Australian Fiscal Policy in the Aftermath of the Global Financial Crisis
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.
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