BUDGET DEFICITS – AUSTRALIA

Budget gets $80b worse under Libs

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Original article by Laura Tingle, Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 20-Mar-15

Analysis of the Australian Government’s Budget papers shows that the nation’s cumulative deficits for the three years to 2017-18 now total $A103.9bn. This compares with the Government’s forecast of $A24.5bn in deficits. The Government seems likely to achieve about $A8bn worth of savings that it has pursued since taking office in 2013. The budget deficit for 2014-15 is expected to exceed $A40bn, compared with the Government’s forecast of just $A24bn

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, RESERVE BANK OF AUSTRALIA

Business plea to fix budget mess

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 16-Dec-14

The Australian Government’s mid-year economic and fiscal outlook forecasts an increase in the Budget deficit and the unemployment rate. The deficit is expected to rise to $A40.4bn in 2014-15, compared with the May 2014 Budget forecast of $A29.8bn. The jobless rate is now expected to top 6.5 per cent in 2015. The Business Council of Australia and the Australian Industry Group say bipartisan support in Parliament is needed to ensure that necessary reforms are implemented

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA, THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Deficit heads for $40bn

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Original article by David Crowe
The Australian – Page: 1 & 2 : 21-Nov-14

Citigroup believes that the Australian Government’s forecast for a 2014-15 Budget deficit of $A30bn will have to be revised up by $A10bn, with a major factor the fall in the iron ore price and the effect on the nation’s terms of trade. Treasurer Joe Hockey, who will soon release the Mid-Year Financial and Economic Outlook data, concedes that the commodities slump is an issue. However, he also stresses that there is great potential to boost services sector exports

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, CITIGROUP PTY LTD, DELOITTE ACCESS ECONOMICS PTY LTD, HSBC AUSTRALIA HOLDINGS PTY LTD, JP MORGAN AUSTRALIA LIMITED, MACROECONOMICS.COM.AU PTY LTD, AUSTRALIAN LABOR PARTY

Jobless rate in Victoria to hit 7.3%

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Original article by Peter Martin
The Age – Page: 4 : 11-Nov-14

Macroeconomics forecasts that the unemployment rate in Victoria will reach 7.3 per cent in the 2016-17 financial year. This compares with the state’s current trend unemployment rate of 6.8 per cent. The firm’s projections also show the Australian Government will record a Budget deficit of $A47.8bn in 2014-15, while the Government itself has forecast a deficit of just $A29.8bn

CORPORATES
MACROECONOMICS.COM.AU PTY LTD, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FINANCE

Budget deficit hits $48.5b

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Original article by Joanna Heath
The Australian Financial Review – Page: 9 : 26-Sep-14

The Australian Government’s May 2014 Budget had forecast that the deficit for 2013-14 would be $A49.9bn. It has now revealed that the deficit for the financial year was $A48.5bn, while Treasury notes that 2013-14 tax revenue was $A3.3bn below expectations. Treasurer Joe Hockey says returning the Budget to surplus and reducing debt are still on the Government’s agenda

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN LABOR PARTY, RESERVE BANK OF AUSTRALIA

RBA tells Abbott to hold nerve

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Original article by Phillip Coorey,Jacob Greber
The Australian Financial Review – Page: 1 & 4 : 21-Aug-14

The Australian Government continues to lobby minor party and independent senators on getting $A47bn worth of May 2014 Budget measures passed. However Prime Minister Tony Abbott has scaled back his rhetoric and is no longer labelling the Budget situation a "crisis" or "emergency". Meanwhile Reserve Bank of Australia governor Glenn Stevens has backed the Government’s cuts, which he said were far from dramatic. He also noted that monetary policy alone could not keep the economy on track

CORPORATES
RESERVE BANK OF AUSTRALIA,AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET,AUSTRALIA. DEPT OF THE TREASURY,AUSTRALIA. DEPT OF HUMAN SERVICES. MEDICARE AUSTRALIA,AUSTRALIAN MEDICAL ASSOCIATION LIMITED,AUSTRALIA. DEPT OF FINANCE,LIBERAL DEMOCRATIC PARTY,LIBERAL PARTY OF AUSTRALIA,AUSTRALIAN LABOR PARTY,NICK XENOPHON GROUP,DELOITTE ACCESS ECONOMICS PTY LTD

Hockey hits business for ‘weak’ help

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Original article by Jacob Greber, Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 7-Aug-14

Bank of America Merrill Lynch’s Saul Eslake expects the 2017-18 Budget deficit to be $A18bn if the Senate continues to oppose key measures, while he expects Australia’s net debt to rise to 16.5 per cent of GDP. Meanwhile, Treasurer Joe Hockey has defended the May 2014 Budget, arguing that Australians’ future standard of living will be adversely affected unless action on budget reform is taken now

CORPORATES
BANK OF AMERICA AUSTRALIA LIMITED, MERRILL LYNCH (AUSTRALIA) PTY LTD, AUSTRALIA. DEPT OF THE TREASURY, DEMOCRATIC LABOR PARTY, AUSTRALIAN MOTORING ENTHUSIAST PARTY, PALMER UNITED PARTY, AUSTRALIAN LABOR PARTY, THE AUSTRALIA AND NEW ZEALAND SCHOOL OF GOVERNMENT LIMITED, NEW ZEALAND. TREASURY, BUSINESS COUNCIL OF AUSTRALIA, RESERVE BANK OF AUSTRALIA, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE