Queensland forecast to record budget deficit of $3bn. Economists explain what's to blame
7 months, 3 weeks ago

Queensland forecast to record budget deficit of $3bn. Economists explain what's to blame

ABC  

Queensland is forecast to record back-to-back deficits over the next two years, in what the state government says is a deliberate move to support those struggling with the cost of living. "If our budget has to go into deficit to keep your household budget in surplus, then that is what we will do," Mr Dick told state parliament on Tuesday. "It's because learnt the hard way, it's better to under promise and over deliver rather than the other way around," Mr Eslake said. "In recent years the state's revenue has been substantially enhanced by the high level of coal prices from the invasion of Ukraine," said Mr Eslake. "While I have no problem with a state government or federal government providing cost-of-living pressures for people who generally need it," Mr Eslake said.

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History of this topic

NSW Treasurer Daniel Mookhey set to hand down budget forecasting years of deficits
6 months, 3 weeks ago

NSW Treasurer Daniel Mookhey set to hand down budget forecasting years of deficits

ABC  

In short: The NSW government forecasts four years of deficits in Tuesday's state budget. The NSW government forecasts four years of deficits in Tuesday's state budget. NSW Treasurer Daniel Mookhey said affordable housing would be the centrepiece of the state budget. The New South Wales government is forecasting four more years of deficits in Tuesday's budget, after a change to …

Big spending on cost-of-living support, health in Queensland government's pre-election budget
7 months ago

Big spending on cost-of-living support, health in Queensland government's pre-election budget

ABC  

Queensland's treasurer has handed down a big-spending, pre-election budget, offering up $3.7 billion in new cost-of-living relief — unapologetically plunging the state into deficit. Unveiling his fifth budget on Tuesday, four-and-a-half months out from the October election, Treasurer Cameron Dick declared the state government had made the "deliberate choice" to put the budget into a now-forecast $2.6 billion deficit in …

New Zealand budget day sees huge protests across the country, but was there any cost-of-living relief?
7 months, 1 week ago

New Zealand budget day sees huge protests across the country, but was there any cost-of-living relief?

ABC  

In short: The New Zealand government has handed down its 2024 budget, releasing details of highly anticipated tax cuts, while thousands of people rallied across the country to protest against policies considered to be eroding Indigenous rights. The New Zealand government has handed down its 2024 budget, releasing details of highly anticipated tax cuts, while thousands of people rallied across …

Here are seven charts to make sense of the Victorian state budget
8 months ago

Here are seven charts to make sense of the Victorian state budget

ABC  

The Victorian government handed down its budget for 2024-25 yesterday. When analysing these figures together, we can see Victoria's debt will reach 24.4 per cent of its economy in the next financial year. Goal to reach budget surplus by June 2026 The Victorian government not only predicts a reduction in the debt ratio — it's forecasting a budget surplus. The …

Queensland budget 2023: Winners and losers
1 year, 6 months ago

Queensland budget 2023: Winners and losers

ABC  

Powered by a windfall of coal and oil royalties, the Queensland budget for 2023/24 has seen cash splashed across a number of areas. "The strength of this year's budget gives us the ability to make the investments necessary to ensure Queensland's continued prosperity," Mr Dick said in his budget speech. Some other cost-of-living measures include: $670.5 million towards the Government …

WA Budget 2023: Mark McGowan's third budget delivers another massive surplus for WA
1 year, 8 months ago

WA Budget 2023: Mark McGowan's third budget delivers another massive surplus for WA

ABC  

Western Australia's position as the nation's strongest economy remains unchallenged, after Premier and Treasurer Mark McGowan handed down another massive budget surplus of $4.2 billion for the current financial year. Key points: Mark McGowan has delivered his third budget as WA treasurer WA will see a net operating surplus of $3.3 billion in 2023-24 The state's net debt will be …

Federal budget 2023: Does a budget focused on the cost of living mean inflation and interest rates could get worse?
1 year, 8 months ago

Federal budget 2023: Does a budget focused on the cost of living mean inflation and interest rates could get worse?

ABC  

Treasurer Jim Chalmers is adamant his second budget will not make Australia's inflation problem worse while providing cost of living relief — but economists are divided about whether that confidence is misplaced. Key points: Some economists believe the spending will not have an impact on inflation, but others warn another rate rise could be on the horizon Treasurer Jim Chalmers …

CM asserts that 293 of the 390 Budget announcements made last year have been implemented
1 year, 10 months ago

CM asserts that 293 of the 390 Budget announcements made last year have been implemented

The Hindu  

Dismissing Opposition allegations, Chief Minister Basvaraj Bommai on Friday asserted that 293 of the 390 Budget announcements made last year had been implemented. Replying to the debate on the State Budget in the Legislative Council, the Chief Minister said 90% of the Budget expenditure would be spent by the end of this financial year. “Going by the current tax collection, …

