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Dec 5, 2013

Meet Tony Shepherd, Transfield’s doyen of debt

Tony Shepherd, charged with finding ways for the Commonwealth to pay down debt, knows plenty about debt, and not so much about paying it down, Glenn Dyer and Bernard Keane write.

Tony Shepherd

“It is … essential that the Commonwealth government live within its means and begin to pay down debt,” declare the terms of reference for the Commission of Audit announced by Treasurer Joe Hockey in October.

7 comments

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7 thoughts on “Meet Tony Shepherd, Transfield’s doyen of debt

  1. Rod Marr

    “The damage from the slowdown is spreading; small Perth contractor Forge Group was last week bailed out by ANZ, which decided risking more than $60 million was better than Forge going under. And Ausenco, another Perth contractor, is raising around $31 million to try and stave off a fate similar to that of Forge.”

    Jesus!.. Bernard and Glenn, how do you find this stuff out?

  2. Jimmyhaz

    This rubbish about paying down debt is going to destroy the Australian economy, either the public sector or the private sector will have to go into debt so expansion can continue, and I think that it is infinitely preferable to have the sector that cannot default and has the capability to print as much money as is required take it on.

  3. Daly

    The Right agenda: shrink the public sector to nothing while diverting any comment on the huge handouts to business. Paid for by increases in taxing the poorest Australians while keeping the Rory’s for the rich intact: eg superannuation.

  4. Jimmyhaz

    That’s exactly what the ‘conservative right’ has been about at heart since the days of Thatcher and Reagan. It is entirely about reverse wealth distribution, taking from the poor to give to the rich. Any true ‘fiscal conservative’ would realise that slashing lower-class welfare is far more harmful to the economy than raising taxes on the rich, but then again the coalition has not been truly fiscal conservative since Fraser.

  5. David Hand

    Transfield’s woes, driven mainly by the downturn in the resources sector, has absolutely nothing to do with government debt.

    In either case, paying down debt is smart and wise. Sure, go into debt to invest and that’s what we all do. Then pay it off. The stupidest thing to do is to run up debt with no agenda to pay it back. That’s how businesses go under and countries impoverish their people.

    What’s all that got to do with tony Shepherd? Just a smart-arsed hint that he’s not the right guy? Who do you want instead? Hellooo?

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