MYEFO is Hockey's chance to set the record straight

Forget the political blame game. The Treasurer should use MYEFO to fully inform the public about the budget and the need for tax reforms.

The December Mid-Year Economic and Fiscal Outlook promises to be a doozy. Recent analysis by consulting firm Macroeconomics indicates that a hostile Senate and a sharp decline in iron ore prices have blown a $51 billion hole in Treasurer Joe Hockey’s first budget.

According to Macroeconomics, the deficit will increase to $47.8bn in the 2014-15 financial year (from May estimates of $29.8bn) before easing to a deficit of $24bn in the 2017-18 financial year (compared with earlier estimates of $2.8bn).

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