Thursday, October 29, 2009

Queensland is in the black... I wonder how?

Today it was announced that far from being in the red, Queensland is in the black. Well, that's a relief.

When asked how he thought that this might have happened the ABC state parliamentary reporter said that it was most probably "creative bookkeeping", then explained that they re-valued some assets and, um, adjusted.

From the Brisbane Times:
Andrew Fraser on Thursday released the 2008/09 Economic Report and the 2008/09 Report on State Finances, showing the "carnage" of the global financial crisis.

While the state budget papers in June forecast a $574 million deficit, technical additions accounted for at the end of the financial year left the budget with a final surplus of $35 million.
Technical additions?

Um, he was only $.54B out on his estimation. Would I be wrong in saying that he's not much of an accouning expert if he can get it so far out?

This is interesting, too...
Premier Anna Bligh told reporters she was pleased there had been a small turnaround, but it didn't change the government's need to sell assets.
This from the ABC:
Qld Treasurer reports 'surprise' Budget surplus*
A surprise? Well, that points, again, to the Treasurers' ineptitude.

*Some of the related stories here are interesting, too.
Ad Splurge on asset sell-off plan 'madness'

Asset sales ads a 'political sham'

Queensland Government: 2008-09 Annual Economic Report

Oops, thanks Kaboom, I've fixed it to $.54B (I'd accidentally made it only million!).


Kaboom said...

"Um, he was only $.54M out on his estimation."

I think that is closer to .54 billion dollars, but hey, who's counting?

This is doubleplus good!

kae said...

Thanks Kaboom! I've fixed it.

But they're still bloody useless!