Wayne Goosesteen is an elder statesman of the modern Liars Party who, along with KRuddy, saved Australia from the GFC. He also taught Boy Wonder everything he knows about economics. I will not allow him to be mocked in this fashion.

He will also be a fine adjunct professor at the Nambour TAFE as soon as they recognise his genius and remove him from the obscurity of the backbench.

One good outcome of the SSM vote, is the fact that it should double the accuracy of all budget and economic forecasting by future successors of “World’s Best Treasurer”, Wayne Swan, the legendary A.L.P. arithmetic expert and genius numbers man.

Although clearly the most mathematically gifted member of the A.L.P., Swan’s only drawback was that even with all his clothes removed and digits extended, he could never count up beyond 21.

Now, thanks to SSM, the next Labor(sic) Treasurer, with assistance from his naked husband, might possibly be able to theoretically reach all the way to 42 (i.e. the Meaning of Life, the Universe and Everything) though strict numerical accuracy at such astronomically high numbers is not absolutely guaranteed.

Now, if only we can teach them the subtle distinction between a S.U.R.P.L.U.S. and a massive D.E.F.I.C.I.T.

Unlike Turnbull’s pitiful attempt to pump his own NewsPoll tyres by promising to try really, really hard to reduce tax and the deficit in the May Budget, Bowen is at least honest.

Given the ALP has no intention to cut public spending – and a policy platform which guarantees vast new demands on the public purse (hello full-tote NDIS funding, hello 15,000 additional refugees, hello whatever the Greens exact for Senate support) and no improvement to productivity (hello windmills, hello AWU/CFMEU payback) – there is absolutely no ability to reduce the tax take.

If we believe that Bowen actually has an ambition to return a surplus (yes, I know), he will need to find an additional annual $40 – $60 billion in new revenue. While the productive economy slumps.

Given the demographics of the vote herd, this can only come from distortions to the corporate tax system to tap into Amazon/Apple/Google (which will pass back to consumers), ‘fairness’ taxes on the ‘very wealthy who can afford to pay more‘, levies on captive private capital (superannuation and real estate), and the dead.

“…when these two visionary “saves” do nothing to make housing more affordable. ”

That would clearly be because the measures didn’t go far enough. “resources tax” doesn’t provide more income? Then it obviously needs to be increased. Duh. I’m waiting for the “Greens” to suggest a growth tax to protect the environment from excess consumption.

Maybe if we tax “stupid”…. that at least certainly appears to be in unlimited supply. The only real downside is that it would require the support of those with the greatest amount of it. Oh well. Just wait long enough, they’ll be too stupid to know they are the main target anyway.

It’s the Labor Party mate. They aren’ t there to reduce tax. They are the undisputed big taxation champions, always have been and always will be. Anyone who votes for them must have shit for brains.

Robbo. The most recent government to increase income taxes was the Liberal National government – deficit levy, medicare levy. They can call it what they like. They are still tax increases. Throw in the bank levy, ASIC/APRA/Austrac cost recovery, and everywhere else.

It shows how great Howard/Costello were. Within 12 months of getting into office they had turned the budget into surplus. This was after years of humungous deficits under Keating with unchanged economic conditions and unemployment at 8%. Way higher than it is now.

Unless some miracle occurs we will be in budget deficit and hence increasing govt debt forever

Barely competent? They paid off the $96B of debt they were handed which was 18% of GDP at the time, started a $80B Future Fund which is now worth much more and left $40B in the kitty. They saved > $200B in just 11 years.

They also stopped the PS Defined Benefit Scheme and started funding the new Accumulation Scheme so Super is now on the books instead of being funded from general revenue

Really? Their first budget resulted in a Parliament House riot because of spending cuts and industrial relations policies. Very few people would have done what Howard did. Certainly not you. There should have been massive cuts in the 2014 budget but Australia does not like spending cuts.

We will not see a better govt than Howard/Costello for a long time if ever.

We have been in budget deficit since 2008 with economic conditions better than they were in 1996. We will be in budget deficit for a long time.

I am not wrong. People often say one thing and then do something else. Getting the budget back into surplus, waterfront reform, industrial relations reform, sending troops to East Timor are things most people would not have the courage to do.

