Economy

May 13, 2014

The economy: cuts to the poor, no advance to surplus, weak outlook

There's a host of spending cuts targeted at the poor, but no real dent in the deficit. If this is a budget emergency, the government isn't doing much to address it.

Bernard Keane — Politics editor

Bernard Keane

Politics editor

The first Abbott government budget, intended to address Australia’s “budget crisis”, will direct an array of spending cuts at the poorest without making a substantial advance toward surplus, amid a continuing weak economy, a deteriorating terms of trade and lower revenues.

Treasurer Joe Hockey has unveiled a 2014-15 budget deficit of $29.8 billion, compared to $33.9 billion for the same period in last December’s Mid-Year Economic and Fiscal Outlook.

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2 comments

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2 thoughts on “The economy: cuts to the poor, no advance to surplus, weak outlook

  1. klewso

    “Fie, Foe-Fee, Fums;
    I smell the blood
    Of society’s bums.
    Be they idle or employ-ed
    I’ll grind their dreams
    To make our bed”?

  2. Graeski

    In view of our new Prime Minister for Bitumen I vote for a new national anthem.

    “We’re on the Road to Nowhere”, by Talking Heads.

    Phony Joe and To-rag can lead us all in a sing-along.

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