Australia is more than half-a-trillion dollars in debt, which is why “surplus matters,” but the only options to achieve a surplus are “politically unpalatable,” says Sky News host Paul Murray. The effects of coronavirus have hit the global and Australian share markets but will also most likely put the government’s planned surplus in jeopardy given the impending announcement of a stimulus package.
“If you want to balance the budget you can decrease spending or increase revenue,” Mr Murray said.
Both are “politically unpalatable” though, nobody wants new taxes, and the Senate “won’t allow the government to get rid of welfare spending that’s supposed to compensate people for the carbon tax which hasn’t existed since 2014,” he said.
“For all the talk about how ‘the science is in and we mustn’t ignore the experts’ well the science is in, we can’t owe the rest of the world half a trillion dollars forever”.
Image: Getty
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