10 years ago the Commonwealth Govt had $70bill in the bank, so to speak. They were owed and didn't owe.
Today the Feds are in the red by about $270bill. Best case this will grow to $400bill by 2020 and $600bill by 2026 in real terms. Worse case it could easily get to $1trillion by 2026.

Meanwhile it seems that all sides have given up the hope, for that's all it was, that they could reduce spending and avoid this problem. Instead they talk airily about increasing earnings by taxing this or that group, but never anyone who might be able to tip an election to the other side. Tax the multinationals is the current meme even though, even if it were to happen, it'd raise a fraction of what we need. And of course the multinationals are way smarter than our pollies/bureaucrats and will run rings around any attempts at taxing them at the current rates.

So fiscally its downhill from here and the bottom can't be spied. At the same time we are close enough such that it doesn't matter to the point where more of our people draw from the government than contribute to it and therefore any attempts at reducing 'welfare' spending is doomed.

Maybe a new mining boom will save the day but don't count on it. More likely a new global economic downturn will bring the bottom into sharp focus.

Get your kids to study the way life is in Greece and Brazil these days for that is their future.

Mhaze, as sad as your prediction for doom and gloom is, I think it is facing reality.

The only way forward for mine is to throw the entire tax system out and start again, with a fairer, unavoidable transaction tax, one that taxes money not earnings and perhaps the day will come where we will have no choice other than to at least give it a go. This could be sooner rather than later.

I suggested prior to the election that perhaps we needed a labor government, so they could finish what Rudd/Gillard started, by sending us to the wall and finding rock bottom, because lets face it, they would be best suited to achieve this.

Once we find rock bottom, we may then be forced to completely rehash our entire welfare system with the first step being to remove cash entirely from it, with one possible exception being old aged pensions.

Either way, in order to fix welfare, one first has to discourage recipients from relying on it, or more so, address those who manage to adjust their lifestyles to suit their hand out.

With the casualization of the workforce, there is a growing trend whereby dole recipients turn down viable work because one, there is either no guarantee it will last, and/or the work is a contract offer and as such they fear they will no be able to get back on the dole again.

Lets face it, $250 per week for doing squat, or more importantly, being able to spend that on whatever they choose is very generous to some.

However, any such moves will take balls, and our current PM has none and our wanna be PM's main focus is on same sex marriage.

Butch old boy you continue to live in the past.
Turnbull a few days ago said to the whole of au to kill more isis.
Do you think that was a story that should be broadcast to the world.
Now we have a threat that is in retaliation of Turnbulls stupidity.

China says au will be its first strike, is that terrorism or not.

Jobs and growth has died a death that never seen a life.

What an extraordinary situation we're in, with this Prime Minister who's not got a fundamental idea what it is he should be doing for this once great Nation ? He cautiously planned and conspired with other party renegades and defectors until he had the numbers to make a dash for the top job and betray Tony ABBOTT. Like him or loath him, Mr ABBOTT won the election legitimately. And now Mr TURNBULL'S got it, and doesn't know what to do with it ? I hope this treacherous bastard goes down for the count, but the trouble is, like most maggots, he'll take the Nation with him !

Just watched BBC Business news.
They reported that Australia is the only economy in the world that has continued to grow year on year for 25 years.
Senator "Mr Bean" Daystari should be sacked before too soon ,or else Australia will become another despotic third world country.

You've lost me doog, how am I living in the past?

Brock, gee there must be some basket cases out there if we are the 'pin up' boy.

Just look at the millions being pissed away at yet another useless world meeting about nothing.