The Federal Mid-Year Economic and Financial Outlook released today confirms the need for budget discipline.
As I’ve said all along, we can’t continue to live on the credit card. We can’t spend money we don’t have on things we can’t afford. We need to do what’s sensible.
While there has been a modest positive adjustment in projected GST revenue this year and a net positive outcome in total of $25 million over the forward estimates, the slowing national economy and potential negative impact on GST receipts means these figures must be treated with caution.
Furthermore total specific purpose and national partnership payments have been revised downwards over the forward estimates by a total of $6 million.
That’s why this Government is sensibly reining in spending and carefully putting the budget back on track.
Now is not the time to relax that discipline, we need to put our budget back on track to sustainability.
Peter Gutwein, Treasurer
