Swan’s Pot Is Slowly Boiling Dry

20 Apr

From Yahoo!7 News:

Get budgets in order, Swan tells Europeans

Treasurer Wayne Swan will tell his European counterparts at this weekend’s Group of 20 meeting in Washington they must continue to adopt the reforms needed to boost economic growth and get their budgets under control.

Ahead of the meeting, Mr Swan said Australia not only needed to get its policy settings right but would do everything it could to help the world avoid a repeat of the “devastation” caused by the global financial crisis.

“There is a difficult road ahead for many advanced economies, and we shouldn’t be surprised to see bouts of instability continue for some time to come,” Mr Swan said in a statement on Friday.

“That’s why I will first and foremost be making clear to European finance ministers the need to continue putting in place the reforms needed to lift economic growth and get their budgets in order.”

From the 2008-09 Budget forecast:

Total Revenue (estimate) – $319.464 billion
Total Expenditure (estimate) – $292.470 billion

From the 2008-09 Final Budget Outcome:

Total Revenue – $298.933 billion ( -$20.53 billion)
Total Expenditure – $324.569 billion ( +$32.09 billion)

Deficit – $51.44 billion

From the 2009-10 Budget forecast:

Total Revenue (estimate) – $290.612 billion
Total Expenditure (estimate) – $338.213 billion

From the 2009-10 Final Budget Outcome:

Total Revenue – $292.767 billion ( +$2.15 billion)
Total Expenditure – $339.239 billion ( +$1.02 billion)

Deficit – $46.472 billion

From the 2010-11 Budget forecast:

Total Revenue (estimate) – $321.822 billion
Total Expenditure (estimate) – $354.644 billion

From the 2010-11 Final Budget Outcome:

Total Revenue – $309.89 billion ( -$11.93 billion)
Total Expenditure – $356.10 billion ( +$1.45 billion)

Deficit – $50.5 billion

From the 2011-12 Budget forecast:

Total Revenue (estimate) – $349.961 billion
Total Expenditure (estimate) – $365.817 billion

From the 2011-12 Mid-Year Economic and Fiscal Outlook (November updated estimate):

Total Revenue – $344.11 billion ( -$5.85 billion)
Total Expenditure – $371.747 billion ( +$5.93 billion)

Deficit – $43.38 billion

Oh yes.

By the way.

We will not bother to mention the tens of billions in spending on such things as the NBN, and the Clean Energy Finance Corporation, that are not included in the budget.

Because they are hidden Off Balance Sheet.

Wayne. Europe.

Pot. Kettle.

Both slowly but steadily boiling dry.

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11 Responses to “Swan’s Pot Is Slowly Boiling Dry”

  1. NW Tasmania April 20, 2012 at 7:48 am #

    Where is the $140 Billion Julia yesterday again stated that the Government had lost?

  2. Twodogs April 20, 2012 at 8:30 am #

    How embarrassment. That’s a bit like being admonished by Hitler for being naughty.

    Notice the growth in expenditure far in excess of inflation. It’s consistency points to structural costs limiting potential for spending reduction in future, while revenues face collapse whenever GFC II hits.

    The worst part is that Labor’s spending will eventually result in austerity, which will kill our economy for good. Good one, Wayne.

    • Betty Whiffin April 20, 2012 at 10:24 am #

      This Labor government is the most embarrasing government in the history of Australia. Look in its own backyard before preaching to other countries How about the debt we owe to unknown sources? Nothing in budget re NBN (a white elephant) and the outrageous Clean Energy Finance Corporation. When will they stop wasting taxpayers’ money?

      • Twodogs April 20, 2012 at 6:00 pm #

        Some idiot on SMH admonished me for suggesting that debts by governments have to be paid back! It’s just paper, so it doesn’t matter, he said! He tried the old debt to GDP chestnut, and then compared ours as small versus other countries, never mind that they are broke. Idiots!

  3. Tomorrows Serf April 20, 2012 at 8:42 am #

    Lest We Forget…

    “We do not Forgive. We do not Forget. We are Legion. Expect us”

    Catchy call sign, isn’t it…..

  4. Jazza April 20, 2012 at 5:07 pm #

    Swan is a nincompoop of the first order and with the emphasis on the final syllable!

  5. Twodogs April 20, 2012 at 5:55 pm #

    Slightly off-topic, but Shorten today claimed that because employer super contributions will rise from 9% to 12%, wages are essentially rising by 3%!!! What utter lies!

    That cannot be asserted honestly, as that 3% can equally come out of wages, company profits, investment or any combination therein.

    Even worse, if you are a contractor like I was for years and many Australians currently are, your common law contract is inclusive of super. Therefore, the extra 3% will come out of your take-home pay, essentially a 3% wage drop.

    The bald-faced lying is criminal, and breathtakingly-so!

  6. JMD April 22, 2012 at 12:28 pm #

    Seen this? http://www.illawarramercury.com.au/news/local/news/general/technical-marvel-rusting-away/2529304.aspx?page=3

    I used to live just down the road from this spot. Not the most pristine piece of real estate to be sure but what a f*** up.

    • Tomorrows Serf April 22, 2012 at 1:19 pm #

      Hey JMD,

      I’m thinking of applying for a couple of hundred million to assist in the commercialisation of a brilliant, new, innovative clean energy concept.

      Simple, efficient, effective…

      Millions of mice in a giant treadmill….what a no-brainer…just like the 80% of idiots in Federal Parliament.

      • john singer May 27, 2012 at 3:57 pm #

        Swan was born an ugly duckling but soon developed into a goose.

  7. Paul Timothy November 18, 2012 at 9:48 pm #

    Yes if only that goose would lay a golden egg… I think the egg cracked along time ago. The GFC of 2008/9 was just a ripple on the ocean – 2013 is going to be the perfect storm and this government refuses to acknowledge what’s ahead. In a previous life Swan and Gillard were Greek politicians…

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