But you are 2 stupid to see that.

How much budget cutting and industrial relations reform has the Coalition govt done since 2013?

The people who post here are to the right of John Howard. You are too naive and ignorant to realise this and have the shocking brain dead audacity to suggest none of us would have the backbone to be a squishy centre rightie.

We would not make it past pre-selection, the LNP machine would ensure that.

I consider neither of those achievements. I consider them failures or errors.

Hawke/Keating deregulated the banking industry leading to the collapse of Pyramid Building Society, State banks of Vic and SA. Without APRA our banks may have gone down the subprime route like American banks. The Future Fund pays for Public Servants Super which before Costello was unfunded and paid out of general revenue

Howard/Costello took govt debt from 19% of GDP in 1996 and exploding to zero by 2006 and less than zero by 2007 and unemployment went from 8% to 4%

Hawke/Keating deregulated the banking industry leading to the collapse of Pyramid Building Society, State banks of Vic and SA.

No. Their State governments mismanaged credit. If deregulation was truly taken on we would have seen State banks sold off and investment and credit by government ended.

Without APRA our banks may have gone down the subprime route like American banks.

This is a load of garbage. Australian banks were saved by the interest rate being lowered by the RBA; if they were in peril at all. Several of our banks bought out distressed lenders. We had a healthy banking system because it does not have the structural problems like the US market (FHA PMI, no recourse mortgages and GSE issues).

Do you understand that APRA merely merged or was divested from other agencies like the RBA, AFIC and the ISC?

The Future Fund pays for Public Servants Super which before Costello was unfunded and paid out of general revenue

So what? Do you understand Ricardian equivalence? It doesn’t matter if we pay taxes now or later, the point is that we have to pay. We’re no better with the money in there or if it was given back to taxpayers who would pay tax on a larger capital base. There is no constitutional guarantee to stop this being spent whenever they feel like it. Either you pay now and lose interest, or pay later and pay interest.

It doesn’t matter. If you want to cut the benefits scheme, you cut the APS.

Howard/Costello took govt debt from 19% of GDP in 1996 and exploding to zero by 2006 and less than zero by 2007 and unemployment went from 8% to 4%

They soaked the taxpayer in doing so. Paying off the debt isn’t a great achievement. It is merely a bare minimum of competency.

We will not see a better govt for a long time if ever

Unfortunately, you may be correct. The best we deserve (as a democratic country) is bare minimum competency.

Is not that what i said. Without APRA our banks would have been giving subprime loans

No Neil. You need to look into this more. They were giving out subprime loans. Do you know what “subprime” means? They still do. It is the toxic subprime that matters.

In America they were FORCED to give out NINJA loans, under the HUD/FHA PMI and the combination of the CRA rules and the GSEs then buying out and subsidising the CRA loans, underwritten by the FHA’s PMI.

Our banks were not giving out NINJA loans because of self-interest. They may be banned from making loans that don’t keep their capital adequacy ratio above a baseline, but banks are levered about 8-20 times. You only need a small number of delinquencies and the whole firm is in danger of insolvency and illiquidity.

I thought Howard/Costello gave the biggest tax relief in Australian history?

Hawke and Keating dropped the highest marginal tax rate down from 60% down to 47%. They cut corporate taxes from 49% to 33%.

Paying off debt isn’t a great achievement. Most Australian adults can do this.

I thought APRA stopped that. Without APRA our banks would have been similar to American banks
Paying off debt isn’t a great achievement. Most Australian adults can do this.

Other than Howard/Costello name me the other govts in this country who have done that? I think Kennett did it in Victoria and the current Liberal govt in NSW is doing it. Bjelke Peterson did it i think. Other than that name me govts who have paid off debt?

Other than Howard/Costello name me the other govts in this country who have done that? I think Kennett did it in Victoria and the current Liberal govt in NSW is doing it. Bjelke Peterson did it i think. Other than that name me govts who have paid off debt?

When Fraser lost govt in the early 1980’s govt debt was 6% of GDP. By 1996 it had tripled to 18% of GDP and exploding. If not for Howard/Costello it would have doubled/tripled by 2008 when the GFC happened and we would have been at debt of 40-50% of GDP which we are now heading for