Swan Abandons Budget Surplus For This Year; ‘Sledgehammer’ Hits Revenue

The Acting Prime Minister and Treasurer, Wayne Swan, has announced that the government no longer expects to meet its target of a budget surplus this financial year.

“Dramatically lower tax revenue now makes it unlikely that there will be a surplus in 2012-13,” Swan told a press conference in Canberra today.

A “sledgehammer” has hit government revenues, Swan said. “Unusual events” have weighed heavily on revenues which have been written down by $20 billion. Latest figures show a $3.9 billion revenue slump in the first four months of 2012-13. [Read more…]


Unexpected 1.3% Economic Growth Rate In March Quarter

National Accounts figures released today show a 1.3% economic growth rate in the March quarter.

A growth rate of around 0.6% was predicted by most economists.

A beaming Treasurer Wayne Swan told a press conference that the nation should have a bounce in its step today and described the result as “stunning set of numbers”.

Shadow Treasurer Joe Hockey awkwardly told his press conference that the economic situation would be even better, “if only we had a good government”. [Read more…]