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This website is in imminent danger of being shut down. It has been online since 1995, but the personal circumstances of the owner, Malcolm Farnsworth, are such that economies have to be made. Server costs and suchlike have become prohibitive. At the urging of people online, I have agreed to see if Patreon provides a solution. More information is available at the Patreon website. If you are able to contribute even $1.00/month to keep the site running, please click the Patreon button below.


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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…]


Economic Growth Declines 0.5% In December Quarter

Australia’s Gross Domestic Product (GDP) declined by 0.5% in the December quarter, according to the latest National Accounts figures.

The 0.5% contraction was lower than most commentators had predicted. Two consecutive quarters of contraction (illogicially known as “negative growth”) is defined as a recession.

Speaking in Canberra today, Treasurer Wayne Swan said the decline was to be expected but that Australia was cushioned to some extent from the global financial crisis by its stronger financial system.

Swan also argued that an increase in household savings in the quarter was a result of the 3% reduction in interest rates which had led to consumers paying down debt and restructuring their finances. [Read more…]