Media Release – Senator Barnaby Joyce, 26 August 2011:
Nation’s debt tops $200 billion after Labor borrows $100 million per day
Congratulations Wayne on your double century. We knew if you stayed at the crease long enough you would get there. Actually it didn’t take you long at all; you have been doing a “fine job”.I have always had “complete confidence” in your ability to give Australia its largest debt in history.
Today our nation’s debt went over $200 billion for the first time ever. We borrowed $3.2 billion over the last week.
Our debt ceiling was $75 billion when this crowd got into government. On 11 March 2009, Wayne Swan invoked “special circumstances” to increase it to a “temporary” level of $200 billion. In the last budget the government has increased it permanently to $250 billion.
If we keep borrowing money like we borrowed last week, we might be able to give this latest ceiling a nudge.
This fiasco that is masquerading as a government has got to end. This relationship cannot go on.
If you go to www.aofm.gov.au you will see that your nation’s “Total Commonwealth Government Securities on Issue” as of today sits at $200.242 billion.
The Labor party has increased our gross debt by $140 billion since they came to office in November 2007.
They have been in government for 1371 days and have therefore borrowed over $100 million per day.
There are 12.3 million taxpayers in Australia, so this government has borrowed an extra $11,000 on behalf of each of them.
“What have we got to show for this debt? Fluffy stuff in the ceiling which burned down 190 homes and billions of dollars on school halls which haven’t made our kids any smarter. The debt didn’t save us from a recession, record prices and record volumes of coal and iron ore exports did.”
More information – Matthew Canavan 0458 709433
Barnaby Is Right 
It’s really a shocker isn’t it. Also the rouse of giving pensioner’s and people who wished to enroll in approved courses, $950. I know people who enrolled in TAFE and never turned up to learn anything. I used mine too but I am an ongoing student.
I installed a rain tank for $2000 and received all the money back from the government. Fair enough my house is already insulated, and rain water is used for washing and flushing one toilet in the laundry. I had to pay up front, but I wouldn’t put in solar panels, one I can’t afford the outlay and two they don’t work properly in colder climates where I live. Now this carbon tax and the government wishing to include local councils in the agenda.
Now this Craig Thomson affair, what a distraction from the Convoy of No Confidence and No Carbon tax rallies. I can’t believe this, never has there been so many who owe nothing to so few. Sorry Winston?
@bushbunny
You wrote:
“It’s really a shocker isn’t it. Also the rouse of giving pensioner’s and people who wished to enroll in approved courses, $950.”
I am a pensioner and if I (and my family) didn’t receive the bonuses, I would have had to had lived on the street. I count myself lucky now since I do not have to rent. Currents rentals are over AU$350 a week. That is $700 a fortnight. After full rent assistance, the actual rent paid would be $570 which would be 40.9 percent of total income. All other expenses would have to be under $823 ($21,580 per an-nun) per fortnight.
To avoid having to fight it out among 100s of other families, I could go for a rental of $400 a week. The fortnight rent minus rent assistance would be $670 or 47 percent. All other expenses would have to be under $723 ($18,798 per an-nun) per fortnight.
To avoid having to fight it out among 10s of other families, I could go for a rental of $450 a week. The fortnight rent minus rent assistance would be $770 or 55 percent. All other expenses would have to be under $623 ($16,198 per an-nun) per fortnight.
Now considering that I got evicted in Aug 2009 which caused so much burnout that I rode my car of and almost killed myself. I finally found a place for $425 a week in Jan 2010. I had to leave it at the end of a 6 month lease. During this time, I went on the my first holiday in 10 years which last 3 days when I climbed to the top of Mt Kosciusko. That is $3,000 per move, $1,700 that the last landlord extorted from me and $1,300 to cover the full cost of a second hand car, and a holiday which cost me $1,000, I was down $10,000 by Jul 2010. Take $10,000 away from say $19,781 which is the cheapest rent. That is $9,781 for one year or $376 a fortnight after rent for all expenses.
Luckily that I don’t have to content with this anymore.
and have lived to be the first person on this planet to do this.
http://css-3d.org/flight-of-the-venturer.htm
I am sorry about all this for you. It is hard I know, and it must be distressful to be evicted. I wasn’t suggesting that bonuses were wrong for pensioners, I was suggesting the education bonus allowed for it to be used, such as signing on and never turning up.
Anyway God Bless and keep smiling.
It’s a shame so few people seem to care about this, the current situation of bond speculators ferociously bidding up government debt will end badly, as all ferociously bid up debt bubbles end.
As I said previously, the gold is all gone, the debt cannot be extinguished. The RBA has nothing to meet the ask when the speculators begin to sell.
JMD – Just a note,not many people understand anything about global trading and economics. All they are aware of is what goodies the government gives to them or rather takes from them. The cost of living etc., that hurts them personally. They assume they have safe jobs until this is taken from them. Can you imagine when you are earning say
$52,000 a year – a modest income by today’s standards, and lose your employment and reduced to either using up your savings before you can apply for welfare. On a maximum pension of $350 a week or 16,000 a year (with no children or unemployed spouse). And the Greens wanting to give other countries compensation for the damage climate change is doing to them by us? And wanting to redistribute wealth not for Australians but to some tin pot country who can’t manage their own affairs and claiming industrialized countries are causing their environment to suffer! I believe in foreign aid in emergencies of course but this government have their head in the clouds and it is about to crash down to Earth. Then leave it to a new government to try and catch up, and the only way will be to curb spending. Hopefully overseas some foreign aid and climate change debts will go.
Hi B.I. I happened to be looking at this site http://ris.finance.gov.au/page/2/ today, and thought about you. I noted that some departments, especially those that are good at taking public money and spending it, have several “non-compliances” in relation to good regulation practices. So I suppose that means, in a nut shell, bad regulation and therefore waste and rip-off. Plenty of fertile ground here for you and your readers, me-thinks.
Thanks very much for this Fred … will definitely take a look 😉
This govt. is doing a fine hatchet-job on this country.
Same playbook as the Yanks.
Same playbook as the Euros.
Same playbook as the Japs..
Mindlessly reckless spending on ridiculous meaningless and costly projects, massive new regulation in the interests of “de-regulating” the economy to “streamline growth”, politicians becoming more brazen in their “we can get away with anything” behaviour, bald-facedly lying to their constituents, saying most sincerely one thing and then doing the exact opposite.
Barnaby never made a more poignant comment. “If you don’t manage debt, debt manages you!!!”
(How much debt did you say Rudd/Gillard/Brown have racked up over the last few years??)
People, the stakes have never been higher. Time to start waking up your brothers and sisters. That lovable old Aussie adage “she’ll be right mate!” was NEVER FURTHER FROM THE TRUTH..
This time, “she won’t be right”.
Correct.
Why does the government not be Ozzie centric. Why pledge $600 million a year to the UN Climate Change fund and not spend it here. That amount will come out of the carbon taxes revenue. Rudd signed that Kyoto agreement that some countries haven’t signed and committed our country to this arrangement. Wouldn’t it be better that that $600 million could be better spent here? And protecting our own environment from floods, bushfires, droughts etc. Or helping out people like Alan here.
Not some unnamed person in Tim-buck-tu. Charity begins at home.
KRudd also fully supported the destruction of Libya. I heard on the news today that hundreds of men, women & children have been found dead in a hospital in Tripoli after the staff fled for their lives in the face of NATO attacks.
The man deserves to be hung, drawn & quartered. In fact I’d even do the dirty work. I’ve butchered before.