A BHP pre-emptive strike?

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The word in Canberra is that a senior Gillard government cabinet Minister told resources executives a few weeks ago that the revenue numbers in the budget are overcooked and the government will be looking for more revenue in MYEFO to keep the budget balanced.

In the words of this Minister it will have to come from either the miners or the bankers.

May explain Jac Nasser’s unprecedented towelling of the government this week.


  1. A rumour based on what.BHP got the secret ballot they so desired and gained 17% of the vote.

    Nasser and his ilk are absolute tossers.

    If the budget numbers are over-cooked it would be in the nominal GDP and TOT forecasts.

    In both cases they are at the pessimistic range.

    it would be helpful if you understood the subject you are attempting to write about.

    1. Didn’t Parkie spend a lot of time in his post-budget speech talking about how structural change made it harder to understand what is going on, and also to forecast revenue? I think that there is lots of scope for private views that revenues will undershoot, even if the nGDP / ToT numbers turn out to be accurate.

  2. if the Nominal GDP and TOT are unduly pessimistic then the surplus will be much larger.
    Most people who talk about ‘cooked’ numbers have no idea.
    If Europe implodes then obviously we won’t be in surplus but then nor should we.
    Is there anyone out there seriously suggesting we should be assuming an implosion?

    I agree with your summation of Parkinson’s speech.

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