Joe Hockey reveals latest budget figures – as it happened

I’ve long harboured the opinion that Joe Hockey is a buffoon, but today he outdid himself with his economic idiocy. Quote:

‘Net government debt is reduced by $11.5bn. “Every Australian now owes $500 less,” Hockey said.’

I’m not an economist but I even I know that Net Government Debt is not the same thing as Private Debt. Hockey’s statement isn’t merely misleading, it’s flat out wrong. It would be more accurate to say “[on average], every Australian has $500 less in savings.”

Honestly, if this bloke wasn’t going to get punted from the role of Treasurer over the weekend anyway, he should be sacked for his economic illiteracy.

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About ret56fe

Ohhh, that guy.
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