Home > Current Affairs, Politics - Domestic, The EYE-BALL HGZ [Harry's Growl Zone] > EYE-BALL’s Harry’ Growl on – Wayne Swan – his backflip on the 2012-13 Surplus – Makes him the Fu_kwit of all Fu_kwits –

EYE-BALL’s Harry’ Growl on – Wayne Swan – his backflip on the 2012-13 Surplus – Makes him the Fu_kwit of all Fu_kwits –

December 20, 2012
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Title:
– Wayne Swan –
– His backflip on the 2012-13 Surplus –
– Makes him the Fu_kwit of all Fu_kwits –
| Author: EYE-BALL’s Harry’s Growl | 20th Dec 2012 |
The Australian Treasurer is officially named as the King of all Fu_kwits … no longer is he the measure of other hopeless Treasurer’s or MP’s – he is now the dumbest of the lot …

I started this post two days ago and was struggling to clean up the language used to described the Swan stupidity … I gave up and decided to just give it to him on the back of his decision today to officially dump the ‘pretend surplus’ … one has to make a point about the ‘when’ this confession became public  – outside the political calendar and just days out from Xmas all hoping to get an easy media cycle.The news report on his media conference today is copied below:

Labor walks away from surplus promise


| Author: Sky News | Date: Dec 20th, 2012 | Link to On-Line Story. |

The federal government has conceded it’s unlikely to deliver on its promised budget surplus this financial year, in the wake of a big drop in tax revenues.

Figures released on Thursday showed financial year-to-date company tax payments were much lower than expected, reflecting falling commodity prices and continued weakness in the global economy.

The Finance Department’s monthly statement showed total cash receipts for 2012/13 so far totalled $111.6 billion at the end of October, down almost $4 billion on expectations.

‘That’s a really big hit to revenue, it’s a huge whack to revenue,’ Treasurer Wayne Swan told reporters in Canberra.

The budget had been hit by a ‘sledgehammer’, threatening Labor’s promised $1.1 billion surplus, he said.

‘Dramatically lower tax revenue now makes it unlikely that there will be a surplus in 2012/13,’ Mr Swan said.

Overall, the budget is so far running at a deficit of $12.3 billion, the new figures show. However, Mr Swan refused to speculate on how big it will ultimately be.

‘It’s too early,’ he said.

‘We will make a thorough assessment in the new year, we’ll methodically work through all the data as it emerges.’

Mr Swan emphasised that the worsening in the government’s budget bottom line was due to revenue falls rather than increased government spending.

He vowed to continue to exercise spending restraint, even in the face of more volatility and uncertainty in the global economy.

‘I’m not loosening the purse strings,’ he said.

Mr Swan says about $160 billion has been ripped from the budget bottom line over the last five years, and much of that has been since 2010 when the government started talking about delivering a 2012/13 surplus.

‘So through this whole period we have kept making responsible savings to fill what has been an emerging and growing revenue hole,’ he said.

‘But things are a bit different now and that’s the main point I want to make today.

‘At this stage I don’t think it would be responsible to cut harder or further in 2012/13 to fill a hole in the tax system if that puts jobs or growth at risk.’

Mr Swan conceded the government was likely to take a big political hit over the broken promise but was unrepentant.

‘If the worst thing people say is we got the economics right again but fell short on the politics, I would say, so be it,’ he said.

‘At the end of the day I don’t care about the political outcomes, I care about the economic outcomes.’

Mr Swan said the resources industry was being hit by both lower prices for commodities and the high Australian dollar and the impact was ‘cascading throughout the economy’.

The government now plans to reassess the state of the global economy in the new year ‘with a fresh set of eyes’.

‘There’s a bit of a pathway through the global economy over the next couple of months,’ he added.

‘It would be good to get some sight of that before we come back and have a much more informed and thorough analysis of the outlook.’

For Swan to not know these tax receipts were down when he spoke to the media about the OECD report and the still expected surplus last week confirms he treats the media and the Australian people as if they’re idiots.

