Tag Archives: very fast train

Barnaby: Good On You Wayne, You Are A Genius

5 Aug

Media Release – Senator Barnaby Joyce, 5 August 2011:

Mr Swan is a precise reflection on the Labor Party’s total and utter financial incompetence. Mr Swan has carriage over, and a fascination for, a Climate Change modelling section in Treasury. The reality of course is that it has not a prayer of affecting the climate, but until the wave hit he denied the bleeding obvious about Catastrophic Debt Change.

But the Treasurer has done nothing to prepare Australia for the financial fallout on global sovereign debt, which some of us have been screaming about now for years. Yes, I was talking about this even before my brief tenure in Shadow Finance.

Instead, Swan and Labor have overseen the third largest proportional increase in public sector debt in the world. Ken Rogoff from Harvard will confirm this.[1]  Iceland, Ireland then us; good on you Wayne you are a genius.

Iron ore, coal and wheat saved us from the first GFC not $900 cheques, ceiling insulation and school halls. Heavy floods in Queensland also brought a severe decline in GDP for Australia recently just to remind us of what happens when coal can not get to port.

We have not heard boo on how this nation invests in where we make our money. It was pathetic that even as recent as yesterday they were talking about borrowing another $100 billion to build a not as fast as a plane passenger train.

Now Wayne what will that help us export to pay for your debt?

[1] Reinhart, C. and Rogoff, K. 2011, ‘A Decade of Debt’, Centre for Economic Policy Research Discussion Paper, p. 12, http://www.voxeu.org/sites/default/files/file/DP8310.pdf

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