What is it like back home

[Maxine]

Unemployment here about 5.3% (youth unemployment is unfortunately higher than that.)

Costello's structural budget deficit was estimated at $225Bn at the last budget, the 09/10 deficit estimated at $58Bn.

in the MYEFO the structural budget deficit get reduced $50Bn to $175Bn, the 09/10 deficit got cut to $27Bn--less than half the original estimate--and come May the two deficits will be radically reduced further. Before long (11/12 IIRC) the old analog TV spectrum will be auctioned off for 4th (5th?) generation mobile phones and that by itself will get the budget into surplus in that financial year, earlier than originally forecast.

High house prices are a real problem and will need to be tackled by removing negative gearing and applying full capital gains tax on real estate investors.

At least that is what the Monk told me!

[annielaurie]

Gosh my sister is so smart. She was always the one with the brains in the family.

(snicker snicker)

[IQSRLOW]

Costello's structural budget deficit was estimated at $225Bn at the last budget,

Your lies have been answered before. Repeating them still doesn't make them true
http://www.polanimal.com/polanimal/view ... et+deficit

[Jovial Monk]

Yeah, there was a selfish budget submission by the Business Council of Australia.

They recognised the structural budget deficit caused by Costello and that they, as CEOs of some of the biggest companies in Australia, were major beneficiaries of Costello's unsustainable tax cuts. They said a "less volatile tax" (less volatile than company tax, now a much bigger component of total tax take and one that collapses in recessions) was needed. Didn't suggest increasing income tax, oh no! These leeches wanted the GST put up! So, they would keep their over-generous income tax cuts, sustainable or not, and those on a lot less money can subsidise them via the regressive GST!

So, yup, there was a structural budget deficit and this became a cash one once the GFC hit. Rudd/Swan/Gillard/Tanner with Henry have really minimised the amount of the structural deficit! Well done!


See here.

[IQSRLOW]

Why were there no deficits for the last few years prior to the ALP being elected?

Don't slip on your own excrement will you Monk?

[Jovial Monk]

It is always a source of amusement when IQBLOWS tries to engage in serious political debate, because he does not have the intellectual capacity to do so

Not even when he tries to crib from others, like the shallow-thinking, Costello-adoring Deepthunk

[IQSRLOW]

Avoiding the question again?

Go on Monkey, at least try to answer it

[Jovial Monk]

The answer to your mate's question is contained in everything I have written about this.

When you have extra money coming in it is easy to commit to something. Then the extra money stops coming in, oh shit!

[IQSRLOW]

So your structural deficit is really the ALP's doing.

Right- gotcha

[Jovial Monk]

You do a very convincing dumb act IQ! So good one wonders if it is an act!