of trade deficit. The collapse in iron ore will smash the terms of trade. Swann says no worries he's got all of the downside of Europe and China factored into the budget. Rubbish. Labor will never deliver a surplus. The elephant in the room of course is house prices and the big four banks underpinning of the ASX. House prices are going to have the biggest crash this country has ever seen and the miracle bank profits will evaporate pushing the price of both down by 40%. Even the RBA has woken up and smelt the coffee albeit 6 months too late. What is the next interest drop going to be? 100 base points? The got in wrong badly. The biggest losers globally though will be the Chinese property investors both in China and here.