Two a penny

Lynched – Brian Buckley – The Life of Phillip Lynch used paperback: .1991 edition – in good condition The Biography of Phillip Lynch one of the architects of “The Dismissal” About Philip Lynch Sir Phillip Reginald Lynch KCMG (27 July 1933 – June 19 1984) was an Australian Liberal politician. Lynch held the House of Representatives seat of Flinders from 1966 to 1982. Between 1968 and 1972 he served variously as Minister for the Army Minister for Immigration and Minister for Labour and National Service under Prime Ministers John Gorton and William McMahon. In opposition from 1972 to 1975 he was Deputy Leader of the Liberal Party. He was also the Deputy Leader of the Opposition as then Liberal leader Billy Snedden had refused to give the title to the Country Party leader Doug Anthony. After his party won back government in 1975 Lynch continued as Deputy Leader of the Liberal Party until his retirement in 1982. Malcolm Fraser appointed Lynch Treasurer in 1975. When the Treasury portfoli Comments (0)

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The Government has no plans to change superannuation entitlements or raise the age of eligibility in the face of a Treasury report’s dire warnings of the burden of an ageing population.

Treasury secretary John Whitehead today warned New Zealand’s net debt could reach $2 trillion by 2050 if government spending followed historic trends.

The statement showed the Government was currently issuing about $250 million a week in debt.

Releasing the treasury’s long term fiscal statement this afternoon, Mr Whitehead said “as a nation we are going to have to make some choices about what we want”.

“The only options that are feasible are options of changing taxes around.

Finance Minister Bill English said the Government would not go back on its promise to retain entitlements but the next round of tax cuts would not be happening in the short term.

“If we can get some better results on the economy then we will get some more tax revenue in. We will need to collect all the current amount of tax,” he told reporters.”

Growth in Government spending has averaged 6. But in the shorter term there isn’t an option on giving away a whole lot of revenue.2 percent over the same period.3 percent a year for the past 15 years, in total more than 20 percent higher than economic growth, at 5.The shift in the past three years was partly due to lower revenue and increased expenses from the recession, and revised growth and revenue predictions.

The statement more than doubled the projected net debt from the 2006 forecast to 223 per cent of GDP by 2050 if things did not change.

Mr Whitehead noted the imminent threat to government spending liabilities from the increasing 65-plus age bracket.

Also contributing to the shift was the increased expense of new Government policies over the past three years.

“By 2050 the ratio of people 65 and over to those of working age will double,” Mr Whitehead said.

A quarter of Government spending currently went towards that group, which made up 12 per cent of the population. .

Mr Whitehead emphasised he did not expect the worst case scenario to come true, but it was up to the Government to make the necessary choices to address the fiscal issues highlighted in the statement. Treasury’s given the same advice about super for 20 years, it hasn’t changed.

“Future Governments haven’t made the undertakings the current Government has made.”

More people were choosing to stay on at work longer and Mr English expected that to increase. We made an undertaking and we are sticking to that undertaking.”

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Unemployment is now set to go above the Treasury’s previous worst-case scenario of 7.2 per cent, leaving a further 60,000 people jobless by next year.

Officials’ latest predictions are increasingly pessimistic, as the recession appears likely to last more than two years.

The Treasury warned yesterday that the recession, which started in January 2008, would last at least until March 2010.

But Prime Minister John Key says he is sticking to his “optimistic and sunny” approach, predicting a rebound at the end of the year.

It had forecast unemployment to peak at 7.

The outlook was now worse for 2009 and 2010 than even its most pessimistic view last December.2 per cent in 2010. It is also likely to forecast a big blowout in Budget deficits and in extra borrowing to pay for them. Though it has not updated that forecast, it seems certain the May 28 Budget will predict much longer dole queues next year.5 billion an $11. .

The biggest change has been in the fortunes of our major trading partners, which in December were expected to grow by 0.6b turnaround on pre-election forecasts.4 per cent in 2009.4 per cent in 2009.

However, Mr Key repeated yesterday that he expected economic growth would rebound “quite aggressively”.8 per cent.

That has put him at odds with Finance Minister Bill English, who believes a much slower recovery is likely because it will not be as easy to obtain credit as in past rebounds. He said he had not given up on a recovery later this year.

“We have the same strategy and .

Mr Key said he was “locked at the hip” with Mr English on the measures needed to bring the country out of recession… “The speed you can argue about, but the prescription’s the same. we are in agreement about what is required,” he said.

The Treasury said household spending and business investment remained weak.

The Treasury said household spending and business investment remained weak.

Businesses reported falling profits and great uncertainty.

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There were some positives. The lower dollar was buffering exporters against falling demand. Some firms reported steady sales in niche markets and in areas where demand had increased, such as for beef and infrastructure investment.

The primary sector was showing resilience, with dairy production up and demand for meat steady.

“More UK consumers are choosing to eat lamb at home, while more American consumers are switching to the beef supplied by NZ farmers.”

However, construction, retailing, manufacturing, tourism and wholesale trading were weak.