EYE-BALL reported the debt increase from July – Sept 2012 had increased by $45 billion to $250 billion – see link here – and now Swan has confirmed the $12 billion blow-out on the latest figures – I can tell you that the $12 billion is a ‘rubber’ number as well.

It was only last week Swan boasted about the OECD report depicting Australia’s future economic outlook.  He re-tweeted the highlights to all and sundry – Mr Wayne Swan loves to stand in front of a camera and self-aggrandise and ego-stroke his mastabative climax’s – he is a prince of idiots … a numbskull extraordinaire … a pretender of all things financial … a Muppet of echo sounds given to him by Treasury staff in what to say … someone should just shoot the mongrel and say everybody is better off.

These staged media performances are a far cry from his early days as the ALP Treasurer.   In Opposition during 2005, a media report had the Treasurer so nervous and pressured when he was to front the House in the session after the Costello Budget speech,  Mr Latham found reason to write in ‘The Australian Financial Review’ that Mr Fitzgibbon had called him in May 2005 and laughed at Mr Swan for being “so nervous” that he had to lead the parliamentary debate on Mr Costello’s 10th budget.

That full story appears below: [Thanks to Mike Smith for highlighting this article.]

Mark Latham tips bucket on ‘frozen’ Treasurer Wayne Swan


| Author: Nicola Berkovic | Date: March 22, 2008 | Link to On-Line Story. |

FORMER Labor leader Mark Latham has turned on the ALP again – and his target this time is Treasurer Wayne Swan.

Mr Latham claimed Mr Swan had such stage fright in 2005 that he deputised then-assistant Treasury spokesman Joel Fitzgibbon to lead the parliamentary criticism of Peter Costello’s budget.

Mr Latham wrote in The Australian Financial Review on Thursday that Mr Fitzgibbon had called him in May 2005 and laughed at Mr Swan for being “so nervous” that he had to lead the parliamentary debate on Mr Costello’s 10th budget.

“Swannie’s frozen,” the now Defence Minister reportedly said.

“The press gallery can’t believe it. The day after the budget and a chance for the shadow treasurer to go on the attack with a big speech and Swannie was hiding in his office, shaking like a leaf.”

Mr Latham also attacked Mr Swan’s parliamentary style, saying he lacked the “bravado” of former treasurers Paul Keating and Mr Costello.

He said Mr Swan’s body language was “cramped”, his delivery “too rapid”, he was “trying too hard” and had “none of the easygoing, natural touch of a quality orator”.

Mr Fitzgibbon told parliament at the time he gave the Matter of Public Importance speech because the Treasury spokesman was too “busy” to deliver it himself.

“The fact is that the shadow treasurer is a very busy person today, fielding calls from many constituents and journalists who cannot make any sense of the treasurer’s last budget,” Mr Fitzgibbon said.

Mr Latham wrote that Mr Swan was struggling with his role because he was “unfamiliar with basic economic terminology” and did not believe in “the power of the free market”.

And Mr Latham claimed that Julia Gillard, the Government’s “best parliamentary performer”, was hankering to get her hands on the top economics portfolio.

Both Mr Swan and Mr Fitzgibbon yesterday refused to comment on Mr Latham’s column.

Swan has zero creditability in financial markets terms, his lack of understanding of economic principles borders on criminal negligence, and his favourite repeat explanation captioned below and again repeated in his speech last week about the OECD said –

Treasurer Wayne Swan said yesterday: “The OECD finds that, unlike many developed economies, the Australian economy remains resilient, with successful macroeconomic management contributing to solid growth, low unemployment, contained inflation, and strong public finances.”

… it gives reason to those who follow economic reporting to measure his capacity for word association phrases as being very stoic and limited.

