I think you are missing Craig’s point. If the surpluses start in 2012/13, that is only when we begin to pay back the debt – for the foreseeable future!

So @167 was actually condemning both parties when he conflated the budget deficit with government debt, eh?

Hmmm, subtle. I hope.

They’ve treated people like children for years. As they sowed, so shall they reap. F*** the lot of them.

I just cannot believe Labor’s failure to run harder on this.

Russell’s point is well made though: there is a sort of nation-building narrative defence from the govt side about the GFC, but they are too sotto voce on the long-term productivity benefits.

I haven’t heard of the hundreds of millions for a new port in W.A. – a port for shipping minerals out of, so, not a bad idea. Hundreds of millions to expand the Ord River irrigation project. I could go on. The government didn’t invent these projects as ‘make work schemes’ – they are projects which will create great wealth. What the ‘debt’ represents should be, in every way (employment, investment etc) a fantastic plus for the government. How have they lost control of this story?

All totally unproductive debt.

I’ll give a better analogy for the LNP stance Craig: its like pointing the $6.80 balance on your transport metcard, while your private credit card is maxed to the hilt, and declaring ‘finances sound’.

Our deficit is very, very small by world standards. See my Debt Delusionpost. Global asset managers are currently getting out of equities into fixed interest – and Australian government ‘AAA’-rated bonds are something they can’t get enough of.

But don’t let the facts get in the way of your story Craig.

Nickws – I think you are missing Craig’s point. If the surpluses start in 2012/13, that is only when we begin to pay back the debt – for the foreseeable future!