Budgeting for the China syndrome

Beyond the domestic belt tightening, we must budget for China’s pain.

There are three obvious budgetary implications for investors in Joe Hockey’s 2014 budget – the bruising of lower and higher middle income consumers, the massive infrastructure spending, and the use of retirees’ franking credits to pay for paid parental leave.

But there is also a hidden force which will govern the budget outcomes – the big changes looming in China, which may turn out to be most important of all.


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