Rounding up, GFC was 5 years ago. Every state's debt blewout in past 5 yrs. Every country's debt blew out in the past 5 years.
A reconciliation which I've posted many times before...
1. Year 1 start point of $50 billion debt left by Costello 2. Plus $35 billion K Rudd tax cuts 3. Plus $50 billion GFC stimulus packages 4. Plus $100-150 billion forgone revenue
= year 5 debt total of $235-285 billion
Now, being on top of these issues I feel suitably qualified to rate the above point by point viz policy response to the GFC.
1. The SS (Super Socialists) had no influence on this inherited gross debt. Rating = neutral.
2. Wow. Tax cuts? What were the SS thinking? Rating = Positive.
3. Ok. The ugly part. BER/Pink Batts/Harvey Norman handouts. Response to GFC required quick action. No 2-3 year EIS', no 2 year CBAs, etc. Freight train long run us over if we dotted the I's and crossed the T's. Rating = Neutral/Negative
4. Trajectory of govt spending, began in 2000, became a problem when revenue growth fell off a cliff. Question is, was it safe to cut with GFC and after effects? Of course not. Rating = Neutral/Positive.
