jpd80 Posted June 3, 2009 Share Posted June 3, 2009 LINK For the first time in many years, the Australian Federal Budget went in to deficit for AUS$50 billion. to stimulate the economy, it looks like it worked as China starts ramping up again. Quote Link to comment Share on other sites More sharing options...
macattak1 Posted June 3, 2009 Share Posted June 3, 2009 LINK For the first time in many years, the Australian Federal Budget went in to deficit for AUS$50 billion. to stimulate the economy, it looks like it worked as China starts ramping up again. That's it! I am buying a Mazerati. I'll figure out the payments later... Peace and Blessings Quote Link to comment Share on other sites More sharing options...
retro-man Posted June 4, 2009 Share Posted June 4, 2009 (edited) It's good to hear that Australia is enjoying some fundamental strength. Japan's finance minister has also declared an end to the recession. Let's hope they're right and it's not just a bear market rally: The markets did soften up a bit again today. Edited June 4, 2009 by retro-man Quote Link to comment Share on other sites More sharing options...
jpd80 Posted June 4, 2009 Author Share Posted June 4, 2009 It's good to hear that Australia is enjoying some fundamental strength. Japan's finance minister has also declared an end to the recession. Let's hope they're right and it's not just a bear market rally: The markets did soften up a bit again today. Our economy and dollar are commodity driven and rather dependent on the fortunes of Japan and China. China's stimulus package is now flowing. coal, iron ore, natural gas and alumina are now shipping again. Quote Link to comment Share on other sites More sharing options...
suv_guy_19 Posted June 4, 2009 Share Posted June 4, 2009 (edited) Your deficit may not end up being as big since you are not going to shrink after all. Revenues should end up higher than predicted. Edited June 4, 2009 by suv_guy_19 Quote Link to comment Share on other sites More sharing options...
jpd80 Posted June 4, 2009 Author Share Posted June 4, 2009 Your deficit may not end up being as big since you are not going to shrink after all. Revenues should end up higher than predicted. There's some fairly big Government based infrastructure plans laid out over then next few years. The Government is expecting to be back in surplus for 2012/2013 (our financial years end on June 30). Quote Link to comment Share on other sites More sharing options...
suv_guy_19 Posted June 4, 2009 Share Posted June 4, 2009 (edited) Our government expects to be out of deficit by one year after that I think...unfortunately for them, our second largest bank (and the one that is said to be the best run in the world...who has a former Deputy Minister of Finance as its Chief Economist), the TD Canada Trust bank, doesn't agree. There will need to be about $20B of combined spending cuts and tax increases to return us to the black....and about $30B to return us to the surpluses of a few years ago. We have cut taxes by a great deal over the alst few years and it has left us little room to maneuver. Edited June 4, 2009 by suv_guy_19 Quote Link to comment Share on other sites More sharing options...
matthewq4b Posted June 4, 2009 Share Posted June 4, 2009 Our government expects to be out of deficit by one year after that I think...unfortunately for them, our second largest bank (and the one that is said to be the best run in the world...who has a former Deputy Minister of Finance as its Chief Economist), the TD Canada Trust bank, doesn't agree. There will need to be about $20B of combined spending cuts and tax increases to return us to the black....and about $30B to return us to the surpluses of a few years ago. We have cut taxes by a great deal over the alst few years and it has left us little room to maneuver. The tax cuts will generate more revenue than they lost in the long term SUV. How do you think Alberta managed to turn it's economy and revenues around in a time of sub $20BBL oil? The tax cuts here helped make the decsion for many buisness to move head offices here (CP Rail for eg) and stimulated a boom of investment here. The results of lower taxes take a more than a couple years to kick in. Give it time. Matthew Quote Link to comment Share on other sites More sharing options...
suv_guy_19 Posted June 4, 2009 Share Posted June 4, 2009 I'm not saying the tax cuts were bad, but they left us unprepared for any type of downturn on the revenue side. I voted for the Conservative party last election even if I don't support them now. They are still doing an ok job of manging things, the test will come whenever it comes to bringing us out of deficit at the end of recession...no matter who is in power. Quote Link to comment Share on other sites More sharing options...
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