http://www.thepunch.com.au/tags/deficit/ Politics, political opinion, world news, sports news and the latest news and views updated live, daily on The Punch - Australia's best conversation. en Copyright 2012 The Punch penberthyd@newsltd.com.au penberthyd@newsltd.com.au Sat, 26 May 2012 20:00:49 +0000 Sat, 26 May 2012 20:00:49 +0000 Politics, opinion, world news, sports news, latest news, views, Barack Obama, Kevin Rudd, Julia Gillard, Nathan Rees, Malcolm Turnbull, Peter Garrett, Barnaby Joyce, Australian, federal politics, opinion polls, election, The Punch, thepunch, punch ExpressionEngine 1.6.7 http://blogs.law.harvard.edu/tech/rss 15 http://www.thepunch.com.au/images/punch-logo-rss.png http://www.thepunch.com.au/ 144 70 Politics, political opinion, world news, sports news and the latest news and views updated live, daily on The Punch - Australia's best conversation. Search The Punch keywords http://www.thepunch.com.au/search/ http://www.thepunch.com.au/articles/A-mini-budget-with-an-eye-to-a-major-electoral-payoff/ Yesterday’s mini-budget tells an economic story but it is primarily a political document. Outwardly designed to position the nation against the turbulence of a troubled world, its real unspoken mission is positioning Labor for the 2013 election. At its core is Julia Gillard’s fear that carrying even a small deficit into the election that year, which most economists say would be perfectly justified and even prudent, would allow Tony Abbott to say Labor had never delivered a surplus and never would. penberthyd@newsltd.com.au (David Penberthy) Article http://www.thepunch.com.au/articles/A-mini-budget-with-an-eye-to-a-major-electoral-payoff/#comments http://www.thepunch.com.au/articles/A-mini-budget-with-an-eye-to-a-major-electoral-payoff/#item7267 Sat, 26 May 2012 20:00:49 +0000 That 2012-13 projected Budget surplus of just $1.5 billion is tea money in Australia’s $1.2 trillion economy. If someone in Treasury has a whip-around to feed the parking meters the Budget could end up back in deficit. Well, not quite, but the existence of the surplus - should it actually come into reality - will be that perilous, and perhaps that transitory. But the fact its existence is contemplated at all is remarkable in a global economy where many industrialised nations are on the brink of recession and would be delighted with even a manageable budget shortfall. http://www.thepunch.com.au/articles/Any-surplus-is-a-good-surplus/ That 2012-13 projected Budget surplus of just $1.5 billion is tea money in Australia’s $1.2 trillion economy. If someone in Treasury has a whip-around to feed the parking meters the Budget could end up back in deficit. Well, not quite, but the existence of the surplus - should it actually come into reality - will be that perilous, and perhaps that transitory. But the fact its existence is contemplated at all is remarkable in a global economy where many industrialised nations are on the brink of recession and would be delighted with even a manageable budget shortfall. penberthyd@newsltd.com.au (David Penberthy) Article http://www.thepunch.com.au/articles/Any-surplus-is-a-good-surplus/#comments http://www.thepunch.com.au/articles/Any-surplus-is-a-good-surplus/#item7260 Sat, 26 May 2012 20:00:49 +0000 That 2012-13 projected Budget surplus of just $1.5 billion is tea money in Australia’s $1.2 trillion economy. If someone in Treasury has a whip-around to feed the parking meters the Budget could end up back in deficit. Well, not quite, but the existence of the surplus - should it actually come into reality - will be that perilous, and perhaps that transitory. But the fact its existence is contemplated at all is remarkable in a global economy where many industrialised nations are on the brink of recession and would be delighted with even a manageable budget shortfall. http://www.thepunch.com.au/articles/Lets-take-a-closer-look-at-our-spiralling-national-debt/ Let us first consider what Wayne Maxwell Swan said on the 10th of March 2009. He stated that “the emerging economies of China and India are now expected to slow markedly”. Because of this, Wayne Maxwell Swan stated “it will be necessary to increase Government borrowing”. The result was Wayne Maxwell Swan increased by $125 billion the amount able