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Australian Fiscal Policy in the Aftermath of the Global Financial Crisis

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  • Ernst Juerg Weber

    (Business School, University of Western Australia)

Abstract

The 2012-13 Budget, which provides for an increase in taxes of $ 39 billion and a reduction in expenditures of $ 7 billion, is strongly contractionary, reducing aggregate demand by about 2 per cent. The government deserves praise for starting the process of fiscal consolidation in a possible election year. Still, given the low Australian government debt, there is no pressing need to restore an even budget within one year and a worsening of the economic crisis in Europe will make the budget unattainable.

Suggested Citation

  • Ernst Juerg Weber, 2012. "Australian Fiscal Policy in the Aftermath of the Global Financial Crisis," Economics Discussion / Working Papers 12-11, The University of Western Australia, Department of Economics.
    • Handle: RePEc:uwa:wpaper:12-11
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    References listed on IDEAS

    as
    1. Leigh Andrew, 2012. "How Much Did the 2009 Australian Fiscal Stimulus Boost Demand? Evidence from Household-Reported Spending Effects," The B.E. Journal of Macroeconomics, De Gruyter, vol. 12(1), pages 1-24, March.
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