Australian Treasurer Wayne Swan delivered a deficit budget and a plan that will take four years to return to surplus.
The Federal Government has taken a swipe at so-called middle-class welfare by abolishing the baby bonus in a deficit budget that delivers almost no traditional election-year sweeteners.
Instead Treasurer Wayne Swan says there will be “targeted, sustainable” cuts to bring the budget back into the black in four years’ time.
“We haven’t approached this budget in relation to opinion polls. We’re in this for the long run – the long-run reforms,” he said. . .
We were in Queensland last year. Closed shops and cafes with lots of empty tables pointed to a slowing economy.
Tomorrow’s Budget is expected to be much more optimistic though we should take no pleasure in signs that Australia is now the not so lucky country.
It’s still our major trading partner and the source of most of our tourists. If people there aren’t feeling so well off they will be less willing to buy our produce and travel here.