So like um... heres a like a transcript of da Swan man's last speach before dat shitz gonna hit da fan.
He like says....
When da economy is all fucked up like dat, but yer deficit aint fucked up... dats when yer use... like Keynesian stimulus and no austerity K? Day gotta feed dat economy... not fuckin' starve it K?He estimates the Australian disasters will slice half a percentage point from gross domestic product, with an additional quarter per cent lost as a result of the Japanese tsunami and earthquake.
"It's clear the early years of the budget will bear the brunt of these disasters - both from the rebuilding and recovery costs as well as the reduced revenues," Mr Swan said.
Mr Swan says tax collections this financial year are down $4.5 billion but warned the figure could be even higher by the time the budget is finalised.
He says the current mining boom will not bring in the revenue enjoyed in the boom during the Howard years and before the global financial crisis.
He says the global financial crisis damaged consumer confidence to the extent that personal credit is falling and growth in household consumption is also slipping.
"On top of this, tighter financial conditions since the crisis are also reducing growth prospects for business," Mr Swan said.
"Many small and medium-sized businesses are under pressure from greater borrowing costs and reduced access to credit."
He blames the high exchange rate - averaging 98 cents against the US dollar compared to 78 cents during the first mining boom - for dragging down trade-exposed industries.
"So the exchange rate, which is now hovering at record highs of around 105 cents, is having a much stronger drag on trade-exposed industries this time around," he said.
"Sectors like tourism, education and manufacturing are all feeling the threat of international competition far more acutely."
He says GDP growth will not be anything like that enjoyed during the earlier mining boom.
Day did that Keynesian stimulus when the economy was like fat so it did shit all cause aint nuffin was broke den... takes time for a market crash to reach into the economy... and now is has and we gonna starve dat bugger.
Fo sizzle that Swan needs a dunce hat on on budget night.
Oh hai... I got dat quote from da ABC K? lol
hugz xxx
