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Two weeks in, Hockey’s Budget is smoked

Monday, 1 June 2015

It’s hard to believe but Australian Budget ineptitude is accelerating. For the past few years we’ve had to wait at least a few quarters into the new financial year to see the Budget deteriorate below its forecasts. The culprit every year has been falling commodity prices taking Treasury by surprise (especially iron ore):

However, this year we’ve only had to wait two weeks for the Budget outlook to be rendered utterly redundant, a record surely for any regime.

The problem for this Budget was noted by MB on the night it was released.

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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.