Arthur Sinodinos (NSW, Liberal Party, Assistant Treasurer) Share this | Hansard source

This release, along with other information we have had since the election, indicates that the budget has continued to deteriorate from where it was in the Pre-Election Economic and Fiscal Outlook. It was important that we get the September quarter figures before the Mid-Year Economic and Fiscal Outlook is finalised. It is in the process of being finalised as we speak, but there is some more information that will be required. We will outline the full state of the budget in the Mid-Year Economic and Fiscal Outlook, before Christmas.

Again, this illustrates the need to resolve matters like the debt limit debate. Nominal GDP, which is the growth in the value of GDP, continues to be relatively low, and that is leading to the revenue forecasts being put into some doubt. So, for us, the challenge in the period ahead is to manage the transition from the mining economy to the non-mining economy, making sure that our budget consolidation does not impact on the near-term growth of the economy. (Time expired)