After the two largest deficits in history, Josh Frydenberg is forecasting another four record-breaking shortfalls and some economists fear the budget won’t recover from the pandemic spending splurge | swrighteconomy
Australia faces “generations” of deficits following the 2021-22 federal budget, with economists warning that without far-reaching policy reform the country could be left mired in debt that will weigh on taxpayers forever.
Economist Stephen Anthony says the 2021-22 budget confirms generations of budget deficits for the nation’s taxpayers.Ahead of the pandemic, the government’s own fiscal strategy aimed to deliver annual surpluses worth 1 per cent of GDP. It is now committing itself to balanced budgets over the “economic cycle”, and only after the economy has recovered from the pandemic recession.
He said about $380 billion had been spent since last March but nothing had gone into reforms that would ultimately help strengthen the economy, make it more efficient and help it prepare for any future downturn.
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