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Byron Shire
February 4, 2023

$51b hole in budget: report

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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.


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1 COMMENT

  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’?

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