The Myefo released this week will show higher interest rates will cost the budget tens of billions of dollars in coming years. Follow the day’s news live
When the Mid-Year Economic and Fiscal Outlook (Myefo) is released on Wednesday, it will show higher interest rates are putting additional pressure on the budget.
Borrowing costs will now overtake the NDIS to be the fastest growing area of Commonwealth spending. To account for this Treasury has updated its assumption for the average cost of new borrowing to be 4.7% – compared to 3.4% at the time of the 2023-24 budget.
With higher rates, the interest on the trillion dollars of debt left to us by the Coalition is costing taxpayers more.
The interest bill on the Coalition’s wasted decade is now the fastest growing expense in the Budget.
Getting through year 12 is not for the faint hearted – but it’s important to remember that this is only one step in your life journey – there have never been more choices available such as university, Tafe, traineeships, and work.
Continue reading…The Myefo released this week will show higher interest rates will cost the budget tens of billions of dollars in coming years. Follow the day’s news liveWhen the Mid-Year Economic and Fiscal Outlook (Myefo) is released on Wednesday, it will show higher interest rates are putting additional pressure on the budget.Borrowing costs will now overtake the NDIS to be the fastest growing area of Commonwealth spending. To account for this Treasury has updated its assumption for the average cost of new borrowing to be 4.7% – compared to 3.4% at the time of the 2023-24 budget.With higher rates, the interest on the trillion dollars of debt left to us by the Coalition is costing taxpayers more.The interest bill on the Coalition’s wasted decade is now the fastest growing expense in the Budget.Getting through year 12 is not for the faint hearted – but it’s important to remember that this is only one step in your life journey – there have never been more choices available such as university, Tafe, traineeships, and work. Continue reading…