Budget update just revealed how bad Australia is about to become. Our comparative position as compared to the rest of the world has been veneered over, but now the truth is out. Economic performance is way, way down and as such so are the forward estimates. No surprise as manufacturing has been killed off (such as the car industry) and our mining sector has either shut down or moved offshore to avoid the crushing taxes. Business investment is don due to the uncertainty of it all. Revenue shortfalls of $33 billion mean that we are now over $300 billion in debt. Add to that the spending of the future fund and the previous surplus now gone and Labor have spent half a trillion dollars on F#^* knows what. My children and grandchildren will be paying this disaster off for years.
Posted on: Fri, 02 Aug 2013 02:11:41 +0000
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