Mr Swan is a Union man – confirmed by Mr Costello having a laugh at the 100% union membership of the then Opposition – see YouTube clip below …

Anyway back to the Swan recant …

Economist’s are claiming that the Swan backflip is good for the economy – how is increasing our debt/GDP ratio a good thing …

to prove Swan’s rubber numbers – in his press conference today he said –

Mr Swan says about $160 billion has been ripped from the budget bottom line over the last five years, and much of that has been since 2010 when the government started talking about delivering a 2012/13 surplus.

So through this whole period we have kept making responsible savings to fill what has been an emerging and growing revenue hole,‘ he said.

At the end of 2010 the total Federal debt outstanding was $113 billion – it is currently in excess of $250 billion – how can Swan claim to have made ‘responsible savings‘ …

Why did the media not pull Swan up on this point when he made the statement … they’re dumbfu_ks as well …

There is nothing creditable coming from this Government on any economic platform or understanding that can be believed.   They all said to one another that the mining industry can pay for everything via the MRRT and went about formulation policy on expectations that were grossly overstated by Treasury forecasts, and the Government on the MRRT collect.

One has a right question the Treasury Department on all their costings – even the election policy costings given the mistakes they have made on the MRRT forecast.

This negligence was almost criminal, and if a Board of Directors had of made the assumptions and then made the spending decisions as this Government has done – they would be found to be negligent in their responsibilities, and face dismissal at the very least – and possible be sued for the incompetence of their collective decision.

When can a Government be held accountable – the election – by then this Nation will be swimming in $300+ billion in National Debt and the damage is already done for the next generation …

To get an idea of how biased the media are toward Gillard – you see how much and the type of air play this budget backflip gets over the coming days …

This Nation is no longer a Democracy – we are governed by Unionists and their hand-picked representatives … they have no interest in the people … just in how they can implement their socialist agenda …

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  1. December 20, 2012 at 8:00 pm

    Senator Wong on 7:30 Report tonight proved that the Government does not have any answers – in the figures to the end of October – the budget position is $16 billion from where Swan’s revised Budget estimate in October forecast it to be … see link here

    Senator Wong was unusually uncomfortable with the questioning and rightfully so …

  2. December 20, 2012 at 8:30 pm

    This government is in such disarray & has so much corruption we should be able to get someone in to audit the books. Why should they be allowed to do maximum damage that other people will have to pay for. I have never seen a more morally bankrupt bunch in all of my life. To think this country could be saved by one person crossing the floor. Labor, greens, Wilkie, Oakshot & Windsor will be scorned forever & known as the men who deliberately destroyed Australia for their own personal, financial benefit. How low can they go?? Shame, shame, shame your famillies will bear the brunt of your sleazey behaviour. They should all be stripped of personal assets & all government pension entitlements. In this country you are not allowed to benefit from the proceeds of crime.

  3. barry
    December 20, 2012 at 8:34 pm

    No surprises there , it was only a matter of time before he was exposed,,,,,,,

    Wong is not much better….only a figurehead…..doubt she knows jacks…t about finance.

    But then again , do they have a minister among the lot of them , that knows anything about anything ?

    They are only puppets for the United Nations. So dumb , they probably think they are actually important .If the UN get control of the country , this lot of Neanderthals will probably be the first to be thrown out on their ear.

    If you want someone to do your dirty work , throw out a few ridiculous promises, spread around a bit of money ,make them think they are important , and the dumb idiots will come running in droves. Just pick out a few narcissists among them , and they’ll lick your boots for you .

    Couldn’t help myself , apologies .

  4. December 20, 2012 at 8:41 pm

    No problem … I know it’s a bit of the same old story but what else can be of interest when Governance is so bad …

  5. Gerry Hatrick
    December 20, 2012 at 10:15 pm

    3 things,

    The Stock market still closed up,

    Swan is a goose,

    And heads must roll at Department of Finance and Deregulation (Treasury).

    Financial markets were never fooled. Back in May there was bovine excreta circulating that naysayers are guilty of talking the markets down. This blog site was well on to the collapsing demand for Shanghai rod steel in March and April. You don’t try to hold back the tide! The bureaucrats of Treasury clearly can’t build an econometric model. What is the sensitivity?

