It will be remembered as the mother of all Swan dives by ‘Khemlani Kev’ (for those who can’t remember, Tirath Khemlani was a shady Pakistani money lender of last resort for the economically disgraced Whitlam government in 1975). 

The Global Financial Crisis has almost been a god-send for the Rudd Labor Government.  It has allowed Khemlani Kev and his Ministers to blame ‘the GFC’ for almost everything but the weather. 

They have carefully stage-managed their image as ‘the good guys’ by raiding the surplus bequeathed to them by the Howard-Costello government.  Remember John Howard inherited an $80 billion deficit from the Keating Labor government and, with prudent economic management, transformed this liability into a healthy surplus of around $100 billion. 

During John Howard’s term we were warned of an economic Tsunami as a result of an impending Asian Economic Crisis.  To Howard’s great credit he didn’t try to avoid responsibility for hard economic decisions by trying to pass blame as Khemlani Kev is now trying to do.

The Howard Government weathered the Asian Economic Crisis with prudent economic management.  The Rudd Government is doing the opposite.  They have already spent the surplus by giving the money away and urging them to buy Chinese plasma television sets.  It should have been called the ‘Harvey Norman Stimulus Package!’

Of course everybody now thinks that Khemlani Kev is a good bloke and, if it wasn’t for that nasty ‘GFC’ he would obviously send out more cheques.

The only thing between Khemlani Kev and the next election was the need to frame a budget that will get him over the line.  He used the Labor strategy  of ‘whatever it takes’ and decided to borrow on the never-never.  The bottom line is now clear.  Australia now has a net debt of $188 billion – the highest in our history.  Every man, woman and child in Australia now owes $9000 each – plus interest!

Unemployment is predicted to rise.  Many of those who voted for ‘workchoices’ are now faced with ‘no choices’! 

Employee share plans, the one opportunity for hard workers to own a share of their company, have been scrapped.

The reduction of the rebate on Private Health Insurance will force tens of thousands back into public health which with devastating  effects on our hospital system which is already at breaking point.

Australia is going to pay for Khemlani Kev’s reckless spending for generations to come.  The only positive about it all is that the Whitlam era of disastrous economic management will pale into insignificance when the taxman comes knocking in a year or two.