Turnbull and Morrison simply refuse to accept any responsibility for fixing the federal budget. To recap, we have:
- $400 billion in debt.
- Another $120 billion to be added via four more years of budget deficits (NB: this year’s deficit is now set to be $40 billion – $5 billion more than initially forecast).
In response so far, Turnbull will spend:
- $1 billion for ‘innovation’. Apparently, if you throw money at people and tell them to think harder, it will ‘inspire’ them.
- $1 billion extra for roads.
- $1 billion for removal of the bank deposit tax (previously brought in by Labor).
- $600-$700 million for increased refugee intake.
It’s ok, you don’t have to worry about where is the money going to come from – the treasurer’s on to it:
The $1 billion earmarked for the the Turnbull government’s innovation statement will be found through savings, Treasurer Scott Morrison says.
‘We have had to go and find it … just like we have to accommodate all those other measures,’ said Mr Morrison, who is expected to hand down his mid-year budget review next week.
In other words, the government has no idea where the money is going to come from to fund the $3.6 billion of the above spending it just announced, let alone the $40 billion deficit it will run this year, the next $120 billion of deficits it’s going to run over the next four years or the $500 billion debt that we’re going to end up with.