The state of the books revealed in yesterday’s mid-year budget update was the best in over a decade - but Conservative Party leader Cory Bernardi says government spending remains too high and we still have more than half a trillion dollars in international debt.
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As federal treasurer Josh Freydenberg writes in The Australian, the underlying cash balance for next financial year is now expected to reach a surplus of $4.1 billion, almost doubling the surplus estimated for that year in the May budget.
This will be the first budget surplus since the last year of the Howard government. It will increase to $12.5 billion in 2020-21 and $19 billion in 2021-22. The cumulative surpluses over the next four years will be $30.3 billion, about double what was announced in the May budget.
But this week at the Labor conference, the Labor Party walked away from a tax speed limit, saying a tax cap does not fulfil any useful economic purpose. In other words, there are no limits to Labor’s future tax grabs. This will hurt the economy, and every Australian.
Yesterday’s budget update shows the Australian economy is on the right track but these results are no accident, and the hard-earned gains would be easily and quickly squandered should Australia revert to Labor’s high tax, high spend approach.
Senator Bernardi has told Paul Murray live on Sky News not everything is as rosy as it seems.
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