1. I have noticed a lot of talk about stimulus packages, I thought I would use my isolation time to gather a few facts that will resolve a few questions. It is going to be a long thread. I am calling it
𝐓𝐡𝐞 𝐌𝐲𝐭𝐡 𝐨𝐟 𝐇𝐨𝐰𝐚𝐫𝐝 𝐚𝐧𝐝 𝐂𝐨𝐬𝐭𝐞𝐥𝐥𝐨

2. Owing to our current economic issues (both prior to COVID-19 and now) I have seen people posting uninformed words like 'Howard & Costello were great economic managers' OR our problems are because Rudd wasted money.

3. This thread details why I don't share the belief that Howard & Costello were great economic managers. From the initial debt through 2 selling Gold below markets price & finally squandering the 'additional the Billions from the mining boom. We could be in a much better place.

𝐀𝐬𝐬𝐞𝐭 𝐒𝐚𝐥𝐞𝐬
4. After selling 76 Govt Assets, there was nothing left 2 sell, nobody can repeat what they did because there is no silverware left. Our Debt was $96B & selling Telstra eliminated ½ of that ($46.1B). More on 'The Debt' later.

𝐀𝐬𝐬𝐞𝐭 𝐒𝐚𝐥𝐞𝐬–𝐆𝐨𝐥𝐝
5. As mentioned above 1/2 of our debt was removed by selling Telstra, there was no need to have a fire sale on all Assets. But we did & it meant we sold some for cheap. We sold 167 Tonnes of gold for $2.4B that gold would be worth $13.5B 2day

𝐀𝐬𝐬𝐞𝐭 𝐒𝐚𝐥𝐞𝐬-𝐀𝐢𝐫𝐩𝐨𝐫𝐭𝐬
6. With many COVID19 ppl entering through Airports, Sydney especially, the tax payers are needing to pay for increased security which is difficult to organise. Sydney Airport is a Corporate Leech. Its paid no Tax on $6B of revenue.

7. We sold 21 Airports in 5 yrs from 1997. The Big 4, Mel, Syd, Bri & Per 4 $7.5B . 2 yrs (16-18) The 4 airports earned $1.6B Profit. I have est since being sold they've earned $11B (op profits). Now Syd is a corporate Leech paying 0 tax (Bne,Mel,Per all paid tax). (C 4 calcs)

𝐓𝐡𝐚𝐭 𝐃𝐞𝐛𝐭-𝟏𝟗𝟗𝟕
8. Often referred to as "Labors Debt" but it is a fabrication repeated constantly by @SkyNewsAust. and the Many uninformed Murdoch Minions. ~half ($40b) of the debt Howard/Costello ($96b) got in 97 was from Fraser.

9. Fraser undertook a stimulus in early 80's b/c of a recession, just as Keating did in early 90's (C Charts ) Keating ran 3 consecutive budgets where govt spending fell & returned the budget to surplus. The Global 90s recession led 2 increased govt spending & some asset sales.

𝐓𝐡𝐚𝐭 𝐃𝐞𝐛𝐭-𝟐𝟎𝟏𝟑
10. The Dow Jones peaked (14,164.53) just prior just prior to Rudd (Dec 07), becoming PM & the GFC kicking in. Rudd was greeted with the GFC. With US banks going broke or nationalised the phrase “Too Big To Fail” became common as Share-markets tumbled

11.The Maxim “When America Sneezes, we catch a cold” held true, with both Business and Consumer confidence plummeting. There were fears a recession was imminent. Prior planning and Scenario modelling by expert Public Servants meant a Stimulus plan was quick to develop.

12. With effectively no Assets left 2 sell and our bank balance empty owing to Costello's Middle Class Giveaways, borrowing money was the only option. The largest single year deficit was $23.4B. Contrast with LNP who have averaged $55B each yr since.

13. When the LNP took over Australia’s Debt levels were the 3rd lowest in the OECD By April 2017 (3 yrs in power) the LNP had doubled the debt Labor had accrued (in 6 years with a GFC) and with the Current Debt (March 2020) $571B there is little prospect of it coming down

14.
𝐋𝐍𝐏 𝐫𝐞𝐩𝐞𝐚𝐥𝐞𝐝 𝐭𝐡𝐞 ‘𝐃𝐞𝐛𝐭 𝐂𝐞𝐢𝐥𝐢𝐧𝐠’. The LNP can go further in2 debt w/out needing 2 explain the increased debt 2 parliament or public. Even the sale of Medibank 4 $5.7B (With promise it would lead to lower costs) hasn’t slowed the growth of LNPs debt.

