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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