There’s a glorious irony that a surplus, after so many deficits, attracted such little attention
And well, please. If you think giving people living well below the poverty line $20 a week extra is going to set off a level of demand in the economy that will have shops raising prices, you really need to spend some time living on $50 a day., which will increase spending by $1.37bn next year. No one thinks that because they bulk bill at a GP they actually have more money to spend. Like the $500 reduction of energy bills, it is a hidden benefit.
The Treasury is predicting public demand over the next two years will be much more like what we saw when Joe Hockey decided austerity was a smart policy, than during any period when budgets have been truly expansionary:This is important, not just because it won’t increase inflation, but because in many ways the problem is the budget is not more expansionary.
The Treasury and the RBA are forecasting some pretty dark years ahead. GDP growth is set to be below 2% for two calendar years and household consumption growth is predicted to grow well below the long-term average:
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