    The mining industry said the MRRT would cost them $2bn. Treasury forecasters claimed it would raise $10bn in the first 12 months. They now blatantly lie, and say all revenues are down. Of course they are, because the budget estimates where based on 3% plus GDP growth. When middle Australia is straining under fixed incomes, crippling mortgages and household debt, manufacturing sector is finished, etc (tourism, education) who decided 3.25% GDP growth was real. And the black hole pf MRRT is a very major component. While we are at it don’t forget the massive government pay rises which flow on to all civil stipends.

    We get to throw out this government of jokes next year, but will the new government have the balls to sort out the bureaucracy? The bureaucracy after a change of government don’t take on fresh thinking, they simply move deckchairs on the Titanic!

  6. December 20, 2012 at 11:02 pm

    The Abbott team won’t have the balls to do what Newman has done – Newman may very well have cost Abbott all the QLD seats he had counted on … there is not a brain on either side who can think outside the existing system … and there is no doubt this democracy model is broken …

    Two weeks ago Faulkner spoke out given the Obeid exposure … but it seems to have been just talk because he went back into his box with talk of factions still being the road ahead but to take away the ‘binding’ aspect … big fuckin’ deal … it’s the money the Unions have that dictates the choice and faction loyalties … all on the ‘hog’ so to speak …

    I have no faith in either side to give good government … and to be honest – we still are a lucky Nation but it will not be long before we fall into line with the rest of the GFC crumble … to think a NAtion of 22 million could stand apart from the 2 odd billion new people falling into the poverty trap and all caused by democracy and Governments using debt to get themselves re-elected for the last 40 odd years …

    The human race are all insane – the definition of insanity –

    Insanity: doing the same thing over and over again and expecting different results.
    Albert Einstein
    Read more at http://www.brainyquote.com/quotes/quotes/a/alberteins133991.html#vbEUfuHZjBTjgBAh.99

  7. Gerry Hatrick
    December 21, 2012 at 11:19 am

    When it comes to bureaucracy, The Commonwealth Bank was de-institutionalised and was a modern success story. Hats off to David Murray. Qantas is a far different story, it has gone from oligopoly to cut throat pricing because of it’s international pricing demands. CBA is clearly operating in an oligarchy and that is a different story.

    The bloated elements of public service starts with their ego. Try obtaining a biography for the Sir Humphrey’s of this world. It is embarrassing. HSC entrants, sponsored into undergraduate courses, often no more than C4 qualifications, taught the Public Service way, far too often political appointments (jobs for the Boys) no real achievement outside bureaucracy, and so on. Recently we highlighted one of the RBA deputy governors only ever worked for RBA or IMF. No real exposure to profit motive or real time critical decision making. When anything goes awry we will employ spin to cover up criticism.

    I understand how Newman and O’Farrell (to a lesser extent Bailleau) come in for sharp criticism for attempting real reform. Too often there is highly emotive argument about cutting modest rewards for fieries, and police and nurses and so on. But look at schools. Low motivation of teachers, no real career prospects, put your energies elsewhere. This is ever so true of the local court system. Retire at 54 years and 3 months is as good as it gets. Therefore learn to milk the system while you can. There are many layers. Petty fines and angry people bottle up the system, “why don’t you just pay and shut up”.

    What underlies this latest fiasco regarding the budget estimates is “How big is the Black hole”? Is it $5bn or $14bn by next May possibly approaching $20bn. This statement about natural budget stabilisers is best exampled through unemployment benefit. At the top of the economic cycle, income tax is highest, and unemployment benefit is lowest. At the bottom of the cycle the exact opposite. Therefore government deficits in recession and surpluses during the booms. Trouble is Australia has run up deficits since 2000 irrespective. The economic stimulus post 2008 was the right idea, but too often is shown to be poorly executed and poorly administered.

