Stephen Parker and Michelle Grattan take a look what confronts both Malcolm Turbull and Bill Shorten in the coming weeks.
Articles on MYEFO
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Having landed the innovation statement on a cloud of optimism, the Turnbull government faces some character-forming days in the coming week.
The MYEFO numbers aren’t going to be pretty - but the projected future budget deficits are a fantasy.
Australia faces a remarkably similar list of challenges to Canada.
Too often the government’s economic plans have relied on overly optimistic expectations of future growth.
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.
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…
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…
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…
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…
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…
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…
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…
The budget is projected to return to surplus in 2019-20, according to the budget update which shows this financial year’s deficit has blown out from less than A$30 billion to more than $40 billion. Treasurer…
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…
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…
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…
The current economic environment, with its “headwinds”, reinforced the importance of getting the budget back into order, Treasurer Joe Hockey has said in a ministerial statement as parliament prepares…
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…
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Professorial Fellow, University of Canberra
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Emeritus Professor of Economics (Griffith University) and Teaching Associate (University of Queensland), Griffith University
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