15.
This is like the current SportRorts, where the LNP have exploited several loopholes that allow them to only represent those Australians in Marginal Electorates. The LNP acts in an immoral and unethical manner and they can do this without explanation.

𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐲
16.
Selling assets or hoping 4 a mining boom R not sound platforms 2 establish economic security. Labor tried 2 emulate Norway (Norway has $1 TRILLION in their SWF ) & establish economic security by ensuring those extracting resources

17.
(Petroleum for Norway) contributed 2 the nation so there is money when the resources run out. Norways effective tax rate 4 Oil Co’s is 78% much higher than Australia’s RSPT/MRRT was going 2B. The RSPCT/MRRT was only on ‘Super Profits’ (Above $75m & only on Coal & Iron Ore).

18.
The LNP destroyed (& Murdoch/Reinhart/Palmer/Forrest) Labors plan 2 get these Co's 2 contribute 2 the running of the country.
Chart shows smaller nations establishing large SWF using commodities. I was unable 2 find any Co's leaving any of these countries b/c of these taxes

19. Oz is 1st on many league tables 4 resources xported. Contrasting with some nations, our infrastructure, educated & healthy workforce etc make Oz a top choice 4 sourcing resources. Even if a company left as a protest against the RSPT/MRRT, others would happily take up the spot

𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐲-𝐓𝐚𝐱𝐚𝐭𝐢𝐨𝐧
20.
With LNP saying business are paying their fair share (Quote from Josh F), there is little chance of Oz getting tax from these Co's. Last yr 718 of 2,247 large Co's paid 0 TAX on income of $458B (Almost 1/2 a Trillion$).

21. The LNP R putting a disproportionate amount of time & money into creating a 1/2 Billion Robodebt to focus on the debts/over-payments from Social Security. Senate Estimates revealed The LNP had spent at least $400m 2 recover $500m from ppl. (I do not use the word ‘Welfare’,

22.
our constitution (Sec 51iixxxA) gave us ‘Social Security’
Additionally the government has argued it does not owe a duty of care to these people. How can a nation feel secure when its government is so divisive and callous to the less fortunate?

23.
Contrast with the Corporate Leeches like NewsCorp ($14B in revenue (5 yrs)=0 Tax, Murdochs took $1.4B in salary=0 Tax) (Thx @MichaelWestBiz) & Mining Giants. LNP happily entertains them @ tax payer cost, takes donations & cushy jobs from them, and ignore the Co’s tax records

24.
Paying tax ensures the government is able to provide a healthy, clean, educated, efficient and compassionate place in which 2 earn $$. Those earning massive profits & paying 0 tax are leeches. While thousands of Oz below the poverty line these Co' take their billions overseas

25.
Using BHP as a guide (BHP paid US$7.1B in tax on $44B in Revenues ~16.13%) The amount of forgone tax revenue from those Mining Companies would be US$7.34B. Which is more than Australia got by selling 21 Airports.

𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐲-𝐀𝐀𝐀 𝐑𝐚𝐭𝐢𝐧𝐠 & 𝐁𝐞𝐬𝐭 𝐓𝐫𝐞𝐚𝐬𝐮𝐫𝐞𝐫 𝐀𝐰𝐚𝐫𝐝
26.
Yes we had no debt in 2007. However as we got there by asset sales, we had no plans or structure 2 show what Oz was going 2 do next. Ratings Agencies look 2 the future not the past

27.
Rating Agencies are primarily assessing each country according to the risks associated with meeting its debt obligations .Howard & Costello𝐬𝐩𝐞𝐧𝐭 𝐭𝐡𝐞 𝐚𝐝𝐝𝐢𝐭𝐢𝐨𝐧𝐚𝐥 $𝟑𝟑𝟒 𝐁𝐢𝐥𝐥𝐢𝐨𝐧 and we only had a $40B future fund to show for it

28.
As Treasury noted (See excerpt below) $334M was either spent or locked in as tax cuts. It was the LNP who created “Middle Class Welfare”
The hypocrisy then became evident when Labor developed a $52B stimulus package & Costello who squandered $334B launches attacks like

29.
Australia achieved the 3*AAA rating this going against the tide, With the America losing theirs in 2010.
It has been a while since Australia was reviewed, 2016 was the most recent review by any of the agencies. It will be interesting to see what the next review brings

30.
This honour recognised [sic]"Wayne Swans’ work as directly benefiting both the performance and perception of Australia’s economic and financial achievements". The Eurozone also seeks opinions from the leading global bankers and investors.

