The shadow treasurer says the government is too pessimistic, and the budget can return to surplus if spending is contained.
about the state of the budget, arguing that the revenue boom driven by soaring commodity prices and low unemployment is not temporary and the budget can return to surplus if spending is contained.
“From the moment the country opened up, the budget position improved dramatically with the net operating balance, the fiscal balance and the underlying cash balance all running a cumulative surplus between November and May,” Mr Taylor will tell the Centre of Independent Studies, according to speech notes.He will say Labor is talking down the budget because it is building a case to spend and tax more.
“Much has been made of high commodity prices, and they support company tax revenues, but most of the improvement in receipts has come from income tax revenues returning, as unemployment fell sharply,” he will say.
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