Re: Bankrupt Victoria - Labor can't manage money

[Bobby]

https://blog.alor.org/bankrupt-victoria-by-james-reed

Arithmetic does not lie; the numbers either add up or they do not. Our state of Victoria, quite apart from the mass immigration tsunami that has led to Aussies being homeless, and families having to live in tents, is falling apart. You see it in the state of the infrastructure such as the decaying roads. But there was plenty of money to spend on big projects like the North-East Link and the Suburban Rail Loop, and the massive waste of spending on bureaucrats, who soak up money by the millions, the public sector growing by 59 percent in the last 15 years, with this growth basically feeding on itself.
Thus, Victoria is projected to have $ 247.2 billion in debt by 2027, and ever rising.
Former federal Treasury official Stephen Anthony had this to say about the plight of Victoria:

""Victoria is on a suicide mission to record borrowing, just as global interest rates are about to hit 5%."

"Potholes can't get filled, emergency departments can't afford clean linen, primary schools can't fix heaters".

"Things are about to get very ugly",

A Federal bail out is possible, or the trend is continued of just selling off the state to communist China, continuing the trend of the last premier. And as well, the impact of the Covid freak-out lockdowns on Victoria's economy need to be examined under the fiscal microscope.

[Bobby]

Typical Labor.

Dan never sought our permission to put us into that much debt.
He's a criminal in my opinion -
it's criminal negligence that will cost lives.

[Bobby]

Australia has Labor in all States except Tasmania.

Labor is leaving a mind blowing debt that we will never be able to repay:

The Australian debt clock:

https://australiandebtclock.com.au/

National Government Debt $1.2 trillion.

Total Government Debt   $1.9 trillion.

Total Household Debt $3.7 trillion

Total Private Credit $5.9 trillion.

[Black Orchid]

Victoria deserves to be bankrupt for continuinng to vote for Comrade Dan.

[Bobby]

Victoria deserves to be bankrupt for continuinng to vote for Comrade Dan.

None of our Labor politicians have any plan other than to borrow more money.

[Bobby]

News about the Victorian Budget released today:

https://www.afr.com/politics/victorian- ... 507-p5fph3

Ratings warning over Victoria’s $188b debt.


Rating agencies have put the Victorian government on notice after it revealed state debt would climb to $188 billion in a budget which paused the Melbourne Airport Rail project and delivered $400 handouts for families, but failed to drastically cut spending.

Premier Jacinta Allan is counting on a growing economy and an interest rate cut later this year, which Treasurer Tim Pallas said he “fully expects to see”, to curb the state’s $26 million-a-day interest bill.

The budget came on the same day the Reserve Bank warned rates would stay higher for longer because of sticky inflation. Mr Pallas delivered a $15.2 billion deficit on Tuesday, with net debt growing from $156 billion next year to $188 billion by 2028, but forecast an operating surplus of $1.5 billion by 2025-26.


S&P Global Ratings analyst Anthony Walker said Victoria, which was downgraded two notches in 2020 from AAA to AA to become the worst rated state in Australia, could face another downgrade to AA- if state debt reached 240 per cent of operating revenues, or interest payments reached 10 per cent of those revenues.

S&P analysis previously warned Victoria carried a greater debt burden than 10 similar sub-sovereign states in Canada and Germany.

“We expect Victoria’s gross debt as a proportion of revenues to soar past 200 per cent of operating revenues,” Mr Walker said. “This is the highest among the Australian states and stems from successive operating deficits and its large capex since the pandemic hit in late fiscal 2020.

“Debt to operating revenues has almost tripled since this time. Victoria’s serviceability costs are also rising.”

Tuesday’s budget had no new taxes or levies for the first time in several years, although waste and fire levies will increase.


The Property Council of Australia slammed the government for “the complete absence of budget measures to alleviate the tax burden” to get more apartments and townhouses built. Residential landowners are already bracing for the extension of the Vacant Residential Land Tax, which will apply to all “vacant” properties from next year.

“Government’s revenue from state taxes is set to continue its steady upward trajectory, with total tax revenue expected to increase by more than $8 billion over the next five years, which represents a 22 per cent increase,” said Craig Whatman, tax partner at Pitcher Partners.
.................

[Bobby]

Senate Inquiry:
https://www.abc.net.au/news/2024-04-16/ ... /103728244

Coles has gone crazy with their prices:

Box of tissues $2.00. last year $1.30.   54% inflation
https://www.coles.com.au/product/coles- ... ck-9031160


Olive oil $17.00 -  last year $10  .  70% inflation
https://www.coles.com.au/product/coles- ... 1l-5607376


Apples $6.90 per kilo.  Last year $3.50.    97% inflation.
https://www.coles.com.au/product/coles- ... ch-5899410


Corn. $1.90 per cob. Last year 70 cents.  271% inflation.
https://www.coles.com.au/product/coles- ... ch-4562603

[Bobby]

I think that Dan Andrews is insane.

He's a megalomaniac.
https://dictionary.cambridge.org/dictio ... galomaniac


He shut down the whole State over a couple of Covid cases -
we had some of the longest lockdowns in the world -
5.5 million people under house arrest over a cold -
why didn't someone tap him on the shoulder and say - look Dan - you're a nut?

Then he borrowed fantastic amounts of money
100s of billions -
that we could never repay for improving the train infrastructure etc.
I mean it was a great idea but we couldn't afford it.

No one in his Labor Party stopped him -
they are all gutless cowards -
worried about keeping their jobs rather than what was best for the State and our future.
Dan turned into a dictator and they were all too scared to speak out.
We'll never pay that debt off - even in 50 years.
Every day it's draining $26 million in interest alone
and our debt will only increase.

[Bobby]

The stink Dan left behind
will be with us long after I'm gone.
He stuffed Victoria for at least the next 50 years - maybe 100 years.

Labor is like a disease - it ruins economies.
We can't ever win with Labor in power.
Labor are losers and they make us all losers too.

[Black Orchid]

The stink Dan left behind
will be with us long after I'm gone.
He stuffed Victoria for at least the next 50 years - maybe 100 years.

Labor is like a disease - it ruins economies.
We can't ever win with Labor in power.
Labor are losers and they make us all losers too.

I can't disagree with that.