31.
Paul Keating achieved his honour with the successful transitioning to a Floating Australia Dollar, banking deregulation, removing tariffs and removal of the Union based "Price Accord".

32.
Wayne Swan achieved his by accruing very little debt, ensuring the banking sector & undertaking a broad & targeted stimulus, which allowed Australia to be 1 of 3 OECD nations to not fall into during the GFC.

33.
The other nations r shownby comparison the other countries had debt going in2 the GFC. This shows that the absence of debt does not correlate to avoiding recession & therefor it was gifted 2 Labor as the Blind Right from @SkyNewsAust SkyNews & co keep saying ad museum

34.
𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐲-𝐇𝐢𝐠𝐡𝐞𝐫 𝐓𝐚𝐱𝐢𝐧𝐠 𝐏𝐚𝐫𝐭𝐲
Another ‘talking point” that Skynews & other right wing Murdoch Minions spout is Labor is a higher taxing party. This chart show taxation revenue obtained under each party each year as a percentage of GDP.

35.
It is clear that Taxation is lower under Labor. The OECD avg is 34% so comparatively we are a low tax nation. But the lie perpetrated by Murdoch & LNP is clearly false and deceitful and above all insults Australians intelligence.

36.
𝐓𝐡𝐚𝐭 𝐃𝐞𝐛𝐭-𝐓𝐎𝐃𝐀𝐘
The current LNP government have now added more than half of the debt Australia has ever had. They did this in just 6 years. When LNP took power in 2013 we had a debt to GDP ratio that was the envy of many other counties.

37.
Not all debt is bad. If debt is being used 2 increase productivity or output & can b paid 4 then debt is. Our Under LNP: Debt 2 GDP ratio has climbed from 31% (Oz 8th-OECD) to 41%. (Oz 5th-OECD) This indicates the $ spent by the LNP isn't giving productivity improvements

𝐓𝐨 𝐒𝐮𝐦𝐦𝐚𝐫𝐢𝐬𝐞
38.
LNP Squandered $334B during the boom years, leaving nothing for the bad years
LNP sold our Gold when we didn’t need to and lost over $10B by comparison to if it was sold today.
LNP Have taken our Debt to never before seen levels

39.
LNP didn’t need 2 sell all our Assets, some were monopolies & highly profitable & now we r paying very high rates 2 use. The subsequent profits yielded from some assets exceed the sale price with interest.
LNP r happy 4 the former Govt Assets 2 pay 0 tax (& Leech of Oz)

40.
LNP achieved the 0 debt position with 'one off' asset sales. This isn't sustainable as we have run out of assets to sell.
LNP have said they do not owe a duty of care to those who have the least.
LNP r happy with half a trillion dollars of revenue to go un-taxed

41.
LNP are making life unbearable for the less fortunate, but letting big business Leech and Bludge off the country
LNP tax the country more than Labor
LNP do not see any issue with spending tax payer money as a means of getting re-elected.

42.
LNP bypasses checks & balances by removing the debt ceiling
LNP destroyed Labors attempt at using a commonly used method of building a countries economic security by taxing the super profits of Miners.

43.
LNP said they would return us to surplus & reduce debt. The world has had 6 yrs of economic growth & Australia’s debt continues upward.
LNP & the Murdoch press were (& still r) scathing about Labor’s “skyrocketing debt”. They remain silent when their lies r call out.

44.
Labor has the only treasurers who have received “Best Treasurer Awards”.
Labor got Australia’s Credit Rating to the best possible rating in the world.
Labor had a plan for Economic Stability & get miners who pay no tax to contribute to the nations running costs.

𝐒𝐨𝐦𝐞 𝐅𝐢𝐧𝐚𝐥 𝐀𝐜𝐤𝐧𝐨𝐰𝐥𝐞𝐝𝐠𝐞𝐦𝐞𝐧𝐭𝐬
45.
I know my calcs don’t include time value of money etc. They only need 2b approx to validate the points that we have been lied to by the One Eyed Murdoch empire with falsehoods about LNP economic management and Labor Debt.

46.
With MSM controlled by Murdoch and 7/8 of ABC board members $ CEO being LNP appointees we are seeing the LNP rort, lie & deceive with impunity and there is no longer any media who will shine a light on these crimes and stop our Democracy from dying.

47.
Heaps of what I'v posted here was gathered from these sources, there is very little truth left in newsprint or TV. I suggest adding these ppl 2 your follow list
@GuardianAus
@slpng_giants_oz
@independentaus
@TheNewDailyAu
@MichaelWestBiz
@jommy_tee
@RonniSalt
@crikey_news