18December2017

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JOINT MEDIA RELEASE - 2013-14 FINAL BUDGET OUTCOME

 

HON. J. B. HOCKEY

Treasurer

SENATOR THE HON. MATHIAS CORMANN 
Minister for Finance
Acting Assistant Treasurer
 

Thursday, 25 September 2014 

2013-14 FINAL BUDGET OUTCOME

The Final Budget Outcome (FBO) for the 2013-14 financial year is a budget report card on the previous Government’s irresponsible fiscal and economic management. 

Despite Labor initially forecasting a surplus of $5.4 billion for the 2013-14 financial year, and keeping this forecast surplus for eight successive budget updates, today’s FBO confirms a $48.5 billion deficit. 

This is more than a $30 billion deterioration in the year since former Treasurer Wayne Swan delivered his final Budget. 

This FBO confirms Labor delivered six successive deficits totalling $240 billion with many more to come. Including 2013-14, Labor left the Government with future deficits of $123 billion over the forward estimates to 30 June 2017. 

If no policy action was taken to repair the budget position the Government inherited, gross debt would have spiralled to $667 billion over the medium term and continued to grow.  It is the equivalent of $25,000 for every Australian.  This is Labor’s legacy of debt for all Australians. 

In the 2013-14 Budget, Labor formally gave up on their farce of ‘delivering a budget surplus in 2012-13’.  At that time they wrote down receipts by $17 billion for the 2013-14 financial year alone, and more than $60 billion over the forward estimates. 

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  • Written by Adrian

G20 FINANCE MINISTERS AND CENTRAL BANK GOVERNORS MEETING

HON. J. B. HOCKEY

Treasurer

Sunday, September 21 2014

 

G20 FINANCE MINISTERS AND CENTRAL BANK GOVERNORS MEETING

 

G20 Finance Ministers and Central Bank Governors in Cairns today have delivered strategies that will achieve 1.8 per cent of additional growth across the global economy. Ministers further agreed that we can and will do more.

This result means we are 90 per cent of the way to meeting the 2 per cent growth ambition we set at our Sydney meeting. We are all committed to step up, and deliver that growth target to the Brisbane Leaders’ Summit in November.

The world economy is gaining some momentum, though it is uneven and risks remain. We must avoid being complacent. 

Read more...

  • Written by Adrian

TREASURER - MEDIA RELEASE - G20 FINANCE MINISTERS AND CENTRAL BANK GOVERNORS MEETING

 

HON. J. B. HOCKEY

Treasurer

Sunday, September 21 2014

 

G20 FINANCE MINISTERS AND CENTRAL BANK GOVERNORS MEETING

 

G20 Finance Ministers and Central Bank Governors in Cairns today have delivered strategies that will achieve 1.8 per cent of additional growth across the global economy. Ministers further agreed that we can and will do more.

 

This result means we are 90 per cent of the way to meeting the 2 per cent growth ambition we set at our Sydney meeting. We are all committed to step up, and deliver that growth target to the Brisbane Leaders’ Summit in November.

 

The world economy is gaining some momentum, though it is uneven and risks remain. We must avoid being complacent. 

 

The G20 recognises that many of the decisions and actions to get the world economy moving are difficult.  But we are determined to lift growth, and countries are willing to use all our macroeconomic levers – monetary, fiscal and structural policies – to meet this challenge.

 

Australia, as G20 President, set a practical agenda at its Sydney meeting to strengthen international cooperation to deliver on its ambition to boost global growth and create millions of new jobs.

 

We have never under-estimated the challenge, particularly given the high levels of unemployment and subdued international confidence. 

 

Genuine measures have been put forward by all G20 economies. Around 80 per cent of these 1,000 measures are new.

 

We will now redouble efforts and hold each other to account on meeting this target as we go forward.

 

We agreed to shift from government-led growth towards private sector-led growth, particularly from extra infrastructure investment. To meet this, we have agreed to a Global Infrastructure Initiative which will include member country commitments to boost investment through best-practice planning and development.

 

We have delivered on our core commitments to build a stronger financial system to make the economy and the financial system more resilient.

 

We are also focused on developing international tax rules for the 21st century. We are halfway through delivering the two-year 15-point Base Erosion and Profit Shifting (BEPS) Action Plan, designed to ensure international tax rules keep up with advances in changing business models.

 

We have endorsed far-reaching initiatives to identify and catch tax cheats through the automatic exchange of information using a Common Reporting Standard (CRS). We encourage others to match this commitment so that there are no places to hide.

 

The International Monetary Fund quota and governance reform remains a key priority and we encourage the United States to ratify the reforms agreed in 2010.

 

G20 Members are also concerned about the human cost of the Ebola epidemic and the potential serious impacts on growth and stability in affected countries, underscoring the importance of a coordinated international response.

 

Cooperation is evident through the number of Ministers and Central Bank Governors who have travelled to Cairns, a very special part of Australia, for this meeting. I thank them for being part of this important gathering which is ultimately about growing our economies and creating jobs.

 

I also express my deep gratitude to all of the Cairns community for their incredibly generous hospitality. They have made all Australians proud of their efforts in the lead up to and during the G20.

 

  • Written by Adrian

THE OFARRELL LEGACY

Barry O'Farrells

Once the shock of Barry OFarrells resignation from Premiership has receded what is his legacy?

Well not much, it seems.

His replacement, Premier Mike Baird, has pushed forward...looking good ( he leads polls for preferred government and leader, by a wide margin), surviving the grim implications of his party at the ICAC enquiry, creating clearer economic indicators and privatisations, and presenting a lively and believable face. To be a clear leader with his central coast members in such disarray over breaking donation laws, is amazing! Yes, a weak opposition leader helps, but one would suppose OFarrell would have struggled mightily with all this. In fact OFarrell has to appear at ICAC this week, so it will be hard for him to disown any knowledge of the central coast rorts, or look so out of touch in the process. It's known that Brad Hazzard Central Coast liberal 'Leader 'and OFarrell were not close at all,over many years.


Mike Baird


So Baird, who was. 'Put down ' by OFarrell from a natural no.2 position as state Treasurer to no.12 on election victory, has emerged triumphant.

OFarrell is barely missed. 'Sic transit Gloria mundi', as they say!

And there is no way the Liberal party will give him a federal seat in the next election. He caused too much damage with his ICAC disaster. Damage and disillusionment with him runs deep!

  • Written by Adrian

TREASURER - MEDIA RELEASE - NATIONAL ACCOUNTS

HON. J. B. HOCKEY
Treasurer

Wednesday, 3 September 2014 

NATIONAL ACCOUNTS – JUNE QUARTER 2014

The National Accounts released today show that the Australian economy continued to grow in the June quarter, expanding by 0.5 per cent and 3.1 per cent over the year.

In light of the previous quarter, when the economy grew by 1.1 per cent, it was a strong outcome. It shows that the first half of 2014 was stronger than expected.

This is consistent with overall improvements in consumer confidence, business confidence and business expectations. Business conditions are at a four-year high and, on average, jobs this year have been created at three times the level we saw in 2013.

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  • Written by Adrian

Government Australia Advisory Board

Simon Crean MP

John Brumby 

Kristina Keneally

Mark Vaile

Nick Greiner

Alexander Downer

Peter Charlton

Trevor Rowe

Warwick Smith

 

Bob Carr