Just how much trouble are we in??

Now also as they say our GDP has shrunk and our debt getting bigger.

our debt to GDP will also increase.

Grease here we come.

woof woof wrote on Aug 2^nd, 2013 at 2:32pm:






can you fill us in on this woof??...last I heard he was only $20bn in the red on the budget

it cant have blown out even more.. there hasnt been enough time...

have any figures been released on what we are up for in PNG?

or are we pretending they are just doing us a favour?

Federal Treasurer Chris Bowen believes the government has struck the right balance between savings and spending measures to keep the budget on track to surplus by 2016/17.

But the price will be ballooning budget deficits, weaker growth and a jump in the unemployment rate.
Mr Bowen and Finance Minister Penny Wong on Friday released an economic update to the May budget and laid out the plan Labor will take to the federal election, which could be called on Sunday.
It shows a further $33.3 billion writedown in government revenues over four years to 2016/17, due to weaker global growth, lower commodity prices, and softer domestic personal and business tax receipts.
"We are calling it as we see it," Mr Bowen told reporters in Canberra.
"There are challenges in this environment."
Labor will make $17.4 billion of "responsible savings", including a higher tobacco excise and changes to fringe benefit tax arrangements on cars.
"Australia is undergoing an economic transition," Mr Bowen said.




its interesting how this has all just happened...

all of a sudden no one saw it coming..

amazing one blow out after another... and its all someone elses fault of course...

ken the con wasnt there to tell us the bad news was he??..too much INTEGRITY

woof woof wrote on Aug 2^nd, 2013 at 2:34pm:


woof woof

I am concerned for two reasons, the obvious is that the ALP typically overestimate revenue and underestimate spending ...... so I really don't believe any figures they put out, they apply spin to budgets which are meant to be well run and boring ....... even polling history shows that budgets generally never have a positive poll bounce of any note. Not sure what the ALp's game is ???? repair their lost credentials that they never had on the economy ?

The second reason Rudd has no real reason to be economically smart as he needs to pork to win and if he loses he can leave a big mess for the coalition. Either way its a win win for Rudd and a lose lose for everyone else including the ALP.

I  predict 1.5 million unemployed by next July.

woof woof wrote on Aug 2^nd, 2013 at 2:37pm:


You off for fish and chips, woof woof?

woof woof wrote on Aug 2^nd, 2013 at 2:32pm:


I've had enough of this. I am calling on all concerned OP's contributors to join with me as we petition the government for the recall and reinstatement of much-loved, award winning former federal Treasurer Wayne Maxwell Swan. It was only about 3 months ago that suave and faux sophisticate Wayne Swan told us the deficit would be a mere AUD$19 billion. It was a long way off his promised surplus but hey, no one's perfect. Now we have a deficit approaching AUD$30 billion.

Who'll join with me and demand Mr Swan be resurrected from the graveyard of useless phuking politicians and given back his office in parliament house? Who's with me?