Ponzi Pallas prepares austerity budget on virus

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Just what the doctor ordered, via Domain:

Victorian Treasurer Tim Pallas says he needs to cut $4 billion in spending from the state’s budget over the next four years to keep it in surplus amid “trying times”.

Mr Pallas’ new savings target doubles the $2 billion in spending he planned to slash, mostly through forcing the public service to find “efficiencies”, when he brought down the budget nine months ago.

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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.