Shorten launches operation Budget payback

Sunday 14 December 2014

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.

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.