From David Uren:
Although not a major blow to this year’s budget balance compared with the plunge in the iron ore price, Treasury was expecting a boost to the terms of trade as higher value LNG started coming on-stream from 2016 onwards, with tax revenue to start flowing a year or two later.
Deloitte Access Economics partner Chris Richardson yesterday said the budget outlook confronting the Abbott government had become worse, even since his firm released its review of the budget two weeks ago.
