In just two posts Craig Foss shows why Cullen should not be trusted.
In the first post it compares Cullen’s rhetoric on his “four tests” for tax cuts with actuality.Cullen says there should be no borrowing for tax cuts nor sales of state assets, yet;
[quote]From page 102 of the budget.
…there is a residual financing requirement of $12.8 billion. This will be met by a decrease in net financial assets of $6.4 billion and monies raised from the Government’s domestic bond programme, after meeting repayments on maturing debt of $6.4 billion.[/quote]
Then today shows his disingenuousness again this time on theevils of the Gross Sovereign Issued Debt (GSID) ratio exceeding 20% of GDP under a National Government.
[quote]Yet Table 2.12 – Residual cash comparison to the Half Year Update Year ended 30 June shows a massive increase in net finance costs (interest).
Interest cash flow forecasts have, over a mere six months, deteriorated by -$57m in 2008, -54m in 2009, -$168m in 2010, -$347m in 2011 and -$560m in 2012. A total deterioration of $1.186 billion!
So can we believe Cullen in anyway….not bloody likely!!