Receipts and Payments as % GDP
Josh Frydenberg kept emphasising “without raising taxes”. Well. Not quite. Spending remains above the long-term average of spending and Receipts as a % of GDP is well above, well above, the long term average. The thing to remember is that the Coalition government has already increased taxes on (multinational) business and already raised our superannuation. Tonight we heard they’re not going to raid our super again. They plan to raise more revenue from business. The dashed lines below are the average figures for Receipts (blue) and Payments (red).
Remember – a surplus next year. Just like Wayne Swan. Debt to be paid off by 2030. SO they are planning to fund their spending by paying down the debt slowly.