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The Case For Change: Joe Hockey’s Pre-Budget Speech To The Spectator Australia

The Treasurer, Joe Hockey, says the government will release the Commission of Audit report on May 1, in advance of the May 13 Budget which he says will begin a repair job on the nation’s finances.

Hockey made the announcement during a speech at an event organised by The Spectator Australia. He also spoke with the British journalist and chairman of Spectator Magazines, Andrew Neil.

Hockey-Neil

Hockey said all Australians had to contribute to the “heavy lifting” needed to get the Budget “back on track”. He said the fiscal consolidation programme to be announced in the Budget “will establish a clear path back to a surplus of 1 per cent of GDP by 2024”. [Read more…]


Joe Hockey Speech To Lowy Institute: “The Age Of Personal And Corporate Responsibility Has Begun”

Federal Treasurer Joe Hockey has delivered a speech in which he says the age of personal and corporate responsibility has begun.

Hockey

Addressing the Lowy Institute in Sydney, Hockey said: “Individuals must do more for themselves, they must become more self-reliant. And the business sector must shoulder more of the burden. It must restore corporate accountability, and rely less on government assistance. It must stand on its own feet, and it must pay its fair share of tax.” [Read more…]


Hockey Gives Audit Commission Extra Fortnight For First Report

The Federal Treasurer, Joe Hockey, has extended the Commission of Audit’s first reporting date by two weeks.

The Commission requested an extension of its January 31 deadline.

Text of media release from Treasurer Joe Hockey.

Commission of Audit’s phase one reporting date

The Federal Government has granted a request from the Commission of Audit to extend its reporting date for the phase one report by up to two weeks. [Read more…]


MYEFO: Budget Deficit Rises To $47.6bn And $123bn Over Four Years; Debt To Hit $667bn In A Decade

The Treasurer, Joe Hockey, has released the Mid-Year Economic and Fiscal Outlook (MYEFO) which shows the federal budget deficit will increase by $17.5 billion to $47.6 billion this year, with total deficits of $123 billion over the next four years.

The MYEFO forecasts gross debt to reach $667 billion in a decade and be around 26% of GDP in 2023-24. Net debt is expected to peak at 16.2% in 2018-19, the highest since 1996-97.

Hockey

Hockey released the MYEFO in an address the National Press Club in Canberra. It forecasts a budget deficit for the fiscal year 2014-15 of $33.9 billion and $24 billion in 2015-16. Whereas both the Coalition and the ALP said they would deliver a budget surplus in 2016-17, MYEFO forecasts a deficit of $17.7 billion.

Unemployment, currently 5.8%, is predicted to be 6% in June, rising to 6.25% for the next three years, adding $3.7 billion to the welfare bill. A blowout of $11.3 billion is forecast for the welfare budget. [Read more…]


Bowen And Hockey Debate The Economy At National Press Club

Treasurer Chris Bowen and Shadow Treasurer Joe Hockey have debated the economy at the National Press Club today.

With just ten days until the September 7 election, Bowen and Hockey traversed much-travelled ground on the budget deficit, the national debt and the Opposition’s policy costings.

  • Listen to the Bowen-Hockey debate (59m)

[Read more…]


Government Releases Updated Economic Outlook; Deficit Up, Growth Slows, $17bn Of Budget Cuts

The Rudd government has released an updated economic outlook statement that shows this year’s budget deficit blowing out to $30.1 billion.

Treasurer Chris Bowen and Finance Minister Senator Penny Wong have announced $17 billion of budget cuts aimed at producing a surplus of $4 billion in 2016-17. [Read more…]


Gillard Confirms $12 Billion Budget Shortfall

Prime Minister Julia Gillard says there will be a $12 billion budget hole this financial year.

Gillard

In a speech to the Per Capita think tank today, Gillard said: “The ‘bottom line for the Budget bottom line’ is this: the amount of tax revenue the Government has collected so far this financial year is already $7.5 billion less than was forecast last October. [Read more…]


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…]


Gillard Announces Levy To Pay For Flood Damage

Prime Minister Julia Gillard has announced that a one-off levy to pay for flood damage around Australia will be introduced from July 1.

The levy will only apply to individuals on incomes of more than $50,000. It will be levied at a rate of 0.5% on incomes from $50,001 to $100,000. The rate will be 1% on incomes from $100,001. People who have been affected by the floods will be exempt.

Gillard said the levy will apply only in the 2011-12 financial year and will raise $1.8 billion. [Read more…]


Details Of Rudd Government’s ‘Economic Security Strategy’

This is the text of a joint press release from the Prime Minister, Kevin Rudd, and the Treasurer, Wayne Swan.

It details the government’s strategy for responding to the global financial crisis.

Economic Security Strategy

The Rudd Government today announced a $10.4 billion Economic Security Strategy to strengthen the Australian economy in the face of the worst global financial crisis since the Great Depression.

This $10.4 billion strategy will strengthen the national economy and support Australian households, given the risk of a deep and prolonged global economic slowdown. [Read more…]