bambu.
Gold Member
On this day in 2006, Australia (Fed govt) became totally debt free, owed no money to anyone.
A Conervative govt did it over the preceding decade...as well as setting up a 'Future Fund' in which to put money for the benefit of Australians going forward.
Then in 2007, at the election, a left/far left Labor govt promising even more success and prosperity was elected.
Exactly the opposite happened...and spend, spend, spend became the way.
The $22billion in credit in the nation's bank account soon disappeared ...replaced by a debit balance.
The national debt is today, 20 years later, almost 1 Trillion dollars.
One thousand billion dollars.
The Conservative Treasurer of 20 years ago, and the decade prior...the architect of the credit balance ... was interviewed on my tv tonite. He's devastated that all his and his govt's good and hard work to get the nation into credit was basically all for nothing.
A Conervative govt did it over the preceding decade...as well as setting up a 'Future Fund' in which to put money for the benefit of Australians going forward.
Then in 2007, at the election, a left/far left Labor govt promising even more success and prosperity was elected.
Exactly the opposite happened...and spend, spend, spend became the way.
The $22billion in credit in the nation's bank account soon disappeared ...replaced by a debit balance.
The national debt is today, 20 years later, almost 1 Trillion dollars.
One thousand billion dollars.
The Conservative Treasurer of 20 years ago, and the decade prior...the architect of the credit balance ... was interviewed on my tv tonite. He's devastated that all his and his govt's good and hard work to get the nation into credit was basically all for nothing.
