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Examples
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The government's Mid-Year and Economic and Fiscal Outlook MYEFO indicates Australia can achieve a $1.5 billion surplus in 2012/13, despite a budget deficit that has blown out by $14.5 billion in six months.
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All up, some $1.8 billion will be sliced from PBS subsidies, in large part because of expensive drugs becoming cheaper when they go off patent, it was revealed yesterday in the Mid-year Economic and Fiscal Outlook MYEFO assessment of Government spending and revenue.
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The huge retreat in revenue over four years will be identified in Treasury's Mid-year Economic and Fiscal Outlook MYEFO to be released by Treasurer Wayne Swan.
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Treasurer Wayne Swan was to have announced the details on the release of the Mid-year Economic and Fiscal Outlook MYEFO report expected next week.
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The huge retreat in revenue over four years will be identified in Treasury's Mid-year Economic and Fiscal Outlook MYEFO to be released by Treasurer Wayne Swan.
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The use of tax breaks for top executives and foreign workers using Living Away From Home Allowances to reduce their salaries would be tightened in the MYEFO, News Ltd reported on Sunday.
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"Instead I suspect we will just see more smoke and mirrors in MYEFO, with billions of dollars of spending brought forward or pushed out in a cynical attempt to again manufacture something close to a surplus in 2012-13," he said.
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"The substantial hit to revenues cause by global economic turbulence means we'll have to make some difficult decisions to find savings in the upcoming MYEFO."
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The government is preparing its Mid-Year Economics and Fiscal Outlook MYEFO and is determined to return the budget to surplus in 2012-13, as promised.
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Treasurer Wayne Swan was to have announced the details on the release of the Mid-year Economic and Fiscal Outlook MYEFO report expected next week.
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