28.2 C
Byron Shire
February 4, 2023

$51b hole in budget: report

Latest News

Go Thistles!

Lismore Thistles Soccer Club has launched the Thistles Acceleration Program, in the process becoming the city’s only player development academy. 

Other News

Old ANZ Mullum

The old ANZ Bank building on Burringbar Street in Mullum is now a bathhouse; such yuppy city indulgence to...

Agreement on floodplains

The Echo reports Paul Toole, Minister for Regional NSW, stating that we must stop development on floodplains, stop making...

Dr Philip Nitschke to visit Lismore

Controversial founder and director of the pro-euthanasia group Exit International, Dr Philip Nitschke will hold a free public meeting on NSW’s new Voluntary Assisted Dying Act at the Lismore Workers Club on Saturday.

$3 million for regional news outlets in NSW

The NSW government has announced a new $3 million fund to assist regional communities to have access to trusted news sources covering the stories that matter.

Medicinal cannabis; a better way forward

For the first time ever, I am living my truths and no one is trying to hurt me because of it. This is a much better way. 

Nudging into a Smarter Summer

Nudge Nudge Wink Wink! 2023’s summer continues with a lineup that’s guaranteed to have you deliciously dancing from the moment you arrive. 

Prime minister Tony Abbott's government will deliver a $51 billion budget black hole this year. AP Photo/Jason DeCrow
Prime minister Tony Abbott’s government will deliver a $51 billion budget black hole this year. AP Photo/Jason DeCrow

A stubborn Senate and falling iron ore prices have reportedly blown a $51 billion black hole in the budget.

An analysis by consultancy firm Macroeconomics shows the nation’s growth rate will slip to 2.1 per cent next financial year from the three per cent estimated in the budget, Fairfax Media says.

Treasury had expected a $29.8 billion deficit this year to fall to $2.8 billion in fiscal 2018.

But the study found this year’s deficit would blow out to $47.8 billion and fall to $24 billion over three years.

The report attributes part of the decline to the iron ore price, which has fallen by $US20 a tonne since the budget’s release.

News of the budget hole comes as one of the Abbott government’s top advisers, Mark Textor criticised technology giants, like Apple and Google, for dodging tax on online content while TV channels paid.

He also accused business of not doing enough to sell GST reform.

Support The Echo

Keeping the community together and the community voice loud and clear is what The Echo is about. More than ever we need your help to keep this voice alive and thriving in the community.

Like all businesses we are struggling to keep food on the table of all our local and hard working journalists, artists, sales, delivery and drudges who keep the news coming out to you both in the newspaper and online. If you can spare a few dollars a week – or maybe more – we would appreciate all the support you are able to give to keep the voice of independent, local journalism alive.


  1. Hang on Mark Textor, you assume “accused business of not doing enough to sell GST reform.” is the answer to taxation reform, however you assume the best way to do this is punish the low income earners rather than the high income earners with the banted GST increase.

    GST is not the answer unless you wish to see an increase in inflation and the way wages are at present, it will hurt the lower socio-economic group of wage earners, rather than those that can afford luxury items.

    The best solution is put a halt to Negative Gearing and also to make the polluter’s pay for polluting, not tax payer’s paying the polluter’s to fix up their pollution, and what about the diesel subsidy?

    Can we afford these subsidies in our financial woes that seem to be prevalent since the LNP is stuck in a fiscal ‘black-hole’?


Please enter your comment!
Please enter your name here

Pothole protest gets immediate results

Psst: want to get Council staff to do something about the appalling state of roads in your neighbourhood? Organise a protest outside Mullum’s Council Chambers! By...

What’s Love Got to Do with It?

Art imitates life in What’s Love Got to Do with It? a 2022 British romantic comedy-drama film directed by Shekhar Kapur, from a screenplay by Jemima Khan.  The precis reads: ‘Set between London and Lahore, a filmmaker documents her childhood friend and neighbour’s arranged marriage to a bride from Pakistan.’

We’ve had the rain bomb, is a fire bomb next?

We had the Black Summer fires and then the floods and NSW Farmers says time is running out to prevent more mass bushfires at the end of this year.

A smorgasbord of flicks

This year’s smorgasbord of over 40 incredible short films are handpicked from a record 3,200 entries received for Flickerfest’s Academy® and BAFTA Qualifying short-film festival screened recently in Bondi, and Northern Rivers audiences are the first in Australia to experience the best of Flickerfest on tour. Highlights enjoying their Northern Rivers premiere include recent Academy® nominees and much-loved festival award winners alongside exciting, fresh, local talent.