Labor repeated time and time again that they would deliver a surplus by 2013, even though they were warned that it would not be possible if the mining tax fell over, but they insisted it would happen.

So, are they now trying to soften the blow.

They can't blame the boat people on the GFC.

Incompetence, that's all it is and to think WS is the best the world has to offer.

What a joke!

A horse wallks into a bar and orders a drink
The barman say's "why the long face"?
I live in Australia......

Future predicted?
No baseless uninformed .
Have fun!

The comments so far show that people need to learn about Modern Monetary Theory. When banks borrow overseas to top up thier capital adequacy, and increase the value of their loan book, housing and other assets increase in value and those who already own assets are wealthier. But, those who are seeking to buy homes, particularly the young, are saddled with large mortgages so have less to spend on other needs and are in effect poorer.

When a sovereign the government (a governmentin charge of a currency) gives purchasimng power to people who are likely to spend it on goods and services, or the government spends money to improve schools or hospitals, it can do so simply by running a deficit and the society will be better off. Provided the government and the Reserve Bank watches closely to minimise any inflationary effects it doesn't matter if the government doesn't balance its budget.

When inflation does show signs of getting out of hand the sovereign government's best remedy is to increase the tax rates particularly on those who can most afford to pay a higher rate.

Unfortunately Foyle we are learning far too much far too quickly about modern monetary theory. Guess what? We don't like it.

It does appear to be foisted on us by an elite who are immune from any detrimental effect that their theories may have, when they fail.

There is a great deal of parallel in this theory & the BS we have been getting on global warming.

You don't have to be too bright to see the inmates have got control of the asylum.

According to the Telegraph....

"Treasury figures show Government debt will reach $153 billion in the next three years and The Federal Government will pay $48 billion in interest over the next four years....." That's forty eight thousand million. Think about it, it comes out of taxation. Our pockets.

There is good debt and bad debt. Good debt pays for production and services, bad debt pays for consumption. We are still mortgaging our future in many respects.

We should have a register of those who believe that increased taxes on those deemed to be best able to afford it is a viable ongoing approach.

Future government borrowing could then be based on the assumed ability of those on the register to pay that debt.

Personally I'm well and truly over hearing from others that they think I have the responsibility to pay extra taxes to support their views on how the world should operate.

Those who I've known personally who think like that seem to be pretty good at finding way's to minimise their own contributions to the tax pool. Maybe there are some who chip in a bit extra to back their beliefs but I've not known any of them.

R0bert

As the thread seem to tell us the financial year beginning 1 July next year and ending last day June 2013 will see no return to black.
May I request also who will win the Melbourne Cup this year.
And if our seer has time the world Cup?

Ok Belly do think they can return is to surplus.

Remember, they promised again and again and again, whether they had a mining tax or not.

Do you remember that.

So, can they?

Rechtub stay with me.
I have the future in focus now.
Glass looks a bit smoky.
Yes not sure why but we seem to be looking ten years hence.
Yes! they scraped it in,wait, conservative Prime Minister is praising the actions of Labor in the GFC!
Bit foggy, tell you what ,clean my beer glass first next time.

It's a shame it's such a serious situation, otherwise I would share your humor.

This government, without doubt, will go down in history as the worst ever in the nation, bar none.

The GFC
They went out, lke a bull at a gate and spent/wasted billions on stimulus and failed project after failed project, yet, despite advice from experts within the fields, they still insisted that they were on the right track.

The stimulus.
Great idear, after all, what's the point of having savings if you can't use them to help your own people, the very people who actually own the funds.

Problem is, they were incapable of distributing it properly.

Ok, so they made a mistake first time round, but what about the other times.

Jobs creation, solar, school halls and insulation.

Insulation.
Again, great idear but, once again ignored expert advice and wasted billions, cost lives and have created a potential time bomb for many home owners. About the only thing they have done is kept people in work fixing stuff ups.

Solar
Again, a good thought but poorly executed.

Both these schemes sent many profitable (existing businesses) to the wall.

School halls.
No quotes needed, just register as a contractor and off you go. Cost billions.

Copenhagen
$58 for a bowl of soup and, times 100 plus for their ontorauge and achieved nothing.

Rudd insisted, cost him his job in the end.

Fuel watch, grocery watch, cash for clunkers, alco pops tax, the list goes on, all cost billions and achieved little, simply because they are out of their depth.

We now have carbon tax, 2% of the world trying to fix 100% of the problems.

Mining tax, another joke. Tax the minerals yes, but the miners, no.

Boat people.
We are being peaceful invaded and paying billions for the privilege.

They are a joke!

This is why we need better pollies, people from the real world, with real life experience.

The waste continues.

rectub,

Meanwhile, no recession, record low unemployment plus a strong and growing economy plus international recognition of a successful strategy.

Some failure.

Any country in particular you want to swap places with?

Greece? USA maybe?

Sorry Rechtub but the more I look in to this glass the foggier it gets.
I see Labor getting as close as humanly possible to its planed surplus.
A Conservative government breaking its promises and many hearts.
Tend to get a bit cheeky after looking in the glass but see Gillard and Abbott replaced before an election?

Actually, a surplus is an indication that we have been overtaxed.

It means the government has taken more money from us than it needed to.

Surpluses should ideally be invested in additional infrastructure the following financial year in order to improve productivity - not as a pork barrel used by a government to buy votes.

I disagree rache PAYE tax is only party of a governments income.
Even this old lefty knows the wise keep a bit in front of the debt collector, and a bit in the jam jar just in case.
Spend spend spend is and always will be an illness not a fun day out.
The thread however presumes to see in to a future we can at best guess about.