Settle in for Hockey's budget horror show

The fundamental problem with the Abbott Government's first budget is it just wasn't tough enough. And the 'do-nothing' approach will only make the situation worse.

Joe Hockey’s much-anticipated mid-year economic and fiscal outlook reveals that the budget is about $10 billion a year deeper in the red than he thought just seven months ago. He is right to not try and correct this deterioration through a mini-budget of spending and tax measures (although MYEFO does contain some measures, most notably further cuts to foreign aid). However, there is much to be concerned about in the fiscal outlook and the outlook also exposes the weaknesses of the Abbott Government’s first budget.

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