MYEFO brings the austerity

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Oh yeh, they’re nuts alright, via The Australian:

The budget has been hit with a writedown of more than $30 billion in government revenue due to the weaker global outlook and an expected downgrade in domestic economic growth to around 2.25 per cent.

But the government will ­remain on track to deliver surplus budgets over the next four years, with major savings expected from reduced government spending.

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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.