Still not convinced? OK, well here’s NBN chief Mike Quigley, also in 2010, presenting the fledgling enterprise’s first corporate plan: “Based on the assumptions made by the company and set out in the plan, NBN Co expects to generate an internal rate of return of 7 per cent per annum – in excess of the government’s cost of funds, or long-term bond rate.”
So when Mr Rudd now suggests “it would be useful” if this newspaper “could analyse the NBN in terms of the facts rather than a highly selective rendition of history”, we can only assume the bloke is either pathologically dishonest or right royally demented.
As for “reflecting for a moment on where Australia might be today were it not for Henry’s role a decade ago” during the Global Financial Crisis “before the national zeitgeist turns Henry into a national scapegoat for the ills of an entire industry”, we all know Rudd is really asking us to reflect on his own role.
“No amount of revisionism can detract from the fact that this country did not lose a single financial institution; no deposit holder lost their savings; and Australian was the only advanced economy not to go into recession,” Rudd boasted in Saturday’s edition of The Sydney Morning Herald. Rich coming from the greatest revisionist of them all.
Because no amount of revisionism can change the fact that, at that time, gross government debt was zero and today it is $541.7 billion ($32.7 billion of interest paid on it by Labor’s last budget of FY14, and plenty more since); that taxpayers banked or reduced personal debt with more than $7 billion in cash payments; that any government would have guaranteed the banks’ international credit lines and their domestic deposit balances; and that Dr Henry never told Rudd to “go early, go hard, go kill people insulating households”.
Here endeth the lesson.