EYE-BALL’s Herman on – Wayne Swan – Please Stop
|Links to Previous ‘Herman’ Posts:
7th Mar – The Australian Labor Party View
– 28th Feb – Corruption
– 25th Jan – Anti Discrimination –
– 17th Jan 2013 – Atheism –
– 12th Nov – Hegemony
– 2nd Nov – A March early Federal election –
To see more EYE-BALL ‘Herman’ posts:
– Wayne Swan – Please stop …
| Author: EYE-BALL’s Herman O’Hermitage | 7th Mar 2013 |
|Nominal v Real GDP is now the culprit for the Federal budget deficit in financial year ending June 2013 (not economic mismanagement). A year where it was cast in stone that the government would return the budget to surplus.
Nominal GDP is at current prices, while Real GDP attempts to adjust for constant prices to measure economic growth without inflation included. There is always a statistical error, in any process but that is a whole different story in math.
I am just sick and tired of the blatant dishonesty. Before last July the mining industry forecast MRRT payable way below Treasury estimates of their receipts. So who is right?
The Treasurer is trying to call the roller coaster ride in spot iron ore prices, real GDP, and other observable indicators like National Accounts nominal GDP. The Treasurer wants to take credit for 3.1% year on year GDP growth released in the National Accounts, but disown the revenue shortfalls on profit based taxes. He admits about 20% of the shortfall is in MRRT. This only makes things worse. Tax Planning is constantly eroding Government revenues, and what are the financial bureaucrats doing about it?
This can all only mean;
The constituency perceives that you are totally inept. No argument will sway that perception. Those on most modest incomes are marginalised, brought to the lowest common denominator, why should I try? Those paying their taxes fairly (they can’t afford fancy tax planning) suffer while those who control massive franchises, pay elective taxes.
This election can’t come fast enough.
Link to transcript of Wayne Swan’s Press Conference re the National Accounts figures out yesterday.
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EYE-BALL’s ‘Herman’ …