With the announcement that the Reserve Bank is tipped to cut rates today, Joe Hockey has pounced:
Mr Hockey says the expected cut shows Labor has lost control of the economy.
But, he adds:
“Of course interest rates on average should be lower but if interest rates come down today it is because the economy is struggling, not because it’s doing well,” he told ABC radio on Tuesday morning.
Is it just me, or does the above statement make absolutely no sense or offer no logic whatsoever? Have I missed something? Or has Joe Hockey finally made it publicly clear that he has well and truly lost the plot?
I suspected all along that he lost the plot eons ago. His history of erratic announcements on interest rates confirm this. And no matter what happens to interest rates today, he will see it as a result of bad government.
Last January I published Wiping the egg off Joe Hockey’s face where I showed he is all over the shop when it comes to talking about – or knowing about – interest rates. Given his latest gaffe it is fitting that I reprint the article (and the rantings of this laughable man) below. He has history.
Enjoy!
The Prime Minister’s early announcement that the election will be held on September 14 relegates the recent Liberal Party’s ‘Our Plan: Real Solutions for all Australians’ to the waste paper basket. It probably belonged there anyway; offering nothing but statements and bereft of strategies. They’ll be busy coming up with something more substantial over the coming weeks, one would expect.
I also expect they will retain this commitment from the Plan:
The Coalition will protect the Australian economy from economic shocks and create the conditions which keep interest rates as low as possible . . .
I wonder if Joe Hockey knows about this. Was he even consulted? Is the party aware that Joe has been telling us for some time now that interest rate cuts are a bad, bad thing?
Or maybe Joe was consulted about the Plan a couple of years ago when he trumpeted that interest rate cuts were a good thing.
After all, in August 2010 he told us he wanted them to come down:
. . . what I did say is I would want to see the Reserve Bank move further in cutting interest rates.
Then in September 2010 the thought of rising interest rates made him livid and it was all the Government’s fault:
The Gillard Government must accept the blame for higher interest rates.
History tells us that the rates were put on hold that month, incidentally. But Joe was livid nonetheless.
In November 2010 after a rate rise he was still livid:
Australian families were the victims of a government who was no longer talking about interest rate rises, childcare costs and other costs of living, Mr Hockey said.
Families would struggle to buy Christmas presents, he said.
“It hasn’t been the usual practice of the Reserve Bank to increase interest rates in December because that is like a body blow to the heart of retail in Australia.
“But that body blow has been delivered, it’s been delivered by the Reserve Bank, by the banks and it’s all come about by this government.”
Fast forward to his 2011 Budget Reply Speech a more relaxed Mr Hockey told Parliament that:
. . . this Budget does nothing to reduce the upward pressure on interest rates.
Funnily, however, there were no rate rises in 2011 up to the day of his reply. But he was about to get livid again.
On Oct 1 2011 in anticipation of an increase he pointed the fickle finger of blame at the Government:
Of course the Reserve Bank should not be increasing interest rates tomorrow, but if they do then it will be Julia Gillard and Wayne Swan’s interest rate increase because they have done nothing to address core underlying inflation pressures.
Guess what? They never went up. Nothing to blame the Government for after all. Good try though.
Like all hard working Australians he announced on Jan 27 2012 he wanted the RBA to cut rates:
“I think the Reserve Bank has the capacity to do much of the initial heavy lifting and to stimulate economic growth by reducing interest rates.”
And he alone could save us when on March 27 2012 he proudly announced that:
He would work though on realising lower interest rates that would prop up the finances of many Australian households.
But . . . when they did come down, on May 11 2012 he was back to his livid self:
. . . shadow treasurer Joe Hockey said the rate cut was a sign that the Government had lost control of the economy.
Yet he left us dumfounded on June 4 2012:
Opposition treasury spokesman Joe Hockey has conceded Australia’s economy is in reasonable shape and endorsed Wayne Swan’s commitment to returning the budget to surplus.
Speaking to an international audience on Bloomberg TV, Mr Hockey said Australia was vulnerable “like everyone else”, but its economic fundamentals were strong.
“Australia is in a better position than most other western nations,” he told Bloomberg’s Asia Edge program.
“We have an unemployment rate of around 5 per cent, we have strong demand for our commodities and even though they probably won’t get there we have a government that at least is promising to deliver a surplus budget.”
[yet] When the Reserve Bank lowered interest rates by 50 basis points last month, Mr Hockey said it confirmed the “weakness in the Australian economy”. In his budget reply he said economic growth under Labor had been “very poor”.