W.B. Budget for 2023-24 broadens welfare schemes, gives incentives to jobs
1 year, 10 months ago

W.B. Budget for 2023-24 broadens welfare schemes, gives incentives to jobs

The Hindu  

With an eye on the upcoming panchayat polls, the West Bengal government’s Budget for the year 2023-24 on Wednesday widened the ambit of social welfare schemes like Lakshmi Bhandar, added a new scheme providing death benefits for fishermen, promised financial assistance for micro-enterprise and allocated ₹3000 crore for rural road connectivity and repair of urban roads in the State. Minister …

California Likely To Have $25 Billion Budget Deficit, Report Says
2 years, 1 month ago

California Likely To Have $25 Billion Budget Deficit, Report Says

Huff Post  

A highway along the beach in Santa Barbara, California. Alexander Spatari via Getty Images SACRAMENTO, Calif. — California will likely have a $25 billion budget deficit next year, state officials announced Wednesday, ending a run of historic surpluses and acting as a warning to other states about a potential recession. The report did not surprise Republicans, who said they have …

Report: California likely to have $25 billion budget deficit
2 years, 1 month ago

Report: California likely to have $25 billion budget deficit

Associated Press  

SACRAMENTO, Calif. — California will likely have a $25 billion budget deficit next year, state officials announced Wednesday, ending a run of historic surpluses and acting as a warning to other states about a potential recession. “While we’re in fact better prepared, that doesn’t mean that the decisions to close the coming budget gap won’t be difficult — particularly if …

Australians in for tough financial times as federal budget forecasts declining real wages and high living costs
2 years, 2 months ago

Australians in for tough financial times as federal budget forecasts declining real wages and high living costs

ABC  

Australians are facing a bleak couple of years, with Treasury forecasting dual woes of sustained high living costs and declining real wages. Key points: Labor's election commitments are the centrepiece of its first budget in almost a decade Soaring living costs, low unemployment and high commodity prices have slashed debt and deficit forecasts Treasurer Jim Chalmers is forecasting tougher days …

NSW budget deficit more than triples to $11.3 billion
2 years, 6 months ago

NSW budget deficit more than triples to $11.3 billion

ABC  

The state's forecasted budget deficit has more than tripled, as the NSW government seeks to embark on major economic reforms while grappling with COVID-19 and disaster spending. Key points: NSW's deficit has blown out to $11.3 billion, up from the half-yearly projection Women, housing and infrastructure are receiving billions of dollars over the next four years Parents will be able …

Queensland budget handed down by Treasurer Cameron Dick, health the big winner with coal royalties increasing
2 years, 6 months ago

Queensland budget handed down by Treasurer Cameron Dick, health the big winner with coal royalties increasing

ABC  

Record coal prices will see mining companies face a hike to royalty rates, as the Queensland government touts major spending for the health system in the state budget. Handing down his third budget today, Treasurer Cameron Dick also revealed big businesses would be hit with a mental health levy on payroll tax, while funding has been allocated to build new, …

Victoria's state budget might chart a course further from the federal orbit
2 years, 8 months ago

Victoria's state budget might chart a course further from the federal orbit

ABC  

You can plan, you can prep, you can pray. But there's no way of knowing the future… which is how I'm explaining what I wrote about the Victorian state budget in the hazy days of May 2019 when I said "other states would love to have the problems Victoria does". "More nurses, more ambos, more call-takers, more dispatchers, more care, …

Minnesota budget officials project huge $7.7 billion surplus
3 years, 1 month ago

Minnesota budget officials project huge $7.7 billion surplus

Associated Press  

ST. PAUL, Minn. — Minnesota officials will release an updated budget forecast on Tuesday that’s expected to show further improvements and set the stage for the 2022 legislative session. This will be the first major revenue-and-spending forecast since projections from Minnesota Management and Budget in February, when an anticipated $1.3 billion deficit due to the pandemic swung to a $1.6 …

Improvement in budget deficit as COVID recovery provides economic boost in first half of 2021
3 years, 3 months ago

Improvement in budget deficit as COVID recovery provides economic boost in first half of 2021

ABC  

The federal government has revealed the budget deficit was $27 billion lower than forecast in the May budget. Key points: Treasurer Josh Frydenberg says lower unemployment is to thank for the improvement The original forecast was for a $161 billion deficit for the 2020-21 financial year The extended lockdowns in NSW, Victoria and the ACT are expected to increase this …

Budget deficit shrinks in process of protecting jobs during the COVID pandemic
3 years, 3 months ago

Budget deficit shrinks in process of protecting jobs during the COVID pandemic

ABC  

The final budget numbers are in and they're better than expected. Last year's 2020-21 budget estimated that, by the end of the financial year on June 30, the size of the budget deficit would be $161 billion. A budget "deficit" is simply an accounting term that describes a situation where the Federal Government is spending more money into the community …

South Australian state budget spends big on health, construction and education, records $1.78 billion deficit
3 years, 6 months ago

South Australian state budget spends big on health, construction and education, records $1.78 billion deficit

ABC  

Big spending on construction, a mental health plan to try to address an overflowing public health system and a cost for the new Women's and Children's Hospital are key features of this year's pre-election state budget. Key points: $1.95 billion has been allocated for the new Women's and Children's Hospital The completion of the North-South Corridor will cost $9.9 billion …

Decade of budget deficits ahead as government spends billions to recover pandemic-hit economy
3 years, 8 months ago

Decade of budget deficits ahead as government spends billions to recover pandemic-hit economy

ABC  

The Treasurer has declared Australia's economic engine is "roaring back to life" as he unveiled tens of billions in new spending in a budget that could be the Coalition's last before a federal election. Key points: The deficit this financial year is expected to be $161 billion, falling to $106 billion in 2021-22 The government has forecasted an unemployment rate …

Victoria's Budget to include $23.3b deficit and millions to lure global firms to state, Treasurer Tim Pallas says
4 years, 1 month ago

Victoria's Budget to include $23.3b deficit and millions to lure global firms to state, Treasurer Tim Pallas says

ABC  

The pandemic has forced Victoria into the red with a deficit of $23.3 billion and more than $150 billion of net debt to be detailed in Tuesday's State Budget. Key points: Mr Pallas said the Budget would contain some changes to taxes but not to stamp duty The Government hopes incentives to lure global companies to the state will help …

Australia plans massive pandemic budget, record deficit
4 years, 3 months ago

Australia plans massive pandemic budget, record deficit

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Australian government on Tuesday …

Federal Budget to include cash payments worth $500 for aged, family and disability welfare recipients
4 years, 3 months ago

Federal Budget to include cash payments worth $500 for aged, family and disability welfare recipients

ABC  

Aged, carer, family and disability welfare recipients will receive $500 in cash payments in the next five months, in a move the Federal Government hopes will stimulate the Australian economy. Key points: Cash payments will be paid in December this year and March, 2021 Both payments will be $250 The payments are part of the Federal Budget, which was delayed …

Federal Budget 2020 reveals Australia headed to record debt of almost $1 trillion
4 years, 3 months ago

Federal Budget 2020 reveals Australia headed to record debt of almost $1 trillion

ABC  

Billions of dollars in fast-tracked tax cuts and younger worker wage subsidies underline the Federal Government's budget recovery pitch, as Australia's recession sends debt and deficits to record levels. Key points: Debt and deficits are set to hit record highs as coronavirus savages the economy Debt and deficits are set to hit record highs as coronavirus savages the economy Businesses …

Tasmania heading into coronavirus-fuelled recession, with deficit of more than $1 billion next financial year
4 years, 7 months ago

Tasmania heading into coronavirus-fuelled recession, with deficit of more than $1 billion next financial year

ABC  

The coronavirus crisis is pushing Tasmania towards a recession, with deficits of $716.4 million predicted this year and more than $1 billion next year, according to the latest figures released by the Treasury Department — but a prominent economist has said the state has been in far worse positions in the past. Mr Eslake said while the state's debt was …

The ACT's budget deficit triples amid fears that coronavirus and bushfires will blow it out further
4 years, 10 months ago

The ACT's budget deficit triples amid fears that coronavirus and bushfires will blow it out further

ABC  

The ACT's budget deficit for this financial year is forecast to blow out to more than $255 million, nearly triple what was originally expected. Key points: The ACT budget deficit is projected to rise from $89.1 million for 2019-20 to be more than $255 million The causes include the ACT's shrinking share of GST revenue, and greater spending on hospitals …

Budget Mid-Year Economic and Fiscal Outlook predicts narrower surplus, falling revenue from drought
5 years ago

Budget Mid-Year Economic and Fiscal Outlook predicts narrower surplus, falling revenue from drought

Daily Mail  

Australia's budget surplus has been slashed by $2.1billion amid fears the drought and falling iron ore prices could spark the first recession in 29 years. Treasurer Josh Frydenberg promised, in the April budget, a surplus would be delivered for the first time since 2007 - before the global financial crisis hit Australia The economic growth forecast for 2019/20 has also …

Australia's budget deficit slashed, with surplus forecast for next year
6 years ago

Australia's budget deficit slashed, with surplus forecast for next year

ABC  

A surge in mining industry profits and tax revenue have boosted Commonwealth coffers and allowed the Federal Government to forecast a bigger-than-expected surplus next year. Key points: Treasury says the improved financial position is due to increased tax revenue The forecast deficit for 2018/19 is cut from $14.5 billion to $5.2 billion The forecast surplus for 2019/20 is up from …

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