to be borrowed by reason of the Commonwealth Inscribed Stock Act 1911 and the Loans and Securities Act 1919. This resulted in the nation’s credit card having a $200 billion limit. Now as we know, China did not go into recession so neither did we, in fact China hardly missed a beat but Australia has now gained the ignominy clearly spelt out by Dr Ken Rogoff of Harvard when he noted the countries with the greatest cumulative increase in real public debt since 2007. penberthyd@newsltd.com.au (David Penberthy) Article http://www.thepunch.com.au/articles/Lets-take-a-closer-look-at-our-spiralling-national-debt/#comments http://www.thepunch.com.au/articles/Lets-take-a-closer-look-at-our-spiralling-national-debt/#item5836 Sat, 26 May 2012 20:00:49 +0000 That 2012-13 projected Budget surplus of just $1.5 billion is tea money in Australia’s $1.2 trillion economy. If someone in Treasury has a whip-around to feed the parking meters the Budget could end up back in deficit. Well, not quite, but the existence of the surplus - should it actually come into reality - will be that perilous, and perhaps that transitory. But the fact its existence is contemplated at all is remarkable in a global economy where many industrialised nations are on the brink of recession and would be delighted with even a manageable budget shortfall. http://www.thepunch.com.au/articles/liberal-diary-julias-moving-forward-at-100m-a-day/ Note: Liberal MP Sophie Mirabella and Labor MP Richard Marles are among our favourite contributors to The Punch, and we have asked them to write a piece every Friday during this five-week election campaign giving their take on events. The most talked-about aspect of the federal election campaign so far would have to be Labor’s vacuous and meaningless slogan “moving forward”.  Ms Gillard is too scared of the mess she left behind as Deputy Prime Minister to look back. She cannot ask the Australian people to vote for her as Prime Minister when she is unable to defend her credentials as Deputy Prime Minister. And while I may earn the ire of many by even mentioning it again - given the Prime Minister’s nauseating repetition of the slogan (dubbed “mo-fo” by the twitteratti) – I have a suggestion that would lend it some meaning and accuracy. A simple addendum: “Moving forward at a cost of $100 million every day”. penberthyd@newsltd.com.au (David Penberthy) Article http://www.thepunch.com.au/articles/liberal-diary-julias-moving-forward-at-100m-a-day/#comments http://www.thepunch.com.au/articles/liberal-diary-julias-moving-forward-at-100m-a-day/#item3622 Sat, 26 May 2012 20:00:49 +0000 That 2012-13 projected Budget surplus of just $1.5 billion is tea money in Australia’s $1.2 trillion economy. If someone in Treasury has a whip-around to feed the parking meters the Budget could end up back in deficit. Well, not quite, but the existence of the surplus - should it actually come into reality - will be that perilous, and perhaps that transitory. But the fact its existence is contemplated at all is remarkable in a global economy where many industrialised nations are on the brink of recession and would be delighted with even a manageable budget shortfall. http://www.thepunch.com.au/articles/til-debt-do-tear-us-apart/ Well, I hope you all feel comfortable that you now owe $140 billion. If you take our population as approximately 22 million, that means you owe in excess of $6300 for each man, woman and child in Australia. I will keep talking about debt until people realise the dangerous position it puts us in. We are borrowing in excess of $1 billion each week. We see every night on the news the problems of other countries that have not dealt with their debt but have waited for the inevitable when the debt deals with you. How could we be so foolish as a nation to be mounting up debt the way we are? Then, to all intents and purposes, nationalise half of the sector of our economy which has actually kept us from the jaws of recession – the mining sector. This is something that would be more appropriate for Hugo Chavez or Evo Morales or Castro in Cuba. Australia hasn’t experienced this sort of insanity since the failed approach by the Labor party when they decided to nationalise the banking industry in 1949. penberthyd@newsltd.com.au (David