As the Budget falls apart on pressure from cuts to ludicrous forecasts and the iron ore hammering, Prime Minister Turnbull is softening us up for little to no action, from The Australian:
An analysis by The Australian shows that Treasury’s decision to jettison its highly optimistic growth projections will leave the budget deep in deficit at the end of the 10-year, medium-term period, before allowing for further softening in Chinese demand for our exports. A predicted surplus of $16 billion in 2021-22 could be virtually wiped out.
…“This doesn’t mean we should just go out and slash and burn, cutting individual spending programs irrespective of their benefits to the community.”