"The IMF staff report downloadable from the IMF website shows the Howard Costello years as the most fiscally profligate in our history bar none.
That's why we couldn't pay cash for the GFC."
Oh for the love of God...
How many times does it need to be said about that report. The report was written by a trainee at the IMF. The inside front cover states it is NOT an IMF report.
The report tried to measure 'profligacy' in a new way which was roundly condemned as inaccurate and very close to useless.
Do some research!
Sure Howard could definitely have saved more money and he could have spent the money he spent on perhaps more productive things.
But the fact remains that in his last year the budget was in surplus by $19.7B and the financial net worth was -$14.6B or -1.2% as a percentage of GDP.
Rudd/Gillard/Rudd then hit us with the record deficit after record deficit totalling $172B in just four years. Net financial worth was -24.1% of GDP. A 2400% increase!!!!
Abbott may turn out to be average or even poor but he will never plumb the depths of the last Labor Government.
