Australia's debt now tops $200 billion: Good On Ya Wayne!!!

I've heard lots of people have a dig at "loose cannons" like Barnaby Joyce and Bob Katter. They do however bring to our attention things that we need to know, and of course this will rock the boat of those who sometimes seem to be there just to play the game, look good (smile for the camera, your corporate position on finish with government depends on it) and make money.

So here's another news worthy article from Barnaby; not because it's from Barnaby, not because of the way it addresses things, and not becasue I like rocking the boat! Rather, it's news worthy because I don't see anyone else much bringing home important information like this!

Read on, dear reader...

Steve B
=====

Senator Barnaby Joyce

Shadow Minister for Regional Development, Local Government and Water

Leader of The Nationals in the Senate

LNP Senator for Queensland

26 August 2011

Nation's debt tops $200 billion after Labor borrows $100 million per day

Congratulations Wayne on your double century. We knew if you stayed at the crease long enough you would get there. Actually it didn’t take you long at all; you have been doing a "fine job".

I have always had "complete confidence" in your ability to give Australia its largest debt in history.

Today our nation's debt went over $200 billion for the first time ever. We borrowed $3.2 billion over the last week.

Our debt ceiling was $75 billion when this crowd got into government. On 11 March 2009, Wayne Swan invoked "special circumstances" to increase it to a "temporary" level of $200 billion. In the last budget the government has increased it permanently to $250 billion.

If we keep borrowing money like we borrowed last week, we might be able to give this latest ceiling a nudge.

This fiasco that is masquerading as a government has got to end. This relationship cannot go on.

If you go to www.aofm.gov.au you will see that your nation's "Total Commonwealth Government Securities on Issue" as of today sits at $200.242 billion.

The Labor party has increased our gross debt by $140 billion since they came to office in November 2007.

They have been in government for 1371 days and have therefore borrowed over $100 million per day.

There are 12.3 million taxpayers in Australia, so this government has borrowed an extra $11,000 on behalf of each of them.

"What have we got to show for this debt? Fluffy stuff in the ceiling which burned down 190 homes and billions of dollars on school halls which haven't made our kids any smarter. The debt didn't save us from a recession, record prices and record volumes of coal and iron ore exports did."

More information-Matthew Canavan 0458 709433