Lessons of financial literacy lost on both leaders
Let’s face it, financial literacy is not the strong suit of Annastacia Palaszczuk. The Premier couldn’t even nominate the rate of the GST. (Here’s a tip: it’s 10 per cent and always has been.)
When it comes to the burdensome level of government debt in Queensland, she is equally clueless. What’s $81 billion between friends? Let’s shift some of the debt from the general government ledger to the balance sheets of government-owned corporations; let’s raid a cool $4bn from the government superannuation fund used to provide the defined benefit pensions for retired public servants; and let’s extort excessive dividends from the government-owned electricity generators. That’s the ticket.
According to her and her trusty lieutenant, Treasurer Curtis Pitt, there is nothing to worry about in the rising level of government debt. Sure, Queensland was the first state to lose its AAA credit rating, but Pitt is none too fussed about regaining it any time soon. Probably just as well, because there is no prospect at all of Queensland being rerated up, although there is a chance of a further downgrade.
Pitt will also tell you that while the gross government debt figure in Queensland certainly is on the high side in per capita