Wednesday, 11 March 2015

Malcolm Turnbull talking porkies

I see that Sinclair Davidson is now spruiking Malcolm Turnbull for Prime Minister now Tony Abbott is a carcass flaying in the wind.
He carries a speech from Malcolm for us to read here. Only one problem is it is wrong.

If you are accurately going to show what occurred with the ALP you have to use figures from the PEFO. He didn't.

Let us just look at the start will we.

Turnbull alleges and Davidson therefore concurs that Spending and Revenue were $ 411b and $363b when the ALP were defeated.

err no.

PEFO tells us that the figures were $397b and $367b respectively. Where does Turbull get his figures from?  From the current budget. He obviously doesn't know about MYEFO!

Only one problem with using budget figures for the 2013/14 budget. The Coalition changed it when they won Government. They increased spending for that fiscal year and revised the economic parameters.

Hence we see Turnbull not even using the correct figures. I won't go into assuming away the GFC and the effect that had on spending.
However to blame the ALP for the extra spending the government he is a part of is making lying an art form.

Now just let us look at what the Departments of Treasury and Finance said what would occur in future years.

Table 1: Summary of budget aggregates 
Projections                    2013-14 2014-15 2015-16 2016-17 Underlying cash balance 
      ($b)(a)                     -30.1          -24.0    -4.7     4.2 
Per cent of GDP            -1.9          -1.5       -0.3     0.2 

If Turnbull thinks the Government he is a part of inherited a fiscal mess he either did not read PEFO  or  simply did not understand it just like Sinclair Davidson.

Maybe Turnbull is waiting for stagflation to turn up?