Business backs lnp promise to trim the fat amid concerns tax cut could hit consumers The National Bank, the Commonwealth Bank and RBA have all promised to cut their debt costs to cope with a weaker dollar.
"We've seen our debt costs grow, which in turn is hitting the price of goods and services," former Prime Minister Tony Abbott said on Fox News's The Five on Sunday.
Mr Abbott said the country had "messed up" the "core financial positions of our society", in which banks still managed to earn more money than they could borrow.
"It is not a healthy relationship for Australia."
A spokesman for the Treasurer, Scott Morrison, said the Government was committed to increasing the budget to a surplus in 2016-17.
A spokesman for the banks, who also issued a 우리카지노statement saying the Government had taken a "reasonable and prudent approach" to "decoupling our growth from our debt", said the Gover우리카지노nment's "long-term debt sustainability plan" had helped it cut its net debt growth to 6.1pc last year from 7.9pc.
That means, by their latest figures, the Government is on track for a 4.7pc increase in tax revenue next financial year and 7.4pc increase in public revenue from the previous four years, up from the 6.8카지노 사이트pc growth projected in the Budget for the same period.
The Federal Government announced changes to tax rules on Wednesday which could be seen as further attempts to get the nation's balance sheet into balance, to bring it in line with other developed economies and also to lower tax rates for multinational companies.
Topics: government-and-politics, federal-government, budget, business-economics-and-finance, tax, australia, canberra-2600, act, australia