Tag Archives: deficit

ABC radio interview on Qld state debt & deficits update

At the Parliamentary Inquiry into the Queensland Government’s economic response to COVID-19 on Monday last week, I called for the Government to publish its internal-use estimates of the state budget position and debt, so we don’t have to wait until … Continue reading

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A Fiscal Vaccine for COVID-19 with Tony Makin – new podcast episode

In my latest podcast episode, I speak with Professor Tony Makin of Griffith University about his new CIS Policy Paper A Fiscal Vaccine for COVID-19. In Tony’s words: “the paper considers the resurgence of crude Keynesianism before highlighting risks of … Continue reading

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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

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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

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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

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“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

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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

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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

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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

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Qld Government will find it a big challenge to achieve its fiscal strategy

Queensland Treasurer Curtis Pitt has rightly labelled the upcoming 2015-16 Budget as “no frills” (see ABC news report). The Government cannot afford any frivolous expenses, because the budget challenge it faces is massive. The major problems the Government has are: … Continue reading

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