John Smith wrote on Sep 25^th, 2014 at 4:45pm:


Clearly you didn't read the article.  The last financial year was run under the ALP budget which original promised a surplus and all the time until the election continued to blow out and has continued since.  All of the labor party's estimates have collapsed - as they usually do.. Only $11B of this is the responsibility of Liberal decisions and $9B of that was a grant to the RBA which can actually be recalled if they wish.

Another Labor disaster.

John Smith wrote on Sep 25^th, 2014 at 4:45pm:


Clearly you didn't read the article.  The last financial year was run under the ALP budget which original promised a surplus and all the time until the election continued to blow out and has continued since.  All of the labor party's estimates have collapsed - as they usually do.. Only $11B of this is the responsibility of Liberal decisions and $9B of that was a grant to the RBA which can actually be recalled if they wish.

Another Labor disaster.

longweekend58 wrote on Sep 25^th, 2014 at 5:53pm:


yes longie, i read the excuses too .... what makes you think its any different to the rest of the libs lies?

from $18B to $48B

thank goodness the adults are in charge 

it would be nice if Hockey took responsibility for his mess, but really no surprise that he's trying to blame labor for it.

http://www.smh.com.au/federal-politics/political-news/joe-hockey-says-30b-overes...

Budget deficit soars to $48.5bn

THE final federal budget deficit for 2013/14 has come in at $48.5 billion, $30 billion larger than Labor forecast last year.

“It is not a confected number, it is the real figure,” Treasurer Joe Hockey said in Canberra.

When Labor’s last budget was handed down in May last year, then treasurer Wayne Swan projected a deficit of $18 billion, citing a “savage hit to tax receipts” and a “deep commitment” to support employment and economic growth. The 2011-12 budget had projected a $5.4bn surplus for 2013/14.

The new figure includes an $8.8bn of additional funding to the Reserve Bank, $571 million to maintain offshore immigration detention, additional funding for public service agencies to manage unfunded redundancies, and the Coalition’s decision to dump 96 proposed tax and superannuation changes.

Mr Hockey said the final budget outcome “draws a line under the sand” of Labor’s tenure, citing the blowout as further evidence for the budget cuts and tax increases announced in May.

“Labor left Australia with no plan to fund the future and address their unsustainable spending trajectory over the medium term,” he said in a joint statement with Finance Minister Mathias Cormann.

“If no policy action was taken to repair the budget position the Government inherited, gross debt would have spiralled to $667 billion over the medium term and continued to grow.

“We are making spending sustainable, delivering record infrastructure investment, creating new jobs and bringing the budget back to surplus over the medium term.”

Budget fix promised as deficits soar

Mr Hockey, when asked if Labor manipulated Treasury to produce the erroneous forecasts, said ministers must take responsibility for their projections and “that’s the bottom line”.

“Whenever we sit down with our officers we pepper them with questions … to ensure that we are satisfied that forecasts are as robust as possible. Now maybe the previous government didn’t do that? I don’t know, but they seemed to get every number wrong,” he said.

The opposition has accused Mr Hockey of inflating the deficit by giving $8.8 billion to the Reserve Bank to restore its capital buffer. Mr Hockey said the money would be needed eventually after Labor extracted $5.2 billion in RBA dividends in 2009-10.

Comment is being sought from opposition treasury spokesman Chris Bowen.

   http://www.theaustralian.com.au/national-affairs/budget-deficit-soars-to-485bn/s...

John Smith wrote on Sep 25^th, 2014 at 5:57pm:


because it is a matter of historical fact.  I know you  - with the memory of a goldfish - probably forget Swans $1.5B surplus promise which quickly changed week-by-week into a bigger and bigger deficit.  Expenditure doesn't stop overnight.  it takes time and a new budget to be passed for any of that to happen.

Why do you think the 2008 financial results (under Rudd) were so good?  They too were running under a former govt's budget.

libs couldn't organise a root in a brothel .... its their rich mates that tell them what to sell and for how much, the libs will just do what they're told

Remember, Labor deficit bad.

Liberal deficit good, spent on worthwhile things like..........war.

Are the submarines included in that? What are they for again? Looking for MH 370?

Ex Dame Pansi wrote on Sep 26^th, 2014 at 6:49am:


You forget a lot, don't you? Stephen Smith (Labor) is the one who got the ball rolling on purchasing new subs to replace the Collins-Class fleet, not Abbott. Oh and by the way, most of the current budget is Labor policy because the Coalition hasn't been allowed to have its own policies pass in the Senate. So if you want to blame anyone, blame Swan, as it's simply a continuation of his policies. Hockey is doing the best he can in light of a hostile Senate determined to say no to everything.