There is a lot of talk about Australians living beyond their means, previous Governments spending like drunken sailors, running an unsustainable economy, maxing out their credit cards, etc etc and we all need to learn to be more fiscally responsible. The Government is keen to help us balance the books by cutting services and increasing taxes.
They needn’t bother. The books are already balanced. According to the Reserve Bank of Australia their total assets are $146.356 billion and their liabilities ( as of 21 May 2014) are also $146.356 billion. What a co-incicidence! The balance sheet balances!
Of course those keen to see children taught in classes of 35 or more, except their own of course, will point to the $79 billion in government securities shown on the asset side of the balance sheet. Presumably we have sold these securities and all others too, willingly to people who have wanted to buy them willingly. They balance the books not just of the RBA but the Treasury and the whole of governement too. So what’s the problem? If they hadn’t wanted to buy then I’m sure we’d have managed somehow. We wouldn’t have had to say “sorry kids no-one wants to buy Australian securities so you’ll have to put up with us sacking your teacher.”
But then the neo-liberals would have had to think of another reason!