Given that Australian
Prime Minister Scott ‘liar from the shire’ Morrison has
already signalled that he does not intend to allow truth to interfere with his
political rhetoric – describing truth telling as verballing that he “won’t
be allowing to happen” – now is perhaps the time to remind
ourselves of the truth about the nation’s finances under Morrison & Co ahead
of the commencement of the 46th Parliament.
According to
the Dept. of Finance the Morrison
Government’s Assets
and Liabilities as at 31 March 2019 (12 days out from the start of the
2019 federal election caretaker period) were:
•
net worth minus $450.5 billion;
•
net debt $376.7 billion; and
•
net financial liabilities $656.4 billion.
In March 2019
the general government sector’s total revenue fell short of its total expenses
by $1.5 billion.
The Australian
Office of Financial Management reported on 17 May 2019 (the day before
the federal election) that the face value of Australian Government borrowings
(ie the national debt) stood at $538.2 billion.
The Reserve Bank of Australia’s May 2019 Statement
on Monetary Policy - Economic Outlook has expected Gross
Domestic Product (GDP) growth for the year ending in June 2019 at 1¾%, revised down from 2½% due to a
slower domestic economy.
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