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LABOR'S TREASURER Wayne Swan will be forced to cut up to 20 billion by way of spending cuts & higher fee’s
Even with the huge carbon tax income flooding the coffers, here comes price hikes across the board, says mark Aldridge federal Independent candidate.
The federal cuts will include every conceivable loop hole for those doing it hard, yet the cost of living will continue to spiral out of control, and those of us lucky enough to still be making ends meet, will wear the brunt of the inept actions by Labor that got us here in the first place.
Updated Budget figures to be released tomorrow will surely raise questions about Julia Gillard's revamped mining tax, with Treasury likely to slash revenue projections for the tax that was meant to spread the benefits of the mining boom, not stop it in its tracks..
A collapse in company tax revenue resulting from Industry moving out of the country and worsening international conditions have forced the Government to rewrite its Budget less than four months into the financial year.
The estimated $4 billion which will be wiped off the Budget this year and $21 billion over the forward estimates, is the spin to lower the impact, so how nasty is the truth, considering they go to an election next year on the back foot, I doubt anything from here on in, will have the scent of honesty we would like to see from our political arena.
Labor will blame international factors, including a slump in coal, iron ore and gas prices and of course the high Aussie dollar, but we all know it is the massive spending and the billion dollar donations heading of shore we were not in a position to throw away in the first place, Mark said.
Wayne Swan will continue to argue Australia is still in a strong position and that the Government is creating room for further interest rate cuts, but interest rates have no option but to continue to lower, with the housing bubble at an all time high.
Americas disastrous speculative bubble must still be on the minds of the banking community, and I can’t see Labor's massive borrowings on the peoples behalf, leaving them in a position to cover another bail out of the banking industry.
The earlier release of the Budget update has drawn a scathing response from the Opposition, with Joe Hockey claiming Labor was trying to rush through fudged figures.
"This will clearly be a Government budget that is trying to hide the true reality of the Nations position from the Australian people” because that is what Labor does best.
The ideal of protectionism is now frowned upon, the support of local industries and farming is not on the agenda, and ensuring some stability in the steady rise of the cost of living, will be too simple to attract Labor's attention.
Labor's catch cry should be “pay more for less” because that is what they are providing, less services, highest taxes in the world, all the while they fly around the world handing out borrowed money, without any thought as to how our children will pay it all back.
"Continuing the fire sale of our assets, is as short sighted as the apathetic voters who elected them in the first place"
I am far from an expert on the economy, but I can tell you this, exporting jobs, importing inferior food, while our farmers abandon better quality produce, is not a sign of good governance, neither is over taxing a nation, and telling us how to spend the few dollars they give back.
We cannot afford any more Labor stuff ups, and neither can we afford any more action on their behalf, so the ideal of an early election seems very appealing indeed.
Labor took office albeit on shaky grounds only a few years ago on the back of a massive lie, with over 50 billion in the bank, every budget since taking office they have raised the allowable debt ceiling of our nation, only months ago they raised the amount we could borrow to 250 Billion dollars, and months later raised that to 300 billion, as they had passed the previous, in simple terms they are borrowing money to make them look good on the world stage, by giving it away, while we the tax payer are paying over 12 billion a year in interest, enough to build 10 world class hospitals per year.
I personally just do not understand what they are doing, in fact it appears neither do they, but what would I know, Labor are the experts are they not?
Mark Aldridge Independent federal candidate 19/10/12
The Gillard Government has driven up Australia’s credit card to a record $256.4 billion according to latest Australian Office of Financial Management (AOFM) figures.The previous debt ceiling of $250 billion was raised by Labor to $300 billion in the May budget further confirming its inability to curb its debt addiction.According to PIMCO, the world’s largest bond investor, Australia’s second largest export in 2011-12 was not coal, but Australian Commonwealth Government Bonds – Labor’s record debt.You never hear this shameful statistic from Wayne Swan or Penny Wong because it’s at complete odds with their nonsense about belt tightening and returning the budget to surplus.Funding Labor’s record debt is “a capital tidal wave” according to PIMCO and has contributed to the persistently high Australian dollar.Wayne Swan previously said of increasing the debt ceiling to $300 billion, “very simply, this is no big deal”. (ABC Radio National 9 May 2012)Mr Swan’s attitude and ignorance are breathtaking considering interest payments alone on Labor’s gross debt is $12 billion this year – the cost of 12 world class hospitals.Given its track record there is no doubt debt will continue to rise while the Gillard government remains in office with its $120 billion budget black hole of unfunded promises.Media Contacts: