http://au.news.yahoo.com/a/-/newshome/12150036/govt-finds-11-5-billion-in-new-savings/

The Federal Government is sticking to its plan to bring the budget back to surplus in 2012/13, after finding $11.5 billion in new savings over the next four years.

In the Mid-Year Economic and Fiscal Outlook (MYEFO), released on Tuesday, the government is now predicting a slim $1.5 billion surplus in 2012/13, compared to its previous $3.5 billion forecast in the May budget.

It also says this financial year's deficit will be a larger $37.1 billion shortfall than the $22.6 billion forecast six months ago.

"Global economic and financial conditions have deteriorated markedly in recent months, and the risks to global stability from the European sovereign debt crisis have intensified," Treasurer Wayne Swan said in a statement.

Instability in the global economy had wiped $20 billion off tax revenues over the forward estimates.

Mr Swan said the decisions taken in the MYEFO had not been easy.

But they were crucial to sustaining confidence in Australia's public finances.

"Strong and stable economic management, and our record of fiscal discipline, remains very important for Australian families across the country because it helps underpin confidence in our economy and supports Australian jobs at a time of heightened global uncertainty," the treasurer said.

The government has also cut its growth forecast for this financial year and next, and in line with revisions made by the Reserve Bank of Australia earlier this month.

Economic growth for 2011/12 and 2012/13 is now forecast at 3.25 per cent each year, down from previous forecasts of four per cent and 3.75 per cent respectively

Your upset that Labor is being economically responsible?
I would rather they got rid of all of Howards middle class welfare and put us in the black overnight but what the heck..we cant have everything  ;D

Gee  would I rather Hockey's sacking of  10 of Thousands Public servants and  the canning of  Medical Super Clinic , and cuting jobs created  by the building of  the NBN when they scrap that, great  economic plan,  like you?

Hm, thinking, thinking , sack large amounts of  workers-  or do a Swannie....



SPEERS: O....K.... Can you say what you'll be cutting?

HOCKEY: At the appropriate time, but they'll be better cuts than the government's.
SPEERS: Uhm... alright... But you've just told us that no-one knows what's going to happen and that the government therefore can't be so sure their revenue predictions will happen... So how can YOU be so sure?

HOCKEY: This is a bad government. We are superrior economic managers. We'll sack public servants.

And, your grand economic plan, maqqa???

Slash, Burn, Dismantle......

Good Grief!!

There's a new 3-word slogan for Abbott.

:D :D

"There's a new 3-word slogan for Abbott"


And Another;

'BAD RATING AGENCY'  ;D ;D ;D

YO MACCA! How's it hanging in the bunker man? You missed some primo Slipper action last week. Where you been?

Or as Hockey would describe it..eleventy and a half billion   ;D

WOW macca that certainly released the rusted on didnt it???...

hey see where mums baby bonus will be cut back to where it was originally...well what a surprise..how about HECS oooo maybe we shouldnt mention that because it was a PROMISE or was that LIE its hard to tell with this l,ot..amazing how they drag out all the usual bit about Hockey and so forth... but never one to complain about all the backflipping this lot do...incredible.what about maternity leave??.. I am waiting for the compensation to take a cut back.. there goes your 20cent in front macca,...didnt even get time to enjoy it... ;D ;D ;D ;D

imagine ig Howard had done all this... oh gawd.

adelcrow wrote on Nov 29^th, 2011 at 3:50pm:

Or as Hockey would describe it..eleventy and a half billion   ;D

Had to go back and find it, but I read a better description  of "Moe Curly and Larry"   on crikey;

'Abbott, Hockey and Robb have a presser routine they stick to, and they didn’t veer from that script today .

Abbott – generalised waffle, on the basic theme: this is a bad budget, you can tell it’s a bad budget because this is a bad government. Joe will go through it in detail.

Hockey – oh yes, it’s a very bad budget. You don’t need me to tell you. I mean just look at it. Andrew will take you through the detail.

Robb – look at this thing. They’ve done this thing with forward estimates. I mean, I ask you.

Abbott – ha ha, good one Andrew. Now I won’t be taking any more questions on other topics, just this one, because I tend to put my foot in my mouth when I speak off the cuff.'



;D It is so close to the truth that it hurts  ;D  ;D

MAQQA HAS NADA, LOL!  :D :-* :-*

If that utter clown delivers a budget surplus by that date, then I will go out and give $500 to a boat person.

No way in God's earth.

To be talking about surpluses in these times of recessionary pressures and low growth is either insane or ill-informed - or maybe both.

Andrei.Hicks wrote on Nov 30^th, 2011 at 11:50am:

If that utter clown delivers a budget surplus by that date, then I will go out and give $500 to a boat person. No way in God's earth. To be talking about surpluses in these times of recessionary pressures and low growth is either insane or ill-informed - or maybe both.