The media is awash with reports today that the Government’s Mid-Year Economic and Fiscal Outlook (MYEFO), released later today, is going to be a shocker, with revenue taking another $6.2 billion hit in just over six months mostly on the back of falling commodity prices (terms-of-trade), and Budget deficits projected to almost double to $100 billion over the next four years. From The Australian:
Mr Hockey told The Australian that total government cash receipts would see a “writedown of $21.7bn” when compared to the outlook in Labor’s last budget when Wayne Swan was treasurer.
