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Budgeting rule 101; if borrowing money is a choice one makes, know whom you are borrowing money from, what their interest rate is, and how much time you have to pay off the debt. This is so obvious it hardly needs mentioning and yet our Government does not know who owns more than 73% of Australia’s debt!(1) It is able to identify that the mysteriously anonymous holders of our debt are not domestic and are of an overseas origin and non-residents of Australia. It also hardly needs to be said that this is completely unacceptable and is symptomatic of an arrogant oligarchy choosing to withhold information from the people. If 27% of Australia’s debt is of domestic origin (read voting public) then why are we held to ransom for a debt of which we are not directly responsible? Remember the sudden appearance of the $42 billion dollar stimulus package of which we were all generously “given” $950.00 each to help “restart” a failing economy and prevent a recession?(2) Think again, that was no gift; that money was part of a $118 billion dollar loan taken out on our behalf by former Prime Minister Kevin Rudd.(3) Thank you Mr Rudd! Our No. 1 policy directive as it relates to this issue is to set an example and not engage in the reckless behaviour cited before of spending beyond our means. In this regard we are conservative, we want “bang for our buck”. We would not purchase a $118 billion dollar helium tank to blow up the balloon of a failing economic system with borrowed money. Anybody who has had a credit card knows very well how temporary a fix it is to borrow money to simply dish it out to the tune of $950 to people to spend as they pleased. Yes, it was one big party spending the $42 billion dollars Mr Rudd had obtained for us, and yes Labor and Mr Rudd appeared like our saviour… the envy of the world, but now the party is over and it is time to pay it back with interest.
(2) Robinson, G 2009 “Rudds stimulus package: what will you get?” (online) Available: http://www.smh.com.au/articles/2009/02/04/1233423265116.html Accessed 06.08.2011 (3) Coorey, P 2009 “Saving the Nation” (online) Available: http://www.smh.com.au/business/saving-the-nation-20090203-7wsb.html Accessed 06.08.2011
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