Penberthy) Article http://www.thepunch.com.au/articles/til-debt-do-tear-us-apart/#comments http://www.thepunch.com.au/articles/til-debt-do-tear-us-apart/#item3043 Sat, 26 May 2012 20:00:49 +0000 That 2012-13 projected Budget surplus of just $1.5 billion is tea money in Australia’s $1.2 trillion economy. If someone in Treasury has a whip-around to feed the parking meters the Budget could end up back in deficit. Well, not quite, but the existence of the surplus - should it actually come into reality - will be that perilous, and perhaps that transitory. But the fact its existence is contemplated at all is remarkable in a global economy where many industrialised nations are on the brink of recession and would be delighted with even a manageable budget shortfall. http://www.thepunch.com.au/articles/the-secret-ingredient-in-labors-pork-barrelling/ Anthony Albanese has become one frustrated little bunny. The Coalition opposed Rudd Labor’s wild cash splash which will leave Australians in debt for a generation or more. So Lord Albo has been angrily lashing out at any Nationals or Liberal MP who has the temerity not to oppose any Federal Government spending in their local areas. penberthyd@newsltd.com.au (David Penberthy) Article http://www.thepunch.com.au/articles/the-secret-ingredient-in-labors-pork-barrelling/#comments http://www.thepunch.com.au/articles/the-secret-ingredient-in-labors-pork-barrelling/#item283 Sat, 26 May 2012 20:00:49 +0000 That 2012-13 projected Budget surplus of just $1.5 billion is tea money in Australia’s $1.2 trillion economy. If someone in Treasury has a whip-around to feed the parking meters the Budget could end up back in deficit. Well, not quite, but the existence of the surplus - should it actually come into reality - will be that perilous, and perhaps that transitory. But the fact its existence is contemplated at all is remarkable in a global economy where many industrialised nations are on the brink of recession and would be delighted with even a manageable budget shortfall. http://www.thepunch.com.au/articles/Punch-malcolm-turnbull-is-not-that-scary/ I suspect there was a garbage bin full of “Rudd Recession” posters and TV Ads in Malcolm Turnbull’s office last week. Crosby Texter must have been furious. They were gearing up for the mother of all scare campaigns. Instead they are left with a second rate scare campaign on debt. This is how it goes … 18 months ago there was no debt.  Now debt is out of control. It’s $300 billion!  Be afraid!  Blame Labor! Of course 18 months ago there was no global recession.  But don’t expect Malcolm to tell you that.  Or how much he would spend.  That would destroy the scare campaign.  Why?  Because Malcolm would borrow almost exactly the same amount - $275 billion. That’s what makes this scare campaign more like Scary Movie than Wolf Creek. penberthyd@newsltd.com.au (David Penberthy) Article http://www.thepunch.com.au/articles/Punch-malcolm-turnbull-is-not-that-scary/#comments http://www.thepunch.com.au/articles/Punch-malcolm-turnbull-is-not-that-scary/#item256 Sat, 26 May 2012 20:00:49 +0000 That 2012-13 projected Budget surplus of just $1.5 billion is tea money in Australia’s $1.2 trillion economy. If someone in Treasury has a whip-around to feed the parking meters the Budget could end up back in deficit. Well, not quite, but the existence of the surplus - should it actually come into reality - will be that perilous, and perhaps that transitory. But the fact its existence is contemplated at all is remarkable in a global economy where many industrialised nations are on the brink of recession and would be delighted with even a manageable budget shortfall. http://www.thepunch.com.au/articles/counterpunch-pro-hart-would-be-proud-of-rudds-budget-mess/ You may remember that great carpet ad with the late Pro Hart, where together with his dog Rembrandt, he totally trashes a rug with pasta, red wine, chocolate sauce and cake. He splashes it about, rolls around in it, and even fires a shot gun at it.  