Australian Politics Forum - Labor's debt is crippling the nation

St George of the Garden

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Re: Labor's debt is crippling the nation
Reply #30 - Jan 27^th, 2015 at 8:59am

What major cuts? Means testing the private health rebate! Getting rid of the stupid Baby Bonus! The Medicare rebate for cornea replacement operations cut 25%—thanks to Nicola Roxon that one.

That do you for now?

Compare to monkey & Hokey—cut two sources of REVENUE! At a time when utmost economy is needed—Hokey borrows $9Bn to give to the RBA to speculate in currency with. Speculating with borrowed money, what could possibly go wrong?

How about you read some Budget Papers? There are summaries will show you income and expenditure flows over time. While you are for the first time ever reading something not from the DT rag—search on Tax Expenditures, some eye-opening reading there!

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Swagman

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Re: Labor's debt is crippling the nation
Reply #31 - Jan 27^th, 2015 at 9:37am

Quote:

Hokey borrows $9Bn to give to the RBA to speculate in currency with

.....at the recommend of the RB Govenor to back up the RB's reserves that had become dangerously low under Labor due to dividend payments to the Labor Govt and a raid by Swan to try and deliver a budget surplus.... Huh

http://www.theaustralian.com.au/business/economics/joe-hockey-grants-reserve-ban...

Quote:

The Treasurer has granted the bank $8.8 billion to lift its reserves which had been run down by foreign exchange losses and high dividend payments.

"This injection of funds puts beyond any doubt the Reserve Bank's continued ability to perform its core monetary policy and foreign exchange functions, in an environment of heightened financial market volatility," Mr Hockey said.

The rise in the value of the Australian dollar has inflicted heavy losses on the Reserve Bank, which is required to hold sufficient foreign exchange reserves to manage any extreme movements in the currency market.

Losses peaked at $5.8 billion in 2011-12, leading governor Glenn Stevens to call for dividend payments to the government to be suspended until reserves had been rebuilt, however former Treasurer Wayne Swan demanded an additional $500 million from the bank last year in his ultimately fruitless effort to deliver a budget surplus. Dividend payments had peaked at $5.2bn in 2009-10.
Mr Hockey said this had left the bank's reserve fund at just 3.8 per cent of its funds at risk, down from a level of 11 per cent in 2007-8.

"Since the election, the Governor of the Reserve Bank has written to me indicating that the Reserve Bank Board believes that it would be appropriate for the Reserve Bank Reserve Fund to be increased to 15 per cent of the Bank's assets at risk," Mr Hockey said.

The capital injection will add $8.8 billion to the 2013-14 budget deficit, which Treasury had estimated before the election would reach $30.1 billion. Mr Hockey says there has been further deterioration in the budget outlook since Treasury compiled its pre-election budget assessment.

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St George of the Garden

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Re: Labor's debt is crippling the nation
Reply #32 - Jan 27^th, 2015 at 9:45am

Swagman wrote on Jan 27^th, 2015 at 9:37am:

Quote:

Hokey borrows $9Bn to give to the RBA to speculate in currency with

.....at the recommend of the RB Govenor to back up the RB's reserves that had become dangerously low under Labor due to dividend payments to the Labor Govt and a raid by Swan to try and deliver a budget surplus.... Huh

http://www.theaustralian.com.au/business/economics/joe-hockey-grants-reserve-ban...

Quote:

The Treasurer has granted the bank $8.8 billion to lift its reserves which had been run down by foreign exchange losses and high dividend payments.

"This injection of funds puts beyond any doubt the Reserve Bank's continued ability to perform its core monetary policy and foreign exchange functions, in an environment of heightened financial market volatility," Mr Hockey said.

The rise in the value of the Australian dollar has inflicted heavy losses on the Reserve Bank, which is required to hold sufficient foreign exchange reserves to manage any extreme movements in the currency market.

Losses peaked at $5.8 billion in 2011-12, leading governor Glenn Stevens to call for dividend payments to the government to be suspended until reserves had been rebuilt, however former Treasurer Wayne Swan demanded an additional $500 million from the bank last year in his ultimately fruitless effort to deliver a budget surplus. Dividend payments had peaked at $5.2bn in 2009-10.
Mr Hockey said this had left the bank's reserve fund at just 3.8 per cent of its funds at risk, down from a level of 11 per cent in 2007-8.

