Tax revenue declines made it clear in late 2012 that the Gillard Government's promised 2013 budget surplus would not eventuate. The forecasted current account deficit is lower than the average for the past couple of decades allowing Standard and Poor's assessment of Australia's bond credit rating to remain at the AAA rating. ![]() A collapse in the price of carbon under the European Union Emission Trading Scheme means a return to surplus is unlikely in the following two federal budgets. Swan has claimed that such a move would result in rising unemployment and slowing economic growth. The budget was not expected to decrease government spending dramatically in an effort to quickly return to surplus.
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