First home owner's grant boost

[Jovial Monk]

OK then:

Over 11 years, most of which coincided with a mining boom, the liberals accumulated a total surplus of $20Bn, out of $400Bn boom revenue.

[JW Frogen]

Which begs the question, how did the previous Labour government find it's way into recession when China was booming?

[Jovial Monk]

Boom started 2001

Labor lost govt 1996

Keating suffered a recession, as did Treasurer Howard. Keating made major economic reforms to combat the recession, Treasurer Howard twiddled his fingers, and worsened his recession.

[JW Frogen]

China’s economy started taking off in the 80s after the reforms of Deng Chou Ping ('the Pong' as he was lampooned in Chinese gulags everywhere) and started booming in the early 90s, still this is not the point. Australia’s economic growth comes from where it comes from, China is still not in recession (though it is in falling growth) yet we are running deficits. Perhaps we need to but that argument has been lent no dignity by denying Howard left a surplus.

The Left traditionally spends the money it has, regardless of economic times, boom or bust, conservatives tend to give it back in tax cuts, Howard did not follow the traditional conservative route in this regard, he left a surplus for a rainy recession. Labor’s early spending had the luxury of this surplus. They have used it up.

Now it is up to them to spend and keep us out of banana republicdom.

[Jovial Monk]

Never said they didn't have surpluses, but the surpluses all*got*spent, bar about $20Bn in the Future Fund.

And that spending took place in a boom, worsening inflation and leading to all those interest rate cuts.

Structurally, all Tip's budgets were in deficit: strip out the mining boom and before that the asset sales and Tip's budgets were all in deficit. He was a way lazy Treasurer.

[JW Frogen]

Never said they didn't have surpluses, but the surpluses all*got*spent, bar about $20Bn in the Future Fund.

They did not have surpluses.

Oh my, humankind is so corrupt!

Jesus wept.

[Jovial Monk]

Cash surpluses were reported in 10/11 of Tip's budgets.

The money from those surpluses later got spent buying elections.

[JW Frogen]

He left Labour a 17 billion dollar surplus my cycopeon freind.

Note how Labour had to make an announcement they no longer had one?

[Jovial Monk]

He did or the mining boom did?

[JW Frogen]

Been there, done that.

See previous posts.