"Since the election, the Governor of the Reserve Bank has written to me indicating that the Reserve Bank Board believes that it would be appropriate for the Reserve Bank Reserve Fund to be increased to 15 per cent of the Bank's assets at risk," Mr Hockey said.

The capital injection will add $8.8 billion to the 2013-14 budget deficit, which Treasury had estimated before the election would reach $30.1 billion. Mr Hockey says there has been further deterioration in the budget outlook since Treasury compiled its pre-election budget assessment.

Good try but nobody at the RBA asked for $8.8Bn, despite what Hokey said.

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Swagman

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Re: Labor's debt is crippling the nation
Reply #33 - Jan 27^th, 2015 at 9:55am

St George of the Garden wrote on Jan 27^th, 2015 at 9:45am:

Good try but nobody at the RBA asked for $8.8Bn, despite what Hokey said.

Quote:

"Since the election, the Governor of the Reserve Bank has written to me indicating that the Reserve Bank Board believes that it would be appropriate for the Reserve Bank Reserve Fund to be increased to 15 per cent of the Bank's assets at risk

....didn't you read that bit?

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St George of the Garden Gold Member Offline http://tinyurl.com/n 3o8m2x Posts: 9809 Gender:	Re: Labor's debt is crippling the nation Reply #34 - Jan 27^th, 2015 at 9:57am I read what Hokey said. He lied.
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John Smith Gold Member Offline Australian Politics Posts: 74360 Gender:	Re: Labor's debt is crippling the nation Reply #35 - Jan 27^th, 2015 at 10:12am labors debt? I thought the adults were in charge .... Since when is Abbott a labor man? It took him 12 months to accumulate the same debt it took labor 6 yrs to get .... good thing for us that no one left the kids in charge ehhh
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Sprintcyclist

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Re: Labor's debt is crippling the nation
Reply #36 - Jan 27^th, 2015 at 10:14am

Quote:

.....................leading governor Glenn Stevens to call for dividend payments to the government to be suspended until reserves had been rebuilt, however former Treasurer Wayne Swan demanded an additional $500 million from the bank last year in his ultimately fruitless effort to deliver a budget surplus. Dividend payments had peaked at $5.2bn in 2009-10.
Mr Hockey said this had left the bank's reserve fund at just 3.8 per cent of its funds at risk, down from a level of 11 per cent in 2007-8.......

that's the left. they can spend and borrow well.

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Andrei.Hicks Gold Member Offline Australian Politics Posts: 23818 Carlsbad, CA Gender:	Re: Labor's debt is crippling the nation Reply #37 - Jan 27^th, 2015 at 10:15am The largest increase in debt from public spending in 1 year came under the last Government. In their first year in charge. Colossal spend it was too. Plunged the budget from surplus to deficit.
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Andrei.Hicks

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Re: Labor's debt is crippling the nation
Reply #38 - Jan 27^th, 2015 at 10:17am

Sprintcyclist wrote on Jan 27^th, 2015 at 10:14am:

Quote:

.....................leading governor Glenn Stevens to call for dividend payments to the government to be suspended until reserves had been rebuilt, however former Treasurer Wayne Swan demanded an additional $500 million from the bank last year in his ultimately fruitless effort to deliver a budget surplus. Dividend payments had peaked at $5.2bn in 2009-10.
Mr Hockey said this had left the bank's reserve fund at just 3.8 per cent of its funds at risk, down from a level of 11 per cent in 2007-8.......

that's the left. they can spend and borrow well.

"Make no mistake there will be a budget surplus in 2013. Come hell or high water"
Wayne Swan 2011

The 2013 result was a deficit of $32.3bn.

A complete idiot.

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Armchair_Politician

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Re: Labor's debt is crippling the nation
Reply #39 - Jan 27^th, 2015 at 10:26am

Andrei.Hicks wrote on Jan 27^th, 2015 at 10:17am:

Sprintcyclist wrote on Jan 27^th, 2015 at 10:14am:

Quote:

.....................leading governor Glenn Stevens to call for dividend payments to the government to be suspended until reserves had been rebuilt, however former Treasurer Wayne Swan demanded an additional $500 million from the bank last year in his ultimately fruitless effort to deliver a budget surplus. Dividend payments had peaked at $5.2bn in 2009-10.
Mr Hockey said this had left the bank's reserve fund at just 3.8 per cent of its funds at risk, down from a level of 11 per cent in 2007-8.......

that's the left. they can spend and borrow well.

