Quote:

Treasurer Jim Chalmers announces $26.9 billion budget deficit amid surge in government spending Treasurer Jim Chalmers has revealed a deficit of $26.9 billion as the federal budget is not expected to return to surplus for more than a decade. Treasurer Jim Chalmers and Finance Minister Katy Gallagher have announced a budget deficit of $26.9 billion amid a surge in spending by the Albanese government. Mr Chalmers and Ms Gallagher revealed the Mid-Year Economic and Fiscal Outlook at a press conference on Wednesday. While the $26.9 billion deficit for 2024-25 has been downgraded by $1.3 billion, significantly larger deficits have been forecasted for the next three years. The 2025-26 financial year budget is expected to blow out by several billion dollars from $42.8 billion to $46.9 billion. The federal budget has not been expected to return to a surplus position for more than a decade as Australians have endured the longest per capita recession on record. “This is a responsible set of books which reflects the very substantial progress," Mr Chalmers told reporters in Canberra. "Despite all of the pressures in our budget, we are on track for a soft landing in our economy." The Treasurer spruiked “a smaller deficit this year" than was forecast, but acknowledged there was "some slippage in subsequent years". Compared to the May Budget, the cumulative deficits have grown by $22 billion, from $122 billion to $144 billion. Ms Gallagher said the "slippage across the forward estimates" was the result of “urgent, unavoidable, or automatic spending”. https://www.skynews.com.au/australia-news/politics/treasurer-jim-chalmers-reveals-smaller-deficit-in-midyear-budget-update-defends-governments-economic-management/news-story/9867b09a968612e24b0f69c5712f0074

Labor pissing away taxpayers money like a bunch of drunken sailors for future generations to pay back.

Was the result of “urgent, unavoidable, or automatic spending

Like pissing away $450 million on Albos voice?

Like pissing away  $600 Million so PNG can have a team in our National Rugby League?

Like pissing away over $100 million to Hamas since they started a war with israel?

We need a Elon type DOGE to take a chainsaw to government wasting our money

i

While the budget isn’t fantastic it also isn’t all doom.

By government spending and ( dare I say it) out of control immigration we have ridden out the first shock wave post covid.
By and large labor has done ok.
So much of this mess was given to them by the failed Lnp years.

We need to weaning off government spending and much more support for business ( particularly small).

Anyway what would I know. I’m hardly rich but at least I’m not in debt.

It's only a forward estimate based on pie in the sky ... it'll get worse by December 2025.

Daves2017 wrote on Dec 18^th, 2024 at 9:04pm:

i We need to weaning off government spending and much more support for business ( particularly small). Anyway what would I know. I’m hardly rich but at least I’m not in debt.

We need to wean the government off wasting taxpayers money on useless woke crap.


Quote:

Treasurer Jim Chalmers dodges crucial question on record number of Australian businesses collapsing this year Treasurer Jim Chalmers has played down the record number of business collapses in Australia this calendar year while being grilled on Sunrise about the dire statistic. Australian Securities & Investments Commission (ASIC) data shows a record 12,405 businesses collapsed between January and November, The Australian reported on Wednesday. The outlet also reported that 26,000 businesses have collapsed since Labor came to power in the 2022 election, including a record 1442 last month alone. The ASIC figures showed 6925 construction firms, 4012 hospitality businesses, 1706 retailers and 1329 manufacturers had all hit the wall since June 2022, The Australian reported. And as the cost-of-living crisis continues to play havoc with the country’s economy, some 930,000 Australians now relying on JobSeeker and Youth Allowance payments — 83,000 higher than at the same time last year. On Wednesday, Sunrise host Monique Wright put the damning figures to Chalmers. “Australian businesses collapsing at record numbers at the moment. Why do you think that this is so? 12,000 this year alone, businesses that have closed. Why is that happening?” Wright asked. “First of all we acknowledge that business conditions are difficult. Chalmers then argued the figures were not quite as dire as they appeared. During the interview, Chalmers was also asked about the $5.5 billion the government will announce for projects “not announced” after handing down the mid-year budget outlook on Tuesday. https://7news.com.au/sunrise/treasurer-jim-chalmers-dodges-crucial-question-on-record-number-of-australian-businesses-collapsing-this-year-c-17121088

6025 construction firms went bust while Labor is bringing in record numbers of immigrants.

We have a housing crisis who is going to build new homes when builders are going bust?

