Time to cut when we had 'some fat on our bones': Howard
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While Mr Costello conceded most of these changes were due to changes in the economy, he stressed it was a problem that the new government had to confront.
Peter Costello and John Howard marking the 20th anniversary of their 1996 election victory.Credit:Alex Ellinghausen
“The principal cause of the deterioration is of no comfort, however, as the budget deficit, regardless of its cause, still needs to be funded,” he noted.
The deficit was sliced from $11.1 billion in 1995-96 to $6.1 billion the following year before Mr Costello delivered the nation’s first budget surplus in almost a decade, of $149 million, in 1998-99.
Subsequent budget figures show the original spending forecasts delivered by Mr Costello in that 1996 cabinet meeting were largely accurate. But forecasts on revenue were well short with 1998-99 delivering almost $9 billion more in cash to the government than had been originally predicted.
Article source: https://www.smh.com.au/world/central-america/panic-as-venezuela-hit-by-magnitude-7-3-earthquake-20180822-p4zz2e.html?ref=rss&utm_medium=rss&utm_source=rss_world
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