How’s that gonna work, Wayne?

So our government is borrowing $2 billion a week, the budget deficit has been revised from $22 billion in May to $37 billion now, and yet Treasurer Wayne Swan reckons that in a year or so, he can bring that down to a $1.5 billion surplus.

WAYNE Swan is clinging to his return-to-surplus timetable, relying on luck, belt-tightening and clever accounting to put the budget in the black by a wafer-thin $1.5 billion in 2012-13.

The mid-year budget and fiscal outlook, released today, revises up this year’s deficit to $37 billion as worsening global financial conditions wipe $20 billion off revenue forecasts.

But despite a massive writedown in income tax receipts, slashing $7.3 billion from revenue over the next two years, and 0.75 downward revision in domestic growth forecasts, the Treasurer vowed to deliver a surplus in 2012-13 as promised.

Er, oooookay. He’s attempting to convince us the bloke who took a $20 billion surplus four years ago and turned it into a $37 billion deficit – that’s an average blowout of almost $15 billion a year – is, in a year, gonna “save” $38 billion.

Yeah, right. And I’m a Chinese gymnast.

PS Make sure you check out Wayne’s clever accounting in the link…

PPS Wayne, there’s still that total $220-odd billion of debt you’ve foistered on us, too, remember.

    • Carpe Jugulum
    • November 29th, 2011

    Woyne swann, the Gomer Pyle of economics;

    “Howdy Ken Henry, duh you think the taxpayuh needs a haircut?, I like turtles”

    • Winston Smith
    • November 30th, 2011

    Swan is just hoping Europe goes belly up so he has an excuse for failing.
    But he doesn’t need one – he’s always got himself to blame…

    • Is it bad that I LOL’d?

        • Sean of Deer Park
        • November 30th, 2011

        No, BB. Not at all!. So true, so true, WS.

        The spin being spun, well; let’s just say is somewhat, “off the mark”. Being polite, and all.

        I liked Terry McCrann’s take… Wayne Swan is irrelevant. But I’d add, dangerously so, considering his power and position.

    • Merilyn
    • November 30th, 2011

    “How’s that going to work?’ It’s not, the man lives on another planet, he never stopped wingeing, from the time he became treasurer, [not enough money in the kitty, he wanted more] now he really believes he is the “World’s Greatest Treasurer”and tries to advise other countries, [not that they are listening mind], and he struts when he walks, like a Rooster around the backyard.

      • Sean of Deer Park
      • November 30th, 2011

      …And we all know what happens to the cocky rooster, don’t we?

      I shall never forget the look on my 5 year old sister’s face when Uncle Norm chopped the offending Chicken’s head off; the bugger kept on running around. I imagine, Swan, would do much the same thing.

      • Gobble, gobble!

  1. November 29th, 2011

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