Strong words Jonk, but never the less carry some truths. We are extremely fortunate that we do have a strong minerals sector, or our balance of payments would far exceed our international debt. We do have the same disease as very other country in the world, massive debt and excessive Government borrowings, we are only saved by the fact we came from a strong base and little debt prior to the GFC.
Had we enjoyed a Govt such as this one in the three years prior to 2007 we would be looking for bail outs from the IMF as well IMO. Westpac and NAB borrowed heavily from the Feds in 2008 and 2009 at next to zero interest rates to shore up their balance sheet, had they not the Reserve Bank, (read Govt / taxpayer) would have been called on I am sure.
The average Australian taxpayer has no real idea of the true situation as the Labor Spin Machine just keeps on turning. Borrowings under Julia have gone from $169 Billion last year when she took office to $189 billion currently. $2.5 billion dollars a month, $83 million dollars a day. That is unsustainable given the Govt has admitted tax receipts are going to be no where near their forecast.
I say let the Labor supporters here bask in the temporary glory of their chosen leaders, as we all, including the left, will all pay the long term price for the short sightedness and ignorance being displayed by their chosen Government. Wayne and Julia are saying the budget will be painful, yep, probably many many more out of work I'd say, and massive hikes in living costs.
