Tuesday, 31 July 2012

Crying (and spinning) Poor

Graph produced by Newman's QTC

There must be some mistake.

Surely this graph (above) can't be correct.

After all, our Premier has likened our Queensland financial situation to that of Spain's.

Apparently, we're in such a parlous state that he has to sack public servants hell west and crooked to save us from total catastrophe.

Now far be it from me to doubt the almost hysterical predictions that daily emanate from George St, but perhaps all is not as it seems.

The graph comes from the Queensland Treasury Corporation's June 2012 overview*. This overview makes interesting reading. Do yourself a favour (especially if you're a Queenslander) and read it. Its intended audience is prospective investors.

It includes economic growth comparisons (page 20) that show a rate of growth 2% better than the national average, and 3% better than the OECD average.

A quote -

Despite natural disasters in  2010-11, Queensland’s economic growth rate is expected to rise above its long-run trend as well  as above the national average rate, over coming years. (Graphs p21).

We have the highest economic output of any state. (p 22)

Our employment  employment growth rate has consistently exceeded that of the national economy. Over the forecast period, employment growth in Queensland is again expected to exceed the national average. Our population growth is .5% better than the national average, and second only to WA's.

There's an interesting pie graph on p 27 which shows the costs incurred following the 2010-11 natural disasters as they relate to repairing and replacing damaged roads or local government assets. The total cost of this work as calculated by the QTC is $7012 million. Perhaps these natural disasters could have something to do with the problem?

If you read the report you'll find a telling comment on page 38 -

An operating surplus is expected to be achieved in 2014-15. Fiscal balance will replace the operating balance as the primary fiscal target of the Government.

This refers directly to my post of 20th July about the LNP's deliberate misleading use of fiscal vs operational measures.

So not only is our financial state no worse than that of the other states - in fact in many aspects it's better, the LNP is using falsified data to rationalise their extreme policies.We could afford to participate in an NDIS trial. But then, supporting people with disabilities has never cut much ice with whiteshoes. Other states have not instituted a pogrom on the public service.

So not only are we dealing with broken promises, we're also governed by a cabal of liars.

That high-pitched sound you can hear in the background is the LNP's spin machine in overdrive.

*5th link from the top.

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