The very next day, after a rate cut he sniggered to the adoring media that:
The Reserve makes clear it is worried about Australia’s underperforming economy and deteriorating international conditions.
But before the month was over they were apparently going up according to Mr Hockey:
Well you know what’s interesting . . . we’ve been saying this for three years now, that if the government actually delivers a surplus then it’s going to take upward pressure off interest rates.
Which is good, because it fits in with his Nov 2010 prediction:
Australia is set for high interest rates.
And also in November that year after an increase he declared:
. . . the Gillard government and its ”insipidly weak Treasurer” owned the interest rate rises.
And when we didn’t get a cut he laments in June 2012 that:
“A week ago Australians were expecting an interest rate cut – now they are facing interest rises. That undermines consumer confidence, it undermines business confidence and it leaves Australians fighting higher prices.”
But when the rates went down on Oct 2 2012 it was back to the Government’s fault again:
The Reserve Bank has cut interest rates today not because the economy is doing well, but because parts of the economy are doing it tough.
And on Oct 10 last year he took on a dire tone:
Last week’s reduction in the cash rate, to 3.25 per cent, took it to levels only one cut away from the lows reached during the financial crisis. The Reserve Bank are cutting interest rates not because the Australian economy is doing well but because the Australian economy is deteriorating.
But also in October 2012 we learn he wished for an interest rate cut and his wish was rewarded. And he was happy:
Last Tuesday, at the Elmore Field Days, he called on the Reserve Bank to drop interest rates.
And lo and behold, an hour or so later, that’s just what the bank did.
So chuffed was Big Joe, he grabbed a tractor and raised it above his head, roaring King Kong style.
OK, it’s a toy tractor.
And when they don’t go down we get this statement on Nov 6 2012 to blame the Government for them being put on hold:
Joe Hockey claims the Reserve Bank did not reduce the cash rate because the economy is overheating:
‘This shows it is now manifestly clear that it is the policies of this government which are pushing up the cost of living and staying the Reserve’s hand in delivering further interest rate relief to home buyers and small businesses.’
Again in November last year:
. . . the carbon tax is going to make it harder to cut interest rates.
But he doesn’t like them being cut. Remember? It means the country’s in a mess and it’s all Labor’s fault.
Such as it was with this announcement on Dec 4 2012:
The Reserve Bank has today cut the cash rate from 3.25% to 3%. Clearly the Reserve Bank is trying to catch a falling Australian economy . . .
Followed by this the very next day:
The Federal Opposition says the RBA rate cut foreshadows tough times ahead for the Australian economy.
Coalition treasury spokesman Joe Hockey says the move shows the RBA is intervening to counter Labor’s big spending policies like the promised Gonski education reforms and the National Disability Insurance Scheme (NDIS).
But he’s not alone. When joined by his boss in June last year:
Alas, Hockey was (inexplicably) joined at that press conference by Abbott, which reduced the average economic IQ of the room by 20 points. Abbott proceeded to lay out his understanding of the rate cut. Abbott thought the RBA had cut rates because “economic conditions are soft. The stock market is down. Profits are weak. Retail sales are weak. The property market is down.” Glenn Stevens’ statement that the bank had cut rates because of “modest” domestic growth, a weakening international environment and low inflation was politely ignored.
Yep, it’s all the Government’s fault. It’s only good if cuts come under a Coalition Government. To repeat the old Liberal meme, here’s what Joe had to say back on Aug 9 2010:
Mr Hockey also argued “interest rates are always lower” under the Coalition – an argument described by Mr Swan as one of the “bigger distortions” he’s heard in recent times.
Laughable, isn’t it?
I like what Leigh Sales asked him on the 7:30 Report on Nov 1 2011:
So, how come when interest rates go down the Government never gets credit, but when they go up it’s always the Government’s fault?
Follow the link if you want to see his answer, but don’t expect anything intelligent. You won’t find it.
If Joe Hockey keeps this up then between now and the election someone will be wiping a lot of egg off his face.
Maybe they should find a way to shut him up. Or maybe they could get rid of him. This economic buffoon could be our next Treasurer.
Frightening, isn’t it?
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Maybe Joe Hockey is a Labour party plant!!! Maybe he’s deliberately making himself and the party look like the pack of plonkers that they truly are!!!! Just a (hopeful) thought…..
