No urgency in the budget emergency

The recently released budget outcome reveals a different economic landscape to what Joe Hockey described. For a start, it showed the largest year-to-year fall in the budget deficit ever.

Australia has just recorded the most contractionary year for fiscal policy ever seen.

In releasing the budget outcome for 2012-13, Treasurer Joe Hockey and Finance Minister Mathias Cormann have revealed a range of very interesting records on the budget and fiscal policy not just for 2012-13, but going back to 1970-71.

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