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.