More debt and deficit in Morrison’s mid-year economic and fiscal outlook. The federal government’s budget deficit is set to blow out to $37.4 billion dollars and is expected to grow.
To pay for the Turnbull/Morrison budget programs such as the Better Access to Radiation Oncology is to be scrapped which means the government will save $26.6 million and bulk-billing incentives for pathology will also be removed netting the government a further $650.4 million over four years.
Other cuts include:
- $704m over three years by cracking down on welfare compliance
- $595m over four years from health workforce programs
- $472m over three years from Aged Care funding
- $441m over four years by means testing the Child Care subsidy for families earning more than $250,000
The leader of the Opposition, Bill Shorten, has said that the budget outlook is “ a road to no-where with no prospect of improvement.” Mr. Shorten also said, “The lesson of today’s MYEFO statement is that Malcolm Turnbull and Scott Morrison are proposing cuts which are harsher than those of Tony Abbott and Joe Hockey.”
With the bleak out the Treasurer has stated the Australian economy is heading in the right direction.