"It doesn't matter how beautiful your theory is, it doesn't matter how smart you are. If it doesn't agree with experiment, it's wrong." Richard P. Feynman

Friday, March 29, 2013

Lies from the "World's Greatest Treasurer"

Australia, one of the wealthiest nations in the world in natural resources has been so comprehensively mismanaged over term of the Labor government that despite increasing revenues we have been borrowing a billion dollars a week from our grandchildren. Swan has claimed a "huge hit" to the government income is the problem. Looking at government receipts would indicate Wayne is telling porkies.
Catallaxy examines the truth of the Treasurer's claim..

At the centre of our challenges we face in this year’s Budget is the huge hit to government revenues we’ve taken since the global financial crisis.
receipts
Over the past 5 Budgets and the recent mid-year review we’ve put in place more than $150 billion in saves, many targeted at addressing the structural challenges in the budget.
payments
So what is the net effect of all that? The underlying cash balance – showing the expected $20 billion deficit for this year instead of the $1 billion surplus reported in the MYEFO. (The data in the two graphs above show the original, now discredited, data from the last MYEFO).
cash balance

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