Rudd Labor has splurged triple that of infamous spend thrift Whitlam Labor of the 1970s.
Penny Wong has remained Rudd’s token finance minister to manage our national finances, after abandoning the world’s most incompetent treasurer, Wayne Swan. Labor forecasts have become a reliable joke.
Labor’s federal budget deficit has leapt from $18 billion forecast in the May budget to $30.1 billion in 2013-14. Labor’s economic statement released by Labor’s latest Treasurer Chris Bowen and Finance Minister Penny Wong, shows revenue is $33.3 billion lower over four years since the May budget.
The predicted deficit for 2013-14 has gone from $18 billion to $30 billion. In 2014-15 it has gone from $11 billion to $24 billion. In 2015-16, when the budget was supposed to be in balance – a small surplus of $800 million – it will have a deficit of $4.7 billion.
But Bowen is an economist not a qualified financial manager. Swan was not a qualified financial manager. Wong is not a qualified financial manager. No bloody wonder our national finances are in disarray.
Every forward estimate has blown out under classic shonky Chinese Accounting culture. Chinese state economic figures can’t be trusted. Chinese Wong’s finance figures can’t be trusted.
Wong is up to her armpits in Chinese Accounting incompetence, bullshiteing her way like a criminal lawyer pleading and counter-attacking in a dodgy court case.
Can’t add, can’t budget, can’t be trusted
There is no Australian accounting respect for Chinese Accounting.
Like China, Penny Wong does not subscribe to financial truth or transparency. She has her own personal career agenda.
Labor’s treasury has adopted China’s shadowy banking system. Systemic risk is rising – the asset quality is all goodwill under hollow Ruddism.
Wong talks legal crap to stave off financial criticism. The Wong is a cultural Labor patsy and true to Chinese culture – cannot accept loss of face despite loss of Australian taxpayer billions right in front of her eyes.
Australians deserve better. We deserve that our national wealth be respectfully managed with proper financial governance and due diligence. Australians deserve a qualified home grown chartered accountant to be Finance Minister, not a political lawyer making excuses after excuses.