swann on lateline, page-2

LOL

Sadly, Swan did not understand the tax in the first place. For starters, he was swanning around on the beach, reading the Henry Report, and noticed some comment (from some obscure person in north carolina - ie the USA) that Australian Miners, were only paying about 17% tax - well, he took this as being gospel, even though the authors dropped the idea, in the final version of the report.

Poor old Swan, Rudd et al, had no concept of the rate of return, upon which projects are based, and decided, that any profit, above the long term bond rate, was a super profit. The reality, is that no mine would ever be developed on the basis of achieving a return, which was the equivalent of the long term bond rate.

Swan is off with the fairies, but I suppose if he says something often enough, then some of the masses will believe him.

These forward estimates are exceedingly rubbery, and to hear the likes of Rudd, to say time, and time again, that the budget will be in surplus, 3 years ahead of schedule, is sickening. LOL, first of all they estimate that the budget will not be in surplus for about 6 years, then, they they claim, that they will bring the budget in surplus, ahead of time, and then claim that they are brilliant managers - give me a break. Why should the budget have been in deficit for 6 years in the first place????