A totally delusory Australian Federal budget just released

These guys seem to believe their own fantasies and lies. They are relying on a "new mining boom" to balance the budget after just adding a tax that has closed most of the proposed new mining projects down!

I reproduce just the mad bits below. He really thinks his new tax will raise lots of money. That tax hikes often REDUCE revenue seems quite unknown to him. People always act to avoid new taxes and thus often cancel out entirely the expected gains in revenue

THE Rudd Government is using new taxes and the mining boom Mark II to base its re-election pitch on a claim of good economic management using an early return to budget surplus in 2012-13 and an extended cap on Government spending....

The economic recovery is built on a $100 billion “clawback” of tax revenue lost during the financial crisis with most coming from big companies and personal income tax.

The return to a a surplus in 2013 is also built on what Mr Swan described as “the mining boom mark II” lifting revenues and growth, the new Rudd Government taxes on cigarettes, which raises $1.13 billion next financial year, and the Resources Super Profits Tax, which raises $3 billion in 2012-13 and $9 billion in 2013-14.


Posted by John Ray (M.A.; Ph.D.). For a daily critique of Leftist activities, see DISSECTING LEFTISM. To keep up with attacks on free speech see TONGUE-TIED. Also, don't forget your daily roundup of pro-environment but anti-Greenie news and commentary at GREENIE WATCH . Email me here

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