In fact, over the next four years, Deloitte says the Budget's accumulated deficits could be $98 billion smaller than Treasury estimated "just a few months ago."
"Compared to Treasury, we see the economy in 2020-21 and 2021-22 as having much lower unemployment, but stronger inflation, a higher currency and higher long term interest rates."In total, that saves money. But it is the sheer size of that saving that stands out, because better job and joblessness news saved much more than usual, boosting the budget bottom line by a mammoth $17 billion in 2020-21, and then by a further $3 billion in 2021-22.
The Federal Government spent hundreds of billions of dollars during the 2020 pandemic to keep businesses and households afloat, but it also allowed Australians to draw down their superannuation savings. The Budget will also be a record of the efforts of some economists who argued that, if authorities prioritised the health of the community during the pandemic,Deloitte Access Economics says it has been a "red hot recovery."
Didn't hear much about the revenues in that article. It's more about checking back the govt's former predictions for recovery spending & it's as epidemiologists said from the beginning that we'd ultimately look after ourselves if the govt acted quickly enough early on in 2020
More to give away to cronies and big business.
GarethHutchins, I thought you understood how federal govt money works. Apparently not going by this fluff piece. Please look up the etymology of ‘revenue’ so you can stop with the entirely misleading stories.