"The Government and the Treasury are starting to receive adverse...

"The Government and the Treasury are starting to receive adverse comments concerning the handling of the economy in these difficult times. Writing in The Weekend Australian, Terry McCrann trenchantly criticised the Treasury for allowing the sign off on the Prime Minister's unlimited bank deposit guarantee. This has caused irreparable
harm to many very strong and reputable financial
institutions.

The modelling of the emissions trading scheme by Treasury was, he said, a statistical fraud on the Australian people.
Concern has also been expressed by the Australian
Financial Review about the Government's intention to press ahead with its emissions trading system by 2010. The modelling, it states, "contains important omissions and is built on some heroic assumptions."

In the meantime, the Government's personal staff and department liaison officers are leaving in droves. The Prime Minister's personal staff turnover was 19%, the Deputy Prime Minister had a 33% turnover, whilst the Climate Change Minister had a worrying 50% turnover. Five Chief's of Staff from critically important portfolios have also gone. Concerns are being expressed about the workload
and long hours required of these staffers and the
fact that most of them are youthful with little
experience. As can be expected, the work, worry, expertise and risk required to get our economy back on track
must be provided by small business.

The budgeted surplus for this year has gone in a
flash with savings built up by the previous
Government over many years at serious risk. It
seems we are going through a period of history
repeating itself!

Whilst there have been some very handsome
handouts to pensioners, families and first home
buyers, there seems to be little joy for small
business"

Author: Tony Lovett - Lovetts; Accountants & Business Advisers November 2008.