Tag Archives: deficit

Ten years since Queensland lost its AAA credit rating

Ten years ago, on 20 February 2009, then Queensland Treasurer Andrew Fraser released the Economic and Fiscal Update which forecast lower revenues, large deficits and burgeoning debt. S&P promptly downgraded the state of Queensland from a AAA credit rating to AA+ … Continue reading

Posted in Budget, Uncategorized | Tagged , , , , , , , , , , | Leave a comment

Lessons from the GFC symposium at Griffith’s Ship Inn Function Centre on 7 March

In this final week of January ten years ago, the fifth floor of the Treasury Building in Canberra was a hive of activity. Hard-working Treasury officials, including me, were putting together the 2009 Updated Economic and Fiscal Outlook in which … Continue reading

Posted in Macroeconomy, Uncategorized | Tagged , , , , , , , , , | Leave a comment

Interview with ABC Radio’s Steve Austin on “The time Australia’s Treasury almost ran out of money”

I had a nice chat with 612 ABC Brisbane’s Steve Austin last Friday morning regarding my time in the Australian Treasury, particularly during the financial crisis in 2008-09, and focusing on what he described as: The time Australia’s Treasury almost … Continue reading

Posted in Budget, Macroeconomy, Uncategorized | Tagged , , , , , , , , , | Leave a comment

“Responsible economic management & fiscal restraint”-really?

The 2016-17 Budget is very disappointing, but economists and former Treasury officials were always going to be disappointed in an election year. It is also a Budget that is particularly disappointing to the Queensland Government, due to a lack of … Continue reading

Posted in Budget, Uncategorized | Tagged , , , , , , , , | 6 Comments

Why is budget repair so difficult?

One of my favourite movie scenes is from Jaws, when Roy Scheider’s character Martin Brody, after seeing the shark for the first time, tells the captain “You’re going to need a bigger boat.” That scene came into my mind in … Continue reading

Posted in Budget, Uncategorized | Tagged , , , , , , , , | 5 Comments

Merger savings good if they occur, but debt shuffle dubious

I am very flattered the Courier-Mail has a story about me this morning with the title on its website of The man who could clear Qld’s deficit: THE forecast deficit of $1.5 billion could be overcome by courageous decisions made … Continue reading

Posted in Budget, Uncategorized | Tagged , , , , , , , , , , , , , | 10 Comments

Trajectory to surplus not the same thing as budgeting for a surplus

As I mentioned to Pat Hession on Townsville ABC radio yesterday afternoon, the 2015-16 Federal Budget simply kicks the can down the road, as they say, leaving it for a future Government (or this one if it stays in power) … Continue reading

Posted in Budget | Tagged , , , , , , , , , | 7 Comments