Economist warns of $20 billion budget shortfall in Australia due to declining revenues.

Independent economist Chris Richardson predicts that Australia's federal budget, boosted by $365 billion in tax receipts due to luck, may face a $20 billion shortfall over the next four years as iron ore prices, inflation, and migration decline. Richardson criticizes recent tax policies as "dumb" and points to off-budget spending contributing to deficits. Treasurer Jim Chalmers acknowledges the budget challenges while highlighting the government's fiscal improvements.

December 01, 2024
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