The monthly account figures for December have been released and they put a lie to the Coalition’s claims of “sound economic management” – at least their version of it.
Far from being “back in black”, as our work experience treasurer prematurely claimed last year with his Cheshire cat grin, the deficit for the year to 31 December 2019 was $15,170 million – a deterioration of over a billion dollars in the two weeks since MYEFO was brought out.
Likewise, our net debt has grown from $161,253 million at 31 August 2013, a week before the 2013 election, to $403,036 million at the end of December – a 250% increase.
Opinions differ about whether or not this a good thing. Most would agree that we need that government spending to keep the economy afloat.
But that’s not been the mantra that the Coalition have shoved down our throat since the GFC. “Spending like drunken sailors”. “Debt and deficit disaster”. “Paying the mortgage on the nation’s credit card”.
It has become increasingly apparent that this lot do not have a clue what they are doing. There is no plan, no direction, no purpose – just a whole lot of words that mean nothing and money thrown around to win votes.
Sound economic managers my arse.
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