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Showing posts with the label ELECTION 2020

80% OF O'NEILL GOVT MPS SET TO LOSE THEIR SEATS IN 2022

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by BRYAN KRAMER MP Up to 80% of sitting Members of O'Neill Government are expected to lose their seat following 2022 General Elections. Why? Corruption and mismanagement of the Economy. The last time our economy nose dived was in 1997 and 1998 under Skate PNC Government, a Government Peter O'Neill was a key adviser to. In just two years under a PNC led Government Kina plunged in value from being one and a half times stronger than Australian dollar in 1994 to less than 37 cents by end 1999. Interest rates on Government Treasury bills was as high as 24% which would normally be between 6%-9%. Lack of confidence in Skate Government also saw investors and private sector rush to send funds out of the country, concerned over the Kina fast losing its value. This caused a serious shortage in foreign currency reserves that went from US$500 million in 1996 to as low as $80 million by middle of 1999. In 1996 the debt levels were around 36% in less than one year under Skat