Yesterday when the siege was occurring in Sydney Joe Hockey released MYEFO.
It is pretty well I expected particularly since it had been leaked!
I am not going to argue with Ross Gittins or Peter Martin and again.
Quite clearly Hockey thought when he got into office the economy would be starting to grow more strongly and hey presto no deficit.
As it is he is now repeating Wayne Swan's line of having a revenue shortfall which he regularly criticised. He also has wages growing much less than thought. Impossible if the labour was re-regulated by the ALP!
He now looks even more foolish.
I can't help commenting on THIS.
No comment from Davidson that Swan actually cut spending as he earnestly wants and produced the tightest budget we have ever seen. Well that is understandable as he called that budget expansionary.
Only problem is it contributed to a weaker economy.
Davidson never learns from history which is why he is wrong most of the time!
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