Watching Hockey and his team, it’s got to be a scam, like that show “GOTCHA”, they seem to all the same with the blunders they do, Have the MONTY PYTHON TEAM come back in disguise ????, great info in your article…….. I must admit the Libs make me laugh…… Thanking you…….. ps if they are able to get into government there will be no smiling then……….
RBA just cut rates by 25 points. Hockey will have a fit.
If it was England everyone in Australia would be laughing their heads off.
Migs imagine if it was the big hit 50 points touted by many, Hockey would have burst his stomach staples.
Guess we shouldn’t be so rough on poor old Joe even though it will be poor old Australia if he becomes Treasurer. He doesn’t seem to have been the same since his lapband surgery.
Are we sure this op wasn’t done by a neurosurgeon instead of a bariatric surgeon, because his IQ seems to have plunged way more than his body weight.
Oh dear, Joe Hockey truly is a buffoon, god help us all.
NAB, Commonwealth, ING Direct and Bank of Qld have all agreed to pass on interest cut in full. Tell me why that’s bad again Joe?
Westpac just announced rate cut of 28 points…3 points BIGGER than the RBA cut!
Reblogged this on lmrh5 and commented:
Watching Porn? Three *Urgent* Reasons Why You Must Stop Right Now
Oh how these fakes are finally beaming Idiocy
Problem is, none of these ongoing lies will ever make the mainstream media and come to the attention of the general curmudgeon voter.
Even if it somehow did, the slogans about bad economic management have been repeated so loud and so often, this news would scarcely penetrate the thick skulls of the Neanderthals who vote Lieberal anyway.
In one breath Joe Hockey says “You’ve got to compare apples with apples” then says in the next “Labor inherited zero net debt and now has a debt approaching 400 billion”.
Yes, Labor inherited zero net debt…and 46 billion gross debt. We have NEVER had a zero gross debt. According to the Australian Debt Clock, our current Commonwealth Government gross debt is a little over 275 billion. Our net debt is substantially lower, in the order of 165 billion from what I can estimate.
Joe also said the budget is haemorrhaging at the rate of 3 billion a week. My understanding is that revenue over the forward estimates has been downgraded by 33 billion. The last time I checked there were 208 weeks in 4 years and one would imagine that, rather than dividing by the time since the last announcement, one would divide by the period which this downgrade covers. That makes it closer to 15 million a week, slightly less than 3 billion, and if Joe Hockey knows someone who can accurately predict world markets over the next 4 years I would love him to hook me up. And to accurately predict expenditure implies we will not be having any more natural disasters which is most unlikely considering we are stopping all action on climate change.
Come on Joe….apples for apples or swill for ignorant pigs?
On http://www.abc.net.au/am/content/2013/s3811396.htm Joe Hockey said
“The only job that matters to me is to try and become the treasurer of Australia”
The only job that matters is for us to stop this economic cretin from becoming the treasurer of Australia.
No Micheal Taylor, you have lost the plot as you support a federal alp government who has lost the plot. Under this alp lot a interest rate cut comes becuase other areas of the economy are rotten becuase of this alp government.
Joe Hockey is a Labor Party plant. His parents named him after Ben Chifley.
Wayne I realize that you are trolling but why don’t you listen to what the Governor of the Reserve Bank says or are you, like Big Joe, not prepared to listen to Treasury or the Reserve Bank.
The RBA Governor is not alarmed with the way our economy is travelling but he has been concerned about the high level of the Oz dollar and downward adjustment of interest rates helps with this; and guess what, it’s working and exports are improving and economic activity is lifting and of course, home ownership is benefiting. It’s a win win mate.
Wayne, how do you explain Australia’s AAA rating, Rudd being named The Australian’s Australian of the year for his handling of the GFC and Swan being International Treasurer of the Year, an award which alluded Costello.
Hockey on the other hand is a media tart who at least looked sincere as Shrek or when waving a fairy wand around.
Interest rates are always going to be lower under a Coalition government.
Terry, Joe Hockey never said that a interest rate cut was bad, he just basically said that this foul up of a government had nothing to do with the interest rate drop and I agree with Joe.
That is absolutely correct Wayne. The RBA decides on interest rates…NOT the government.
When I say that is correct…let me qualify. Listening to Joe for reasons for an RBA decision is silly. Why not listen to the RBA?
“Recent data confirm that inflation has been consistent with the medium-term target. With growth in labour costs moderating, this is expected to remain the case over the next one to two years, even with the effects of the recent depreciation of the exchange rate.
