Treasurer Mike Baird's $1 billion blue http://www.dailytelegraph.com.au/news/treasurer-mike-bairds-1-billi... A BILLION dollar stuff-up has given the state government's financial credentials a bloody nose but also dragged its budget back into the black. Treasurer Mike Baird's first budget was revealed to have been littered with accounting and data entry errors that meant his deficit of $337 million should in fact be a surplus of $680 million. In a scathing assessment of how the government misplaced $1 billion, Auditor-General Peter Achterstraat said the budget result had "bounced around a bit like a pinball machine". "NSW is a billion-dollar business, it is not a school tuckshop," he said. "A $1 million error is unfortunate, a $10 million error is undesirable but a $100 million error is totally unacceptable. "If parliament and Treasury is to make important reform decisions they need timely, accurate financial advice. We need better financial processes, better financial systems and, in many cases, better qualified staff to prepare accounts. Recommended Coverage Barry's government taking a big hit» THE economic credibility of the O'Farrell government has just taken an enormous hit. Heads must roll for $1 billion bungle» THANKS to a combination of incompetence and carelessness, the state government managed to make $1 billion disappear. But how? .. "Many issues related to spreadsheet errors, many related to valuation errors and some were data entry errors and that's the frustrating thing, these errors should be put through well and truly before financial accounts come to me." Mr Achterstraat compared the financial blunder to a cricket match where "you've got five overs to go and you think you've only got to get X number of runs and all of a sudden you're told you've got to get five times that". All up there were 37 errors worth more than $20 million and two errors worth more than $1 billion, which involved officials undervaluing the value of the state archives and the Snowy Hydro scheme's worth to government. The Auditor-General's office confirmed a similar error occurred in 2009-10 when Labor was $800 million out with its surplus. But the Coalition had still made more errors than Labor in its last two budgets. Opposition Leader John Robertson said the auditor's findings showed that the $4.8 billion in cuts from education and health were "unjustified". "Mike Baird, while he continues to argue this line (of an underlying deficit) shows how incompetent he is," he said.

Views: 23

Attachments:

 

 

Latest Activity

cheeki kea commented on Know WON's blog post Joe Cortina Slams Defense Sec MAD DOG MATTIS
"Whoa, That makes you think."
2 hours ago
cheeki kea commented on Fat Freddys Cat's blog post MORE EXPERTS CONFIRM THAT FRANCE TOOK DOWN IL-20, & IDENTIFY FRIEND/FOE SYSTEM DID NOT FAIL
"A joint effort, for when the heats on, to shut it off for sure. Birds of a feather...."
3 hours ago
Chris of the family Masters commented on Fat Freddys Cat's blog post MORE EXPERTS CONFIRM THAT FRANCE TOOK DOWN IL-20, & IDENTIFY FRIEND/FOE SYSTEM DID NOT FAIL
"Trying to take the heat off Israhell?"
3 hours ago
Chris of the family Masters favorited Fat Freddys Cat's blog post MORE EXPERTS CONFIRM THAT FRANCE TOOK DOWN IL-20, & IDENTIFY FRIEND/FOE SYSTEM DID NOT FAIL
3 hours ago
cheeki kea favorited Fat Freddys Cat's video
3 hours ago
cheeki kea commented on Fat Freddys Cat's blog post MORE EXPERTS CONFIRM THAT FRANCE TOOK DOWN IL-20, & IDENTIFY FRIEND/FOE SYSTEM DID NOT FAIL
"wow thats new, I'm not shockingly surprised french name pops up again-and again. They will take out anything, boats, planes and  even entire atolls, at a moments notice. "
3 hours ago
Fat Freddys Cat commented on Fat Freddys Cat's video
4 hours ago
Fat Freddys Cat posted a video

Immigration, World Poverty and Gumballs - NumbersUSA.com

Immigration - Global humanitarian reasons for current U.S. immigration are tested in this updated version of immigration author and journalist Roy Beck's col...
4 hours ago
Fat Freddys Cat posted blog posts
9 hours ago
skip barker commented on Deep Space's blog post Great Interview on the Il-20 Shootdown With a Russian Air Defense Colonel
"Actions cause reactions, in this particular case the action by the scum from israHell to illegally fly into a sovereign nation and perform acts of war and aggression without just cause, created the reaction that caused the missile to be fired. Now…"
11 hours ago
Deep Space commented on Diana's photo
Thumbnail

muslim

"Nah, he ain't doing any of that stuff. He's just giving your tax $$$ to ISIS & israel."
12 hours ago
Joe Golex commented on Diana's photo
Thumbnail

muslim

"This peace of SHIT. !"
12 hours ago
Joe Golex commented on Diana's photo
Thumbnail

muslim

"That piece if SHIT. !"
12 hours ago
Deep Space commented on Deep Space's blog post GAB.ai Is Getting Out Of Control - Popularity Is Exploding - Critical Mass Is Eventual - Meanwhile Twatter Is Censored By zionist Govt. Cucks
"GAB Gab has had mobile apps prepared for both iOS and Android devices since December of 2016. Unfortunately, due to Gab’s mission of defending free speech, individual liberty, and the free flow of information for everyone: Apple…"
12 hours ago
Central Scrutinizer favorited Deep Space's blog post Reacting to Nuke Violation Claim, Iran Says Nuclear-Armed Israel Must Be Forced to Join NPT - ABSO-FUCKING-LUTELTY!! ABOUT FUCKING TIME THOSE DIRTY TERRORIST KIKES FESSED UP ABOUT THEIR NUKES!!!
14 hours ago
skip barker favorited Know WON's blog post Joe Cortina Slams Defense Sec MAD DOG MATTIS
15 hours ago
skip barker commented on Know WON's blog post Joe Cortina Slams Defense Sec MAD DOG MATTIS
"For those that have not read Joe Cortina before, you can go to his site and read his past articles. If they don't fire you up and educate you, then you might be legally dead."
15 hours ago
skip barker commented on Know WON's blog post Joe Cortina Slams Defense Sec MAD DOG MATTIS
"Joe !!!!!! Cortina !!!!!! you are back, I missed you brother, I thought you might have ridden off into the sunset, but I can see by this article you may have been writing by candlelight. To anyone reading my comment, wait with baited breath for Joe…"
15 hours ago
Chris of the family Masters posted a discussion

Bizarre Vaccination Ritual.

Every child born in a hospital is administered Hepatitis B shot on the first day of life.Hepatitis B is sexually transmitted disease. New born sex-obsessed toddlers thus become protected. Anyway, premise of a vaccine is to build up the immune system…See More
16 hours ago
Chris of the family Masters favorited Deep Space's blog post Reacting to Nuke Violation Claim, Iran Says Nuclear-Armed Israel Must Be Forced to Join NPT - ABSO-FUCKING-LUTELTY!! ABOUT FUCKING TIME THOSE DIRTY TERRORIST KIKES FESSED UP ABOUT THEIR NUKES!!!
17 hours ago

Please remember this website is supported by your donations...

© 2018   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2015 - all rights reserved. unless otherwise noted