RR Phantom
Location : Wasted Space Job/hobbies : Cayman Islands Actuary
| Subject: OZschwitz statists fuck it up again: A decade of deficits forecast Sun Apr 21, 2013 7:19 pm | |
| Australia faces a decade of budget deficits with the annual total set to pass $60 billion in 2023 unless governments take tough action to "share the pain", an expert panel has warned.
The Grattan Institute's assessment comes as Treasurer Wayne Swan confirms the budget has taken a $7.5 billion hit since the midyear update in October.
He told the ABC from Washington: "We have seen the terms of trade come down but the dollar didn't move. That's caused a hit, if you like a sledgehammer, to revenues in the budget since the midyear update of something like $7.5 billion. And of course the impact won't just be in this financial year. It will also be across the forward estimates."
Read more: http://www.canberratimes.com.au/opinion/political-news/a-decade-of-deficits-forecast-20130421-2i8hh.html#ixzz2R8vMcWzq
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