Treasurer’s Revised Estimates Report for 2018/19 released on Wednesday 30th
January reveals we are on the brink of a disaster.
Treasurer still says otherwise. “(W)e will remain in surplus this year and
across the forward estimates”, according to his media release.
can the government be running surpluses if its net debt position worsens by
$1.2 billion over the forward estimates? That’s because they’re not real
surpluses. The Treasurer is not entitled to describe his bottom line as a
surplus, because that term implies a cash surplus. Most people think the
government is running cash surpluses. The reality is the exact opposite. For example,
in the current year, the government will spend $522 million more than it will
is not a temporary blip caused by the Hobart hospital. Even after Revised
Estimate changes, spending on the rebuild will only be $210 million this year (and
$80 million in 2019/20 to complete the job).
the next year or two the government will finance its excess spending by
internal borrowings. In three years’ time however the cupboard will be
completely bare. Even the $270 million that the government has supposedly set
aside to cover insurance (the government is a self-insurer) will be gone.
A new year provides the opportunity to start
with a clean slate. Health Minister Ferguson missed his chance. His Talking
Point article Rolling out the health fix for growing needs(published January 2nd) continued with the disingenuous claim that
the current government is spending” an additional
$757 million over the next 5½ years”.
Whilst not an outright lie, the claim
nevertheless fits comfortably into the broader category of a Trumpian untruth.
This paper was given to a
U3A Group. It's a look at settlement services and borrowing/lending practices.
It is not intended to be a blueprint, rather an accounting explanation of what
banks do and to question whether there's another way.
The Royal Commission into Misconduct in the
Banking, Superannuation and Financial Services Industry is appropriately named.
There’s been plenty of misconduct revealed. The aim of this seminar is not to
trawl through all the misconduct, but to have a closer look at what banks do.
Do we need them? If we were designing a new banking system would we come up
with the current model?
our current problems is reaching epidemic proportions if one is to judge by Dr Michael Powell’s comments ( see here )on the new GST arrangements and the
wider more crucial issue of Federal budgetary difficulties.
to quickly address the GST issues before moving to the broader matters of