The Treasurer, the Hon Scott Morrison MP, and the Minister for Finance, Senator the Hon Mathias Cormann, used the early part of the week to announce positive economic news with the finalisation of the 2016/17 budget papers showing a budget deficit $4.4b lower than forecast.
Speaking at a press conference alongside his Cabinet colleague, the Treasurer was quick to claim credit, saying “today’s final budget outcome figures demonstrate again the wisdom of the careful approach that we’ve been taking as an economic team with the Prime Minister to out budget. Our disciplined approach to financial management implemented over successive budgets and updates, has been successively and successfully de-risking the budget”.
The Finance Minister was more bullish about the impact a Shorten Government would have on Australia’s delicate economy, saying “What these numbers also show is that this is not the time to shift to Bill Shorten’s anti-business, anti-growth, anti-opportunity agenda, because Bill Shorten’s anti-business, anti-growth, anti-opportunity agenda would lead to less growth, fewer jobs, lower wages and a worse Budget outcome for Australia”.
The Shadow Treasurer, the Hon Chris Bowen MP, and Shadow Minister for Finance, Dr Jim Chalmers MP, were quick to remind the media that the deficit was still more than three times bigger than had been predicted in the Coalition’s first budget and thought the improved budget position was “more about good luck than good policy”. The Shadow Treasurer and Shadow Minister for Finance both took to social media, with Dr Chalmers saying “The Turnbull Govt wrote down receipts by $5.3b since the election & now want a clap for writing them back up by $4.1b!”
