The Federal Government has released the Mid-Year Economic and Fiscal Outlook (MYEFO).
The purpose of the MYEFO is to provide an update on the economic and fiscal outlook for Australia. It also provides an update on the Federal Government’s budgetary position.
It doesn’t come as any real surprise that the Government’s budgetary position isn’t great and that the Coalition Government is continuing in its efforts to clean up the mess left by the Labor Government.
This Government inherited a Budget that was rapidly deteriorating by $3 billion a week between Labor's last Budget in May 2013 and their pre-election economic statement just 11 weeks later.
We all know the challenges we are facing in trying to achieve a balanced and sustainable Budget and I strongly believe the best way to achieve this is via a responsible and measured approach.
As Treasurer the Hon Scott Morrison MP said, we need to take a very safe and careful route and one that does not put at risk the very important objectives we have on growth and on jobs.
That is why the Coalition Government is continuing to roll out our national plan for growth and jobs that is backing Australians by opening up trade, boosting innovation, building new infrastructure, modernising the way we deliver products and services and working to deliver a more growth friendly tax system.
I remain optimistic that through this responsible and measured approach, the Coalition Government will over time succeed in strengthening the Budget.
As this is the last of my Catch Ups for 2015, I take this opportunity to wish you, your family and friends a very Merry Christmas and a safe and prosperous 2016.
I would also like to thank you for your support over the past 12 months. I thoroughly enjoy my job of representing rural and regional New South Wales in the Australian Parliament and I am honoured to represent the wonderful people of the Parkes electorate.
My family, staff and I wish you all the very best for this holiday season.