Baronvonrort wrote on Dec 18^th, 2024 at 9:31pm:

Daves2017 wrote on Dec 18th, 2024 at 9:04pm: i We need to weaning off government spending and much more support for business ( particularly small). Anyway what would I know. I’m hardly rich but at least I’m not in debt. We need to wean the government off wasting taxpayers money on useless woke crap. Quote: Treasurer Jim Chalmers dodges crucial question on record number of Australian businesses collapsing this year Treasurer Jim Chalmers has played down the record number of business collapses in Australia this calendar year while being grilled on Sunrise about the dire statistic. Australian Securities & Investments Commission (ASIC) data shows a record 12,405 businesses collapsed between January and November, The Australian reported on Wednesday. The outlet also reported that 26,000 businesses have collapsed since Labor came to power in the 2022 election, including a record 1442 last month alone. The ASIC figures showed 6925 construction firms, 4012 hospitality businesses, 1706 retailers and 1329 manufacturers had all hit the wall since June 2022, The Australian reported. And as the cost-of-living crisis continues to play havoc with the country’s economy, some 930,000 Australians now relying on JobSeeker and Youth Allowance payments — 83,000 higher than at the same time last year. On Wednesday, Sunrise host Monique Wright put the damning figures to Chalmers. “Australian businesses collapsing at record numbers at the moment. Why do you think that this is so? 12,000 this year alone, businesses that have closed. Why is that happening?” Wright asked. “First of all we acknowledge that business conditions are difficult. Chalmers then argued the figures were not quite as dire as they appeared. During the interview, Chalmers was also asked about the $5.5 billion the government will announce for projects “not announced” after handing down the mid-year budget outlook on Tuesday. https://7news.com.au/sunrise/treasurer-jim-chalmers-dodges-crucial-question-on-record-number-of-australian-businesses-collapsing-this-year-c-17121088 6025 construction firms went bust while Labor is bringing in record numbers of immigrants. We have a housing crisis who is going to build new homes when builders are going bust?

I’m one the last too disagree with you.

However many countries are suffering and we shouldn’t view just our situation in isolation.

I would love to hear a detailed plan from either the lnp or teals ( the green vote is going too tank next election so they no longer count)

I believe we need a stable government with a long term plan for our prosperity.

I strongly disagree we need to spend tax payers money to create a new  PNG rugby league team ( I might be swayed if it AFL).
Jokes

I heard on ABC news radio today -
we have been in a per capita recession for the last  4 years.
The Govts only avoided an actual recession from mass immigration
and large Govt spending based on borrowed money.

Bobby. wrote on Dec 18^th, 2024 at 10:41pm:

I heard on ABC news radio today - we have been in a per capita recession for the last  4 years. The Govts only avoided an actual recession from mass immigration and large Govt spending based on borrowed money.

I totally believe that and impressed the government has avoided a full scale recession by spending money on roads , hospitals and education as well as defence.
Sporting funding is rubbish waste of  our money.
New highways and hospitals and school refurbished money well spent!

The deal is government funded projects and mass uncontrolled immigration can only prop up the budget short term.

We need to now ( slowly) transition to a government that lives within its means and encourage and support business.

We have a obvious trade shortage and clearly a housing shortage while construction companies go arse up in record numbers.

Hello, how can that be fixed?
Government sponsored apprenticeships as well as traineeships?
For me it makes more sense to have worker’s subsidiaries byway of government pay rather than pay them Centrelink?

Basically we the taxpayer funds the apprentice or traineeship which in turn helps the business which in the long term provides us with a skilled workforce.

I admire Australia makes great coffee unfortunately it makes little else!

Daves2017 wrote on Dec 18^th, 2024 at 11:02pm:

Bobby. wrote on Dec 18th, 2024 at 10:41pm: I heard on ABC news radio today - we have been in a per capita recession for the last  4 years. The Govts only avoided an actual recession from mass immigration and large Govt spending based on borrowed money. I totally believe that and impressed the government has avoided a full scale recession by spending money on roads , hospitals and education as well as defence. Sporting funding is rubbish waste of  our money. New highways and hospitals and school refurbished money well spent! The deal is government funded projects and mass uncontrolled immigration can only prop up the budget short term. We need to now ( slowly) transition to a government that lives within its means and encourage and support business. We have a obvious trade shortage and clearly a housing shortage while construction companies go arse up in record numbers. Hello, how can that be fixed? Government sponsored apprenticeships as well as traineeships? For me it makes more sense to have worker’s subsidiaries byway of government pay rather than pay them Centrelink? Basically we the taxpayer funds the apprentice or traineeship which in turn helps the business which in the long term provides us with a skilled workforce. I admire Australia makes great coffee unfortunately it makes little else!

