This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.theguardian.com/australia-news/live/2016/dec/19/deficit-over-four-years-worsens-but-myefo-wont-change-credit-agency-thinking-politics-live
The article has changed 8 times. There is an RSS feed of changes available.
| Version 5 | Version 6 |
|---|---|
| Myefo: Moody's says budget deficits will be greater than projected – as it happened | |
| (35 minutes later) | |
| 5.14am GMT | |
| 05:14 | |
| Today, six days before Christmas, the government delivered its Mid Year Economic and Fiscal Outlook (Myefo) budget update. | |
| It showed a worsening deficit , by almost $11bn over four years, and debt is expected to peak in 2018-19 - one year later than expected. | |
| But the treasurer confirmed he still plans to deliver a surplus by 2020-21. Given three previous treasurers have promised surpluses, he did add such that the numbers were projections. | |
| Tony Abbott’s nanny childcare pilot has been cut, and as confirmed earlier, his Green Army employment program, saving $224m. | |
| The Asset Recycling Fund has also been abandoned and savings of $154m have been booked for not going ahead with the same sex marriage plebiscite. | |
| The government also expects to save $2.1bn over four years in the welfare fraud prevention crackdown, as promised in the pre-election budget. | |
| But there is more money to increase politicians staffers across the parliament ($35.8m) and more money for a third staffed electorate office in very large electorates. | |
| The three main credit agencies said the Myefo would not change their thinking much either way. They continued to assess the Australian position. S&P remains pessimistic but no immediate change, Moodys expects bigger deficits than the government had projected. | |
| All in all, the gentle downward trend continues. Scott Morrison kept talking about requiring partners in parliament to play ball. Chris Bowen said he had already supported some government savings but Labor would not support unfair changes. Bowen described the projected surplus was “wafer thin” and it would blow over in a strong breeze. | |
| So that is it for me. Thanks to the brains trust, Greg Jericho, Katharine Murphy and others. | |
| Thanks for your company. Have a great Christmas break and here’s to coming back refreshed in the new year. | |
| Good afternoon. | |
| 4.33am GMT | 4.33am GMT |
| 04:33 | 04:33 |
| Updated | Updated |
| at 4.37am GMT | at 4.37am GMT |
| 4.25am GMT | 4.25am GMT |
| 04:25 | 04:25 |
| Updated | Updated |
| at 4.37am GMT | at 4.37am GMT |
| 4.23am GMT | 4.23am GMT |
| 04:23 | 04:23 |
| Updated | Updated |
| at 4.38am GMT | at 4.38am GMT |
| 4.16am GMT | 4.16am GMT |
| 04:16 | 04:16 |
| Richard Di Natale, Greens leader: | Richard Di Natale, Greens leader: |
| There is one message in this Myefo for everyday Australians: unless you’re a big corporation or Liberal party donor, you don’t matter. | There is one message in this Myefo for everyday Australians: unless you’re a big corporation or Liberal party donor, you don’t matter. |
| Malcolm Turnbull’s plan to hand out tax cuts to the wealthiest Australians while wage growth remains stagnant is a slap in the face to ordinary Australians doing it tough. | Malcolm Turnbull’s plan to hand out tax cuts to the wealthiest Australians while wage growth remains stagnant is a slap in the face to ordinary Australians doing it tough. |
| There is nothing in the Turnbull government’s economic program that addresses the major risks to the economy from the housing bubble or that eases the growing gap between the rich and everyone else. | There is nothing in the Turnbull government’s economic program that addresses the major risks to the economy from the housing bubble or that eases the growing gap between the rich and everyone else. |
| Updated | Updated |
| at 4.38am GMT | at 4.38am GMT |
| 4.13am GMT | 4.13am GMT |
| 04:13 | 04:13 |
| Standard & Poors: We remain pessimistic ... but no immediate effect on ratings | Standard & Poors: We remain pessimistic ... but no immediate effect on ratings |
| An statement from S&P Global: | An statement from S&P Global: |
| Global Ratings said today that the Australian government’s midyear budget update has no immediate effect on the credit rating or outlook on the commonwealth of Australia (unsolicited ratings AAA/Negative/A-1+). | Global Ratings said today that the Australian government’s midyear budget update has no immediate effect on the credit rating or outlook on the commonwealth of Australia (unsolicited ratings AAA/Negative/A-1+). |
