Budget 2017-18: Overview by Fr Frank Brennan
The Budget is not merely an economic statement. It is a social compact. It declares the government’s priorities and displays the government’s vision for Australia. Tonight, the Treasurer has said that the government is choosing to ‘focus on growing our economy to secure more and better paying jobs’. While the government is forecasting that real GDP will increase incrementally from 1.75% this year to 3% in 2018-19, unfortunately there is no forecasted increase in the labour market participation rate. Unemployment which is presently sitting at 5.9% is forecast to fall only to 5.5%. Even with optimistic projections, the government is expecting that unemployment will come down only to 5.25% by 2020-21. It’s in this context that we need to consider some of the more onerous new mutual obligation rules for the unemployed and other welfare recipients in this year’s Budget.
Read the full overview here: