An augury of Australian financial crisis

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An excellent piece from Laura Tingle over the weekend summarised the state of the Federal Budget:

In all, including $19.4 billion of ‘appropriations’ which traditionally Parliament does not block, the government has to date got Parliament to agree to cuts worth $25 billion over the next four years.

But a further $23 billion of budget measures remain in limbo, and there are a further $12.2 billion of pre-budget savings (including spending that was supposed to be funded by the mining tax) that are not going anywhere in the Senate.

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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.