BUDGET
POLICY & LOBBYING
Budget 2020
Short term gain = longer term pain The 2020-21 Federal Budget very much turns the expression that there is no long-term gain without short term pain on its head. This Budget delivers short gain but will inevitably lead to longer term pain. The Budget delivered record levels of public expenditure, budget deficits and government debt. In 2020-21 total government payments will be a record $677b, an increase of 22.8% over 2019-20. This represents 34.8% of GDP, well above the average of about 25% since the turn of the millennium. Sizeable deficits are forecast over the next four years. Net Commonwealth Government debt is expected to be in the order of $1,000 billion ($1 trillion) or 44% of GDP in 2023-24. continued overpage...
Paul Kniest Director (Policy & Research)
Image: Annie Spratt/Unsplash
vol. 1 no. 6
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nteu.org.au/sentry
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