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.
Malcolm Turnbull is under pressure on policy, Scott Morrison is under pressure from the right, but the polls show a bounce as Abbott declares he will stay. Follow it live …
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