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BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA Blog

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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Recent blog posts
https://www.change.org/p/mr-david-murray-chairman-of-the-financial-system-inquiry-royal-commission-into-australian-banks-the-regulators-asic-apra-and-all-subsidiaries-and-joint-partners Up to 200,000 families are about to face LOSS OF HOME and LOSS OF SAVINGS AND SUPER as the five year implosion mark neatly planned as banks pull the levers, trying to deflate the Housing Bubble, Politicians are at pains to ignore or pretend it will simply all go away. How do these sub prime lending practices and Ponzi's which have invaded our finance sector, assist us in growing the economy  here in the lucky country? Instead of targeting NINJa's for Ninja loans (No Income No Job) our American owned Australian Banker Elites targeted ARIPs  Asset Rich and Income Poor. Banks targeted those with a large asset - their home - fully paid off - NO DEBT!  Our Banks were "smarter" than America.   "Let us sell a 30 year INTEREST ONLY LOAN with small interest "honeymoon period" and then whammo: a very high cost interest rate of say 10% - 16% after first 12 months....
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 Macquarie denies Low doc FRAUD?  Does not use a service calculator to calculate dodgy incomes?  Really?  We have files......................We assume Macquarie is saying if you have such a loan then they will do the right thing and extinguish the loan re the High Court case in 2012.  If you have a dodgy Macquarie loan - please email me   This email address is being protected from spambots. You need JavaScript enabled to view it.   Response to recent articles on bank lending practices in The Australian 15 June 2012 http://www.macquarie.com.au/mgl/au/about-macquarie-group/news/2012/20120615a Macquarie notes several articles published in The Australian over the past several weeks. The facts are: ·         These articles seek to implicate Australia in the fall-out from the US sub-prime mortgage crisis but the facts simply do not support such a contention. ·         Australia has never had a sub-prime crisis as occurred in the US, Spain, Ireland and other countries. This is borne out by the facts: there was no overbuilding in the Australian residential...
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  • setup
    setup says #
    What are they going to do when they are presented with the evidence. Would be interesting to see just how many of us are with Macq
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Lax standards and exam cheating spur advice crackdown Author: Adele Ferguson and Ben Butler Date: 16/08/2014 Words: 2789 Source: SMH       Publication: Sydney Morning Herald Section: Business Page: 8 http://newsstore.fairfax.com.au/apps/viewDocument.ac;jsessionid=85CC3863625A6F29E156818CF228B322?sy=afr&pb=all_ffx&dt=selectRange&dr=1month&so=relevance&sf=text&sf=headline&rc=10&rm=200&sp=brs&cls=174&clsPage=1&docID=SMH1408162N7NJ70IREB   Advising people on their life savings requires disturbingly low qualifications, write Adele Ferguson and Ben Butler.   It was September 2008 and "dodgy" Don Nguyen was on suspension for alleged fraud and cash backhanders at the Commonwealth Bank's Chatswood branch. Financial planner Jeff Morris was beavering away and studying hard to meet his quarterly competency training target.   As Morris studied for the continuous professional development (CPD) test - a requirement for all financial planners - he became aware that not everyone was taking it as seriously. After hitting the "send" button on his computer, he did a double-take a few days later when he overheard some colleagues joking about the test and the manila folder of cheat sheets being...
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There has to be a Royal Commission into the Banking System, but also into ASIC and its EDR's namely FOS (Financial Ombudsman's Corrupt Service) and COSL (Cosy Lender related Ombudsman).  FOS dastardly unfair misuse of Proportionate Liability provisions of the ASIC Act 2001 relating to Big Bad Banks Unconscionable Conduct is the worst of corrupt banking ideology we have seen  in 20 years. On all levels FOS has become the evil mate of the Banking System in Australia. Shane Tregillis worked for ASIC and then in 2009 was appointed to FOS as head honcho. This EDR needs a complete cleansing and better still complete demolition.  Why?  FOS loves blaming the consumers and saying they are 60% responsible for the BANKERS' FRAUDS on documents the victims had never seen.  As a puppet of corrupt ASIC officials, FOS decided to heap even more misery on those who dared to complain against Banks. Proportionate...
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Kill negative gearing to calm housing market, says Saul Eslake The Economy September 29, 2014 http://www.smh.com.au/business/the-economy/kill-negative-gearing-to-calm-housing-market-says-saul-eslake-20140930-10nr84.html A leading economist has called on Canberra to put an end to negative gearing for new investors as the best way to dampen frothy property markets in Sydney and Melbourne.  In its Stability Review released last week, the Reserve Bank of Australia pointed out that strong demand by investors means that investor housing loans now account for about 40 per cent of all home loans.  The RBA also said for the first time it was working with the Australian Prudential Regulation Authority (APRA) on "additional steps" to reinforce safe bank lending, particularly for lending for investors.  With investor demand surging, and steep rises in Sydney and Melbourne property prices, RBA governor Glenn Stevens last week noted it was "perfectly sound and sensible to ask ourselves whether we might at least lean on that a bit."...
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Posted by on in From My Window
Here's the link...http://www.2gb.com/article/alan-jones-mathias-cormann-0#.VCnXgMIcTIU
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  • setup
    setup says #
    I think Alan should ask Cormann the reason why he, Abbott and Hockey refuse to have a RC.
  • setup
    setup says #
    Great interview Alan. Keep up the pressure and force them to tell the truth and not beat around the bush. Cormann like all the oth
  • Aries
    Aries says #
    http://www.2gb.com/article/alan-jones-mathias-cormann-0#.VCnXgMIcTIU
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Financial Advice laws reversal to go ahead Business Banking and Finance Date September 27, 2014   Gareth Hutchens and James Massola http://www.smh.com.au/business/banking-and-finance/financial-advice-laws-reversal-to-go-ahead-20140926-10monm.html#ixzz3Eb1nDszu The federal government looks set to secure its plans to wind back Labor's changes to the rules governing financial advice, despite a senate committee filing a disallowance motion on the bill this week.  Finance Minister Mathias Cormann says he hopes to introduce the bill to the senate next week, while Clive Palmer says his Palmer United Senators will vote for the bill, to honour an agreement struck with the government. Confusion arose on Thursday about the future of the government's controversial financial advice laws after the senate standing committee on regulations and ordinances committee, chaired by Nationals senator John ­Williams, moved a disallowance motion on the bill.  The committee said the FoFA regulations were not the appropriate way to introduce the financial advice regime and it gave notice it...
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BFCSA members and whistleblowers know regulatory capture is the key to massive fraud by Banksters and huge losses for the public. Of course we KNOW - here in Australia and Overseas.......................We need a SEGARRA here.   This email address is being protected from spambots. You need JavaScript enabled to view it. Fed whistleblower secretly recorded 46h of regulatory capture inside Goldman Sachs Cory Doctorow at 3:00 pm Sat, Sep 27, 2014 http://boingboing.net/2014/09/27/fed-whistleblower-secretly-rec.html   Carmen Segarra is a former FTC regulator who joined the fed after the financial crisis to help rescue the banking system -- but she was so shocked by the naked regulatory capture on display that she ended up buying a covert recorder from a "spy shop" and used it to secretly record her colleagues letting Goldman Sachs get away with pretty much anything it wanted to do. Segarra has an impressive bio -- speaks four language, degrees from Cornell, Harvard and Columbia, worked as a compliance officer at some of the world's...
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Bank platforms under severe threat   Written by Tim Stewart Friday, 26 September 2014   http://www.ifa.com.au/news/13718-bank-platforms-under-severe-threat The last two competitive advantages of the banks – distribution and brand – are both under “severe threat”, says Netwealth executive director Matt Heine. Appearing on the 'Trailblazers' panel at the 14th annual Wraps, Platforms & Masterfunds conference in the Hunter Valley on 12 September, Mr Heine was asked about the likelihood of the big banks divesting their wealth divisions.  The brand of the big banks is getting "smashed in the press", he said, referring to revelations of poor financial advice at CBA dealer groups Commonwealth Financial Planning and Financial Wisdom. On the distribution side, Netwealth is receiving inquiries from people looking to set up their own AFSL every day, Mr Heine said.  ifa reported in July that industry consultants are seeing a dramatic uptick in the number of new AFSL applications in the wake...
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ASIC licensed so many new recruits as planners who KNEW "do not suggest to people who have less than $210k super."   So guess what the super salesmen driven by commissions did?   "Advised" vulnerable consumers to set up their "own" SMSF and then the real estate agents jumped in and sold property: this pushed the property market up.  These "targets" were not sophisticated investors and ASIC knew it.  They had only just received their superannuation and had never handled such a large amount during their entire lives.  But people ASIC touted as fully trained and licenced, pounced on these ordinary Mums and Dads and whammo. Fess, charges, costs, fines demolished the next egg and become part of the PROPERTY BUBBLE, that the Banks are at pains to say is not there.   This email address is being protected from spambots. You need JavaScript enabled to view it. AND HERE IS THE PROOF OF ASIC's culpability.  As they will say "real estate agents are in states jurisdiction.  Have they ever prosecuted anyone?  So...
