Chris McGrath - [email protected]

@[email protected]
ASA NISI MASA

[Aaron Smith @aaronsmith]

Thank you, Dave. I appreciate you reaching out to ask what you got wrong.

The clip we’re discussing is less than 90 seconds long. What I’m about to do demonstrates Brandolini's Law: where the amount of energy required to refute bullshit is an order of magnitude greater than that required to produce it. Or, in this case, it takes around 600 words to correct 90 seconds of your economic fan fiction.

1⃣ Between 0 and 30 seconds

You begin by confusing government debt with the Future Fund and appear to suggest that the Future Fund can't exist along side Govt debt.

They’re different things. One can exist without the other, and in Australia they do.

Australia's Future Fund was established in 2006 with an initial govt investment of about $60B. Its first annual report, in 2008, showed assets of around $64 billion - not the $100B you suggested.

Then, at around 27 seconds, you talk about the Future Fund as though it ceased to exist (you used the word 'had' as in past tense).

It still very much exists Dave. In fact, it's grown every single year since it was created. Today it's worth around $270 billion, or over $330 billion once the other funds under management are included (eg Medical Research / Housing Australia / Drought).

So before we're even 30 seconds into the clip you've managed to confuse government debt, the Future Fund, its size, and whether it still exists.

That’s a lot of economic history to get wrong in under 30 seconds.

2⃣ Around 32 seconds

You then claim Kevin Rudd used the Future Fund to "flush money through the economy".

Again, that’s simply false. The Future Fund wasn't used to fund the stimulus. It wasn't used to build school halls. It wasn’t used for any of the things you’re describing. In your defence, you do briefly flirt with the possibility that you don’t actually know what you’re talking about. Sadly, it was a very short-lived relationship.

The GFC stimulus was funded through government borrowing.

For context, construction approvals were collapsing, more than a million Australians worked in construction, and the objective was to stop unemployment exploding during the worst global financial crisis in generations.

You're welcome to argue that was the wrong policy (but you didn't). You’re not entitled to rewrite where the money came from.

3⃣ At about 44 seconds

You say, "I might be wrong".

I concede you were correct during this part of the video.

4⃣ From 44 seconds onwards

You make a series of broad claims about the GFC response.

Yes, government debt increased. That's true.

What you omit is that Australia's stimulus largely went directly to households rather than primarily rescuing financial institutions, as happened in many other countries.

The aim was simple: keep people spending, businesses operating and Australians employed while global demand collapsed. It's known as counter-cyclical fiscal policy.

Whether you agree with it politically is your business.

The specific outcome for Australia isn't contested though - Australia was one of only two economies in the OECD to avoid recession during the Global Financial Crisis. There's no reality where that wasn’t a comparatively impressive outcome.

The money didn’t need to "trickle down". The entire point was that it started at the bottom.

5⃣ Government debt

Throughout the clip (and in life generally) you repeatedly return to the theme Labor is responsible for Australia’s debt (which btw is comparatively low).

Here are the actual numbers of net debt added by each Govt since 2007.

> Rudd/Gillard: about $190 billion over six years.
> Abbott/Turnbull/Morrison: about $366 billion over nine years, around two-thirds of which pre-dated COVID.
> Albanese: about $75 billion over four years.

Those figures don’t support the story you've been telling people. And that’s really the issue.

This isn't about getting one date wrong or misremembering one statistic. Nearly every claim in your 90-second clip turns out to be either wrong or misleading.

If you're going to publicly lecture Australians about economic history, the bare minimum expectation is that you’ve first acquainted yourself with it.

Because once the errors have been pointed out, as they have been to you multiple times, every repetition stops looking like an accident and starts looking like a strategy.

Given your very public coffee with Angus Taylor last week, perhaps people are entitled to ask what that strategy might be.

[Chris McGrath - [email protected] @djgrazzy]

@status_is_down It's there dns servers from my testing at my mother in laws (203.12.160.35 and 203.12.160.36) I could link the internet from her house so the NBN connection was working. switching her router to google DNS 8.8.8.8 sorted it #tpg

[Chris McGrath - [email protected] @djgrazzy]

@Retchypeanuts Probably the right decision 😂

[Mor Edge Insight @MorEdge_Insight]

I’m absolutely dying 🤣

Old Australian newspaper ad gone wrong.

