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The Latest Breaking News from MYEFO

Australia has a big gap between tax and spending. And the people whingeing about it are part of the problem, not the solution.

Crikey

A predicted deficit will get the headlines but remember that budgets are about choices

Right now the government is choosing to deliver $50bn a year to the richest 10% of Australians for no discernible benefit to the nation

The Guardian - AU

Chalmers reveals lower deficit this year, and billions more in deficits beyond

Economists expected blowout in this year’s mid-year budget update, but the government has unveiled a smaller deficit (with the blowouts coming later).

Crikey

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read the most diverse news in one place.

Five things Myefo tells us about the state of the Australian economy

The economy’s rebound won’t be as strong as anticipated and more government rebates seem to be pencilled for the coming year

The Guardian - AU

Federal budget $27bn in the red and won’t return to balance for a decade, Myefo forecasts

Budget downgrade blamed on Australian economy being hit harder than anticipated by higher interest rates, cost of living pressures and global uncertainty

The Guardian - AU

Australian mining exports could plunge $100bn over four years due to China slowdown, budget update suggests

Company tax receipts to be revised downwards for the first time since 2020, mid-year budget update reveals

The Guardian - AU

2024 budget delivers minor surplus but deficits loom over economy as Australia’s spending ramps up

Major shortfalls predicted over next two years as Jim Chalmers downplays potential for inflationary pressures

The Guardian - AU

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Australia budget 2024: the six graphs you need to see

A surplus matters less than what choices the government makes in its budget – here’s what Jim Chalmers’ statement tells us

The Guardian - AU

Second surplus on track for Australia but budget will report a fall in revenue, treasurer says

Jim Chalmers says slide in iron ore prices and uptick in jobless rate mean budget will report a much smaller revenue upgrade than in recent years

The Guardian - AU

Wait — Abbott’s 2014-15 budget wasn’t that bad, in one crucial respect

Everyone agrees the 2014 budget was a disaster, right? Here’s why, economically, it was actually pretty sound.

Crikey

Golden zone: could Australia’s economy pull off a miracle in 2024?

Signs suggest inflation and interest rates may fall considerably without killing growth or employment. The government will be desperately hoping so

The Guardian - AU

Look closely — there are real warning signs in Labor’s MYEFO budget report

The release of the MYEFO report shows tax revenues roaring back. The main reason? Abolishing a tax concession for low- and middle-income earners.

Crikey

Jim Chalmers’ lucky budget surplus is no comfort to workers whose pay is shrinking

It’s hard to get excited about Myefo figures when median earnings fell, stage-three tax cuts remain sacrosanct and there are no new measures to relieve cost-of-living pressures

The Guardian - AU

Myefo 2023: what’s in Labor’s end-of-year budget outlook and what does it mean for you?

Slashing infrastructure projects and limiting spending while raising tax receipts are some of the ways the federal government hopes to curb inflation

The Guardian - AU

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The Conversation

There's a glimmer of hope in the mid-year budget update, but inflation is still a big challenge

The federal government knows people are doing it tough. Inflation and interest rate pressures have put the cost-of-living at the forefront of voters’ minds.

The Guardian - AU

Federal budget improvement is good news for Jim Chalmers but households still face squeeze

While commodity prices are propping up revenue and a likely surplus, household consumption is flat and savings have fallen – and there’s an election coming

The Guardian - AU

Myefo 2023: Australia’s federal budget on track for wafer-thin $1.1bn deficit

Mid-year economic and fiscal outlook reveals $12.8bn improvement in budget bottom line due to strong labour market and commodity prices

The Guardian - AU

Australia’s economy 2023 report: how it started v how it’s going

Stronger than expected population growth made inflation hardier than most experts predicted and property prices defied successive rate rises

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The Guardian - AU

Factcheck: Does the federal 2022-23 budget contain $3bn of secret cuts?

Labor is accusing the Coalition of hiding billions in cuts, but Simon Birmingham says they are decisions taken but not announced

People

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