Depressionberg’s “astounding” budget spend actually extreme austerity

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He’s back on the tennis court of lies. Via Domain:

A deficit well beyond $200 billion is now expected, dwarfing the previous record of $54.5 billion set by the Rudd government during the depths of the global financial crisis in 2009-10.

One senior member of the government, speaking on condition of anonymity, said the size of the spending to be revealed in the October 6 budget would shock many observers, describing it as an “astounding” injection of assistance into the economy.

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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.