As a recent Grattan Institute report showed, Australian governments face a decade of deficits unless governments make tough decisions to both reduce expenditure and increase taxes. How does the 2013-14…
There has been a mixed initial reaction to Treasurer Wayne Swan’s sixth budget from industry and community groups. Big business says it is disappointed with Wayne Swan’s sixth federal budget, laying doubt…
What is almost certainly the Gillard government’s last budget delays the attack on the deficit and concentrates on entrenching “legacy” programs, for which Labor hopes to be remembered. Dealt a difficult…
Australian Federal Treasurer Wayne Swan has handed down his sixth budget, facing an almost impossible task: how to reconcile an enormous revenue shortfall with big spending promises, all while keeping…
How did the Australian economy, which boasts the best performance of the major advanced economies, end up with an estimated budget deficit of A$19 billion this year and an estimated debt of $178 billion…
Treasurer Wayne Swan has delivered a budget with a A$19.4 billion deficit this financial year, falling only to $18 billion in 2013-14. The government would aim to bring the budget back to “balance” – less…
Softening up voters for harsh measures, Julia Gillard observed a fortnight ago that “Tuesday 14 May will be no old-fashioned pre-election budget night”. The budget would not be a “political pamphlet” but…
Last year the Australian governments (federal and state) spent AU$6.23 billion on the budget line “climate change and environment”. This probably seems a reasonable amount to most taxpayers, compared to…
How will we know whether or not Treasurer Wayne Swan’s federal budget is a good one? The popular test used to be pretty simple: deliver jobs for all or face the axe. Even when the old Keynesian-style full-employment…
The government is facing two options to tackle its budget deficit: significant cuts in government expenditures or increasing taxes to close the gap with spending. Prime Minister Julia Gillard has already…
The debate about long-term public finance and the role of government is one that is most definitely needed. However, there are two aspects to this debate that are often conflated. First, there is the issue…
Although the national budget is now apparently $12 billion in debt, a welter of state governments are pressing the federal government for support to build new freeways. The Victorian Government has just…
The good times are over. That’s the message both parties are sending out ahead of the budget and September’s election. Shadow treasurer Joe Hockey promises major cuts to spending and welfare if the coalition…
No sooner had Treasurer Wayne Swan accused the Europeans of “mindless austerity” a month ago than he embarked on a resolute but most likely counter-productive search for cost savings in the coming May…
Labor has said all options are on the table to address Australia’s structural deficit and falling tax revenues, following disclosure this week of a $12 billion revenue shortfall, just weeks from the federal…
Today’s announcement by the government that it has a $12 billion “black hole” had the status of a confession. It needn’t have. All talk of “black holes”, “revenue shortfalls” and “structural deficits…
All Australian governments, and ultimately all Australians, are faced with making tough decisions in their budgets. Without significant reductions in government expenditures and the services they provide…
The estimate of budget tax revenue collection for 2012-13 has been further slashed, with the Treasury now saying it will be $12 billion less than forecast in October. The revision is another blow to a…
There can be no dispute with last week’s call from the Business Council of Australia for meaningful tax reform. This is a larger issue than both the looming budget and September’s election. However, it…
Structural changes in the economy are likely to leave Governments across Australia facing budget deficits of around 4% of GDP for at least the next decade, according to research released today. The Grattan…