The easing in monetary policy over the past 18 months has supported interest-sensitive spending and asset values, and further effects can be expected over time. The pace of borrowing has remained relatively subdued, though recently there are signs of increased demand for finance by households.
The Australian dollar has depreciated by around 15 per cent since early April, although it remains at a high level. It is possible that the exchange rate will depreciate further over time, which would help to foster a rebalancing of growth in the economy.
The Board has previously noted that the inflation outlook could provide some scope to ease policy further, should that be required to support demand. At today’s meeting, and taking account of recent information on prices and activity, the Board judged that a further decline in the cash rate was appropriate. The Board will continue to assess the outlook and adjust policy as needed to foster sustainable growth in demand and inflation outcomes consistent with the inflation target over time.”
Wayne, I don’t have pretences about being this country’s Treasurer. Joe the Goose does.
Aaa credit ratings do not mean all that much as countries in debt can have those, explain min why this dumb alp lot have given us $400 million debt despite being left with a $22 billion surplus and a mining boom?. But min, you still look georgeous, but I think your comments about Joe Hocking are very hard and harsh.
Wayne – we have discovered that your second name is Kerr – and for the ALP supporters the name Kerr has particularly bad memories. Still, as I’m just trying to get to the bottom of what you’re saying. We’ve had 23 years of growth in this country. It started under Keating, it continued under Howard, under Rudd, under Gillard, under Rudd again. I trust you’ll come back and defend the Liberals if the economy slips into recession if Abbott is elected. Or will you just say it was Labor’s fault?
And if you ever want to actually have an intelligent economic discussion, Wayne, I suggest you just stop repeating Rabbit and Jockey’s rubbish.
Wayne do you understand the difference between net debt and gross debt? Do you understand what “over the forward estimates” means? Do you agree that when interest rates are low is a good time to borrow? Do you agree that the global economy has been very volatile over the last 5 years? Do you realise that virtually all governments run a budget deficit each year? Do you realise that if the economy grows by 3% and your dent also grows by 3% that there is no net cost? Do you realise that our current interest payments equate to about one week’s revenue?
BTW – I am not, nor have I ever been a member of any political party. I’m just picking on you, Wayne, because you are the sort of man who picks a fight and runs away.
Wayne do you understand the difference between net debt and gross debt? Do you realise we have never had a zero gross debt? Do you know the difference between a million and a billion? Do you realise our interest payments equate to about 1 week’s revenue? Do you realise that if the economy grows by 3% and the debt grows by 3%then there is very little net effect? Do you realise most countries run a budget deficit? Do you understand that when interest rates are low it is a good time to borrow and invest?
Rossleigh I never pick a fight, just a discussion
Could you imagine if private citizens carried on like the government and got into debt that they could easily service? Oh lordy, the outrage.
Kaylee, at the end of the day, bad debt is bad debt and this lying alp lot have accumulated loads of both net and gross debt to the tune of $400 million.
Micheal Taylor you are the goose, not Joe Hockey.
Ho, ho, ho Wayne. Ok then give me one point that you’ll agree the ALP has don well on. Or the Greens. Or the stupidest thing that Abbott has said. THEN it’s a discussion. Or even something that isn’t part of the Liberal play book
Joe Hockey says we have too much debt, yet Cameron Clyne says it ain’t that much, and we could usefully use a lot more! Who’s a guy to believe?
http://www.brisbanetimes.com.au/business/we-have-a-debt-problem-says-nab-chief-20130801-2r29e.html
(Hint: One of the above can read a power bill, the other can’t)
I forwarded some details of the TAFE course for introductory accounting some time ago, thought he might struggle with the degree course. As I received no reply I assumed he was working through the concepts of income, assets and debt. Alas it appears that he has decided to go it alone with only the leader of the opposition for guidance and the results are clear. Also notice Robb seems to have disappeared, perhaps they could apply for a group counselling discount.
oops, sorry for double posting
Don’t blame it on the sunshine
Don’t blame it on the moonlight
Don’t blame it on the good times
Blame it on crappy broadband that slows down when other people start using it.
Hockey has no credibility what so ever,he is a blubbering fool and complete wast of time,bring on the election so hopefully this idiot will disappear.
Well, Wayne, if I’m a goose then I will definitely have no ambitions about wanting to be Treasurer. It’s a pity that one particular goose still does.
