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Liberals Focus On Swan’s Embarrassing Press Conference

The Liberal Party has added the video below to their YouTube page as they focus on the faltering performance of the Federal Treasurer, Wayne Swan.

The video shows Swan searching through his papers for the projected inflation numbers from the Mid-Year Economic Forecast.

The press conference, held whilst the media was preoccupied with counting of votes in the US presidential election, was called to announce that the financial crisis “has smashed a $40 billion hole in the Budget”.

This is the transcript of Wayne Swan’s press conference.


Thanks for coming along today for the release of MYEFO. This is one of the most important economic updates of recent years, given the current global conditions. So, I hope you’ll be a bit patient as I take the time to go through all this. There’s plenty of time and I’ll be around for the rest of the day. And of course, as you know, we’re making Treasury officials available to brief you.

Now, the first point that I want to make is that there’s no point in trying to sugar coat these figures. [Read more…]

Howard And Costello Offer Tax Cuts Package

On the first full day of the 2007 election campaign, the coalition has announced a tax package offering income tax reductions across the board.

A re-elected coalition government is proposing to reduce the number of tax brackets to four over a five-year period: 15, 30, 35 and 40 cents in the dollar. It proposes raising the tax-free threshold to $14,000 next year.

The tax cuts are worth more than $34 billion.

The aim of the restructure is to arrive at a tax-free threshold of $20,000 with the top marginal rate set at 40 cents. [Read more…]