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Hi all, We received a determination against ANZ for maladministration - yay? no - FOS largely ignored many of the points we spent painstaking hours over 22 months trying to put forward. The FOS determination does not make sense, is contradictory, relies on account statements for calculation and ignores the evidence that those very statement provide. ANZ lied during the investigation claiming that my parents made inter-company loans, where bank statements clearly show that the majority of the overdraft has been taken up by fees, interest and charges. FOS repeatedly told us verbally and in writing not to provide further information!! Nice investigating... let's look at one side of the story. FOS also refused to provide copies of material supplied by ANZ that it relied on for their determination - where is the transparency and natural justice? There are some relatively basic black and white facts which FOS has completely ignored....
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  • Aries
    Aries says #
    That's strange N.N. that no case worker has spoken to you on the phone. I found that didn't matter what my case worker said, he wa
  • organza
    organza says #
    The entire dispute process is an utter shambles. It's called how to string you out further out with weasle words while they try a
  • NABbed Nanna
    NABbed Nanna says #
    Not_Happy our present FOS case has been ongoing for nearly 12 months now. Same as you "Do not send any further info" and the bit
  • Not_Happy_ANZ
    Not_Happy_ANZ says #
    Sorry to hear that NN! I would suggest that you approach your local member and try and get them to intervene. But be quick though
  • Aries
    Aries says #
    FOS should be sued for mishandling an investigation and misconduct.
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Financial Advice laws reversal to go ahead Business Banking and Finance Date September 27, 2014   Gareth Hutchens and James Massola http://www.smh.com.au/business/banking-and-finance/financial-advice-laws-reversal-to-go-ahead-20140926-10monm.html#ixzz3Eb1nDszu The federal government looks set to secure its plans to wind back Labor's changes to the rules governing financial advice, despite a senate committee filing a disallowance motion on the bill this week.  Finance Minister Mathias Cormann says he hopes to introduce the bill to the senate next week, while Clive Palmer says his Palmer United Senators will vote for the bill, to honour an agreement struck with the government. Confusion arose on Thursday about the future of the government's controversial financial advice laws after the senate standing committee on regulations and ordinances committee, chaired by Nationals senator John ­Williams, moved a disallowance motion on the bill.  The committee said the FoFA regulations were not the appropriate way to introduce the financial advice regime and it gave notice it...
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Coalition embraces big bank gouge that even Howard rejected Thursday, 6 February 2014 by Bernard Keane   http://www.crikey.com.au/2014/02/06/coalition-embraces-big-bank-gouge-that-even-howard-rejected/?wpmp_switcher=mobile   The government’s winding back of the Future of Financial Advice reforms will legalise conduct by financial planners that has long been banned and hand a major win to the big banks and AMP — one that even the Howard government rejected, Crikey can reveal. Draft regulations to reverse the Future of Financial Advice reforms established by Labor were released by Assistant Treasurer Arthur Sinodinos last week as the Coalition rushes to remove reforms that took years of consultations, parliamentary inquiries and reviews to develop, trying to do as much as possible via regulation in order to avoid parliamentary scrutiny. Among the government’s changes, however, will be one that doesn’t merely reverse the FOFA reforms but would legalise conduct that has been prohibited for many years, was the subject of major action by the Australian...
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  • Aries
    Aries says #
    We will remember this traitor to the honest people of this land at the next election.
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Morgan Stanley backs away from banks Posted by Chris Becker in Australian banksat 12:35pm onSeptember 25, 2014   http://www.macrobusiness.com.au/2014/09/morgan-stanley-backs-away-from-banks/   Morgan Stanley has a research note out today suggesting the big four banks will face quiet onerous capital requirements following the Murray Inquiry and have moved “underweight”  With the banks outperforming the market for the past 3.5 years, and now accounting for 30% of the ASX200, we have moved underweight the sector.  Our concerns centre on: 1) the FSI (Murray Inquiry) leading to more onerous capital requirements, which depress sustainable ROEs, 2) any business credit recovery will be ROE-mix negative, 3) the upgrade cycle has come to an end, and 4) sector valuations remain elevated. MS rightly points to the market underpricing the huge risks entailed into the Murray Inquiry. However, do not discount the “mum and dad” investor willing to pump their savings into the relatively high dividend yield that...
