Labor to overhaul captured Budget forecasts

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By Leith van Onselen

Shadow treasurer Chris Bowen says the revenue projections and economic forecasts to be outlined in the April 2019 Budget will be revised by Labor if it wins the federal election. He has flagged plans for Labor to hand down a mini-budget in the September quarter. Labor is also widely tipped to sack Treasury secretary Phil Gaetjens if it wins the election, while it plans to shift responsibility for preparing economic forecasts from Treasury to the Parliamentary Budget Office. From The Australian:

Labor has foreshadowed a far-reaching overhaul of Treasury’s responsibilities and has also indicated it has no confidence in Treasury secretary Phil Gaetjens, who was formerly chief of staff to both Scott Morrison and Peter Costello as treasurers.

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.