Generations of Australians will pay for Government fiscal incompetence

The Federal Government will allow the budget deficit to increase by more than $10 billion to over $30 billion in two years as a result of low wage growth and falling taxes on business profits.Deficits will continue to grow unless the Government reigns in spending. Prospects of a return to surplus are now a distant dream ( or can be seen as just another broken election ploy). In an effort to extract money from the community the Government is increasing the cost of Commonwealth fines from $180 to $210 per penalty unit, which is expected to raise a paltry $90 million by 2019/20. The International Monetary Fund expects a fairly dismal future for Australia unless the Government takes serious steps to reduce borrowings and brings a halt to deficit spending.It all highlights the long term problems that face this nation thanks to successive dud politicians. Australia's Reserve Bank would be bursting at t he seams with billions of dollars if politicians had been prudent during the days of the mining boom when money flowed like water.

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