What do realistic assumptions do to Morrison’s Budget?

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Recall Scott Morrison’s Budget fantasy:

From Stephen Anthony today:

On budget night, Scott Morrison pivoted from deficit-busting achieved through spending cuts, to a higher tax strategy — raising the Medicare levy and imposing the new bank levy — and by projecting rosy growth rates. He has assumed surging growth in tax receipts (from households and businesses) averaging 7 per cent over the outlook. He has assumed welfare payments to households will grow less than 2 per cent in nominal terms over the same period.

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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.