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New estimates of what a federal budget deficit means can be seen as a cautionary tale for politicians, as the government struggles to make good on its election promise to bring down the federal debt.
The budget deficit in 2016 was a record $28 billion, up nearly $4 billion from a year ago and just the third time in more than a decade this figure had been below $30 billion.
It also represents the first net decrease in budget deficits in 12 years.
The numbers from the Australian Bureau of Statistics show more than half the deficit has come from income and wealth tax, which has been a recurring theme in both Federal and Opposition budgets.
The budget deficit of a dollar of annua블랙 잭l income under $25,000 in 2016 was $30.5 billion. This comes up on top of the $26.5 billion budget deficit a dollar of annual income for higher earning people at $50,000 or more.
So while the budget deficit in 2016 came in at $28.5 billion, it’s less than half of what $44.2 billion was in 2015 under the previous government.
Labor said the budget deficit had come down from $46.2 billion in 2016 because of reduced expenses from the cut to Medicare and the introduction of an upper cap on tax exemptions, though the government insisted the reduction was due to lower interest payments.
The figures are from the Treasurer, Scott Morrison, and the Prime Minister 퍼스트 카지노Malcolm Turnbull, who took office shortly after the 2016 election, and released them ahead of the budget in Canberra on Monday.
Mr Morrison said it was not fair to compare the 2015 numbers with last year because the Government had reduced “significant expenditure in most areas of Government for the purpose of maintaining fiscal stability”, but that the deficit had come down from the current level of $36.4 billion to $28 billion.
“We have a fiscal plan that is balanced a마사지 가격nd there will be no significant increases to the debt of the country with respect to this fiscal plan,” he said.
Topics: budget, federal-government, federal-parliament, federal-government-and-politics, federal-parliamentary-bodies, australia