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| Image From: http://media.cagle.com/76/2013/02/27/127914_600.jpg |
This cartoon is a very good example of the budget hole and with Julia Gillard talking a lot at Rootyhill RSL the pokies cleverly illustrate the issue at hand. The recent issue about a $12 billon hole in the budget has been all over the news. This isn't a small hole, its massive! With the goal to reach a 2.2billion surplus by 2015-16 it has just been shown in a budget preview on April 18, that ANZ economists examined a range of scenarios and tipped a probable deficit of $16.6 billion this year, as part of an overall plan to reach a $2.2 billion surplus by 2015-16. The bank said this would allow Australia to maintain its AAA credit rating and increase net debt only slightly to peak at 10.5 per cent of GDP over the coming five years.
Gillard blames the deficits on the long-term revenue writedown from lower company profits. But how much of this is true? We already see that the NBN is already going to cost way more than what was projected, let alone all the other spending the government has done. So is this just an excuse to cover up the mass spending? It's hard to trust a government that has already lied.
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