The lesson that the federal government should not use a short-term cyclical revenue windfall to make structural cuts to taxes has been laid bare by Deloitte’s latest Business Outlook report, which projects that state and federal budgets will be hit hard by falling commodity and house prices. From The Guardian:
In its June quarter Business Outlook report Deloitte suggests rising global interest rates are combining with a bout of bank caution on lending that will accelerate falling house prices…
