Anthony Albanese could learn a thing or two from Bob Hawke, who walked back tax cuts promised ahead of the 1983 election
fronted the media soon after winning the election and told journalists that while he had promised tax cuts during the election, “Now that we had the full knowledge of the true budgetary situation … it [is] very significantly less likely that there would be an opportunity of any general tax cuts.”When the election was called, the cash rate was 0.1% – not 1.85% and heading higher.
In March, Treasury was predicting medium-term productivity growth of 1.5%; now it estimates just 1.2%. This matters because, estimates such a downgrade would increase government debt by 2% of GDP by 2033. In today’s money, that is around $45bn.
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