"Make no mistake there will be a budget surplus in 2013. Come hell or high water"
Wayne Swan 2011

The 2013 result was a deficit of $32.3bn.

A complete idiot.

In his very first budget, after taking over from Costello when he had a surplus of $22bn, Swan couldn't even come up with a surplus of five cents. Instead, it was straight into deficit. Swan was the epitome of incompetence as Treasurer and anyone who thinks otherwise is quite simply just as moronic as the buffoon himself.

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Grappler Truth Teller Feller

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Re: Labor's debt is crippling the nation
Reply #40 - Jan 27^th, 2015 at 10:27am

A deficit is not a debt - it is the forward estimates of revenue v outgoing as in any budget, and the figures rarely, if ever, even approximate the end result, which is dependent on a large number of variables over which the Budget Forward Estimator has little or no control.

I've said before - why do we even have an overly paid 'treasurer' to hand around the figures and act as a mouth-piece?

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Swagman Gold Member Offline Beware of cheap imitations...... Posts: 15095 Illawarra NSW Gender:	Re: Labor's debt is crippling the nation Reply #41 - Jan 27^th, 2015 at 10:35am St George of the Garden wrote on Jan 27^th, 2015 at 9:57am: I read what Hokey said. He lied. hmm ok.....and you have evidence of this lie?
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Its time

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Re: Labor's debt is crippling the nation
Reply #42 - Jan 27^th, 2015 at 10:51am

Armchair_Politician wrote on Jan 27^th, 2015 at 10:26am:

Andrei.Hicks wrote on Jan 27^th, 2015 at 10:17am:

Sprintcyclist wrote on Jan 27^th, 2015 at 10:14am:

Quote:

.....................leading governor Glenn Stevens to call for dividend payments to the government to be suspended until reserves had been rebuilt, however former Treasurer Wayne Swan demanded an additional $500 million from the bank last year in his ultimately fruitless effort to deliver a budget surplus. Dividend payments had peaked at $5.2bn in 2009-10.
Mr Hockey said this had left the bank's reserve fund at just 3.8 per cent of its funds at risk, down from a level of 11 per cent in 2007-8.......

that's the left. they can spend and borrow well.

"Make no mistake there will be a budget surplus in 2013. Come hell or high water"
Wayne Swan 2011

The 2013 result was a deficit of $32.3bn.

A complete idiot.

In his very first budget, after taking over from Costello when he had a surplus of $22bn, Swan couldn't even come up with a surplus of five cents. Instead, it was straight into deficit. Swan was the epitome of incompetence as Treasurer and anyone who thinks otherwise is quite simply just as moronic as the buffoon himself.

So the world bank and IMF who gave swan a glowing review are buffoons , ah hah right o.

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St George of the Garden

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Re: Labor's debt is crippling the nation
Reply #43 - Jan 27^th, 2015 at 10:53am

Andrei.Hicks wrote on Jan 27^th, 2015 at 10:15am:

The largest increase in debt from public spending in 1 year came under the last Government.
In their first year in charge. Colossal spend it was too. Plunged the budget from surplus to deficit.

$40Bn IIRC was the stimulus amount.

A good thing the Budget went into deficit! Can you imagine how indebted the private sector would be if the Budget stayed in surplus since 2008??

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Dsmithy70 Gold Member Offline ire futuis vobismetipsis Posts: 13147 Newy Gender:	Re: Labor's debt is crippling the nation Reply #44 - Jan 27^th, 2015 at 10:53am Getting your arse handed to you again Teaspoon. LOL But hey it is heartening that you are starting to see that taxation provides the society you get. 2nd time in 2 days I've seen you reference Denmark in a (what seems to be ) respectful way, welcome to the light
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Poll
Question: Can Labor be trusted with the budget?
Oh, that's funny!!! Not a chance. No, hell no! That's a joke, right? All of the above. « Last Modified by: Armchair_Politician on: Jan 27^th, 2015 at 7:03am »