Barnaby Joyce:Abbott’s grim choice

Describing global financial markets now as “nervous” is a clear understatement.

The risk of Greece defaulting on its debts is worrying investors everywhere.

At times like these, prudence is essential.

But prudence is not Barnaby Joyce’s strong point.

He has told  reporters that Australia is approaching the point at which it might not be able to repay its debts, either.

“We are getting to the point where we can’t repay it,” Mr Joyce said.

That brought a flat denial from the Federal Treasurer Wayne Swan, who said Australia’s relatively low level of foreign debt is the envy of advanced countries throughout the world.

The Prime Minister, Kevin Rudd, Mr Swan and Finance Minister Lindsay Tanner all called on the Federal Opposition Leader, Tony Abbott, to sack Mr Joyce from his position of  shadow finance minister.

Tanner said that while Mr Joyce is regarded as “an amusing sideshow” in Australia, foreign investors might well take him seriously, when he is quoted in global news services.

This was not Mr Joyce’s first slip.

He has previously cast doubt on the ability of both the United States,  and Australia’s States to repay their debts. The rural politician has also warned that Australia, itself, might face an “economic armaggedon.”

Mr Abbott has, so far, defended Mr Joyce, comparing him to a highly effective rural politician of a previous generation, “Black Jack” McEwen.

Mr Abbott, though, has also been forced to repudiate Mr Joyce’s suggestion that an incoming Conservative government would save money, by sacking public servants and cutting foreign aid.

Mr Rudd told parliament that Mr Abbott’s support for Mr Joyce showed just what a “risk” a Conservative government, under Mr Abbott, would be.

Australia’s next Federal elections are due before the end of the year.