Why is an interest rate cut bad? Well to answer that question we would have to delve back to year 10 economics. Strong interest rate = strong economy as there is a healthy amount of stimuli i.e. expenditure going on through the economy, weak rate= weak economy, as the central bank of a country is trying to stimulate the economy and encourage expenditure.
Is the US in a good position with an interest rate of below 1%? I think not.
RBA’s media release about the interest rate cut (http://www.rba.gov.au/media-releases/2013/mr-13-15.html).
They say:
“In Australia, the economy has been growing a bit below trend over the past year. This is expected to continue in the near term as the economy adjusts to lower levels of mining investment. The unemployment rate has edged higher. ”
and
“though recently there are signs of increased demand for finance by households.”
If you look at the countries with the lowest interest rates, such as the USA, the UK etc (http://www.worldinterestrates.info/), they are also the ones who were hit hardest in the GFC. So the fact that we are still having to lower our interest rates is not a good sign.
Alternatives, you make much more sense than Joe Hockey.
Be careful using the word PLONKER – up here in Qld that could be misconstrued as relating to a Qld State LNP member or more correctly, a “members member” ala the State member for Redlands who was busted sexting photo’s of his John Thomas dipped in red wine to his (unimpressed enough to send em to the courier mail & now Ex) girlfriend – luckily he’s got hios wife for moral (?) support..
Is it my imagination or do all fiberals delude themselves that they are good economic managers despite history and all the economic data and reforms undertaken by the ALP indicating otherwise? Hokey iS an a grade economic imbecile…
Is it my imagination or do all fiberals delude themselves that they are good economic managers despite history and all the economic data and reforms undertaken by the ALP indicating otherwise? Hokey iS an a grade economic imbecile…
Joe Hockey’s comments read more like a script from Yes, Minister than intelligent discussion on the state of the economy. If this buffoon keeps horsing around, and the electorate is stupid enough to vote Liberal, then Australia will have to rate as the intellectual nobody nation state of the world.
The people of North Sydney must be idiots to vote for this idiot.
But realism, if the interest rates were low under a Coalition government, that would be a good thing wouldn’t it? Good news for companies and home owners, just not if Labor is in charge. Have I got it right?
Inside the Liberal bunker:
Peta: OK boys and girls, we need to make a policy announcement , any ideas ?
Tony: I know ‘ when in government I will immediately reverse the irresponsible .25% reduction in interest rates’.
Peta: No Tony, you can’t, it’s outside your area of responsibility; apart from which the economy benefits from a reduction in interest rates as do homeowners, so it’s good all round.
Joe: Errr, Malcolm told me it was bad, bad, bad.
Malcolm: I was joshing you and it obviously worked.
Peta: So, we don’t have a position on interest rates, is that our position ?
Andrew: Julie keeps giving me the death stare, tell her to stop it.
Tony: Hey wait a minute there’s something stuck down the back of the sofa:
http://www.tonyabbott.com.au/LatestNews/PressReleases/tabid/86/articleType/ArticleView/articleId/7522/Real-action-on-lower-company-tax.aspx
(Quickly scans crumpled document from 2010)
Tony: Yeah, this looks good, it’s even on my website and has something to do with company tax, I could announce this.
Peta: You already have announced it Tony, it’s already policy: Is there anything new ? No: OK Sophie run the iron over it and we’ll give it another run.
Malcolm: It’s ground hog day !
General Chorus: SHUT UP MALCOLM
E&OE
Poor old joe….he comes across as nothing more than a buffoon. i think that word was handmade for just him.
As an aside, have you noticed how Hockey always seems to look away, when he is standing behind Abbott when addressing the press, almost like he knows Abbott is spreading the BS. Take a look next time. There’s definitely something really interesting on the ceiling for Joe to ponder when Abbott gives a presser.
It would be churlish of me to match condescension with pedanticism but they don’t actually DO economics in Year 10. (Sorry couldn’t help it.)
So if low interest rates imply a weak economy why do Howard and Abbott and Hockey always say interest rates will be lower under a Coalition Government? Are they striving for a weaker economy? Or do you think that maybe that explanation is a tad too simplistic? Do you think that maybe interest rates are affected by a range of factors including our exchange rate?
