Abbott has said that the Goverment has borrowed $100 million a day and all you Liberals have jump on the band wagon about it. None of you have asked why the Goverment borrows $100 million a day.

Lets look outside the square about why the Goverment needs $100 million a day. What does it cost a day to run goverment? Paid wages, the welfare bill etc.

All goverment borrow money evey day even the Howard Goverment borrow money to run goverment.

John S wrote on Aug 10^th, 2010 at 9:02am:

Keep up Jack, it rose to 120 million Thursday last week
Must have been a rate rise somewhere

Please delete wrote on Aug 10^th, 2010 at 9:10am:


The first stimulus was funded by the Howard/Costello surplus, so NO borrowing there. The second is open to dispute as it was never opening outlined what spending would have taken place.

And even if it was $80 million/day, that still a bucketload less over a 12 month period. BIG difference.

Sprintcyclist wrote on Aug 10^th, 2010 at 9:27am:


Well, compared to most mortal humans, the Australian Federal government does have a very large income, just over $300 BILLION and the Australian GDP is even larger at just over $1 TRILLION.

However, if we do use the example of us normal mortals, it is suggested that a "normal" range for Debt repayment is around 30-40% of annual income, which can be used to fund a Total Debt, for the like of House mortgages & Car loans, which may be considerably greater than their annual Debt Repayments.

Now, there are always rules & exceptions, but we need to understand that governments also have acceptable ranges, for both Debt repayment to Annual Income and for their Total Debt.

To put things into perspective, mere mortals can go out & buy a house with a $400,000 mortgage, on a salary of $60,000, on an ineterest only loan and afford the repayments of around 35% of our annual salary.

Similarly, the Australian government (&/or others) could afford to run yearly Deficits and therefore accumulate a Debt over time, provided that the Repayments & Total Debt remain within viable limits, which many overseas countries have disregarded.

That said, as a general rule, governments should balance their budgets and only go into Deficits & Debt as the exception.

Exceptions include those rainy Economic days, when they do arrive & to fund infrastructure, which vital for the future of the country!

Sprintcyclist wrote on Aug 10^th, 2010 at 1:06pm:


1) Agreed, as is now being shown by many overseas countries, such as the USA and many in Europe.

2) Yes & No!
As I said in my previopus post -
"as a general rule, governments should balance their budgets and only go into Deficits & Debt as the exception.
Exceptions include those rainy Economic days, when they do arrive & to fund infrastructure, which vital for the future of the country."

perceptions_now wrote on Aug 10^th, 2010 at 10:41pm:



$20 billion is hardly a small figure Perceptions, i though you would understand that.

And do you understand that the PM doesn't need to know every little detail about FO and Wireless, that's WHY there is a Broadband & Comms portfolio.

Did Rudd have a clue? NO

Does Gillard have a clue? NO

Does CONROY have a clue? NO.

Quote:



Vege, we ALL Joyce is a loose cannon and as such i don't think anyone takes what he says seriously anymore, including Abbott i dare say.

Quote:

I thought he said that veg but then thought I must have missed a question but as your post of the transcript proves HE DID
Imagine if this boofhead was still in charge of finance?????
Talk about pulling figures out of the air, Barnaby's probably a nice bloke & capable small town accountant but anywhere near government...really.

iamtheman012 wrote on Aug 10^th, 2010 at 11:03pm:


Clearly, Abbott & the Libs are 80% spin, because they have admitted they would have incurred 80% of the Debt (at least), over the last 3 years!

Just as clearly, Technology & Energy are 2 of the 3 major Economic Drivers, Population (Growth & Aging) being the other and Abbott, in particular has no idea what its all about!

As, I think Bill Clinton is credited saying, "it's the Economy stupid", but if the Politicians & their party have absolutely no understanding of what the Economic drivers are all about, NOW, then the Economy will go down the toilet and the Politicians will look stupid, but it will be the Public that will have to take the hits!