- May 16, 2015
- 13,371
- 18,233
- AFL Club
- Adelaide
- Other Teams
- WWTFC,Chelsea,Glasgow Celtic,Lech Poznan
The cartoonist get it correct so many times.
BACK-TO-BACK SURPLUSES, THENSLIDING BACK INTO THE RED
CLARE ARMSTRONG - NATIONAL POLITICAL EDITOR
Australia’s federal budget bottom line will be $9.3bn in the black asTreasurer Jim Chalmers delivers the first back-to-back surplus in nearlytwo decades.But even with the significant turnaround since Treasury forecast a waferthin deficit of $1.1bn six months ago, the budget will slip back into the rednext over the forward estimates amid rising spending and higherunemployment.It comes after the federal government delivered its first surplus of $22.1bnlast financial year, with Mr Chalmers describing the second positive resultas a “powerful demonstration” of Labor’s responsible economicmanagement, which had made room for cost-of-living relief andinvestments in the future.“The forecasted surplus has come on top, not at the expense, of helpingthose doing it tough,” he said.“The budget will ease cost of living pressures, not add to them, andincentivise investment in a Future Made in Australia.”However by 2024-25 the budget bottom line will slip back into the red withweaker results than Treasury previously forecast in December.The budget position, however, will be stronger in 2027-28 when comparedto the December forecasts, which showed the budget still remained in thered.Over the next three financial years Treasury had expected combineddeficits of about $73.3bn, but it is now expected this result will be worsethan forecast.Finance Minister Katy Gallagher said since coming into office Labor hadfound more than $77bn in savings and reprioritisations to help the budgetbottom line.“We understand there’s still pressures on the budget, including spendingon the NDIS, aged care, hospitals, Medicare and debt interest,” she said.“That’s why we’ve put a premium on responsible economic managementthat strikes the right balance between strengthening the budget andfunding our priorities.”Speaking to his Labor colleagues in Canberra on Monday Prime MinisterAnthony Albanese said the budget would “make a difference” for allAustralians.“Our tax cuts for every Australian is a reminder that we want to represent… every single Australian,” he said.Mr Albanese said the budget was also focused on growing the economy forthe future.“The decisions that we make in this decade will set Australia up for thedecades ahead, and that is what a future made in Australia is about,” hesaid.Despite the upgrades to the budget bottom line this budget, gross debt isstill expected to head north of $1 trillion over the four-year forwardestimates period. Ahead of the budget Opposition treasury spokesmanAngus Taylor said the Coalition would propose to re-establish spendingrules that would ensure government spending growth did not outpaceeconomic growth at an unsustainable rate.“If Australian households are struggling with their budgets, and showingrestraint in their budgets, it’s time for the Australian government to showrestraint,” he said.Mr Taylor said Labor must re-establish the “fiscal rules” put in place bythe Coalition in the 1990s to have a structural budget balance “makingsure the economy grows faster than spending”
BACK-TO-BACK SURPLUSES, THENSLIDING BACK INTO THE RED
CLARE ARMSTRONG - NATIONAL POLITICAL EDITOR
Australia’s federal budget bottom line will be $9.3bn in the black asTreasurer Jim Chalmers delivers the first back-to-back surplus in nearlytwo decades.But even with the significant turnaround since Treasury forecast a waferthin deficit of $1.1bn six months ago, the budget will slip back into the rednext over the forward estimates amid rising spending and higherunemployment.It comes after the federal government delivered its first surplus of $22.1bnlast financial year, with Mr Chalmers describing the second positive resultas a “powerful demonstration” of Labor’s responsible economicmanagement, which had made room for cost-of-living relief andinvestments in the future.“The forecasted surplus has come on top, not at the expense, of helpingthose doing it tough,” he said.“The budget will ease cost of living pressures, not add to them, andincentivise investment in a Future Made in Australia.”However by 2024-25 the budget bottom line will slip back into the red withweaker results than Treasury previously forecast in December.The budget position, however, will be stronger in 2027-28 when comparedto the December forecasts, which showed the budget still remained in thered.Over the next three financial years Treasury had expected combineddeficits of about $73.3bn, but it is now expected this result will be worsethan forecast.Finance Minister Katy Gallagher said since coming into office Labor hadfound more than $77bn in savings and reprioritisations to help the budgetbottom line.“We understand there’s still pressures on the budget, including spendingon the NDIS, aged care, hospitals, Medicare and debt interest,” she said.“That’s why we’ve put a premium on responsible economic managementthat strikes the right balance between strengthening the budget andfunding our priorities.”Speaking to his Labor colleagues in Canberra on Monday Prime MinisterAnthony Albanese said the budget would “make a difference” for allAustralians.“Our tax cuts for every Australian is a reminder that we want to represent… every single Australian,” he said.Mr Albanese said the budget was also focused on growing the economy forthe future.“The decisions that we make in this decade will set Australia up for thedecades ahead, and that is what a future made in Australia is about,” hesaid.Despite the upgrades to the budget bottom line this budget, gross debt isstill expected to head north of $1 trillion over the four-year forwardestimates period. Ahead of the budget Opposition treasury spokesmanAngus Taylor said the Coalition would propose to re-establish spendingrules that would ensure government spending growth did not outpaceeconomic growth at an unsustainable rate.“If Australian households are struggling with their budgets, and showingrestraint in their budgets, it’s time for the Australian government to showrestraint,” he said.Mr Taylor said Labor must re-establish the “fiscal rules” put in place bythe Coalition in the 1990s to have a structural budget balance “makingsure the economy grows faster than spending”