Kaye, wasn’t the old Lieberal line something like, “Interest rates are higher under Labor because they’re running deficit budgets, crowding out all the businesses from borrowing on the open market?” That’s been comprehensivesly disproven in recent times 😉
John Howard 2004
“It is an historic fact that interest rates have always gone up under Labor governments over the last 30 years, because Labor governments spend more than they collect and drive budgets into deficit … So it will be with a Latham Labor government… I will guarantee that interest rates are always going to be lower under a Coalition government.”
John Howard yesterday
“For anybody to run around between now and election day and say that a cut in interest rates means that the government has got the economy well in hand, they’re deluding themselves,”
Tony Abbott yesterday
TONY Abbott has abandoned the Liberal Party’s mantra that interest rates will always be lower under a Coalition government.
Instead, Mr Abbott substituted a promise that taxes would always be lower, government spending would be lower, and the budget bottom line would always be better than under Labor. He also said the economy would always be better managed under a Coalition government.
“There’s no doubt that a reduction in interest rates is a good thing …but you have to ask yourself, `why are interest rates likely to be cut?’
Actually Turnaround Tony, what I am asking myself is why I should believe a word you say since you change your opinion on a daily basis and seem incapable of substantiating your stance with actual facts.
I would also like to see your costings for your PPL scheme and your Direct Action plan since you have just announced a 1.5% reduction in company tax. You are going to impose a levy on some businesses (who will no doubt pass it on to us) and then you cut revenue by reducing tax, effectively meaning that wage earners will be paying for your women of calibre to be paid almost $3000 a week to stay at home for 6 months with their babies whilst a woman whilst a woman who earns $30,000 a year will receive less than $600 a week. Seems fair….NOT!
I would also like to ask why you are so hellbent on providing tax cuts for the wealthy by way of superannuation deductions. When John Howard allowed people to put 1 million tax free dollars into superannuation I don’t think that did anything to help address the problem of lowering our future age pension burden as someone who had a lazy mill hanging around was never going to qualify for it anyway.
I don’t suppose it would be fair for me to also have a go at this Wayne character but FFS when will these libturds stop believing their own lies and delusions.They are simple mind-dead parrots,$400Bn debt,BS.Low interest under coalition is good but because it is with Labour we have a fiscal emergency BS,we will axe Labour education reforms,now they are going to mimic it.
Poor,poor Wayne you are not serious are you,SERIOUSLY.
@Kaye Lee, Actually they do,
If you scroll down, that school at random selection which I found using google offers Economics “This is a FULL YEAR course in Year 10.”.
I don’t care what any government/political party says, interest rates being lower is not necessarily a great thing or representation of our economy globally, of course liberal and labor would seize on it, it is politics after all, but interest rates going down is not a sign of good things going on in our economy, it means the economy is slowing down, and needs to be stimulated.
I do apologise Realism. I was talking about the national curriculum for public schools rather than Mountain Creeks High School in Queensland which I accede has offered an elective course for which students can pay an additional amount beyond their school fees to undertake. It gives a greater understanding of what may happen under the Coalition concept of “Independent Public Schools”.
I agree that the lowering of interest rates is to stimulate a slowing economy. I disagree that the global situation is irrelevant. I would remind you that the Coalition prefers “trickle down” economics to stimulus packages.
Whenever I hear that term I think of Gina Rinehart’s children.
“Under Tony Abbott and Joe Hockey, the Coalition has repeatedly claimed that it can deliver a budget surplus.
Wise heads in the economics community know better. What really determines the state of Australia’s budget bottom line is the state of the broader economy. In boom times, fat company profits deliver health tax revenues, and there are plenty of people in full-time work to pay income tax. In a weak economy, company taxes are often negative, allowing corporations to write forward big tax offsets for coming years. Unemployment rises, taking taxpayers out of the workforce and costing the budget in social security spending.
With commendable chutzpah, the Coalition has constantly deprecated the effect of the business cycle on the budget balance. Their view has generally been that the budget should be in surplus no matter the economic conditions. This view coincides with the more general conservative philosophy that the government should in general be smaller. Taken together, it all that means the Coalition is committed to many billions of dollars in government spending cuts.
All of this makes the Coalition’s policy costings an important election issue. Without a meaningful set of numbers, voters are unable to judge whether the Coalition’s very bold statements about economic management are valid. Just how big the slash and burn exercise will be is impossible to determine, because the Coalition won’t tell us. When it comes to the true state of the budget under an Abbott government, we simply don’t have the figures.”
Joe ALWAYS exaggerates every issue, and ends up looking very silly indeed.He is unable to argue his case, and finishes up looking dazed and confused.