Barnaby has now said Australia can not pay back its debts.
This from the shadow finance minister.
And about the best economic performance in the developed country's, we have far less debt that England or America.
This strange bloke is no longer funny no longer too silly to worry about.
The interesting thing is will he be gagged or remove by Abbott and when.

Belly,
I think perhaps the eager reporters and TV as well as yourself
are confusing government income (taxes etc) with GDP.
GDP is not government money but business income mostly.

The question that I think Barnaby is raising is can the government
repay loans plus interest ?

I know that we are not in as bad a position as most other governments
but the US in particular cannot pay its debt without buying faster
printing presses. We however might have to crank up the printing
press if government income is not greater than liabilities.

Thats the crux of the matter, not GDP.

Good to see you around again Bazz maybe we can say hello later in the month.
I an not for a second over looking our financial problems.
Or just how lucky we have been that things done under Hawk, Kietting and John Howard set our economy up for a softer landing that most developed country's.
And even if all wasted big sums in tax cuts baby bonuses and a lot more,, mining exports and very big fuel tax's helped.
But lets be honest, I call on true Liberals now, do not forget this spiky rather rude bloke was just months ago at war with your team too.
He is trying to become the loud mouth of politics, he truly knows some will get on his train, say he is saying it like it is,
Rubbish more jump of at the next platform than get on.
He has responsibility for opposition financial policy's.
BUT NOT FOR LONG.
Abbott knows surely you too? he can not go into an election unless its a DD one in that roll.
Conservatives ripped holes in the ALP for talking up inflation, for destroying the economy, for not being trustworthy economy managers.
The stimulus was going to bankrupt us, nothing like being facts.
From Costello and Howard OWNING the rights to being best in finances we now see, read the polls if and election was run today an increased majority for Rudd.
Barnaby is not the man to have such a roll.
We can not ignore the truth he has zero skills in that area, in fact no form for the job, and understanding this country has moved on from the flying peanuts rambling speech's Barnaby's attempts to be some one he is not may save for a while his dieing party but not the coalition.

I think some of you are missing the main point here. Even if the accountancy was letter perfect - its not the key issue. Reliance on reports from the reactionaries is another example of the misplaced concreteness that prevents progress for many wannabes who never get beyond the school of mere description.
Ruddy's team team think they can spend their way forward cause we're paying. They can tell the accountant - income 's no worries "we're just about to get a new big tax ". Lovely columns, correct words and looks good! Happy days are here again !
While I share Carneys concern, Shaun's slick bit from the Age reminds me why I no longer subscribe to that paper . Slick but too quick .http://quickfiz.blogspot.com . The reactionaries paradise journal.
Some of you city slickers would benefit from slowing down and getting the whole picture - not a snapshot from the passing train .

Well done Barnaby , if you get a bit mad about the way Labor wastes money, I am sure you are not alone ! See ya at the next election , mate!

Dear Hanrahan,

Well at least you've read The Age and Carney's
article, that shows that you're open-minded.

However, it appears that the International
Monetary experts have a better understanding
of Australia's financial standing then some of
our own politicians. I think it's more than just
a matter of viewing the "bigger" picture. I think
it's a matter of removing the narrow lens through
which the picture is being viewed.

They need to pay better attention before they
speak in Parliament and give the country a bad
image globally.

As most international financial experts have confirmed -
Labor is not wasting money - it's not only saving jobs
and the economy from recession - but it's also trying
to provide social services, such as - hospitals, schools,
roads, health services, energy conservation, transport,
aged care, and much, much, more, that the previous government
neglected.

Foxy et al,
I think the problem is that as these bonds fall due the
face value plus interest will mean that services will have to be cut back.
If we owe 1000 + 100 interest and we decide not to cut back services
then we have to borrow $1100 to pay the capital & interest.
We have spent almost all the government income on running the show so
the extra needed is the problem.
You can see how this can easily run away with itself. This seems to be
what has happened to Greece, Spain and Ireland.

Unfortunately we are doing this in an energy depleting environment.
This means growth will be very limited this year and future years may
or even are likely to be a contraction economy.
Normally growth is used to pay interest, but the money has largely
been spent on non-income producing projects, so they are overheads
that will not produce increased government income let alone cover
interest.

I don't know if that is what Barnaby was worrying about as politicians
have a ban on considering energy depletion.
However they secretly may acknowledge it as it seems does the UK
government.

>A recurring theme of the morning's speakers was the need to move
>"from recognition to action". This was echoed by a representative of
>the UK Department for Energy and Climate Change (DECC)

http://europe.theoildrum.com/node/6201

What was that, did I hear someone say Costello ?