My local Liberal MP recently deleted a comment I left on her Facebook post. Then she blocked me. And all because I spoke an inconvenient truth.
Her post & my comment
Proof I was right
The deficit left by Labor
In August, before the election, the Treasury (not Labor) forecast we’d run at a $54.6b deficit over the next 4 years (p.1).
How Hockey added to the deficit
In December, after the election, Liberal announced a NEW forecast of $122.7b (p.1).
Treasury DID NOT sign off on this change
In Treasury Secretary Martin Parkinson’s words:
PEFO [the original forecast] is the only document that the Treasury and the Department of Finance have their names on… All other documents are documents of the Government.”
So Hockey added $68.1 billion to Treasury’s forecast!
As you can see, Hockey has added $68.1 billion on top of Treasury’s official forecast ($122.7 – $54.6 = $68.1). He made no secret of it either; it’s stated clearly in his MYEFO document:
Why the massive change?
According to the government’s own figures (p.29), the difference was due to their policy decisions and “parameter and other variations”.
What were the policy decisions and “parameter and other variations”? According to p.34-35 of Hockey’s MYEFO, the main elements were:
- spending measures associated with repealing the carbon tax
- land transport infrastructure programs
- implementation of border protection policies
- a boost to funding for the Students First package
- an $8.8 billion grant paid to the Reserve Bank of Australia
- lower government revenue from tax (including forgone carbon tax revenue, which MYEFO says added $9.4b to the forecast deficit – p.93)
- a change to the terms of trade methodology, reducing economic growth forecasts
- a change in the projected unemployment rate
- removing “uncertainty” re announced, but unlegislated, tax and superannuation measures
So there you go. Hockey more than doubled the forecast deficit by changing policies, forgoing revenue and making gloomy economic forecasts. Then he (and my local MP, Karen) tried to blame it all on Labor. All so he could justify his harsh budget (released not long after).
Cool, eh? ;-(
Post a message on Karen’s Facebook
If you’d like to post the truth on Karen’s Facebook, here’s the text (with a link to this post):
No, that’s an outright lie, and you know it. MYEFO was based on Liberal’s policy changes, revenue Liberal chose to forgo, and gloomy economic forecasts made by Liberal (NOT the treasury). The deficit forecast left by Labor (as signed off by Treasury) was for $54.6b deficit over the next four years. The additional $68b was Liberal’s. Nice try, but no cigar. http://www.glennmurray.com.au/the-facebook-comment-liberal-didnt-want-you-to-see/