Creating lots of new money is supposed to produce runaway inflation. The longer that it doesn’t happen, the more this branch of economics appears to have a point.
Deputy Prime Minister Barnaby Joyce said that when the Coalition lost government in 2007, Australia was owed billions by the world – but that when the Coalition regained power in 2013, Australia was in debt. Is that right?
Much is expected of South African President Jacob Zuma when he delivers his 2016 State of the Nation Address.
Reuters/Sumaya Hisham
The general loss of faith in the economy is the most important issue President Zuma must address. More radical social and economic transformation, with emphasis on land reform will be most critical.
Treasury secretary John Fraser says if Australia were to permanently reduce net debt, it would have to achieve sustained structural budget improvements.
Lukas Coch/AAP
Australia should not be complacent about maintaining its top credit rating, which depends on achieving budget repair and a more diverse economy, Treasury secretary John Fraser has said.
The budget deficit is going to be way more than $35 billion.
AAP/Tracey Nearmy