I hear you, WTF is a MYEFO?
MYEFO is the mid-financial year release of the federal government’s economic and fiscal outlook. It is an update of the budgetary position.
Basically it highlights the blow-outs from the “main plan”, which is released in budget week in May each year.
Think of it like this… all those sneaky little purchases you made at Gorman a few months ago that you thought would not count but came to bite you on the credit card bill right before Christmas? That is MYEFO for the government.
It takes account of all decisions made since the release of the May budget which affect expenses and revenue and therefore it revises the budget aggregates.
Yesterday the Treasurer announced Australians are on track to inherit a national debt equivalent to $30,000 per person, with the interest bill to pay for it blowing out to $15 billion next year.
Announcing an increase of $2.3 billion in this year’s deficit to $37.5 billion, Treasurer Scott Morrison and Finance Minister Mathias Cormann said, while the budget was still in need of repair, the economy was heading in the right direction.
They said spiralling debt, growing deficits and lower economic growth were to blame for the extra debt.
But DON’T PANIC as we are headed in the right direction, the new Treasurer Scott Morrison has assured the nation.
Top Comments
The ABC's new jackboot radio show, AM, has just been kicking Sussan Ley for taking a Labor grant off the hugely profitable pathology companies. It was given to encourage bulk billing. Except bulk billing only got a 1% natural increase - what a surprise. It especially didn't happen in towns where there is only one provider. But AM, keen to score points, perhaps taking its cue from 7.30, while slow to get into policy detail, never looks at the constitutional guarantee that prevents the government from controlling doctors' incomes, in case the ABC should be seen as anti-private enterprise.
Luckily, there was enough money though for the politicians to be given a 10% pay rise. They have a cheek to expect Australians to 'make sacrifices' and 'tighten their belts', whilst at the same time ensuring they aren't taking a financial hit. All of them (whatever party) make me sick.
The top, massively wealthy companies' tax records have just been made public, thanks to a recent move by the government with Green support, which was opposed by Labor. The companies paid virtually no tax. The pollies' 10% is a drop in the bucket in comparison to that. What about attacking legal tax avoidance, if you really want to even the score.