Two years ago, the previous Government promised to achieve a surplus in the current fiscal year (2013/2014).
Now, a deficit of $49.9 billion is forecast………………
At that time, the sensitivity analysis carried out by Deloitte Access Economics showed that if you tweaked Australian and global growth forecasts moderately (downwards) and assumed a substantial but believable decline in commodity prices, the wafer-thin surplus projected for 2013/2014 could become a deficit of $36 billion in the blink of an eye.
All of those tweaks happened!!
It’s a budget that has impacted every Australian. Most changes are not yet legislated or passed.
It is true to label that it is moving all of us away from Government welfare.
Cleverly it’s doing it gradually and over time in most cases.
There will be impacts though, that some individuals may need advice for.
