No crisis, but taxes still need to rise

The last thing the country needs is European-style fiscal austerity. Despite the deficit fearmongering, Hockey needs to prepare the public for a benign full year budget – one with fewer spending cuts and tax hikes than anticipated.

There’s a pretty funny joke in the detail of yesterday’s Mid-Year and Fiscal Economic Outlook: the repeal of the minerals resource rent tax produces a net GAIN to the budget over four years of $9.5 billion … and this was supposed to be a tax.


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