Awash with cash: $17b surplus

[Guest]

Lets get rid of this stuffed Liberal government and their reckless handling of the economy. They are sending us bankrupt.

They only made a $17.3 b surplus this year. How disgraceful. It should have been at least $20b.

Lets get Labour back in goverment as surely they will be able to find something useful to spend all that money on.

I wonder how many lap dancing clubs they could buy with $17.3b?

The federal government generated an underlying cash surplus of $17.3 billion in 2006/07.

The outcome was $3.7 billion higher than expected at the time of the 2008/07 budget.

Of the total, $7 billion will be invested in the Future Fund immediately.

"This allocation of $7 billion, when combined with the proceeds of the second instalment of the sale of T3 in May 2008, will on current indications see the Future Fund accumulate sufficient assets to fully offset the government's unfunded public sector superannuation liabilities in 2020," Treasurer Peter Costello said.

Mr Costello said in view of the higher than expected surplus, the government would invest an additional $1 billion capital into the Higher Education Endowment Fund (HEEF).

The government already announced in the 2007/08 budget that it would transfer $5 billion into the HEEF.

 

[The Gronk]

That vein on you forehead looks to be standing out a bit more than usual eh tooks. If Rudd wins you are going to need to find some good blood pressure medication.

In other news I hear that union bosses are responsible for global warming, and that the state labor governments were behind September 11.

 

[Guest]

That vein on you forehead looks to be standing out a bit more than usual eh tooks. If Rudd wins you are going to need to find some good blood pressure medication.

In other news I hear that union bosses are responsible for global warming, and that the state labor governments were behind September 11.

Dont start me on the state labor governments.

Those useless pricks are responsible for all crime, lack of water, no infrastrucure in Australia. :bdh:

 

[Matabele]

Ever heard of triple bottom line tookey?

 

[ManlyBacker]

Tookey, I have to admire your blind obedience to all things Liberal. Let me state that I don't particularly support either side when it comes to governance, I just make an informed decision on each item when it needs to be tackled.

Last year it was reported that the States currently collect 16 percent of total tax revenue and are responsible for 40 percent of total government spending, while the Federal Government collects around 80 percent of tax revenue but is responsible for just 54 percent of expenditure.

This means to me that critical areas such as health, education, transport and roads, and other infrastructure projects have been unfairly left to the States to pay for.

It is all very well having huge surpluses but what does that tell you? The taxes are collected from business and you and me and they are not being returned in areas where they are needed.

Total government revenue is estimated at $185B of which $116B comes from you and me, $6.5B from Super (you and me) and $57B from company tax, plus small amounts from fringe benefits and petroleum.

All very clever. Here is an article that looks at the way the Feds are keeping OUR money.
http://www.smh.com.au/news/business/slow-fiscal-erosion-of-our-federation/2007/05/28/1180205161250.html

 

[ManlyBacker]

Can't edit these posts any more - The total government revenue above is Federal collections only.

 

[Guest]

Large federal surplus' merely confirms the futility of our policitical system and are of course a reflection of inadequte funding to state governments and of too high taxation.

A federal liberal government is never going to provide a labour state governement (and vica versa) with adequate levels of funding because it would make it harder for a Liberal government to gain power in that state.

 

[Guest]

Ever heard of triple bottom line tookey?

No - please explain.

 

[Matabele]

Finances are not the only way to assess the success of an entity.

http://en.wikipedia.org/wiki/Triple_bottom_line

You bankers are a bit behind the times really.

 

[Guest]

Very interesting - I never knew that people and planet existed.

Comming from a banking background they only ever taught us about the bottom line - profit. The other 2 don't exist in banking manuals.

 

[Matabele]

Which is why most people don't regard bankers as people.

 

[Guest]

Which is why most people don't regard bankers as people.

Can't disgaree with that one.

That's why I left the bank 10 years ago to become a mortgage broker. I only now have to deal wioth Bank's from a distance.

 

[Canteen Worker]

Govt surplus basically means that we are taxed dry and they do little spending. State Govts are spending less on infrastructure - yes - but the Feds are spending nothing.

Where do States get their money from? The Feds - who aren't getting it.

PAYEs are taking up more of the burden, especially those on middle and low income whilst the big corps and top end get richer and take less of the burden.

 

[clontaago]

Exactly, having a huge surplus is nothing to crow about. All it means is that we are being taxed more and being catered for less.