Has Joe Hockey done something right? 182



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This year the budget has been surrounded in so much doom and gloom. Pick up any newspaper and you’ll read about just how awful it will be and just how bad Australia’s situation is. And in truth, things aren’t in the best shape when it comes to Australia’s finances. However, some good news emerged from the Department of Finance today that puts us in a slightly better position. So does this mean that Joe Hockey has done something right?

The Mid Year Economic and Fiscal Update predicted that the budget deficit would be $39.5 billion by budget time – quite a dire outlook. But the figures released today from the Department of Finance show that Australia’s deficit probably won’t be as bad as we think. In fact, that figure looks to be about $4 billion off the mark and the actual deficit will sit at about $35.2 billion.

So does this mean that Joe Hockey’s plans have actually been more effective than originally thought?

It appears that this slight (in the grand scheme of things) saving is actually the result of lower than expected cash payments that were over budgeted for. However lower taxation revenue has seen the Australian government’s predicted revenue also fall, coming in at about $644 million less than December projections.

So right now, the budget stands slightly better than originally thought but we’re still far away from a strong, positive place.

During the week governor of the Reserve Bank Glenn Stevens warned that the Abbott government and Joe Hockey had “little choice” but to accept slower deficit reduction strategies moving forward. The tough budget last year proved too harsh for most with few policies and pieces of legislation being passed in the senate and serious reductions in public support for the government.

So hopefully we have something more stable, sustainable and positive to look forward to come May this year.

Tell us, what do you hope for from the budget? Share your thoughts in the comments below… 

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  1. To tell the truth I don’t believe anything that this Government Releases . I have given up hoping for some semblance of Social Justice for Australia while these people are in power. Their lies and deceit, their Inhumane treatment of unemployed, pensioners, families, students, First Australians, Asylum Seekers, low income recipients and workers is on record. Their pampering and bias towards the top 20% mega rich their overwhelming urge to sell off assests! their stance on climate change and emission gases just leave me flabbergasted. We have become in my opinion the laughing stock of the first World. It really doesn’t matter what They put in their Budget it will be retracted or changed beyond recognition and they will blame it on the “Debt and Deficit Disaster ‘. Fool Australia once Shame on You Fool them twice Shame on Australia .

    18 REPLY
    • You are naive if you think the alternative did or will do better if they get back into power. The country is sliding fast. We are the unloading zone of the uncouth criminal element… right from the beginning England unloaded on these shores. Not much hope left for us Australia is still a penal colony..

    • I think you hit the nail on the head Libbi Elliot , and I do think labour will be more compassionate to first Australians refugees pensioners unemployed etc. social justice is just not on LNP agenda, just look after the big end of town. And as for the budget, start taxing the the multi national corporations proportionally and stop perks for big earners and poof budget fixed

    • The Alp will run the country a lot better than this current mob of liars.. when you lie to a whole country there is a loss of confidence and trust..I don’t believe a word they say

    • Joe Hockey doubled the deficit almost immediately so stop blaming Labour. Of course this is what they will do forever and a day. Fact: it was Keating who actually left the country in a good economic position when Howard took over from him, so even a bunch of monkeys could have managed the country. Yes, they had a surplus, but did not get back into power despite this. Why? Because the infrastructure was in a mess which Labour had to fix when they got in, and also deal with the GFC. They actually did a good job considering all the adversity. Don’t mention pink bats either – this was the fault of companies and their sub-contractors, not the fault of the government. Go check your facts.

      2 REPLY
      • well said Christa, I have wrote several times that, Keating should have not spent so much time trying to be a World Leader prior to that election he lost to Howard. He had done all the hard work with economy, and I knew if Howard got in, he would get all the credit in giving tax cuts etc. We would have had a far better country to leave to our siblings, instead of this greed and lack of compassion we have now….we desperately need another Keating with his whit and policies

    • Dianne Star Wisher, the so called criminals from UK did no more than steal a loaf of bread due to starving, or some other little misdemeanour. The government of the day wanted people deported to Australia to build it up and they couldn’t get volunteers so chose this method. What’s more, they got this country up and running under very hard and harsh conditions….fact.

