WA budget into the pit

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From News comes no surprise:

A day after Premier Colin Barnett conceded a deficit could not be avoided, Treasurer Mike Nahan released the September quarter financial report showing an operating deficit of $347 million for the period.

…But Mr Barnett has flagged a grim mid-year review, which will be handed down next month.

He said yesterday that the state’s finances were “not pretty” and foreshadowed higher fees and charges for households.

What you need, Comrade Colin, is more iron ore in the West Pilbara to boost your volumes. Oh, wait…

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.