|Wednesday, 13 May 2009 16:32|
Budget - deficit, spending and more
The federal government has released its new budget. From the situation, at the election of the Rudd Labor government in Nov 2007, of having NO federal government debt we are looking at a debt of $58 billion in the next year. An overall deficit in the coming years of more than $200 billion - possibly up to $300 billion - will put our future generations in debt for many years to come.
Click here for media report.
Yes, we know there is a financial crisis, and there has been a reduction in revenue from resources - but the spending of money that we don't have (in an attempt to save jobs etc etc) is a concerning development.