he made where turned out to be wildly wrong isnt shooting his mouth off???

Not biased at all are you George?!

Swan did stop the chase for a surplus.

I said the talk re surplus was a mistake economically and politically. With Hokey as Treasurer you will see why it was a mistake.

St George of the Garden wrote on Mar 28^th, 2014 at 7:02am:

At least Swan could see what too strong a fiscal contraction would do to unemployment and stopped trying to get a surplus.

As late as January 2013 he was making comments about achieving a surplus!!!!

He didnt stop voluntarily.

He was told with 5 months left that after 2 years of declaring a surplus his finances were hopelessly nowhere near it.

The first time he declared it unlikely was March 2013!!!!!!!

Some $25bn out in the end!!!!!

St George of the Garden wrote on Mar 28^th, 2014 at 7:14am:

Swan did stop the chase for a surplus. .

With just 3 months left and his entire army dead on the battlefield.

Declaring it 3 months out after proclaiming youll deliver one for 2 years before that isnt stopping the chase!
Its called being thoroughly beaten!

One may even say he shot his mouth off for 2 years....

He was (rightly) accused of hiding the announcement of stopping the chase for a surplus on the eve of Christmass 2012. Going for a surplus would have been Gillard’s political decision.

A surplus is fine when the economy is strong. ATM there are some pointers to the fact that punters are slowly starting to spend again but the economy is a long way from strong so a surplus is the wrong Budget setting ATM. Why I fear Hokey will get the economy going backwards.

However, that mistake aside, Swan saw us through the GFC with only a minor blip—unemployment here topped out at 5.8% while the US is still stuck at 7% unemployment and a stalled recovery. Wouldn’t hurt for people to recognise that as well as the mistake re the surplus.

I'm responding to your claim Swan never shot his mouth off.

I've given you three where he has and proved to be spectacularly wrong - there's plenty more than three too.

Glad you recognize he did indeed shoot his mouth off.

Answer me this Hicksie:

Did Costello ever get that high paying job in private enterprise? Did he ever get invited to a high level economic conference? Bit odd neither happened when every QT he was shooting his mouth off. And he and Howard filled the Budget with tax cuts paid for with a temporary boom and irresponsible spending by little Johnny rewarding groups that supported him and wild pork barreling to excess. That meant the real estate boom got fanned even higher and we are still paying the cost of the period of the worst ever economic management since Howard was Treasurer.

Without strict prudential legislation we would have seen one or two banks fall over here like they did in UK and US.

George my friend, why are you going on the front foot to me about Costello or Howard?

I dont care. I have no Australian allegiance. I dont live there, i dont vote there.
All i cared about was making money there. Howard allowed that.

My entire point was to show you your point Swan didnt shoot his mouth off was a load of crap.
He did!!

Facts eh?

Look at his performance.

Six budgets. Six deficits.

Yeah—he should have gone through and cancelled all the tax expenditures. Easy.

You really are a first class wanker!

A Budget surplus or deficit are both fine depending on the state of the economy.

When was Costello on the Springer show?