Australia is facing a financial crisis that luckily up until now has spared us. With recent news from the Australian treasurer Wayne Swan, breaking the news to the country that his promised surplus would now be very unlikely – it seems business in our country is becoming harder to be profitable.
“The Treasurer acknowledged the political damage from yesterday’s move – taken after consultation with Ms Gillard in recent days – but insisted it was better to accept a shortfall in tax revenue than embark on deep spending cuts to retain the surplus. Such a course would put jobs and growth at risk, he added.
“If the worst thing that people can say is that we got the economics right again but fell short on the politics, then I would say so be it,” Mr Swan said. “At the end of the day, I don’t care about the political outcomes; I care about the economic outcomes.”