No Place for Magic by E.D. Baker7/7/2023 ![]() ![]() We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. But in reality, he needs to bank all of it and make tough decisions about existing policy to put Australia’s Federal Budget back on track.ĮY | Assurance | Consulting | Strategy and Transactions | TaxĮY is a global leader in assurance, consulting, strategy and transactions, and tax services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. The Treasurer has promised to bank ‘most of the revenue windfall’. Put in place policies to assist the private sector to maximise its productivity.Change existing policy to lower spending and find new revenue that will persist over time.Not add to spending, without at least offsetting it elsewhere.To move the budget into structural balance, the Government must do three things: Restoring balance is crucial to ensure the Government can cushion the economy from future shocks, flexibly manage our way towards net zero emissions and other worthy policy goals – while not leaving the next generation to pay off their parent’s debt. ![]() ![]() This is a problem that stems from government spending being set as close as possible to total revenue, while Government tolerates unexpected demand driving upward spending too.Ĭontinually managing toward the upper-bound of total revenue is missing the opportunity to move the budget into structural balance. ![]()
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