    • Diane, I take exception to you calling our convict past ” the uncouth criminal element” . Most of these people were sent out here for very minor infringement like , stealing a loaf of bread to feed their family. If you read your history books you will find that the reason they were sent was because English jails were overcrowded during the potato famine because of starvation so these poor people were used to settle a new country thousands of miles away. It was a quick fix for the English . Maybe these days it’s different. The gov seems to let anyone in and quite a lot are, as you say, the uncouth criminal element.

    • while I would like to take credit for Leonie’s common sense and the accurate things she has said..the credit is all hers..I do agree with her however and Diane Star-wisher..you can’t even use you real name to make these offensive comments. How dare you condemn the people who were forced to come here for very minor crimes..you reap the benefits of their hard work in this country

    • Dianne Star-wisher, or whatever your name is, blind Freddy could do a better job than the current government ! And I am unable to understand what the rest of your comments mean…It just sounds like phycho babble to me.

    • Don’t agree at all , why are we in the position we are just ask Rudd and Gillard now they take their two hundred thousand a year dpi adjust for life and left us with all this debt where is this fair should not be allowed to keep pension. What ever happen to accountable for you actions ,very disappointing. By the way I used to vote Labour.

    • Emile Franssen who are traitors? Where on earth is your mind that budget releases can be compared with building a place of worship. Could you explain the relevance of your comment. I sort of hope you’re calling me a traitor then I can add it to my list of absolutely incomprehensible names that I’ve been called by trolls which I can only assume you are.

    • Well dianne star-wisher if thats your real name labour had us with one of the best credit ratings in the world and this bullshit that this government is sprouting about a bad economy is of their doing and will never get any better while they are in power your the naive one if you believe their crap

  2. Peter Costello should pull his head back into his arse as when the Howard gov introduced GST they double the tax take by a broken promise not totaly removing stamp duties fees on every thing

    1 REPLY
    • Thanks for reminding me of the other taxes that were going to be abolished after the GST started. Taxes always go up, just change in name.

  3. Let’s just wait till it’s released before we get stressed. We always read things in the media but most is scare mongering.
    I’ll comment again when I see what the budget brings.

    1 REPLY
    • It will be the backflip of the century! He won’t be able to walk for weeks. The spin Drs are doing their job.

  4. The Liberal Party/LNP is a scam. They seek donations from the wealthy and votes from the less well off by using fear and devisiveness and promising to protect everyone from the fears they have created. They have no plan B and the next budget will just be plan A with a new haircut. Australia is the 12th largest economy in the world and we’re servicing our debts easily. We want governments that will ensure that all Australians are treated fairly and are not afraid to spend money to invest in our future.

  5. All this shows is that the original beat up about our massive budget deficit was exactly that, a beat up. It was intended to scare us all into accepting the proposed grossly unfair budget. It didn’t work and now this gov’t will try a slower approach to doing the same things.

    3 REPLY
  6. I’ll wait and see, but I don’t trust him, or his government, and for good measure, I could wipe off that permanent smirk he has on his face with a sledgehammer.. But I’d have to stand in a very long line.

    4 REPLY
  7. Any figures can be manipulated to suit what is required at the time. This happens whichever government is in power

  8. Oh great question for the Lefties!!! Here we go. Same old same old. Hope they just remember where the debt came from. PLEASE just don’t go on about the “Poor Pensioners” its pathetic.

    4 REPLY
  9. Hahaha if they could pass anything it may help. Blinkers!!!!!

    1 REPLY
    • I don’t know why we bother with this site, obvious Labor/Green . They must realise this as virtually only those who NEED money from the Govt, bother with it. Cat get over how many are so reliant on handouts

  10. Fool Australia once Shame on You. Fool them twice Shame on Australia .
    Enough said.

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