Swan’s Ponzi Budget bad to the bone

The Australian Labor Party’s national government budget 2012-13 is not a budget but a forecast of intent beyond the next few years into the Never Never.

Treasurer Wayne Swan’s budget has been concocted by proven incompetent financial managers who have broken promises about incredibly shrinking surpluses and recidivist liars who have deliberately misled the Australian people as Machiavellians desperate to hold on to power whatever it takes.

This is just another announcement by Labor that can’t be trusted.

The Australian Labor Party simply can’t be trusted at federal, state or local level.

Labor’s Budget is a socialist Ponzi scheme as those before it back to Big Australia Rudd, fraudulently again promising to deliver massively unaffordable social welfare (Gonski and NDIS) based on lies of economic growth and increased government revenues.

Swan’s creative accounting ignores the costs of the $50 billion NBN and confuses the timing of revenues and service delivery between budget, forecast and forward estimates like smoke and mirrors.   As with all Ponzi schemes Labor’s perpetual spend relies on borrowed money, promises of future revenue while its lashes out on its credit card spending frenzy for its extravagant socialist idealism.

In Wayne’s World he still evangelises “this Budget delivers a surplus this coming year, on time, as promised, and indeed “a future of four years of surpluses”.   Yeah right.

Who cares anyway because Wayne’s World won’t exist after September 14.

So instead of the oft promised surplus of $2.1 billion, Swanee now delivers a $19.4 billion deficit, with little change forecast for next year, yet proudly defends Australia’s AAA credit rating in the same breath.

Increasing government debt does not help maintain a AAA credit rating, nor does the increasing Labor Government overseas borrowing to fund its socialist spending.  Australia’s gross government debt has increased to $270 billion under Rudd/Gillard/Swan.   Labor spending has increased year on year since big spender, big promiser Rudd arrived on the scene.   Spending jumped from $270 bn in 2007-08 to $316bn in 2008-09 to $337bn in 2009-10, to $366 bn in 2010-11, to $373 billion in 2011-12 and $376 bn in 2012-13 (excluding the NBN, so make that over $425 bn).

At the same time Labor Government revenues have plummeted, written down in 2012-13 by a staggering $20bn, (written down $160 bn in the past five years) not because of the global blame game reached for by Swan, but because of bad tax policy like the poorly struck Minerals Resource Tax.

Swan is quick to blame others for revenue shortfalls, identifying the high Australian dollar for having “ripped billions from our revenue base, with tax receipts as a share of GDP not expected to recover to pre‑crisis levels for some years.”

Yet it was Labor under Hawke-Keating who first floated the Australian Dollar and Labor and the Libs have perpetuated it ever since.  The high Dollar has made Australian manufactured exports and inbound tourism more expensive while making imports cheaper.  Free Trade then has encourage cheap import dumping and undermined the viability of Australia’s manufacturing industry paying Australian wages.

Yet against the actual trend, Swan has deceiving assumed out-dated statistics like the resources sector still having over $450 billion in the investment pipeline.  He forecasts a 12% increase in tax receipts due to improving economic growth and business profits.  Swan claims that by mid‑2014, Australia’s economy is expected to be over 16 per cent bigger than it was before the global financial crisis, despite global downsizing.

Swan claims ‘the outlook is bright in mining, services, manufacturing, and in our rural economy.”  Obviously he is in a Canberra insulated vacuum ignorant of the effect of the high Australian dollar and cheap import dumping on Australian manufacturing and a desperate agricultural industry now again impacted by drought across Australia’s north.

More lies, more false promises and looming bigger debt holes to burden Australia with repayments and cumulative interest well into the future.   What would Wayne Swan know about economics and financial management anyway?  His only qualification is an Arts Degree.  His guiding principles are those of Bruce Springsteen.  They are more inspired by George Thorogood and The Destroyers’ lyrics in their song ‘Bad to the Bone‘.

Wayne Swan quotes on the surplusI broke a thousand hearts, before I met you
I’ll break a thousand more baby, before I am through.
If I can make to September, my pension is looking good


Yet Gillard Labor is hell bent on massive socialist spending on vague Gonski education idealism – Gillard’s Building the Education Revolution (Mark II) and an unaffordable National Disability Insurance Scheme – a vote-buying empty promise and so cruel to thousands most desperate.   And Swan has the temerity to claim to be “walking tall as a nation confidently living within its means.”

But then the Liberals under Tony Abbott support the NDIS, so between the LibLabs there’s no difference.  The only confirmed change by Abbott is scrapping Labor’s underperforming and useless mining and carbon taxes, other than that Abbott Austerity is in the offing and Labor fat cat public servants in the ACT, lookout!

Despite the Budget Speech hype and sell, the socialist baby bonus has not been scrapped.  Instead the $5000 will be reduced to $2000 for the first baby and $1000 for the second, and of course this socialist gifting goes to encouraging more breeding immigrants.  They are the ones having the high birth rates.

Labor’s waste is well documented in its unconditional gifting of billions in Australian taxpayer wealth to overseas places like Afghanistan, Indonesia and Pacific Islands.  Like the poor strategic Defence extravagance on white elephant projects like the $5 billion on unproven 12 joint strike fighters, just to placate the US.   And the $700 million on subsidising unreliable Collins Class submarine building.

Labor’s policy failures are well documented – Building Gillard’s Education Revolution – overpriced unwanted school rooms,  Pink Batts, Green Loans,  Climate Change bureaucracies, hundreds of consultants and commissions, media advisors, public servant travel rorts, marketing the NBN and School Kids’ Bonus, the bungled Australia Network tender, etc.

But what is glaring about the Labor Budget 2012-13 is what is omitted – no plans to address Australia’s border security crisis which at 40,000 economic illegals arriving a year has become Australia’s greatest unarmed invasion since the 1850s Gold Rush.  The blowout cost of this invasion extends to Defence, Immigration, CentreLink and Housing and the $5 billion per annum cost is spread and hidden across multiple government functions, robbing the wealth and withholding vital services from generations of Australian taxpayers.

The $50 billion NBN is excluded from Swan’s Budget, just because of his own creative accounting.   Current and future government expenditures and revenues are blurred across years because of Swan’s creative accounting.

Notably, the absence of placating to the Greens in spending, aside from ignoring the flotilla of daily illegal boat arrivals, confirms Labor’s divorce from the Gay Greens has come through.

And Swan believes his Labor policies create wealth and are building a fairer Australian society?   The only wealth creation has been for Labor lackies.  Foreign Labor has made Australia fairer for foreigners – foreign illegals, foreign scab labour, foreign investors, foreign manufacturers and importers, foreign multinationals, foreign students, foreign parents, foreign aid recipients.

Labor’ Budget promises are hollow and unbelievable and just more of the same.  Liberal alternatives are vague and likely to be a Campbell Newman LNP austerity nationalised.

Australian’s need to snap out of the depressing LibLab voting pendulum.

Swan the ClownI drink alone