Australian Politics Forum - How Costello gave us a Budget deficit

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How Costello gave us a Budget deficit
Jan 3^rd, 2016 at 10:37am

1. Permanent income tax cuts during the mining boom. $37.6B
2. Capital gains tax discount. $5.8B
3. Removed fuel excise indexation. $5.5B
4. Cash hand-outs for franking credits. $4.6B
5. Superannuation tax cuts. $2.5B

Total. $56.0B. What's the current Budget deficit again? Huh

Peter Costello's five most 'profligate' decisions as treasurer cost the budget $56bn a year

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You are not entitled to your opinion. You are only entitled to hold opinions that you can defend through sound, reasoned argument.

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Swagman Gold Member Offline Beware of cheap imitations...... Posts: 15095 Illawarra NSW Gender:	Re: How Costello gave us a Budget deficit Reply #1 - Jan 3^rd, 2016 at 10:50am ...except that he gave us 10 budget surpluses
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Armchair_Politician Gold Member Offline Australian Politics Posts: 28516 Gender:	Re: How Costello gave us a Budget deficit Reply #2 - Jan 3^rd, 2016 at 12:38pm Swagman wrote on Jan 3^rd, 2016 at 10:50am: ...except that he gave us 10 budget surpluses http://i17.photobucket.com/albums/b76/timbo2530/structural%20claytons.jpg The lefties still can't accept that a Liberal treasurer could produce a string of surpluses and leave office with $22bn in the bank.
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philperth2010

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Re: How Costello gave us a Budget deficit
Reply #3 - Jan 3^rd, 2016 at 1:01pm

Armchair_Politician wrote on Jan 3^rd, 2016 at 12:38pm:

Swagman wrote on Jan 3^rd, 2016 at 10:50am:

...except that he gave us 10 budget surpluses

http://i17.photobucket.com/albums/b76/timbo2530/structural%20claytons.jpg

The lefties still can't accept that a Liberal treasurer could produce a string of surpluses and leave office with $22bn in the bank.

Yet it is all the spending and concessions put in place during Costello's tenure as treasurer that are being considered for reigning in....The Liberal party appears to be floundering waiting for commodity prices to increase whilst agreeing to open new coal mines in the process....The Conservatives are so last century!!!

Wink

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Swagman

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Beware of cheap imitations......

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Re: How Costello gave us a Budget deficit
Reply #4 - Jan 3^rd, 2016 at 1:01pm

Armchair_Politician wrote on Jan 3^rd, 2016 at 12:38pm:

Swagman wrote on Jan 3^rd, 2016 at 10:50am:

...except that he gave us 10 budget surpluses

http://i17.photobucket.com/albums/b76/timbo2530/structural%20claytons.jpg

The lefties still can't accept that a Liberal treasurer could produce a string of surpluses and leave office with $22bn in the bank.

.....and the $96 billion dollar overdraft he started with?

Makes the OP a mite lame....

Labor had 6 years to reverse those policies but only managed to empty the bank balance and max out the overdraft again.... Grin

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stunspore

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Re: How Costello gave us a Budget deficit
Reply #5 - Jan 3^rd, 2016 at 1:09pm

And don't forget the mass selling of public assets by the libs. The biggest rip off would have been selling the gold reserve for a third of what the high gold price was.

Ofc despite the arguments of structural deficits which the diehard libs either don't understand (no surprise) or refuse to understand (again, no surprise) the basic numberss/stats they use ofc looks rosy.

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Swagman

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Re: How Costello gave us a Budget deficit
Reply #6 - Jan 3^rd, 2016 at 1:18pm

philperth2010 wrote on Jan 3^rd, 2016 at 1:01pm:

.The Liberal party appears to be floundering waiting for commodity prices to increase whilst agreeing to open new coal mines in the process

Yet, coal is a legitimate product and has a legitimate demand. If we don't export it some other country will and reap the jobs and economic benefits will with it.

That's if ever these new mines get off the ground given the blatant abuse of the courts and the industrial terrorism of radical leftists.

philperth2010 wrote on Jan 3^rd, 2016 at 1:01pm:

....The Conservatives are so last century!!!
Wink

...likewise Labor is stuck in the 1960s with their IR policies, resistance to reform and welfare state mentality....

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Dnarever

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Re: How Costello gave us a Budget deficit
Reply #7 - Jan 3^rd, 2016 at 1:21pm

Swagman wrote on Jan 3^rd, 2016 at 1:01pm:

Armchair_Politician wrote on Jan 3^rd, 2016 at 12:38pm:

Swagman wrote on Jan 3^rd, 2016 at 10:50am:

...except that he gave us 10 budget surpluses

http://i17.photobucket.com/albums/b76/timbo2530/structural%20claytons.jpg

The lefties still can't accept that a Liberal treasurer could produce a string of surpluses and leave office with $22bn in the bank.

.....and the $96 billion dollar overdraft he started with?

Makes the OP a mite lame....

Labor had 6 years to reverse those policies but only managed to empty the bank balance and max out the overdraft again.... Grin

What maxed out the overdraught again was the cash that the Liberals had taken out of future income.

As you are well aware Australia did as well or better than comparable economies in that period and way better then the Abbott / Turnbull governments have since.

Where Labor were fighting for every yard the Liberals came in and immediately started spending like drunken sailors while cutting back their own income.