The cleaner then walks in and famously says, in that great accent, Oh Mr Hart, what a mess! The only difference I can see between the Rudd Government’s approach to fiscal policy and Pro Hart’s carpet antics, is at least Pro Hart produced a work of art (of sorts). For the past eighteen months, Kevin and Wayne have been splashing around cash and rolling around on the carpet in others people’s money, like there is no tomorrow. They’ve taken a shot gun to the surplus, like Pro did with the cake, and splattered it all over the room. penberthyd@newsltd.com.au (David Penberthy) Article http://www.thepunch.com.au/articles/counterpunch-pro-hart-would-be-proud-of-rudds-budget-mess/#comments http://www.thepunch.com.au/articles/counterpunch-pro-hart-would-be-proud-of-rudds-budget-mess/#item257 Sat, 26 May 2012 20:00:49 +0000 That 2012-13 projected Budget surplus of just $1.5 billion is tea money in Australia’s $1.2 trillion economy. If someone in Treasury has a whip-around to feed the parking meters the Budget could end up back in deficit. Well, not quite, but the existence of the surplus - should it actually come into reality - will be that perilous, and perhaps that transitory. But the fact its existence is contemplated at all is remarkable in a global economy where many industrialised nations are on the brink of recession and would be delighted with even a manageable budget shortfall. http://www.thepunch.com.au/articles/the-d-d-defi-...-nope-wayne-cant-bring-himself-to-say-it/ It wasn’t in the speech, it wasn’t even in the Budget At-a-glance or Highlights document, and it wasn’t anywhere in the 77 pages of press releases distributed last night – if you were looking for the size of the deficit you had to go to page 5 of the Budget Overview document. Wayne Swan managed to get through 3876 words to the House of Representative last night without letting on the Australian Government was about to embark on a $57.5 billion deficit for 2009-10… penberthyd@newsltd.com.au (David Penberthy) Article http://www.thepunch.com.au/articles/the-d-d-defi-...-nope-wayne-cant-bring-himself-to-say-it/#comments http://www.thepunch.com.au/articles/the-d-d-defi-...-nope-wayne-cant-bring-himself-to-say-it/#item96 Sat, 26 May 2012 20:00:49 +0000 That 2012-13 projected Budget surplus of just $1.5 billion is tea money in Australia’s $1.2 trillion economy. If someone in Treasury has a whip-around to feed the parking meters the Budget could end up back in deficit. Well, not quite, but the existence of the surplus - should it actually come into reality - will be that perilous, and perhaps that transitory. But the fact its existence is contemplated at all is remarkable in a global economy where many industrialised nations are on the brink of recession and would be delighted with even a manageable budget shortfall. http://www.thepunch.com.au/articles/progression-of-a-bad-joke-how-the-deficit-became-funny/ September 2008: Malcolm Farr writes in The Daily Telegraph that Kevin Rudd is considering taking on net debt for the first time in 12 years. Government goes ballistic in its denials. Newspoll shows ALP 55% - Coalition 45% October 2008: Rudd announces the first stimulus package and says the cash will be distributed by Christmas. Punters are comfortable with the $10 billion bottom line. Newspoll shows ALP 54% - Coalition 46%. November 2009: Rudd spills the worst-kept secret in Government - that the Budget will go into “temporary deficit”. Newspoll two weeks later shows ALP 59% - Coalition 41%. December 2008: Harvey Norman reports bumper Christmas sales, up 9 per cent on previous year. Kevin Rudd Santa Clause jokes start. Newspoll shows ALP 59% - Coalition 41%.... penberthyd@newsltd.com.au (David Penberthy) Article http://www.thepunch.com.au/articles/progression-of-a-bad-joke-how-the-deficit-became-funny/#comments http://www.thepunch.com.au/articles/progression-of-a-bad-joke-how-the-deficit-became-funny/#item93 Sat, 26 May 2012 20:00:49 +0000 That 2012-13 projected Budget surplus of just $1.5 billion is tea money in Australia’s $1.2 trillion economy. If someone in Treasury has a whip-around to feed the parking meters the Budget could end up back in deficit. Well, not quite, but the existence of the surplus - should it actually come into reality - will be that perilous, and perhaps that transitory. But the fact its existence is contemplated at all is remarkable in a global economy where many industrialised nations are on the brink of recession and would be delighted with even a manageable budget shortfall.