Monday, 22nd October 2012


The government this morning released its Mid-Year Economic and Fiscal Outlook (MYEFO)  a mid-financial-year report on the national finances. 

There is nothing too surprising in the figures: growth and unemployment are forecast to remain steady, and the government projects it needs to make up $4bn this year, mostly from spending cuts, to a deliver a (very) slim surplus.

The Opposition has criticised the relatively early release of the MYEFO, claiming the government is dodging the news that the mining tax will deliver much less revenue than originally projected – so the figures are untrustworthy. The government has countered that the early release is not unusual, and gives the government more time to implement savings measures. They will be satisfied that there's no blow-out (yet) in the finances.

In other news, the new Fairfax/Nielsen poll shows recent trends continuing. In the first major poll since Gillard's 'misogyny speech', her personal ratings are climbing, and Abbott's are falling badly behind. The Coalition remains ahead 52-48 in the two-party preferred poll, but concerns will be growing.

Nick Feik
Politicoz Editor

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Swan Cuts Projected Surplus to $1.1bn

"The federal government has revised down its projected surplus by $500 million, with Treasurer Wayne Swan revealing the government’s mid-year budget update will show Australia is now expected to record a $1.1 billion surplus."

Gillard Puts Abbott to Shame

"Julia Gillard's personal standing among men and women has soared since her attack on Tony Abbott as a sexist but the Coalition would still win an election if it were held now, despite Labor slowly closing the gap... The Coalition's 4-point lead is down from 16 points in June.

Abbott Pays Price For Scare Campaign

"It is hard not to come to the conclusion that the political cost of the carbon tax for Gillard has not been anywhere near as high as the cost to Abbott of attacking it, and through it, the Prime Minister. The Coalition has tended to regard the Opposition Leader’s poor personal standing as collateral damage necessary to help bring down the government. But today’s figures show that a turning point really has been reached on this."

Abbott Calls For Liberal And Green Coalition In The ACT

"Tony Abbott has insisted the Greens form a coalition government with the Liberal Party in the ACT after the Liberals received a large swing at Saturday’s election but are set to fall one seat short of being able to govern in their own right. And he says the election contained a lesson for federal Labor over its carbon price with the swing towards the ACT Liberals attributed to an unmandated increase in rates imposed by the ACT Labor government."