Budget revenue surge but spending plans stashed away ahead of 2022 election

Budget revenue surge but spending plans stashed away ahead of 2022 election | swrighteconomy CroweDM

A $106 billion surge in revenue will barely make a dent in the health of the federal budget, with Treasurer Josh Frydenberg stashing away $16 billion in secret decisions ahead of next year’s federal election.

The government is not expecting a budget surplus this decade and is forecasting gross debt to reach $1.2 trillion by 2024-25.Over the forward estimates, combined budget deficits are tipped to be just $2.3 billion better than had been predicted in May. The fallout from this year’s Delta coronavirus outbreak has contributed to $12.3 billion in extra spending this financial year. But spending has been pushed up further out. Spending in 2023-24 has been forecast upward by $17 billion.

Wages, however, are only expected to grow by 2.25 per cent this year – confirming a real fall in wages for most Australians. In 2022-23, wages are tipped to grow by 2.75 per cent. That would be the first time wages outpace inflation this decade.

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