Joe needs a revenue Hockey stick

Deep cuts won't get Joe Hockey out of a budget hole. Today's MYEFO statement was designed to rebuild trust in economic management and get business to start investing and spending again.

While there will be a lot of finger-pointing going on as the politicians try to assign blame for the $123 billion hole in the nation’s finances over the forward estimates the critical question is what the Abbott Government will do, indeed can do, to fill it in. The only certainty is that its attempts to prevent the deficits from continuing to spiral out of control will involve some difficult and painful decisions.

The most disturbing aspects of the Mid-Year Economic and Fiscal Outlook (MYEFO) are the extent and rate at which the budget position has been deteriorating.

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