Morrison Government Becomes 2nd Highest Taxing Government on Record, & Government Net Debt Has Risen By 145% Since 2013
Treasure Frydenberg’s MYEFO documents confirm the Morrison government has now become the 2nd highest taxing government on record, the Only government with a higher tax take was that of Mr Howard. MYEFO documents show the Tax to GDP will be 23.4% in 2021-22.
The MYEFO forecasts net debt for 2018-19 to increase from $361.1 billion at the time of the election PEFO to $392.3 billion, while it is forecast to still be $360.8 billion in 2022-23
General government net debt projections have been revised higher since the April budget in the mid-year economic and fiscal outlook; now expected to peak at 19.5% of GDP in the current financial year.
Australian government net debt has risen by 145% since 2013 and has virtually doubled as a proportion of GDP.
Treasure Josh Frydenberg claims he’s reducing debt. It would appear that he’s not doing it this year. The reality is The Morrison government has abandoned its goal of eliminating net debt by the end of the next decade.
Morrison/Frydenberg promised to make the economy “even stronger” but the downgrades in today’s MYEFO confirm that the economy’s not working for ordinary Australians and the Government has no plan to turn things around.
MYEFO CUTS 2019-20
✂️ Online Employment Services = $1.7million
✂️ Guaranteeing Medicare = $200,000
✂️ Hearing Services Program = $1.4million
✂️ Energy & Emissions Reduction for Residential & Commercial Buildings = $3.5million
✂️ Community Development Grants = $400,000
However, There is some good news for science in MYEFO.
$383.4m National Hydrogen Strategy
$150m for space
$100m National Recycling Fund
$65.7m for Antarctic science
$2.7m for a National Data Report on women’s participation in STEM.
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