One can then assume that transparency is not exactly of paramount importance, given that the previous largest Budget deficit was $18 billion back in 1992 -93 and 1993 – 94. The Budget Speech 2009/10 took most by surprise as it was pure political spin, better known as being politically correct – a A$57.6 billion was obviously deemed “Not For Publication”.

A$57.6 billion Budget deficit is nothing more than a temporary phase that our economy currently is experiencing , so Wayne Swan keeps reminding us. This was brilliant sugar coating as the reality of a double dissolution election jumps to the fore, given that the Budget deficit will escalate alarmingly should Federal Labor serve a full term.

Piers Akerman wrote on his Daily Telegraph blog “Prime Minister Kevin Rudd and Treasurer Wayne Swan have lost a word. They can no longer bring themselves to utter “billion”. Asked yesterday on radio why he’d declined to mention the precise deficit amount in Tuesday’s Budget speech, Swan replied to a direct challenge with the answer “57”.Not 57 billion. Just 57. Then, in Question Time, Rudd responded to a similar challenge with his reply, “57.6.” Sounds like a clue to me.

I read with interest the Macquarie Research Economics Report – “It is important to note, however, that the vast majority of policy action was taken by the Government prior to the formation of the 2009-10 Budget. As a result, policy actions in this Budget appear to be more targeted towards achieving political objectives rather than undertaking any major spending reform.”

Prior to Budget night we heard a record twenty one Budget leaks. In the Budget speech there were ten references to the word recession and two to the words Great Depression. This was modern day political conditioning, where the implanted theme was to expect the worse and then be suitably impressed with the outcome … again – a brilliant spin.

No doubt Ruddy Fantastic was rejoicing when last week, when the Reserve Bank of Australia (RBA) announced that it believes the current recession will not be as severe as the recession of the early – 1990’s. What the RBA failed to identify was that back in the 1990’s the internet had not been invented.

Well that’s a relief, we are already noticing overdue confidence within the Mosman real estate market. We foresee a tight winter as the expected avalanche of distressed properties hitting our markets simply won’t happen. One does not have to be an economist to realise that if supply is constrained then demand increases. We anticipate very few new properties being offered to the market until September.

The waiting game, which is happening everywhere as Peter Costello wrote in the Sydney Morning Herald www.smh.com.au on April 29, 2009 “Buy now and pay much more later.” The member for Higgins wrote “I’ve often wondered about those advertisements that offer: “Buy now. No repayments for 24 months. You pay nothing until 2011.” Pre – empting the forthcoming Swan Budget Costello wrote “I wonder if people ask themselves whether it’s going to be easier to pay more, later than it is to pay less now? Or do they just take the benefit today and leave the worrying until tomorrow. “For mine, a smart analogy, given that Australians now have a A$57.6 billion Budget deficit and the interest meter is running.

Peter Costello went on to write – “And there’s no repayment? Actually, the Government borrowed this money, so it will have to pay interest to the lenders. And since it gets all its money from taxpayers, it’s the taxpayers who will foot the interest bill.” For those residing in Fort Crumble – in less than a month our NSW government will deliver its budget and it will get even uglier as it is in deficit, which equates to more increased taxes. This budget has the potential to be the hardest cash grab in history, which adds fuel to why Ruddy Fantastic sugar coated his Federal Fudge – it. Expect a shocker which is actually in line with the way Fort Crumble has administered NSW.

In summation Peter Costello wrote – “I recommend that families enjoy the Government’s “buy now, pay later” policy because a bill is coming. And it will be a big one. We don’t yet know how many years, or decades, of interest payments are in front of us.”

“Retailers would not get away with the kind of sales technique the Government has engaged in. Retailers have to detail the number of repayments, the interest rate and the all up cost before the sale. You get to choose whether to take the package. What’s more, if a retailer gives misleading information the interest payments are suspended. Try getting that from the Federal Government.”

This week’s brilliant aerial capture by Tim Mooney is of Balmoral Beach Club and its Nippers squad – points a poignant question, how old will these nippers be before they see a Federal budget in surplus?

Now for the steak knives … Mosman Council is installing parking meters along Balmoral Beach and other harbour side locations from July, 2009. Interesting debate brewing and here is a video of those against. Many of those whom appear are subscribers to Virtual Realty News.

Reece Coleman, Director – Real Estate Services at Fairfax Digital has responded to our queries about property data in last week’s edition. Here are Reece’s responses – http://www.rwm.com.au/2009/05/the-mumbo-jumbo-of-politics-and-property-data/

Editions of Virtual Realty News, thanks to Ruddy Fantastic have been extended another two years as a direct result of the retirement age extension. I’ll make a mental note to write an edition then, called , where are they now? Let’s hope it won’t be a case of still paying off Ruddy Fantastic’s temporary budget deficit.

We have expanded our RWM real estate media platform where aside from weekly, Tim Mooney photographic contributions we will also be adding weekly videos for your enjoyment of our weekly E-Zine. We are always re-shaping our online industry with new technology investments and setting new industry standards.

Next week – we assess Malcolm Turnbull’s Budget response and from what I observed he was smoking!

Cheers ^__^

For this week’s recorded Mosman real estate, Cremorne real estate, Neutral Bay real estate and Cammeray real estate sales http://www.rwm.com.au/news/

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