Budget sinks on AAA bastardry

Thursday, 18 August 2016

Bill Shorten is holding out against $6 billion in budget cuts he “banked” in Labor’s election platform only weeks ago, shattering talk of a consensus on fiscal repair as he blasts Malcolm Turnbull for trying to legislate the savings.

Labor prepared the ground to reject or amend the most controversial measures, including cuts to renewable energy funding and welfare programs, despite renewed calls for both major parties to find common ground to fix the nation’s $37bn deficit.

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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.