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Comments on: Putting out the trash



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By: Winston Smith

Wed, 29 Feb 2012 07:43:20 +0000

Why are they borrowing any money at all? They have a cash flow of billions each month!
This has been bugging me all day. Initially I used the sums spent on interest to buttress the point that it was wasted. But why are we borrowing money? Should the government not have reserves enough for nearly all contingencies? So why borrow money you don't need? Yes, I know the markets are there to lend the government money, but that's the cart, not the horse. This is like going to a pawnbroker every Saturday to borrow the money I was paid on Friday, even though I will be paid again Saturday evening! Anyone got an answer that is logical?



By: New Gold Dream

Tue, 28 Feb 2012 23:05:32 +0000

Gremlins on this end, just read the first post. These career bureaucrats and the utter unreality of the work environments they create is a disgrace.



By: .

Tue, 28 Feb 2012 23:03:46 +0000

Val, That is brutal and should be used for the next election campaign by all non Alliance firms.



By: Winston SMITH

Tue, 28 Feb 2012 22:59:15 +0000

Thanks Val. I'd seen the numbers somewhere before, but couldn't remember. The sheer quantity of money is enough to make one ill, but this is the government for Gods sake. Why are they borrowing any money at all? They have a cash flow of billions each month! This $108 Billion interest bill is just a hand out for the the bankers. We need an open season on Labour/Union functionaries. This is Economic Sabotage on a scale that calls for Treason charges.



By: Token

Tue, 28 Feb 2012 10:14:19 +0000

Did someone say yesterday that Gillard is a formidable political operator Hmmm….. not sure what formidable means in this context, a formidable debt
They are going to for broke, and plan to achieve it in time for when Abbott takes over.



By: val majkus

Tue, 28 Feb 2012 08:53:07 +0000

and I think we're about to go into $250 B debt but 'it's the right time' ... have you heard those words before?



By: val majkus

Tue, 28 Feb 2012 08:51:53 +0000

e mail I received today: Quoted by: Ross Greenwood of Money News.. Right now the Federal Government is at pains to tell everyone – including us the mug-punters and the International Monetary Fund, that it will not exceed its own, self-imposed, borrowing limits. How much? $200 billion. And here’s a worry. If you work in a bank’s money market operation; or if you are a politician; the millions turn into billions and it rolls off the tip of the tongue a bit too easily. but every dollar that is borrowed, some time, has to be repaid. By you, by me and by the rest of the country. Just after 5 o’clock tonight I did a bit of math for Jason Morrison ( Sydney radio presenter). But it’s so staggering its worth repeating now. First thought; Gillard, Swan, Wong, before that Rudd, all of the Labor Cabinet, call these temporary borrowings, a temporary deficit. Remember Those Words : Temporary Deficit. The total Government debt will end up around $200 billion. So here’s a very basic calculation .. I used a home loan calculator to work it out….. it’s that simple.. $200 billion is $2 hundred thousand million. The current 10 year Government bond rate is 4.67 per cent. I worked the loan out over a period of 20 years. Now here’s where it gets scary …. really scary. The repayments on $200 billion, come to more than one and a quarter billion dollars – every month – for 20 years. It works out we – as taxpayers – will be repaying $15.4 billion in interest and principal every year .. $733 for every man woman and child – every year. The total interest bill over the 20 years is – get this – $108 billion. Remember, this is a Government, that just 4 years ago, had NO debt. NO debt. In fact it had enough money to create the Future Fund, to pay the future liabilities of public servants’ superannuation, and it had enough to stick $20 billion into the Building Australia Fund ….. A note was sent to me which explains that the six leading members of the Government, from Ms Gillard down, have a collective work experience of 181 years, but only 13 in the private sector. If you take out of those 13 years the number that were spent as trade union lawyers, 11, only two years were spent in the private sector. So out of those 181 years: - no years spent running their own business - no years spent starting their own business - no years spent as a director of a family business or a company - no years as a director of a public company - no years in a senior position in a public company - no years in a senior position in a private company - no years working in corporate finance - no years in corporate or business restructuring - no years working in or with a bank - no years of experience in the capital markets - no years in a stock-broking firm - no years in negotiating debt facilities with banks - no years running a small business - no years at the World Bank or IMF or OECD - no years in Treasury or Finance. But these people have plunged Australia into unprecedented debt. Well, in a way you can’t blame them. It’s clear the electorate did not do their homework, because the Government is there by right. Ah, but they are Labor and people vote for them because Labor is good for the working family – right??? If you have read this you may like to pass it on to your friends to help educate a little as you, them and I, will be repaying the above. Did someone say yesterday that Gillard is a formidable political operator Hmmm..... not sure what formidable means in this context, a formidable debt



By: Entropy

Tue, 28 Feb 2012 08:43:33 +0000

I always look at these sort of reviews and target setting as something to have on your performance agreement so it can be ticked off on the next assessment, and it also happens to look good on your resume. It demonstrates you care for your staff and look out for the downtrodden. It is also funded by other people's money, so it's a win win for any aspiring SES officer.



By: Winston Smith

Tue, 28 Feb 2012 08:17:27 +0000

...I do admire your perseverance, though, NGD. And enthusiasm.



By: m0nty

Tue, 28 Feb 2012 08:16:39 +0000

Sinclair needs to put out some trash...