Category Archives: Budget

Could the Commonwealth Treasury please send me my $5,000, rather than sending it to George St?

Posted on August 1, 2015 by Gene Tunny

Queensland Treasury has produced an absolutely cracking set of post-Budget presentation slides, which it has kindly shared with the Economic Society of Australia (QLD), of which I’m the Secretary. The slide deck contains some excellent facts and charts on vertical … Continue reading →

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Qld Govt expenditure growth has resumed after extraordinary period of austerity

Posted on July 19, 2015 by Gene Tunny

The debate over the 2015-16 Queensland Budget continues, with the Courier-Mail publishing an opinion piece by State Political Reporter Steven Wardill, Today’s problems in Queensland bigger tomorrow after Budget, say economists, quoting me and fellow economist (and friend and former … Continue reading →

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Right diagnosis from Qld Treasury on Qld’s debt problem, but wrong prescription

Posted on July 17, 2015 by Gene Tunny

The Review of State Finances (see p. 80) produced by Queensland Treasury to inform the 2015-16 Budget is clear that Queensland Government “debt is too high.” The Treasury acknowledges that the State’s balance sheet is not “in a position to … Continue reading →

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Qld Government opts for accounting tricks rather than true budget repair

Posted on July 14, 2015 by Gene Tunny

In the 2015-16 Queensland Budget, the Government has shown it subscribes to the maxim that one might as well be hanged for a sheep as for a lamb. The Government is undertaking at least three measures of dubious merit, including … Continue reading →

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QIC could still invest Govt super funds in GOCs, while Govt would argue it hasn’t technically raided super

Posted on July 13, 2015 by Gene Tunny

I recalled a great scene from one of my all-time favourite movies All the President’s Men when the Queensland Government today issued what may be a “non-denial denial” regarding the alleged Budget plan to use super funds to pay down … Continue reading →

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Accounting trick wouldn’t improve Qld Government’s real financial position

Posted on July 10, 2015 by Gene Tunny

Today’s Courier-Mail features an exclusive from State Political Reporter Steven Wardill on “Pitt’s Debt Trick.” It suggests the Government intends to transfer $4.1 billion of debt from the General Government sector (i.e. the government agencies such as health and education) … Continue reading →

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QIC takeover of GOCs is a very bad idea

Posted on June 25, 2015 by Gene Tunny

As suggested in the Courier-Mail this morning, it is possible the Queensland Government will try to appear it is meeting its fiscal strategy and paying down debt through some creative accounting, involving government-owned corporations (GOCs) (e.g. Energex, Stanwell, Gladstone and … Continue reading →

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Qld Treasurer confirms Govt’s immense fiscal challenge with royalties write down of $3 billion

Posted on June 24, 2015 by Gene Tunny

I wasn’t surprised when Treasurer Curtis Pitt today revealed there would be a write down in mining royalties of $3 billion over the Budget forward estimates (i.e. 2015-16 to 2018-19), due to both lower prices and volumes than previously forecast … Continue reading →

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Courier-Mail story on Qld Govt’s fiscal challenges

Posted on June 13, 2015 by Gene Tunny

I was quoted by John McCarthy in an article in today’s Courier-Mail (see image above) regarding the Queensland Government’s fiscal challenges. I’ve previously commented on the big challenge the Government has of sticking to its fiscal strategy announced at the … Continue reading →

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Qld Treasury’s forecasting record has improved in last few years, but big test to come

Posted on June 9, 2015 by Gene Tunny

In the Mid-Year Fiscal and Economic Review at the end of 2014, Queensland Treasury downgraded its economic growth forecast for Queensland in 2014-15 from 3% to 2.5%, to reflect the weaker economic outlook. After Queensland’s technical recession in the last … Continue reading →

Posted in Budget, Macroeconomy | Tagged , , , , , , , , | 8 Comments