Treasurer Releases MYEFO – Mid-Year Economic And Fiscal Outlook Projects Lower Growth But Surplus In 2020-21

The Treasurer, Scott Morrison, has released the Mid-Year Economic and Fiscal Outlook, a budget update that projects lower growth but with a return to surplus still forecast in 2020-21.

Morrison

MEYEFO projects that economic growth in 2016-17 will fall from 2.5% to 2%. In 2017-18, it will be 2.75%, down from 3%. The 2018-19 and 2019-20 projections of 3% growth remain.

The government says the underlying cash deficit is expected to narrow from $36.5 billion (2.1% of GDP) in 2016-17 to $10.0 billion (0.5% of GDP) in 2019-20.

Treasurer Scott Morrison told a press conference with Finance Minister Senator Mathias Cormann this afternoon that in six weeks of parliamentary sittings since the election the government has legislated two-thirds of its budget repair measures.

MYEFO has confirmed that Tony Abbott’s Green Army will be abolished. The government will also save $970 milllion from cuts to family payments.

Tax receipts are down $31 billion from the May Budget forecasts.

Unemployment is predicted to remain at 5.5% through to 2017-18, falling to 5.25% thereafter.

  • Listen to Treasurer Morrison and Finance Minister Cormann at their press conference (44m)
  • Watch the press conference (45m)
16-12-19_myefo

Media release from Treasurer Scott Morrison and Finance Minister Senator Mathias Cormann.

Today’s Mid-Year Economic and Fiscal Outlook (MYEFO) confirms that the Budget is projected to return to balance in 2020-21.

The underlying cash deficit is now expected to narrow from $36.5 billion or 2.1 per cent of GDP in 2016-17 (down on the $37.1 billion reported in the Budget and PEFO) down to $10.0 billion (0.5 per cent of GDP) in 2019-20. [Read more…]


Government And ALP Agree On Budget Repair Deal

The Turnbull government and the ALP have negotiated a deal over budget repair.

Turnbull

The agreement on spending cuts will add to the budget’s bottom line and ensure that the government’s Omnibus Bill will pass through the Parliament.

Earlier in the day, the ALP announced the agreement. The deal included an agreement that the ALP would make the first announcement. [Read more…]


Current Federal Parliamentary Leaders

Each political party represented in the Federal Parliament elects leaders in each house.

Just as the government is decided in the House of Representatives, so the parties elect their leaders and deputy leaders from amongst their representatives in the House. If the party is not represented in the lower house, its leader will be chosen from amongst its members in the Senate.

These tables are correct as of the first day of the 45th Parliament, August 30, 2016. The Liberal, Nationals and ALP positions are unchanged from those that applied immediately prior to the July 2 double dissolution election. Senate parties with more than one senator have been included for the first time. [Read more…]


Turnbull Announces Senate Voting Reforms; Group Voting Tickets Abolished

Senate group voting tickets are to be abolished and optional preferential above the line voting is to be introduced, in electoral reforms announced today by Prime Minister Malcolm Turnbull.

The reforms are the result of an agreement with the Australian Greens and independent Senator Nick Xenophon. The agreement guarantees 44 Senate votes to pass the legislation.

The key change is the abolition of Senate group voting tickets. This will mean that political parties will no longer control the direction of preferences cast by electors who vote above the line in the Senate. This eliminates the preference harvesting that has resulted in candidates with tiny first preference support being elected as the result of complex preference swaps. [Read more…]


Current Federal Parliamentary Leaders

Each political party represented in the Federal Parliament elects leaders in each house.

Just as the government is decided in the House of Representatives, so the parties elect their leaders and deputy leaders from amongst their representatives in the House. If the party is not represented in the lower house, its leader will be chosen from amongst its members in the Senate.

These tables are correct as of February 11, 2016. They take account of the replacement of Warren Truss as leader of The Nationals with Barnaby Joyce. [Read more…]


First Turnbull Ministry – Revised

This is the revised Turnbull ministry, released today.

If follows the resignation of Jamie Briggs and the standing aside of Mal Brough.

Brough’s duties as Minister for Defence Materiel and Science have been assumed by the Defence Minister, Senator Marise Payne. The Finance Minister, Senator Mathias Cormann, has taken over as Special Minister of State.

Brigg’s duties as Minister for Cities and the Built Environment have been taken on the Environment Minister, Greg Hunt. [Read more…]


Current Federal Parliamentary Leaders

Each political party represented in the Federal Parliament elects leaders in each house.

Just as the government is decided in the House of Representatives, so the parties elect their leaders and deputy leaders from amongst their representatives in the House. If the party is not represented in the lower house, its leader will be chosen from amongst its members in the Senate.

These tables are correct as of September 21, 2015. They take account of the change of prime minister on September 15 and consequent changes. [Read more…]