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- 28 October 2008
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I feel about as sorry for Labor as they do for the electorate as a whole under their government.
They still have a 7% rise in revenue this financial year despite the now estimated $12bn shortfall, but that revenue gain and the end deficit result only adds to the sense of their fiscal incompetence.Labor has nothing left and more importantly no one to help them recover down the track.
They still have a 7% rise in revenue this financial year despite the now estimated $12bn shortfall, but that revenue gain and the end deficit result only adds to the sense of their fiscal incompetence.
Labor are absolutely destroyed, I don't know how long it will take for them to come back from this.
Poll: Should the government proceed with the NDIS and Gonski school reforms despite the growing shortfall in revenue?
Yes, such important reform is worth a short-term budget deficit
23%
Yes, but only if they can find other savings in the budget to fund them
13%
No, put them off until we can afford it
44%
No, scrap them altogether
20%
Total votes: 4446.
Prime Minister Julia Gillard has said “urgent and grave” decisions need to be made at the May 14 budget and all sections of the community – business, families and institutions – will have to help share the burden.
Announcing a $12 billion write-down in company tax revenue since the last budget update in October, Ms Gillard said that revenue would not be replaced with spending cuts at the budget.
But she said the long-term, multibillion dollar investments in school funding reforms and the National Disability Insurance Scheme would be paid for by cuts, and “the burden of our decisions will be shared across the whole Australian community’’.
“Business, families, institutions. Everyone benefits so everyone contributes,’’ she told the Per Capita lunch in Canberra on Monday.
“Guiding us as we make these decisions is the key principle of burden sharing,’’ she said.
Ominously, Ms Gillard said “every reasonable option’’ was on the table, “even options previously taken off the table’’. This brings into play cuts to business tax concessions and family benefits, as well as tax increases.
Finally, some reality. This is the first time either side has admitted that normal is where we are now, not where we were pre'07
http://www.afr.com/p/national/budget_burden_must_be_shared_by_iQ2tyboC2dBJKMolGNlIZM
Hopefully, with the government admitting it has been, to put it kindly, optimistic, Abbott can tone down the hollow rhetoric and we can actually get some sort of policy debate.
So you mean now that Gillard can no longer hide the fact that they stuffed everything up, everyone must pay, how noble of her. Things must be even worse than we know now.
The budget will be a shocker , thanks Gillard you lying incompetent curse and Swan you ignorant dope.
Nope. Just what I've been saying for ages on here. The budget was set to boom mode for too long (thanks to Rudd and Howard). It's finally being unwound to SNAFU mode.
Did Gillard make mistakes, absolutely! I think she and Swan will go down as the worst pair running the country since God knows when.
$12b Budget black hole
Gillard is blaming Treasury!!
Gillard and Swan provides the assumptions and policy to Treasury to calculate the forecasts!
Imagine a wage earner, John, employed in the same job throughout the last 20 years.
For a period in 2003 to 2007 every year his employer gave him a sizeable bonus.
He was grateful but in his bones knew it wouldn’t last.....
To respond to this temporary loss of income by selling his home and car, dropping his private health insurance, replacing every second evening meal with two-minute noodles.
Of course not.
A rational response would be to make some responsible savings, to engage in some moderate borrowing, to get through to the time of higher income with his family and lifestyle intact and then to use the higher income to pay off the extra borrowing undertaken in the lean years.
...Labor still doesn't get it.
They expect unrealistic growth rates in revenue to return to support their wasteful expenditure.
http://resources.news.com.au/files/2013/04/29/1226631/586812-130429-pms-revenue-shortfall-speech.pdf
A rational response would be to make some responsible savings, to engage in some moderate borrowing, to get through to the time of higher income with his family and lifestyle intact and then to use the higher income to pay off the extra borrowing undertaken in the lean years.
Agree completely.Gillard and Swan can blame falling revenue until the cows come home, but it’s the wasteful and irresponsible spending that has landed this Labor government in such a mess. They could have delivered a budget surplus in spite of the falling revenue if they hadn’t splashed money around with reckless abandon.
Just think of the dough they wasted....20 billion on overpriced and unnecessary school buildings alone (which Gillard herself presided over), the home insulation debacle, the boat people fiasco – and that’s just the tip of the iceberg. Scores of billions of dollars.
A business manager who did what this Labor government has done would be sacked. Just like the Labor government will be in September.
They haven’t even had enough brains to change their leader – a move that may have at least given them a slim hope of pulling off an election victory. Instead they seem intent on following Gillard over the cliff.
Never elect of bunch of unionists to run the country - they're just not up to the job.
Agree completely.
In addition, Gillard has set back eons the case for women in positions of power.
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