The Australian Budget yesterday was a great example of what happens when previous Governments don’t get spending under control and the deficit gets so large.
As we are about to hit surplus. Australia has a $30 billion deficit.
Some of the Government Budget decisions include:
- The government will axe 16,500 jobs over three years, by cutting 230 bureaucratic programs and 70 government agencies.
- A temporary tax increase on those earning over $180,000
- A cut in tertiary education subsidies by 20%
- A lower repayment threshold and higher interest rate on student loans
- Increase in pension age to 70
- A part charge for seeing a GP