the esteemed Grattan Institute have written about THIS.
They offer both suggestions for cutting spending and raising more in tax.
As Ken Henry has stated if the RBA is raising rates now the budget should be in surplus. This is the Previous government's fault. What can the present government do? It can steadily reduce the substantial structural deficit each budget. Why do I say steadily? Essentially to avoids a recession.
If you change the structural deficit too quickly you guarantee a recession given where monetary policy is.
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