If Australia were a company I’d write it off: Palmer

Mining magnate Clive Palmer has attacked the Gillard Government over the budget and declared he'd have to "write off" Australia if it were a company.

In another breathless attack yesterday Palmer told reporters if he or any other company director had to sign-off on the budget they'd be liable for legal action.

"[…] we'd be taken to court for misleading and deceptive conduct … and for producing a set of accounts which is a fraud on the Australian people," he said.

"If Australia was a company, I would have to write it off."

Palmer said the Government's budget plans were based on a "socialist and communist philosophy".

He also said he had not yet made a firm decision on moving into federal politics.

Last month he said he was seeking Liberal National Party preselection in the Brisbane seat of Lilley, which is currently held by Treasurer Wayne Swan.

In announcing the budget the Government said its financial plan for Australia would see the wealth generated from the mining boom spread to other sectors of the economy.

The Government said the mining tax would fund a family tax benefit of $600 for around 1.5 million families.

A new $1.1 billion allowance will also be directed to the unemployed, students, and parents with young children on income support.

A cash-in-hand bonus to schoolkids, and a $714 million loss carry-back scheme for small business will also be funded by the mining tax.

Image: The Courier-Mail

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