Good reply -
the Govt. doesn't really know what to do.
I saw Jim Chalmers on TV tonight and all he had was a word salad
that maybe he only understands - financial gobbledygook.

Baronvonrort wrote on Dec 18^th, 2024 at 8:57pm:

Quote: Treasurer Jim Chalmers announces $26.9 billion budget deficit amid surge in government spending Treasurer Jim Chalmers has revealed a deficit of $26.9 billion as the federal budget is not expected to return to surplus for more than a decade. Treasurer Jim Chalmers and Finance Minister Katy Gallagher have announced a budget deficit of $26.9 billion amid a surge in spending by the Albanese government. Mr Chalmers and Ms Gallagher revealed the Mid-Year Economic and Fiscal Outlook at a press conference on Wednesday. While the $26.9 billion deficit for 2024-25 has been downgraded by $1.3 billion, significantly larger deficits have been forecasted for the next three years. The 2025-26 financial year budget is expected to blow out by several billion dollars from $42.8 billion to $46.9 billion. The federal budget has not been expected to return to a surplus position for more than a decade as Australians have endured the longest per capita recession on record. “This is a responsible set of books which reflects the very substantial progress," Mr Chalmers told reporters in Canberra. "Despite all of the pressures in our budget, we are on track for a soft landing in our economy." The Treasurer spruiked “a smaller deficit this year" than was forecast, but acknowledged there was "some slippage in subsequent years". Compared to the May Budget, the cumulative deficits have grown by $22 billion, from $122 billion to $144 billion. Ms Gallagher said the "slippage across the forward estimates" was the result of “urgent, unavoidable, or automatic spending”. https://www.skynews.com.au/australia-news/politics/treasurer-jim-chalmers-reveals-smaller-deficit-in-midyear-budget-update-defends-governments-economic-management/news-story/9867b09a968612e24b0f69c5712f0074 Labor pissing away taxpayers money like a bunch of drunken sailors for future generations to pay back. Was the result of “urgent, unavoidable, or automatic spending Like pissing away $450 million on Albos voice? Like pissing away  $600 Million so PNG can have a team in our National Rugby League? Like pissing away over $100 million to Hamas since they started a war with israel? We need a Elon type DOGE to take a chainsaw to government wasting our money

Albo has also budgeted for $10 million in an advertising campaign to tell us about his housing policy that still hasn't built a single house. He's addicted to wasting other peoples' money!

https://www.marketindex.com.au/asx200

ASX  down   1.89%

Baronvonrort wrote on Dec 18^th, 2024 at 8:57pm:

Labor pissing away taxpayers money like a bunch of drunken sailors for future generations to pay back.

That's what the mainstream media, beholden to obsolete  mainstream neoclassical economists,  wants you to believe.

And unfortunately, Chalmers is tied up in the same strait-jacket which enforces 'austerity' onto governments, which of course greedy bastards like you are happy to ignore since "I'm alright, jack.."

Re taxpayer money: its actually money issued by the currency-issuing government, though by convention  mainly entering the economy when private banks write loans to credit worthy customers. 


Quote:

Was the result of “urgent, unavoidable, or automatic spending

 

Yes, like spending on  health, education, pensions, and unemployment benefits.


Quote:

Like pissing away $450 million on Albos voice? Like pissing away  $600 Million so PNG can have a team in our National Rugby League?

Well...we have to resist China's influence in PNG, (apparently); and many people thought  the Voice would assist in closing the gap...until the implications  of the referendum were realized (changing the constitution etc).


Quote:

We need a Elon type DOGE to take a chainsaw to government wasting our money

Refuted above; it's money which the government issues via authorized issuers (banks etc).  And some of us have vastly more of it than others.... Musk is already wealthier than half the world's nations.

Certainly the currency-issuing  government should NOT borrow money from greedy private-sector, (government-issued) bond-holders who don't need the government to ensure they have a safe investment aka 'welfare for the rich'.   

But the next 2 years should bring all of this into focus, with Trump and Musk trying to MAGA...

given the mess the libs handed over, labor are doing a good job. Sure, it could be better, but they've so far staved off a recession and kept the economy ticking, even if it is slow

John Smith wrote on Dec 19^th, 2024 at 4:52pm:

given the mess the libs handed over, labor are doing a good job. Sure, it could be better, but they've so far staved off a recession and kept the economy ticking, even if it is slow

Unfortunately John, that likely won't save Labor at the next election; in a cost of living crisis, with the media shouting "deficits as far as  the eye can see", the cynical  Lib bastards will have field day.