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Reserve Bank stirred but not shaken by housing boom BusinessComment & Analysis Date September 24, 2014 http://www.smh.com.au/business/reserve-bank-stirred-but-not-shaken-by-housing-boom-20140924-10la1w.html The Reserve Bank revealed in last week's minutes of its September interest rate-setting meeting that it was increasing its scrutiny of Australia's hot housing market. Now it has explained what that means.  It doesn't think housing is in a speculative bubble that will end in tears. It does see conditions that could make it happen, and will work with its sister regulator, APRA, to head off the prospect. Regulators always try to stay ahead of the curve on things like this. The Reserve moves rates up to head off inflation, not in response to it, for example, and it first noted a surge in housing investment lending a year ago.  APRA announced a suite of guidelines aimed at making investment lending safer in May, and it and the Reserve will meet soon to devise...
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Canada house prices expected to rise further, fuelling fears of meltdown   August 29, 2014   http://business.financialpost.com/2014/08/29/canada-house-prices-expected-to-rise-further-fuelling-fears-of-meltdown/   The risk of a property market crash in Canada has not ebbed, according to an increasing number of analysts polled by Reuters who said  chances of a steep fall in prices have increased in the past year.  Still, the survey medians showed house prices will likely rise more than earlier expected at least until 2017, reflecting ongoing reluctance by forecasters, many of whom work for mortgage lenders, to predict negative returns on property.This year Canadian home prices on average will appreciate by 5% followed by a 2% rise in 2015 and then again in 2016 after doubling in value over the past decade. Related House prices keep going up but they are more affordable thanks to cheap debt How fears of overheating are driving Canadian homebuilders to look south Canada’s housing market on...
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Reserve Bank's housing bubble set to unleash more job losses Written by admin on September 1, 2014 – 9:05 pm http://www.whocrashedtheeconomy.com.au/blog/2014/09/reserve-banks-housing-bubble-set-to-unleash-more-job-losses/ Grave fears are mounting for the future stability of the Australian economy as new data released today shows the Reserve Bank of Australia’s housing bubble is surging at records not seen since 2003.  The RP Data statistics confirms reports of investor lead irrational exuberance in the Sydney and Melbourne markets. On an annualised quarterly basis, Melbourne surged an unsustainable 21.2 per cent, followed by Sydney at 13.8 per cent. The investor surge is both eroding rental yields and increasing vacancies causing many experts to warn of a bleak future for investors when capital gains slow to more sustainable levels, or worse – starts falling. The boom stems from emergency record low interest rates set by the Reserve Bank of Australia – the lowest in over 5 decades. This latest data...
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Macquarie eyes 16pc drop in bank valuations PUBLISHED: 26 Sep 2014   http://www.afr.com/p/business/financial_services/macquarie_eyes_pc_drop_in_bank_valuations_gpTibDLPxdHr48P2ibpyYO   Home loan limits may not work: RBA The valuations of the big banks could be sliced by up to 16 per cent and bank share prices could fall further if the Reserve Bank of Australia targets lending through macroprudential policy, and the financial system inquiry forces banks to hold more capital for being “too big to fail”, Macquarie Group says.  Macquarie analyst Mike Wiblin said the impact of “a more interventionist mood” by the RBA – illustrated in its warnings this week about “unbalanced” housing lending – could lead to a reduction in the earnings valuation of bank stocks by up to 1.8 per cent, as net profit fell from lower credit.  In addition, the focus of financial system inquiry chairman David Murray on reducing the impact of a bank failure on the wider economy – which...
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https://www.oxfam.org.au/wp-content/uploads/site-media/pdf/2014-47%20australia's%20big%204%20banks%20and%20land%20grabs_fa_web.pdf  
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Posted by on in ROYAL COMMISSION URGENT
ANZ predicts new housing boom   PM - Wednesday 19 July 2006   http://www.abc.net.au/pm/content/2006/s1691296.htm     MARK COLVIN: Some people are still waiting for the housing slump to hit bottom, but one of Australia's biggest banks says another boom is on the way.  ANZ says it's seeing a surge in new home lending, and it reckons the trend will gather pace over the next 12 months, despite rising interest rates. Economics Correspondent Stephen Long STEPHEN LONG: In the five years to 2003 the average house price more than doubled in Australia. And less than three years after this alleged housing bubble was pricked, the property market is on the rise again.  The monthly number of new home loans in May was the highest on record, despite a rate rise, and ANZ Bank reckons that's just the beginning.  Paul Braddick has the rather illustrious title of Head of Financial System at ANZ,...
