What is it with these rightards—cannot stand an iota of criticism.
No government is perfect, and the bunch of howard era fossils are very far from perfect! The simian is such an idiot he travels to meet with the economic elite—and talks party politics! WTF?
Criticism is healthy. Guess the rightards are insecure and defensive because the shambles led by the simian (until he is replaced) is going to be outright embarrassing!
Quote:The govt just borrowed a further $800m, over 13 yrs (our kids will be paying it back!). Gross debt issued since 9 Sep is now $42.25 billion— Stephen Koukoulas (@TheKouk)
January 24, 2014
Quote:The deterioration in the underlying cash balance since the 2013 PEFO is $16.8 billion in the 2013‑14 financial year and $68.1 billion over the forward estimates. This is in addition to the $33.1 billion deterioration in the budget position between the 2013‑14 Budget and the 2013 PEFO.
The total underlying cash deterioration over the forward estimates since the 2013‑14 Budget is $101.2 billion.
In accrual terms, the fiscal balance is expected to be a deficit of $41.8 billion (2.7 per cent of GDP) in 2013‑14 and $14.5 billion (0.8 per cent of GDP) in 2016‑17.
The deterioration in the budget position since the 2013 PEFO reflects two key factors:
the softer economic outlook; and
essential steps to address unresolved issues inherited from the former government.
Firstly, a softening in the economic outlook has resulted in significantly lower nominal GDP, which has largely driven the reduction in tax receipts by more than $37 billion over the forward estimates. The softer economic outlook, coupled with changes in demand‑driven programmes, has also increased payments across the forward estimates.
The Australian economy will continue to transition from resources‑investment led growth to broader sources of growth over the forecast period. However, the transition is now forecast to be slower than at the 2013 PEFO. While the fall in resources investment is expected to be sharper than previously forecast, the recovery in the non‑resources sector is expected to be more gradual.
As a result, real GDP is forecast to grow at a slower rate of 2˝ per cent in 2014‑15, compared to 3 per cent in the 2013 PEFO. With domestic prices and wages also forecast to be softer than at the 2013 PEFO, nominal GDP has been revised down significantly.
http://www.budget.gov.au/2013-14/content/myefo/html/01_part_1.htmThe govt Budget is in trouble because company tax revenues are such a major part of total tax revenues and in any sort of economic contraction company tax revenue, and so total tax revenue drops fairly dramatically. This is all part of Peter Costello’s structural Budget deficit.
It is clear, then, that income tax needs to be increased dramatically, I sugggest that the last 2 or 3 tax cuts to the top brackets need to be reversed. Since governments and Parties don’t have a deathwish such a decision needs to be a bipartisan issue. It would also help to reduce the outrageous tax expenditures benefitting the 1-2% richest people, estimated to run to $50Bn a year.
So when the simian and the shambles attack, as they have been doing, both verbally and in terms of reducing help, the poorest and most vulnerable in the community, they are not solving the problem of the continuing problem of the structural imbalance of the revenues nor the problem of the deficit. Therefor they and their fanbois better brace themselves for vigorous criticism!
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