The budget surplus is almost certainly gone as economists warn the Morrison government's run of good luck has finally ended with the coronavirus and bushfires punching holes in revenue and forcing up spending.
in a move expected to hammer the education sector and block 100,000 international students from entering the country in time for the start of semester, government sources confirmed.The Reserve Bank has estimated the bushfires would cut economic growth by 0.2 percentage points through the December and March quarters, while the drought would likely depress GDP by a quarter percentage point through all of 2020.But it has yet to determine the financial fallout from the coronavirus.
Former RBA board member and internationally respected economist Bob Gregory said because the coronavirus would have a depressing impact on the economy, it made sense for the government to spend more to support the economy. "A lot of the government response, just listening to the Treasurer, is political and not economic. They have locked themselves into building a surplus and they don't want to lose it," he told"But it is clear that their surplus plans for the future were really unsustainable unless they had really good luck. So if the coronavirus did not get them this year, something else would in the near future, namely lack of wage inflation.
swrighteconomy Remember how LNP derided Wayne Swan for letting the surplus go once the GFC hit?
dodona777 swrighteconomy What 'No Surplus' - but they took $b's from NDIS, Welfare, Hospitals, Education. Where did it all go, Christmas Island and subsidies for Fossil Fuels. moneymanagersmyarse
swrighteconomy The main reason Australia's luck has run out is because it's plagued with economists and politicians who believe in 'surplus'. Greens AustralianLabor Government is created for OTHERS. So there is no question of saving for SELF.
swrighteconomy Corporate Welfare FrankingCredits
swrighteconomy Gods were not happy with the re-election of this corrupt Govt.
swrighteconomy But wait! Surely the Treasurer can use credit points gained during the Peter Costello era? Crisis adverted!
swrighteconomy I wonder if they’d learn a lesson from this? Chicken, eggs, hatch Etc
swrighteconomy There was never going to be a surplus. Always a deficit just like the last 7 years. auspol JoshFrydenberg Fraudenberg
swrighteconomy The surplus we never had
LesStonehouse swrighteconomy Bit of a shame the Hawaii holiday stopped getting helitankers and more world resources before the ausbushfires raged out of control 🤦🏻♂️
Lynestel swrighteconomy What is this obsession with a surplus, it has no legal basis to exist
swrighteconomy The so called adults in charge/economic managers can step up and strut their stuff, they have been crowing about the cred. for years now, so time deliver!!
swrighteconomy It doesn't take a lot of creative thinking to reason why they dragged their heels so horribly in preparing a response to both crises...'money, money, money... '
swrighteconomy Never was a surplus alway a fake election promise, a marketing exercise by ScottyfromMarketing the biggest bullshit artist in Australia
swrighteconomy It’s not a surplus it’s theft from public services such as non for profit orgs, refuges etc etc... never was a surplus, just stopped assisting people in need to save the pennies!
swrighteconomy What do the Australian people gain from a budget surplus exactly? Let’s be clear... it’s for big business to secure low credit lines..
swrighteconomy We should never have a surplus whilst there are thousands of homeless, children who live in poverty in our country, Newstart and pensions are so low, people can’t afford to eat! Shame on this idiot. Australia is burnt and drowned and he’s bragging about a surplus! 🤯🧑🦯
swrighteconomy That’s assuming it was there to be had in the first place...........
swrighteconomy Yet there is Morrison still bloody smirking !?
swrighteconomy Good lucky, not Coalitions uniforming fairness, just squeezing the disadvantage voiceless, powerless to get the surplus budget, when the rich, advantage Australians seemed to be the only winners.
swrighteconomy Scommo will be upset
swrighteconomy But we’re actually Back in Black, right? ScottyfromMarketing LiberalAus CliveFPalmer The_Nationals AlanKohler TheKouk abc730 andrewprobyn latingle PhillipCoorey GruenHQ shaunmicallef hamishNews charliepick David_Speers 2GB873 auspol
swrighteconomy But all those tax cuts were going to lift the economy hey JoshFrydenberg 😂😂😂
swrighteconomy There was never a need for a surplus. They stripped everything down to the bare bones, we have doubled the debt and not e infrastructure is underway to create jobs. Newstart is a cruel joke. Sports rorts. Coal hugging climate crisis deniers. Religious NJ's. Only 6 Banking RC....
swrighteconomy I fail to see how the corps virus has had any impact at this stage on the surplus. Is this a future prediction? Should we be scared?
swrighteconomy What value would the surplus serve anyway when they take it all away from the vulnerable, making the country less safe to live and survive, less comfortable and a land of very unequal opportunities? ScottyfromMarketing has eroded any decency we've had
swrighteconomy it was never a surplus - it was money thieved away from the disabled and other people on need ...
swrighteconomy And it is mostly due to the negligent economic management and blatant corruption of this LNPfail band of muppets and mental defectives
swrighteconomy Was it ever fact? Just a cocktail game played around by the wage theives of corrupttown.
swrighteconomy A few people have remarked that the Herald seems to be rejoicing in bad news for the Government . What the Herald doesn’t appreciate us that it’s bad news for all including welfare recipients
swrighteconomy Ideological pursuit of budget surplus has done enormous damage to our social Contract and economy, as essential services faced cut after cut to their funding. Couldn't 'afford' water bombers so ignored the warnings of catastrophic fire risk?!! What've the fires cost us so far?!😡
swrighteconomy Wouldn’t believe a word this LNP said about anything, especially when it is about rorts , budgets and the economy . Have never seen such an untrustworthy and dysfunctional coalition.
swrighteconomy This LNP will throw the most vulnerable under the surplus bus, they should have been spending up big on dams and pipelines with the wet coming. Instead of puffing out there surplus chests, now the sea will be filled with top soil & fertilizers again. (Dry mitigation plan)
swrighteconomy Thank Christ the coalition has done so much to get rid of labor’s debt.... we’d be completely fucked otherwise
swrighteconomy There never was a surplus
swrighteconomy We DIDN'T have a surplus to start with...like the mythical Unicorn
swrighteconomy GOOD LUCK ?!? auspol LNPFail
swrighteconomy
swrighteconomy Surplus wasn't there in the first place.
swrighteconomy The funeral directors
swrighteconomy So let me understand this. It's been good luck, not good fiscal management, that's kept out economy afloat? So the LNPCrimeFamily hasn't really contributed to the economy, just claimed it was them when things went well and Labor when it went badly. AskingForAFriend auspol
swrighteconomy 1. It was never there in the first place 2. It was bad idea anyway 3. The LNP are rubbish economic managers, and always have been.
swrighteconomy It's got fuck all to do with any virus, fire or flood , This Government use it as an excuse along with Climate Change to continue Austerity. ScottMorrisonMP is guilty of mismanagement of public funds & Climate change is the tool for economic collapse .
swrighteconomy Australia's 'run of good luck' ended in 2013 when Abbort took the reins. What a train-crash of a party. LNPfail
swrighteconomy Instead they will go after the EASY money AGAIN & PENALISE the NEEDY!!😡😡😡😡
swrighteconomy Bloody Greens...pissing away the surplus!
swrighteconomy Make the PEOPLE who don't pay TAXES more accountable!! i.e. FRANKING CREDITS & CO's NOT paying their FAIR SHARE of TAXES!!🤔🤔🤪😡
swrighteconomy Does the SMH really believe it was ever going to happen? What about all the government debt?
swrighteconomy It was never there in the first place
swrighteconomy The SloppySurplus that was never was !! Coronavirus/Bushfires.Floods are the LNP's GFC ..!!
swrighteconomy It was never there, and shame on all our media for reporting it was, when it was only ever a very optimistic projection.
swrighteconomy But, but, but Scott Morrison and Josh Frydenberg said they had already brought the Budget back to surplus. Surely they didn't spin some BS at the time and the media didn't question it... If that happened, what really is the point of the msm? auspol
swrighteconomy THERE WAS NO SURPLUS. It was always dodgy accounting based on dodgy forward estimates and calculations.
northway_debbie swrighteconomy We never had one to begin with! LiberalAus even dropped the surplus outlook for years while everyone was playing a game of International Hide & Seek with ScottyfromMarketing b4 Xmas. The LNP have all but destroyed the country
swrighteconomy The surplus was almost certainly NEVER THERE. auspol
swrighteconomy Surpluses are bad for the economy. If surpluses are good, why don't these neoliberal shills cut the economy into prosperity! auspol
swrighteconomy Corruption. Chaos. Disunity. Dysfunction. That’s what the Morrison government has delivered. It will NEVER deliver a surplus.
swrighteconomy Bullshit Surplus was an imaginative construct for stupids
swrighteconomy Didn't they already achieve it? We have delivered
swrighteconomy Correction, the fakesurplus is indeed the fake surplus and every journo who parroted the balanced budget line at the election when it was projected not delivered was a moron
swrighteconomy The myth that the LNP are the natural choice for good economic management is now truly dead. If ScottyfromMarketing somehow survives this term he, nor anyone else, can make this claim during the next election.
swrighteconomy It was a bullshit trophy for them to wave around in parliament anyway. Not unlike waving a $50 around at the pub while your house is about to get repossessed.
swrighteconomy the imaginary surplus that was just money that should have been spent on other things, like the NDIS
swrighteconomy So. You stripped money from everywhere and there was no redundancy left or margin for error. This surplus only ever existed on paper and in your marketing strategy.
swrighteconomy The three faces of epic failure
swrighteconomy There was no surplus, ever.
swrighteconomy Surplus was unnecessary at this phase. At what social cost. What about the net debt.
swrighteconomy Might have helped if the LNP has the infrastructure projects actually underway, instead of announcing them on the campaign trail and then doing absolutely nothing.
swrighteconomy At least Josh has excuses for the budget surplus failure, which was going to happen anyway.......Going to be an interesting year, its off to a good. Govt. in disarray already and its only Feb....If they dropped coal they may win back voters and support......
swrighteconomy Deal with it. Labor inherited the GFC so these muppets can just accept and act hopefully and get on with it
swrighteconomy They planned for a Budget Surplus... circumstances have changed. So can their policy. Do people want governments to stick to a promise even if things change around them? Talk about looking for ammunition. So transparent, some of you.
swrighteconomy Well at least it was there to help people in need. Labor’s treasury would have been empty.
swrighteconomy There was no surplus they lied
swrighteconomy One hundred billion every year to big coal, one hundred billion every year to big oil and gas; thirty seven trillion in franking credits to the rich who pay no tax, and that’s all the lnp govt cares about.
swrighteconomy It was a mirage away. Cooking of the books so the Liberals were supposed to look good. Under spent on NDIS & Pensions by stopping recruitment of staff to handle volumes, thus people's plans & claims delayed. The pee & the 3 nut trick.
swrighteconomy Government ineptitude exposed as tanking economy from thier lack of actual policy
swrighteconomy There never was going to be a legitimate surplus.
Qldaah swrighteconomy Not surprised
swrighteconomy Another failure of trickle down economic policy.
swrighteconomy Give up the franking credits and tax breaks for corporations and then he probably would have his stupid surplus.
swrighteconomy Doom. Doom. Doooom
swrighteconomy It never existed in the first place. It was merely LNP marketing!
swrighteconomy 'Luck' - not financial management......
swrighteconomy The consequences of a century of riding on coal’s back.
swrighteconomy Hang on JoshFrydenberg has announced it “Australia is back in the black” it must be true..... 🤷🏼♂️ You’re telling me he lied? 😳
swrighteconomy It would only be a surplus because of a lack of infrastructure spending. Just like Howard did so unimpressively.
swrighteconomy GONE, there never was a surplus.
swrighteconomy Not sure that stubbornly refusing to plan for the future even as it rapidly becomes the present counts as good luck
swrighteconomy Nobody will ever know if the surplus was ever there in the first place. auspol
swrighteconomy So it wasn’t a legitimate reason like the GFC then? Just a total hands off the steering wheel bonking in the back seat (Barnaby), lighting cigars with 💯💵bills, over the cliff car crash. Don’t forget, LaborsFault because they drove the car seven years ago. surpluswatch auspol
swrighteconomy ?¿?¿?
swrighteconomy Out of good luck and competent management.
swrighteconomy Surpluses lead to recessions. learnMMT
swrighteconomy Their pie in the sky was always a lie, all the LNP do is lie. Now they have an out to throw towards the uninformed to suck up their lies. The budget surplus was always a furphy. Worst economic managers ever but prayers will fix it heh ScottyfromMarketing
swrighteconomy But shouldn't spending boost the economy?
swrighteconomy Maybe it would be better to point out we don’t need a budget surplus at this part of the political and economic cycle.
swrighteconomy Did it ever truly exist?
swrighteconomy There has never been a budget surplus it was all a big lie.
swrighteconomy Why does a currency issuing government need revenue?
swrighteconomy What’s the line going to be?
swrighteconomy And ScoMo blames the Australian Labor Party and the NDIS...
swrighteconomy They've DOUBLED the DEBT. Are you for real? Honey, we didn't soend our last $50 this week, but the mortgage is doubled. We're back in the black, baby!
swrighteconomy There never was a budget surplus. ../auspol
swrighteconomy 'Underlying cash balance for the financial year to 31 December 2019 was a deficit of $15,170 million, which is $1,121 million higher than the 2019-20 MYEFO profile deficit of $14,049 million' The budget is NOT in surplus auspol
swrighteconomy Not to mention the LNP squandering a fortune in buying the election
swrighteconomy There never was going to be a genuine surplus. Such a conjob attempt by a useless Treasurer
swrighteconomy God moves in mysterious ways .....
swrighteconomy Great move slashing revenue by giving tax cuts to the wealthy though
swrighteconomy Imagine how much worse it would be without a surplus? So thank god we had that.
swrighteconomy Lucky the Libs are in charge, it would be another disaster if Gillard/Rudd clone - Shorten was running the show
swrighteconomy U would think the Left Media R cheering on a RECESSION BUT the IMF and the OECD have the Australian economy growing in 2020 faster than any G7 country.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: newscomauHQ - 🏆 9. / 77 Read more »
Source: abcnews - 🏆 5. / 83 Read more »
Source: theage - 🏆 8. / 77 Read more »
Source: SBSNews - 🏆 3. / 89 Read more »
Source: smh - 🏆 6. / 80 Read more »
Source: SBSNews - 🏆 3. / 89 Read more »