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Friday, 1 August 2014 The next subprime mortgage crisis in the making by Paddy Manning BUSINESS http://www.crikey.com.au/2014/08/01/the-next-subprime-mortgage-crisis-in-the-making/?wpmp_tp=1   It is a bit of myth that Australia dodged the global financial crisis because we had tougher lending standards than the United States, where ticking-bomb subprime mortgages were packaged up into toxic derivatives like collateralised debt obligations, slapped up with dodgy AAA credit ratings and on-sold to financial institutions investors all over the world. OK, we didn’t yet have NINJA loans — mortgages made to those with no income, no job or assets — but that was probably more down to luck than good management. However, we did have a snowballing problem with subprime mortgages in Australia — low-doc home loans flogged to struggling borrowers by conflicted mortgage brokers — and we were lucky it didn’t do more damage. Lucky that our banks were well enough capitalised (propped up by the taxpayer through the deposit and wholesale funding guarantees) to ride...
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Even property spruikers are wary of Melbourne apartments PUBLISHED: 27 Sep 2014 http://www.afr.com/p/business/property/even_property_spruikers_are_wary_XcZabbbTHp3hJOoTwJIaAP   Property spruiker Jamie McIntyre and Reserve Bank of Australia governor Glenn Stevens agree on one thing: Melbourne is building too many apartments.  An acceleration in bank lending to investors in the housing market has prompted the RBA to threaten the use of macroprudential rules to curb house price growth. Part of the problem lies with property spruikers who have returned to the market in droves, promoting spur­ious investments. Mr McIntyre heads up the 21st Century group of businesses, which promises to make investors $150,000 for investing in blocks of farming land that may be rezoned as residential. He said he was advising clients not to invest in apartments in Melbourne and Sydney as they “have the makings of a property bubble”.  He said that part of the market was being affected by foreign buyers seeking safe havens...
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https://www.change.org/p/mr-david-murray-chairman-of-the-financial-system-inquiry-royal-commission-into-australian-banks-the-regulators-asic-apra-and-all-subsidiaries-and-joint-partners  In 2009 60 Mins displayed a Low Doc Application with CBA/Colonial in telling the story of STORM victims. That was the every day the Storm victims realised its the Banks the banks that banks....The wretched banks came to storm's offices and taught the planners how to use the dreaded bank engineered service calculator. Its called criminal activity but the Planners did not realise. BDM's (bank officers from BOQ, CBA and Mackers) taught sellers to sell products that would "help people and make them all happy." The happiness is rally: BIG BAD Banks approving toxic loans and CEO's claiming big bonuses and no clawbacks. We all need the truth to come out. Banks pulled all levers to then on sell distressed properties to ARIP's and/or margin loans for shares. Royal Commission has to be called by Government....
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Australia is becoming a nation of landlords and renters Callam Pickering 9 hours ago http://www.businessspectator.com.au/article/2014/9/25/australian-news/australia-becoming-nation-landlords-and-renters   The Reserve Bank of Australia’s latest Financial Stability Review potentially marks a turning point in the RBA’s approach to managing house prices (Regulators are finally bringing balance back to the housing market, September 24). The property sector is clearly unbalanced and increasingly driven by speculation, but who are these investors? The FSR contained a short but interesting article on the characteristics of Australian property investors and how they have changed over time. Utilising data from the Australian Tax Office and the Household Income and Labour Dynamics in Australia survey they were able to track changes to the market and its composition.  The tax treatment for property investment creates incentives for risky behaviour, at least compared with owner-occupiers. Investors, for example, “have stronger incentives than owner-occupiers to take out interest-only loans”. Interest-only loans account for 64...
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Joe Hockey says $30b overestimation has left 2013-14 in deficit by $48.5b Lisa Cox National political reporter Date September 25, 2014 - 4:15PM The Pulse with Judith Ireland: Live coverage from Parliament The final budget deficit for the 2013-14 financial year has come in at $48.5 billion - $30 billion more than forecast, Treasurer Joe Hockey has said.  Mr Hockey, who said the deficit was Australia's second largest in dollar terms, attacked the previous Labor government for the deterioration in the country's debt levels But, speaking in Canberra on Thursday, Mr Hockey and Finance Minister Mathias Cormann said the government had been able to "stabilise" the situation and believed challenges facing the global economy could be beaten  Mr Hockey said that 60 per cent of the $30 billion deterioration in the bottom line was from the write-down of receipts, particularly tax receipts. "This comes down to the fact that Labor continually...
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