Budget 2014
Good write-up from Greg Jericho on the Guardian: So all up in percentage of GDP terms, revenue will continue to rise over the next four years from 23.0% in 2013-14 to 24.9% of GDP by 2017-18. It’s worth noting that the ALP governments never had a revenue take of more than 23.2% of GDP… Expenditure in 2014-15 is expected to decline in real terms by 1.7%, which is among the biggest cuts in the past 40 years. But it’s worth remembering that that cut is in comparison to spending in 2013-14 – which includes the extra $11.9bn Joe Hockey spent in the Myefo – including nearly $9bn on the RBA. So that alone made reducing expenditure in this year an easier job. ...