Deloitte hoses ScoMo’s delusional Budget

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Via Chris Richardson at Deloitte:

Understanding the official forecasts (and how they pull a rabbit out of their hat)

The official forecasts in the 2017-18 Budget released in May aren’t at all well understood. They say that 3% of national income ($50 billion a year) will go from families and businessesinto Canberra’s coffers over the next four years, with that shift consisting of a big lift in the tax take and a modest nip and tuck in government spending (see Chart i).

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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.