Guy selling his house writes what he thinks is a normal line at the bottom. Reporter sees it, shows up to confront him… and the interview is pure gold.

You’ll see what I mean 😂😂

[John Kennedy @JKennedy1947]

Socceroos:

- 18 players w direct immigrant or refugee heritage
- Over 15 different ethnic backgrounds
- 4 players born in/raised in refugee camps
- 3 players born outside Aus

If you support One Nation, then don’t support the Socceroos. Just be a racist, not a racist hypocrite.

[stranger @strangerous10]

Prominent economist Saul Eslake demolishes LNP’s ‘aspiration’ myth saying their 1999 CGT discount failed to build a nation of entrepreneurs & shareholders, in fact, those rates only fell since 1999, while “disproportionately favouring richer & older Australians”💥 #auspol

[Chris McGrath - [email protected] @djgrazzy]

@livcaisley I had a notification of this tweet and I first read as IDGAF which was on par for PB and made my giggle.

[☮️💧 Sleeping Giants Oz 📣 @slpng_giants_oz]

Alan Kohler today exposed how #Insiders has been passing off political media hacks as authorities on economic issues.

His authoritative yet plain speaking contribution was a refreshing change to the uneducated politically biased babble of the panel and host.

#Auspol

[stranger @strangerous10]

“The tendency of the conservative side of politics to demonise immigration is deeply distressing”💥
Monique Ryan with facts the media, politicians love to ignore inc that new migrants pay tax with no benefits for 4yrs
We benefit “to a much greater extent than it costs”🎯 #auspol

[stranger @strangerous10]

Libs try to gag Chalmers but fail again as the Treasurer rips into Wilson reminding him of his own book on CGT, which said that there’s “no intergenerational justice” in the current system, & that it was “screwing over young Australians”
“Well said!” 🔥 Ouch.💥 #auspol

[Jenny Difficult-Frecklington-Jones 🇵🇸🇱🇧🇮🇷 @JonesHowDareYou]

Cathy Wilcox—

A statement on behalf of the Australian Cartoonists Association regarding James Hillier aka Nordacious and the QLD Government:

[Chris McGrath - [email protected] @djgrazzy]

@Jaydo2_0 @CaseyBriggs Simple pic here.

https://t.co/gGy1SnCc6h

[Antony Green - elections @AntonyGreenElec]

Preference distribution for Finniss. IND Lou Nicholson started in 4th, reached 3rd passing Labor on Lewis (IND) prefs, reached 2nd on Green prefs, 1st place on Labor prefs and victory confirmed on final exclusion of One Nation. Link to blog in first comment. #savotes

[stranger @strangerous10]

Jane Hume says there’s lots to learn from yet another huge Labor landslide win in SA but
“I think the biggest msg is that Aus is looking for change”🤔
Yes when a jurisdiction reelects the same govt with an even bigger majority - it wants change. Has Hume ever made sense? #auspol

[kristin (she/her) @kristin8X]

This is an extraordinary investigation that should be read by every person in the country.

After receiving a scathing report last year, the government proudly handed another $41m to 1800 RESPECT (run by Telstra Health).

Thank you so much to @ninafunnell + everyone who spoke out

[The Saturday Paper @SatPaper]

“How do we make sure the changes recognise the ethical issues and the respect for donors, but don’t create such incredible hurdles that we’re doing ourselves out of innovation or imposing higher levels of regulation than what happens elsewhere?” https://t.co/1Nsuucdh5b

[Dr Caitlin Mahar @MaharCaitlin]

SAVE MR TULK! - Sign the Petition! https://t.co/Xx9wUyIlcn via @ChangeAUS

[Chris McGrath - [email protected] @djgrazzy]

@40dargus @placidhunter @CaseyBriggs @grok It' was an *accusation*.

[Chris McGrath - [email protected] @djgrazzy]

@zombinz @TheShovel But then that would be about spelling and not grammar through right?