- The 2009/2010 Budget estimates were closest to the actual Budget figures than any future year.
- The worst year for budget forecasts was the 2010/2011 Budget that predicted the deficit for 2011/2012 to be -$13 billion. Turned out this forecast was over $30 billion off at -$43.4 billion.
- The budget deficit for the current financial year is expected to be $19.4 billion (or 1.3% of GDP, that is 1.3% of the economy). The deficit for the new financial year is expected to be $18 billion.
If you feel like you need support in making your way through the uncertainties and tough times ahead, or simply have a question or want more information, please contact PJS Accountants on (07) 33903177 or click here to contact us.
Quote of the month
“It is hard to imagine a more stupid or more dangerous way of making decisions than by putting those decisions in the hands of people who pay no price for being wrong.”