Financially and economically this Liberal government have been about as dumb as you can get.

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the good ole boys Gold Member Offline Australian Politics Posts: 658 Gender:	Re: How Costello gave us a Budget deficit Reply #8 - Jan 3^rd, 2016 at 1:22pm This OP; among the worst cases of historical revisionism I've ever read.
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Swagman Gold Member Offline Beware of cheap imitations...... Posts: 15095 Illawarra NSW Gender:	Re: How Costello gave us a Budget deficit Reply #9 - Jan 3^rd, 2016 at 1:24pm stunspore wrote on Jan 3^rd, 2016 at 1:09pm: And don't forget the mass selling of public assets by the libs. . What Qantas & the Commonwealth Bank? Oops, no that was Labor's Grim Reaper... Public assets wouldn't need being sold off if Governments didn't overspend in the first place.
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Dnarever

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Re: How Costello gave us a Budget deficit
Reply #10 - Jan 3^rd, 2016 at 1:24pm

Swagman wrote on Jan 3^rd, 2016 at 1:18pm:

philperth2010 wrote on Jan 3^rd, 2016 at 1:01pm:

.The Liberal party appears to be floundering waiting for commodity prices to increase whilst agreeing to open new coal mines in the process

Yet, coal is a legitimate product and has a legitimate demand. If we don't export it some other country will and reap the jobs and economic benefits will with it.

That's if ever these new mines get off the ground given the blatant abuse of the courts and the industrial terrorism of radical leftists.

philperth2010 wrote on Jan 3^rd, 2016 at 1:01pm:

....The Conservatives are so last century!!!
Wink

...likewise Labor is stuck in the 1960s with their IR policies, resistance to reform and welfare state mentality....

The reform the business community want isn't reform at all it is just a wind back to the industrial revolution.

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Dnarever

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Re: How Costello gave us a Budget deficit
Reply #11 - Jan 3^rd, 2016 at 1:26pm

the good ole boys wrote on Jan 3^rd, 2016 at 1:22pm:

This OP; among the worst cases of historical revisionism I've ever read.

well actually it is very factual and sensible. Giving away the money that would obviously be required in the future was a dumb move and the cause of many of the problems we see today.

We were left requiring the biggest economic boom in a century in order to break square on our bills, obviously when the boom went away we were always going to be in trouble.

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the good ole boys Gold Member Offline Australian Politics Posts: 658 Gender:	Re: How Costello gave us a Budget deficit Reply #12 - Jan 3^rd, 2016 at 1:32pm 1993-Airline pilot's strike. Recession (we had to have). Over 10% unemployment. Interest rates over 15%. 2007-Years of surpluses. 22bn in the bank. Historically low interest rates/unemployment. OP posters lie; facts don't.
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Armchair_Politician

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Re: How Costello gave us a Budget deficit
Reply #13 - Jan 3^rd, 2016 at 1:38pm

philperth2010 wrote on Jan 3^rd, 2016 at 1:01pm:

Armchair_Politician wrote on Jan 3^rd, 2016 at 12:38pm:

Swagman wrote on Jan 3^rd, 2016 at 10:50am:

...except that he gave us 10 budget surpluses

http://i17.photobucket.com/albums/b76/timbo2530/structural%20claytons.jpg

The lefties still can't accept that a Liberal treasurer could produce a string of surpluses and leave office with $22bn in the bank.

Yet it is all the spending and concessions put in place during Costello's tenure as treasurer that are being considered for reigning in....The Liberal party appears to be floundering waiting for commodity prices to increase whilst agreeing to open new coal mines in the process....The Conservatives are so last century!!!

Wink

You see, that argument falls completely flat when you recall that Labor was in office from 2007 to 2013 and had ample opportunity to undo the "damage" done by Costello. What did Labor do instead? They spent MORE and did nothing - absolutely nothing - with regard to the issues you raise.

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Armchair_Politician

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Re: How Costello gave us a Budget deficit
Reply #14 - Jan 3^rd, 2016 at 1:39pm

Dnarever wrote on Jan 3^rd, 2016 at 1:21pm:

Swagman wrote on Jan 3^rd, 2016 at 1:01pm:

Armchair_Politician wrote on Jan 3^rd, 2016 at 12:38pm:

Swagman wrote on Jan 3^rd, 2016 at 10:50am:

...except that he gave us 10 budget surpluses

http://i17.photobucket.com/albums/b76/timbo2530/structural%20claytons.jpg

The lefties still can't accept that a Liberal treasurer could produce a string of surpluses and leave office with $22bn in the bank.

.....and the $96 billion dollar overdraft he started with?

Makes the OP a mite lame....

Labor had 6 years to reverse those policies but only managed to empty the bank balance and max out the overdraft again.... Grin

What maxed out the overdraught again was the cash that the Liberals had taken out of future income.

As you are well aware Australia did as well or better than comparable economies in that period and way better then the Abbott / Turnbull governments have since.

Where Labor were fighting for every yard the Liberals came in and immediately started spending like drunken sailors while cutting back their own income.

Financially and economically this Liberal government have been about as dumb as you can get.

You see, that argument falls completely flat when you recall that Labor was in office from 2007 to 2013 and had ample opportunity to undo the "damage" done by Costello. What did Labor do instead? They spent MORE and did nothing - absolutely nothing - with regard to the issues you raise.

Back to top

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