I must admit that after the appointment to Shadow Finance Minister my comic relief came from Treasurer Swan’s media release stating that I must follow Labor’s strict rules on fiscal discipline.
It’s like Captain Calamity’s instructions on yoga. There’s one thing that is absolutely certain, I will not be taking any lead, whatsoever, from a crowd who have taken us from having tens of billions of dollars in the bank, to debt up to our eyeballs, with more dogs tied up around town than Bernie Madoff.
Labor has gone on a spending bender and is now waiting for the fairy godmother to come and rub the red ink from the books.
Let’s get this right from the start. The Labor Party have not got a clue what money is worth. They have no respect for debt.
Currently, so the Australian people know, the debt they owe, to a range of countries such as China, the good people of Japan and the Middle East and everyone in between, amounts to $115.71 billion dollars.
I will bet you London to a brick that this debt is only going to go in one direction under the Labor Government and that is up.
Why is there no exit strategy to pay off the debt that they have lumbered Australia with?
A long range forecast for the Labor Party is a cacophony of confusion, with a range of excuses that it might be bad but it is not as bad as some countries.
Over time, the countries they are comparing us with will get worse and worse and worse, until we end up once more with the Labor Party saying that our financial position is preferable to that of certain South American dictatorships and collapsed Eastern European economies.
The good news is, if they wanted to, there is the capacity now to discontinue on the path they have us on.
That opportunity will disappear if they keep spending borrowed money the way they are spending it at the moment.
Please Wayne, stop the media releases. Your last one brought the house down.