Showing posts with the label RESERVE


by BRYAN KRAMER Prime Minister Peter O'Neill continues to issue misleading statements about the real state of the economy including the Government's true debt levels. On 3rd March 2016 O'Neill delivered a speech before Australian National Press Club in Canberra where he highlighted serious decline in world prices for our oil and gas and our minerals over the last 12 to 18 months has had a serious impact on our economy. "I do not want to sugar coat the pressures that we are facing with our people. We have an open dialogue on what we are doing to confront these challenges" he said. He went on to explain just a couple of years ago - "royalties and taxes from the resource sector totalled close to two billion Kina. Last year it amounted to just 260 million Kina - barely one eighth of the previous year’s revenues, and we expect the same in 2016" he said. He said as a result his Government was forced to revise his budget estimates downwards and liv