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: 35

Attachments:

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

Doc Vega, Chris of the family Masters, cheeki kea and 3 more were featured

 

Latest Activity

Doc Vega posted blog posts
9 hours ago
Doc Vega posted photos
9 hours ago
tjdavis posted blog posts
10 hours ago
Less Prone commented on Less Prone's blog post Essay: 10 reasons the Republicans should end funding the war in Ukraine
"VV, Absolutely. They are thiefs and murderers. People are dying because of their decisions."
12 hours ago
steve commented on rlionhearted_3's photo
15 hours ago
rlionhearted_3 commented on rlionhearted_3's photo
Thumbnail

Shotgun blast, rifle shots and handgun shots. No blood.

"Are the shoes in the two pictures the same?"
15 hours ago
rlionhearted_3 posted a photo
15 hours ago
Voco Veritas commented on Less Prone's blog post Essay: 10 reasons the Republicans should end funding the war in Ukraine
"I know of 30 Trillion reasons that the entire republicrap crime syndicate should be disbanded and…"
15 hours ago
Sandy favorited Doc Vega's blog post Nashville, Tennessee and Another One Bites the Dust!
yesterday
Ragnarok posted videos
yesterday
artimusmagnus posted a status
yesterday
Sandy posted videos
yesterday
tjdavis posted a video

AI and Useless Class | Yuval Noah Harari | GREAT MINDS

The bestselling author and historian Yuval Noah Harari who is considered one of the world's most influential public intellectuals today, talks about the impa...
yesterday
Doc Vega favorited tjdavis's blog post Houston We Have Your Problem
yesterday
Doc Vega commented on tjdavis's blog post Houston We Have Your Problem
"A humble servant for 28 years? More like a whack job for 28 years that only idiots would…"
yesterday
Doc Vega favorited tjdavis's blog post Hanoi Jane It’s Alive
yesterday
Doc Vega commented on tjdavis's blog post Hanoi Jane It’s Alive
"She was full of shit then and she's full of shit now! "
yesterday
cheeki kea commented on steve's blog post The juws in Fla are assaulted with FACTS and TRUTH which the cry babies call "anti semitic"
"There is not a single day that goes by that we don't hear some sort of lies or crap screwing…"
yesterday
Doc Vega posted blog posts
yesterday
Less Prone favorited tjdavis's video
yesterday

© 2023   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted