It's just plain dumbBY BENJAMIN ONG | FRIDAY, 7 DEC 2012 9:10AMI don't think any Australian would complain if the 2012/13 budget shows a small deficit instead of a small surplus. |
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Brian Redican
CHIEF ECONOMIST
NEW SOUTH WALES TREASURY CORPORATION
NEW SOUTH WALES TREASURY CORPORATION
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You need to read the fine print on that declaration from the gov't. The surplus target/prediction was based on that good old saying 'all thing being equal'. It was based on old growth rates which were out of date (and inflated) months ago. They know they aren't getting a surplus already. The change to a deficit target doesn't necessarily mean we'll see government spending go up and taxes go down. It is just acknowledging the fact that the surplus was sunk months ago.