Great, isn’t it.
Over the past 6 weeks since I began tracking the AOFM’s government debt auctions, Wayne’s pack of lunatics have borrowed no less than $2 Billion, and as much as $2.75 Billion.
Every single week.
And we can see here, that ever since JuLIAR Gillard knifed KRudd, she has been on a borrow-and-spendathon that puts even the jet-setting Mr Stimulus to shame.
The following chart shows only the value of Treasury Notes auctioned by Labor. These are “short term” debt “instruments”, that typically must be repaid within 30-90 days. They are supposed to be issued only when necessary to “smooth” cashflow requirements of the government.
Most of the government’s primary funding comes, instead, from the auction of Treasury Bonds, which are longer term debt “instruments”, that must be repaid over durations of anything up to 20+ years.
We take particular interest in the blowout in borrowing using Treasury Notes, because it indicates a government that has completely lost the plot. An utterly incompetent government, that has no idea what it is doing. Has no planning. Cannot even manage to balance the weekly cashflow needs of government. And so is constantly going back to the international debt markets, to borrow $2+ billion per week on the “short term” national credit card (click to enlarge):
Note carefully that this chart only goes up to end of April this year. During May, the government borrowed another $5.8 Billion using Treasury Notes. To picture this – since I’m too lazy to update the chart right now – just imagine another blue line on the end of that chart, one that is double the height of the tallest blue line.
So far in June – a mere 3 days in – they have already borrowed another $500 million using T-Notes.
And next Thursday 9th June, they will borrow another $1 Billion using T-Notes.