MYEFO

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Australian aid can make a difference to the lives of millions – but there are few votes and little media interest in it, so it’s an easy target for budget cuts. John Bransby/Department of Foreign Affairs

A fair budget? Not for the poor losing Australian aid in record cuts

Foreign aid will fall to close to 90 cents in every A$100 of federal government spending in the 2015 budget -- its lowest level ever.
Australia’s mid year budget figures reveal an even deeper reliance on China than has been thought. AAP/EPA/WU HONG

Why China remains our best hope to repair budget woes

Wayne Swan couldn’t do it. Joe Hockey has tried and failed. Getting the budget back in black is proving to be mission impossible. But it could be a whole lot worse. The Commonwealth Government’s bottom…
Amidst the hugging of cuddly animals, G20 leaders talked growth. Andrew Taylor/G20 Australia/AAP

2014, the year that was: Business + Economy

In April, Treasurer Joe Hockey set the tone for his economics policies in a speech in New York on what he referred to as ending the “entitlement culture”. Hockey, who had given a defining speech in 2012…
In the dark? Ignoring revenue has stymied Australia’s budget debate. Shutterstock

Without revenue, Australia can only have half a budget debate

The missing element in this week’s mid-year economic and fiscal outlook, and more broadly, in current government policy, stares Australians in the face. Revenue needs to be increased. Increasing taxes…
A$1.8 billion is no longer available to help populations in our neighbouring countries achieve a decent standard of health. Gates Foundation/Flickr

How cuts to foreign aid will reduce health care in the region

The federal government’s Mid-Year Economic and Fiscal Outlook announcement this week to cut the foreign aid budget by a further A$3.7 billion over three years is unprecedented. The current government has…
MYEFO increases the fall in the terms of trade forecast, meaning our income recession will deepen. AAP/Lukas Coch

MYEFO projections signal a deepening income recession

Australia is now in an income recession. A fortnight ago, when the National Accounts revealed a second quarter of negative growth in seasonally adjusted real gross domestic income, treasurer Joe Hockey…
To prevent future pain, the government can’t put off tough decisions on tax. Lukas Coch/AAP

Why it’s time to hike the GST and levy an inheritance tax

The government’s recent budget outlook (MYEFO) confirmed that the Australian government budget is rotten at the core. The government is hopelessly living beyond its means, with expenditure greater than…
This government is fond of comparing the economy to a household budget - but there is one really major difference. AAP/Lukas Koch

Why the federal budget is not like a household budget

Treasurer Joe Hockey is experiencing difficult times. Deteriorating terms of trade and an uncooperative senate mean that he cannot deliver the surplus when he said he would and he cannot continue to cut…
Treasurer Joe Hockey and Finance Minister Mathias Cormann say the government’s mid year outlook sets the path to budget recovery. AAP/Lukas Coch

Federal budget deficit climbs to $40.4bn: experts react

The federal budget deficit will blow out to A$40.4 billion in 2014-15, up from the $29.8 billion forecast in May’s budget, according to the Mid-Year Economic and Fiscal Outlook (MYEFO) released today…
Treasurer Joe Hockey has sought to make a virtue of what will be a substantial worsening of the projected deficits. AAP/Lukas Coch

Some barnacles can’t be removed in time for Christmas

Some barnacles are not, it seems, able to be removed – certainly not in time for Christmas. As the political year grinds to its end, the Prime Minister’s Office is under almost as much attack as that of…
Treasurer Joe Hockey is expected to report this month that the budget balance is deteriorating in his mid-year economic and fiscal outlook. Alan Porritt/AAP

Australia needs higher taxes, not spending cuts

The federal budget balance is expected to deteriorate. The reasons are numerous but, in a lengthy statement, the government sums it up in terms of two key factors. These are: the softer economic outlook…
Mining magnate Andrew Forrest might be be down $2 billion, but the decline in commodity prices is just one of many factors hurting Tony Abbott’s budget bottom line. Nikki Short/AAP

Productivity could trump the iron ore price, but who’s counting?

In the wake of a falling iron ore price that has cut his personal fortune by more than A$2 billion, Andrew Forrest has remained unperturbed, saying: “I didn’t count on the way up, and I’m not counting…
There was no plan in treasurer Joe Hockey’s MYEFO to get the economy out of a slump, and it looks like staying there for some time. AAP/Alan Porritt

MYEFO: how can the Abbott government fix Australia’s economy?

Sooner or later, the Abbott government will have to stimulate the economy using fiscal policy – just like the Rudd government did in response to the global financial crisis and the Howard government did…
Prime Minister Tony Abbott may believe economic growth will solve Australia’s budget problem, but Joe Hockey should be looking for solutions elsewhere. Alan Porritt/AAP

Hockey can’t grow us out of trouble: lessons in budget repair

The mid-year budget update released on Tuesday — known as MYEFO — largely tells close observers what they knew already. The Commonwealth budget doesn’t add up. Revenues don’t cover outgoings. The numbers…
All options considered: Treasurer Joe Hockey has unveiled a bleak outlook for the May federal budget. AAP

‘All options on the table’: Hockey unveils MYEFO, experts react

Federal Treasurer Joe Hockey’s first budget update has revealed a massive blowout to the bottom line and a warning of a decade of deficits ahead. The government’s Mid-Year Economic and Fiscal Outlook (MYEFO…
Bad news: Federal Treasurer Joe Hockey delivered a bleak outlook at the National Press Club in Canberra. AAP/Alan Porritt

Hockey delivers bleak economic forecast

Australia’s debt would hit A$667 billion – more than a quarter of GDP – in a decade on present projections, according to…
Joe Hockey will today deliver his first MYEFO. AAP/Stefan Postles

Massive deficit comes wrapped in blame

The budget update released today will reveal that without policy changes, Australia’s cumulative deficits would total more…

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