Dear SOG,

Just a few facts for you taken from the
Illawarra Mercury newspaper on John Howard's
"golden years" and the "inherited debt" from Labor:

"Much has been written about the Howard government
"inheriting" $96 billion debt from Labor in 1996."

"By 2007 - Australia had net financial assets of
$29 billion. This sounds like a significant turnaround."
However - if we analyse government debt in the last
couple of decades, some interesting facts emrge.

"Half of the debt was in fact Liberal Party debt that
was a hangover from the Fraser era under the Treasury ship
of John Howard."

"Asset sales loom large in analysing government debt. -
"96 billion "Labor debt" comprised $40 billion carried
over from the Fraser government through the Hawke/Keating
period - meaning the true level of Labor debt was $56 billion."

"To pay that off the Howard government sold about 72 billion of
Government assets (Telstra, DASFLEET, etc) meaning that the
move to negative net debt was not really due to any
miraculous and bold fiscal settings but owned everything to
a series of asset sales."

"Peter Costello will be remembered for selling two-thirds
of Australia's gold reserves for the rock-bottom price of
$US306 per ounce( today gold is about $US1590 per ounce)."

"The International Monetary Fund examined 200 years of government
financial records across 55 leading economies. The study found
Australia's most wasteful spending took place under the
Howard-led Coalition rather than under Whitlam, Rudd or Gillard
Labor governments. The IMF identifies two periods of
Australia's "fiscal profligacy" both during John Howard's
term in office - in 2003 at the start of the mining boom
and during his final years between 2005 and 2007."

"According to Tony Abbott these were the "Howard Golden Years,"
Mr Abbott stated, "prudent fiscal management is in the
Coalition's DNA." However as the article points out -
"the facts suggest otherwise."

Ah the gold reserves.....I forgot about that one Foxy....certainly put a dint in our future prospects that one......perhaps an over statement on the brilliance of Costello....but I still go with capable in comparison to Swan. We will see what sort of a double act Hockey and Abbott make.

sbr108,

"Perhaps the Australian translation is correct. With humble pie smeared all over my face, and as a defender of Tony Abbott before the election I now sit here dazed and confused. I have never seen anyone or any Party self destruct like this before."

Yes...sympathies...you were deceived big time by a man and his govt who have taken political deception in this country to a whole new level.

SM,

"Tony Abbott is hated very much by the same noisy handful of Left whinger fruitcakes, just as he was hated before the election, and as Howard and all those that show up the left for the incompetent wind bags they are."

Oh really?

"If you can’t run a Parliament, what hope of running a country?"

http://www.afr.com/p/national/tick_tick_time_bomb_may_be_set_9uUS9cxHDuIdg5XIkdTrTN

I have to admit the Abbott Govt has turned politics in this country into one long circus...why only today, they wasted an hour and a half, and about $100,000 on a farce suspending standing orders to pass a motion against Tony Burke which Biased Bronnie didn't even bother to enact...merely saying she was a "warrior" and leaving it at that.

Joke!

runner,

"Abbottphobia at fever pitch. I luv it."

Oh goody...well you go on enjoying yourself then.
If you can't tell by now that they're dead in the water after coning their way into govt, then I suppose you may as well enjoy the farce .

It does not matter what his(Abbott's}Policies are,its the fact he lied to the voters, and robbed them of their vote by way of deception ! There are always some lies before Elections by all parties, and you accept that (Although you should not} but Abbott's whole pre election campaign was nothing more than lies, not one or two but the whole lot ! That is a total deception about his whole ideology,intent and purpose to gaining power ! He told everyone everything they wanted to hear as though it was cast in concrete, but once he took power it all fell by the wayside ! Now you can not recognize the Abbott and his policies of today from the one that was electioneering only months prior ! That is Deceit Pure Deceit !

trapdiocan,
I think Labor lied more because they promised transparent, responsible Goverment & good economic management yet they delivered neither even after 6 years.. At least the Coalition is already working on solutions after only a year. Most of their work thus far has been repair work to the Labor damage & once most of that is out of the way they can start governing in earnest.

I long for the days when voters will be oriented towards policies not personalities.
Foxy,
So do I, imagine an Australia without an ALP & without Lefties. We can only hope.