Company taxes alone are expected to be $13.2 billion lower than forecast for the just completed financial year while in 2020-21 they are tipped to be $12.1 billion lower. The falls are akin to those suffered during the global financial crisis.
Treasurer Josh Frydenberg in his office working on his speech ahead of delivering his economic statement.Economists are expecting the deficit for 2019-20 to reach at least $90 billion while the current year's deficit could top $200 billion. The worst of the damage will come through personal income taxes, which account for almost half of the federal government's total revenue. Unemployment, expected to reach 8 per cent in the September quarter and go higher by year's end, and the lowest wages growth on record will punch holes worth tens of billions of dollars into the budget.
The update will focus on the limited scope of extra spending by the government expected beyond the current financial year, with Mr Frydenberg to highlight the budget's "structural integrity" was being maintained.
swrighteconomy Why? 20 years of LibLab incompetence and corruption is what it is. Population ponzi, debt driven property speculation economics. Selling our sovereign wealth off to cartels, rent seekers and oligopolies and no plan to build a productive or sustainable sovereign economy.
leftboomer swrighteconomy
swrighteconomy If he tries to jawbone his way out of the hole, know the situation is much worse.
swrighteconomy Morrison makes Rudd look like a penny pincher.
swrighteconomy Well done Josh! LNPfail auspol
swrighteconomy 'international headwinds' Oh no, Josh Frydenberg talking about headwinds, he can't even run an economy with a tailwind. auspol
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