| The government’s worsening forecast fiscal position, as outlined in its latest budget projections earlier today, further pressures the rating. | The government’s worsening forecast fiscal position, as outlined in its latest budget projections earlier today, further pressures the rating. |
| We remain pessimistic about the government’s ability to close existing budget deficits and return a balanced budget by the year ending 30 June 2021. | We remain pessimistic about the government’s ability to close existing budget deficits and return a balanced budget by the year ending 30 June 2021. |
| Over the coming months, we will continue to monitor the government’s willingness and ability to enact new budget savings or revenue measures to reduce fiscal deficits materially over the next few years. | Over the coming months, we will continue to monitor the government’s willingness and ability to enact new budget savings or revenue measures to reduce fiscal deficits materially over the next few years. |
| Updated | Updated |
| at 4.24am GMT | at 4.24am GMT |
| 4.03am GMT | 4.03am GMT |
| 04:03 | 04:03 |
| Message for Govt: Stop blaming Parliament for not passing unfair zombie measures and take the lead by find'g common ground @cassandragoldie | Message for Govt: Stop blaming Parliament for not passing unfair zombie measures and take the lead by find'g common ground @cassandragoldie |
| 4.03am GMT | 4.03am GMT |
| 04:03 | 04:03 |
| This is lazy policy making, going for easy targets, mainly low income earners, with no structural reform plan for nation: @cassandragoldie | This is lazy policy making, going for easy targets, mainly low income earners, with no structural reform plan for nation: @cassandragoldie |
| 4.03am GMT | 4.03am GMT |
| 04:03 | 04:03 |
| The govt has stubbornly kept $7bn in unfair zombie cuts that have no hope of passing Parliament: @cassandragoldie pic.twitter.com/2sbBNOsOIi | The govt has stubbornly kept $7bn in unfair zombie cuts that have no hope of passing Parliament: @cassandragoldie pic.twitter.com/2sbBNOsOIi |
| 4.00am GMT | 4.00am GMT |
| 04:00 | 04:00 |
| The Business Council of Australia’s Jennifer Westacott says Myefo underlines that Australia can continue to muddle along and “sleepwalk into lower living standards” or seize the opportunity to deliver a stronger budget. | The Business Council of Australia’s Jennifer Westacott says Myefo underlines that Australia can continue to muddle along and “sleepwalk into lower living standards” or seize the opportunity to deliver a stronger budget. |
| Why? | Why? |
| The MYEFO update makes it clear we must intensify efforts to meet the twin budget objectives of reducing the rate of growth in spending and accelerating economic growth. This means continuing to redesign major spending programs to improve the quality of spending, cut waste and deliver better value for taxpayer dollars. At the same time, we must better equip the economy to support jobs and prosperity. | The MYEFO update makes it clear we must intensify efforts to meet the twin budget objectives of reducing the rate of growth in spending and accelerating economic growth. This means continuing to redesign major spending programs to improve the quality of spending, cut waste and deliver better value for taxpayer dollars. At the same time, we must better equip the economy to support jobs and prosperity. |
| Politicians must move on from the phony, dead-end argument that supporting growth comes at the cost of fairness. Growth and fairness go hand in hand because growth creates economic opportunity. | Politicians must move on from the phony, dead-end argument that supporting growth comes at the cost of fairness. Growth and fairness go hand in hand because growth creates economic opportunity. |
| Only economic growth can create jobs, higher wages and the revenue to pay for the health, education and welfare services Australians value. | Only economic growth can create jobs, higher wages and the revenue to pay for the health, education and welfare services Australians value. |
| And only economic growth can ensure this country becomes more capable each year of caring for all of its citizens, no matter what their circumstances. | And only economic growth can ensure this country becomes more capable each year of caring for all of its citizens, no matter what their circumstances. |
| We can no longer afford to ignore or be complacent about this reality.” | We can no longer afford to ignore or be complacent about this reality.” |
| 3.51am GMT | 3.51am GMT |
| 03:51 | 03:51 |
| Increase in parliamentary staff costs about $9.1m a year for 33 positions, or about $275,000 for each job. | Increase in parliamentary staff costs about $9.1m a year for 33 positions, or about $275,000 for each job. |