    Then you get this nonsense of public debt as a % of GNI. Low by world standards. How many households earn close to GNI per capita? GNI totally overlooks the very concept of 2 speed economy. What are you doing Mr Goose to fix it? We enjoy high GNI because of the mining sector. It’s growth since 2000 is wholly disproportionate to per capita GDP.

    As we face a coalition government in 2013, will they convert to decent government or will they too be just more snouts at the trough. It will take quite some time to find out!

  8. david the pragmatist
    December 21, 2012 at 3:42 pm

    Let’s have an effective look at the world’s best treasurer, Wayne Swan….
    This another view………

    Yes we know that Mr Swan has ‘officially’ abandoned his budget surplus forecast for 2012/13. What’s galling is the way the government has completely mismanaged the process and/or lied about the budget’s progress.

    –Firstly, the whole surplus target thing was a political tool aimed at highlighting Labor’s economic credentials. Australia’s voters have long viewed Labor as a party with little discipline. So in an attempt to counter criticism, one of the Governments’ strategies this year was to fight tooth and nail to deliver a budget surplus.

    –A major part of this strategy was to implement the mining super profits tax. Anyone with half a clue as to how markets work could have told you that the governments’ projections were completely unrealistic. The supposed budget surplus for 2012/13 was therefore never going to happen.

    –A few months ago, the government realised this too. They obviously strategized about the best way to tell the public that the surplus was no longer there. So early this month, they leaked the news that they might have to abandon the surplus because of lower commodity prices and lower than expected tax revenues.

    –Then, our compliant media followed up for a few weeks saying how running a surplus was irresponsible economic management anyway and a move to a deficit was the right thing to do. Once that message filtered through into the community, the government struck…

    –Here we are, a few days before Christmas when the public is more concerned about mince pies than budget details, Mr Swan fronted the cameras to tell everyone what they already knew. But in a spin that breaks new ground in political cronyism and should go down in history alongside Gough Whitlam talking about the Governor General, Mr Swan had this to say:
    ‘If the worst thing that people say is that we got the economics right again but fell short on the politics, I say, well so be it.

    ‘At the end of the day I don’t care about the political outcomes, I care about the economic outcomes.’ ………Please explain Pauline Hansen….Mr Swan has you made you look like an economic genius!

    As Alan Shore said in a famous scene from Boston Legal–Is this guy for real? Can we touch him and see?

    –Imagine you running a large business. You forecast revenues one year out based on a number of supposedly well thought out assumptions. Those assumptions turn out to be vastly wrong. But because you’re expenditures are largely fixed, you can’t cut costs anywhere without endangering the whole business. So you make a loss for the year.

    –Instead of going into the board room, cap in hand, and breaking this news to the Chairman, you defiantly tell him it’s the right outcome for the business and that you got the economics right !!!!!. (maybe a her with Julia taking up in the corporate world- why not with all that experience in Slater and Gordon)

    –Good luck surviving that board room meeting with your job intact…(Ok ? maybe with Julia in charge).

    –We know running a country and running a company are two different things with different objectives. Mainly, running a country involves spending other people’s money and only being accountable once every three years, at a time of your choosing. So it’s an unfair comparison.

    –But Wayne Swan is a hypocritical fool. Following the largest boost to Australia’s terms of trade (and national incomes) IN HISTORY, the world’s best treasurer managed to deliver a deficit of 2.2% of GDP in 2009/10, a deficit of 4.3% of GDP in 2010/11, and a deficit of 4.1% of GDP in 2011/12.

    –Can you imagine what the deficits will be when times are really tough, as they could be be next year? Oh, well, as long as Mr Swan gets the economics right…God help us if he does, because how will know?
    I know he will ask the media to tell us, they will discuss amongst themselves and then with some junior analysts from the stock market a couple of University Professors and the Economic think tank giving the best support to the media and decide…..the real issues are not so much the stupidity of the Treasurer but the media who do not understand that they dont understand!

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