Economy

Oct 23, 2012

Swan serves up exactly what we deserve

Wayne Swan's MYEFO surplus is a fiction -- which is entirely apt for an economic debate based mostly in fiction.

Bernard Keane — Politics editor

Bernard Keane

Politics editor

Wayne Swan’s Mid Year Economic and Fiscal Outlook has delivered the surplus Australia’s economic debate deserves.

75 comments

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75 thoughts on “Swan serves up exactly what we deserve

  1. izatso?

    Baaaahahaa ….. Swanny stands all the sharp shooters, thieves, divers and dodgers, fiddlers, scammers, the highly-paid disemblers, Wayne lines ’em all up and shoots them down again with their own words and directions ! Not what they were expectin’, just what they deserve ! Give ’em nothing Swanny ! What a HOOT !

  2. Jimmy

    While I completely agree with this article I find it’s structure and tone a bit strange.

    I would also say that the most telling lines of this srtticle are “The need for a surplus is a political fiction, one on which is the government is relying to maintain its economic credibility with voters and the commentariat” and “And voters give the government little or no credit for its economic management” plus “In handling all these, Treasury, the RBA and the Labor leadership have turned the high-taxing, high interest rate, inflationary economy Labor inherited into a low interest-rate, low-inflation economy with significantly lower level of taxes to GDP than in the Howard years while maintaining employment growth.”

    The ALP have battled pretty strong head winds all thjrough their reign and have done paritcularly well while also cutting back many of Howards middle class welfare policies that left his budget in a structural deficit yet all we get from the MSM is Geewizz and Suzanne Blake still commentary devoid of any economic literacy.

  3. Jimmy

    While I completel y agree with this article I find it’s structure and tone a bit strange.

    I would also say that the most telling l ines of this article are “The need for a surplus is a political fiction, one on which is the government is rel ying to maintain its economic credibility with voters and the commentariat” and “And voters give the government little or no credit for its economic management” plus “In handling all these, Treasury, the RBA and the Labor leadership have turned the high-taxing, high interest rate, inflationary economy Labor inherited into a low interest-rate, low-inflation economy with significantly lower level of taxes to GDP than in the Howard years while maintaining employment growth.”

    The ALP have battled pretty strong head winds all through their reign and have done paritcularl y well while also cutting back many of Howards middle class welfare policies that left his budget in a structural deficit yet all we get from the MSM is Geewizz and Suzanne Blake still commentary devoid of any economic literacy.

  4. The Pav

    Jimmy

    That Geewhiz & Suzanne Blake lack any economic literacy is only to be expected.This is why they work for the opposition.

    Afterall Jovial Joe Hockey can’t even add up and their shining star “Costello” has effectively perpetrated a fraud with the “debt cris’ in Qld

  5. klewso

    Abbott – for such a little man he sure has a big mouth? Something to do with that dog-whistle of his?
    This is all Gillard’s fault as much as his though, isn’t it (if the tabloid media – run as it is editing our view at reality – runs true to form)?
    “If she’d had kids and been born a bloke, none of this would happen”?

  6. Jimmy

    Klewso – I know you are joking but I am also afraid that it will be tomorrow’s headline.

    The Pav – Hockey’s response to the MYEFO has been a joke, this is someone who thinks they can find billions upon billions in savings in the budget and as BK says wants to end the age of entitlement but then postures about the harshness of these cuts while simultaneously saying the govt needs to cut more (becuase they won’t have a surplus with these measures) and will then vote for them in the parliament anyway.

  7. drmick

    Thats the first time someone has acknowledged that no one will give them and even break anyway.
    If their achievements could get even a little exposure it would help. The frustration is compounded by the scripted stupidity offered by supposedly responsible (male) adults and the sheer bastardry & ignorance of the press gallery to report the stupidity as sheer brilliance by Abbott.

  8. Chess C

    BK – with respect to two of the issues you raise dismissively at the end, these are something Australia does have to think about (nothing to do with bagging the government, it’s just a fact.) Productivity is falling and Australia *is* an expensive place to do business. Thanks to the exchange rate and high overheads, there would be very few places in the world that are more expensive to employ people and run a business than in Australia. And finally, in last’s year’s survey by the WEF, Australia was ranked #75 for having the least burden of government regulation (Singpaore is ranked #1.)

  9. Mark out West

    The Libs have to stay the course because their unfunded policies can’t add up so they need to be able say the economy was ruined by Labor if they get in.

    The EU did a world happiness survey and found that although Australians are the 2nd wealthiest people in the world at the moment, they are by far and away the Biggest whingers. The Right is destroying this economy whing by whing.

  10. zut alors

    ‘ Joe Hockey yesterday confirmed that the Coalition would not be offering any details of its economic policies until… four weeks before election day.’

    Lumpy Lardclacker and his leader would be well advised to keep quiet on all economic matters until AFTER the election. They should be mindful of the old saying about it being better to stay silent and have people suspect you’re stupid than to open your mouth and have it confirmed.

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