The Hon Chris Bowen MP - Federal Member for McMahon
What's Happening Posted December 19, 2016.
Today’s mid-year Budget update has confirmed Malcolm Turnbull and Scott Morrison’s economic plan is in tatters, leaving Australia’s gold-plated AAA credit rating at real risk.
Today’s figures confirm that debt and deficits are continuing to blow out, at the same time as the economy is shrinking and full-time jobs are disappearing.
· Deficits over the forward estimates have blown out by another $10 billion.
· Since their first budget, the budget deficit for 2017-18 has blown out ten-fold - from $2.8 billion to $28.7 billion.
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