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Tj 9 0 TD ( ) Tj 19.5 0 TD -0.1338 Tc 0.1338 Tw (The Stance of Fiscal Policy) Tj 134.25 0 TD 0 Tc 0 Tw ( ) Tj -162.75 -21 TD /F2 12 Tf -0.3061 Tc 1.3061 Tw (Treasurer Peter Costello\222s seventh Commonwealth Budget, presented on 14 ) Tj 0 -15 TD -0.3615 Tc 1.8615 Tw (May 2002, confirmed tha) Tj 120 0 TD -0.5073 Tc 1.5907 Tw (t a significant shift in the stance of Commonwealth ) Tj -120 -15 TD -0.4097 Tc 3.9097 Tw (fiscal policy has been implemented since the end of 2001. 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Tj 312.75 0 TD 0 Tc 0 Tw ( ) Tj -312.75 -15 TD ( ) Tj 0 -15 TD -0.2746 Tc 6.2746 Tw (A closer look at ) Tj 5.664 Tc 0 Tw (t) Tj 102.75 0 TD -0.3041 Tc 6.2104 Tw (he Budget Papers shows that that would be a) Tj 0 Tc 0 Tw ( ) Tj -102.75 -15 TD -0.3413 Tc 2.7163 Tw (misinterpretation. Pages 8 and 9 of Budget Statement 1 provide the key) Tj 0 Tc -0.75 Tw ( ) Tj 0 -15 TD -0.4365 Tc 1.8615 Tw (details. Referring to the \223expansionary fiscal policy settings in 2000) Tj 317.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.1656 Tc 0.5406 Tw (01 and ) Tj -321.75 -15 TD 0 Tc 0 Tw (2001) Tj 24 0 TD -0.246 Tc (-) Tj 4.5 0 TD -0.3516 Tc 1.4766 Tw (02\224, it is reported that Commonwealth Treasury have esti) Tj 267 0 TD -0.4538 Tc 0.9538 Tw (mated: \223that ) Tj -295.5 -15 TD -0.3746 Tc 5.1054 Tw (there was a stimulus of around 1 per cent of GDP in those years\224) Tj 0 Tc -0.75 Tw ( ) Tj 0 -15 TD -0.4361 Tc 0.9361 Tw (\(Commonwealth of 最新糖心Vlog, ) Tj 138 0 TD /F3 12 Tf 0.0448 Tc 0.7052 Tw (Budget Paper No. 1) Tj 97.5 0 TD /F2 12 Tf -0.2681 Tc 0.3618 Tw (, p. 1.8\). It is then argued ) Tj -235.5 -15 TD -0.4458 Tc 1.7791 Tw (that \223As the international economy returns to more normal long) Tj 294 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.4242 Tc 0.4242 Tw (term growth ) Tj -298.5 -15 TD -0.2757 Tc 0.8382 Tw (rates, it is appropriate t) Tj 106.5 0 TD -0.4548 Tc 0.4548 Tw (o remove this stimulus. 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Row two of ) Tj 0 -15 TD -0.2898 Tc 4.5852 Tw (Table 1.1 reports the real growth in Budget receipts as projected by) Tj 0 Tc -0.75 Tw ( ) Tj T* -0.4036 Tc 0.7161 Tw (Commonwealth Treasury, row four, the real growth in Budget payments. 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Tj 45.75 0 TD 0 Tc 0.1875 Tw ( ) Tj -99 -14.25 TD /F2 12 Tf 0 Tw ( ) Tj 0 -15 TD -0.3549 Tc 5.4174 Tw (In a year when GDP) Tj 0 Tc 0 Tw ( ) Tj T* -0.396 Tc 0.846 Tw (growth was exactly at its ) Tj T* -0.2349 Tc 2.4849 Tw (average rate across the ) Tj T* -0.3534 Tc 12.3534 Tw (macroeconomic cycle,) Tj 0 Tc 0 Tw ( ) Tj T* -0.5251 Tc 0.5251 Tw (and ignoring complexities ) Tj T* -0.3326 Tc 44.5826 Tw (associated with) Tj 0 Tc -0.75 Tw ( ) Tj T* -0.3853 Tc 23.6353 Tw (composition effects,) Tj 0 Tc 0 Tw ( ) Tj T* -0.2988 Tc 2.5488 Tw (leads and lags etc., the ) Tj T* -0.3393 Tc 0.4893 Tw (type of figure reported at ) Tj T* -0.3369 Tc 0.9369 Tw (the bottom row of Table ) Tj T* -0.2574 Tc 5.1324 Tw (1.1 would re) Tj 67.5 0 TD -0.2168 Tc 4.7168 Tw (present a) Tj 0 Tc 0 Tw ( ) Tj -67.5 -15 TD -0.554 Tc (\223rough) Tj 30 0 TD -0.246 Tc (-) Tj 4.5 0 TD -0.526 Tc (and) Tj 16.5 0 TD -0.246 Tc (-) Tj 4.5 0 TD -0.33 Tc -0.42 Tw (ready\224 ) Tj -55.5 -15 TD -0.3775 Tc 0.6775 Tw (indicator of the stance of ) Tj 0 -15 TD -0.495 Tc 16.995 Tw (Commonwealth fiscal) Tj 0 Tc -0.75 Tw ( ) Tj T* -0.5 Tc -0.25 Tw (policy ) Tj 39.75 0 TD /F4 11.25 Tf 0 Tc 0 Tw (\276) Tj 11.25 0 TD /F5 11.25 Tf 0.1875 Tw ( ) Tj 12 0 TD /F2 12 Tf -0.4673 Tc 9.4672 Tw (with zero) Tj 0 Tc 0 Tw ( ) Tj -63 -15 TD -0.5933 Tc 46.3433 Tw (indicating fiscal) Tj 0 Tc -0.75 Tw ( ) Tj 0 -15 TD -0.4737 Tc 32.7237 Tw (neutrality, positive) Tj 0 Tc 0 Tw ( ) Tj T* -0.434 Tc 61.934 Tw (numbers an) Tj 0 Tc -0.75 Tw ( ) Tj 127.5 686.25 TD -0.3704 Tc 5.9419 Tw (expansionary stance, negative a restrictionary stance. Commonwealth) Tj 0 Tc -0.75 Tw ( ) Tj 0 -15 TD -0.2488 Tc 1.4988 Tw (Treasury do not prov) Tj 99.75 0 TD -0.3939 Tc 1.0689 Tw (ide anywhere in the Budget Papers their estimate of the ) Tj -99.75 -15 TD -0.4326 Tc 1.0754 Tw (GDP growth figure which they view as being, at the current time, the average ) Tj 0 -15 TD -0.3499 Tc 1.7922 Tw (rate across the macroeconomic cycle in 最新糖心Vlog. But page 1.9 of Budget ) Tj T* -0.3366 Tc 2.1699 Tw (Paper No. 1 suggests they view that figure as bei) Tj 236.25 0 TD -0.526 Tc 1.276 Tw (ng a ) Tj 24.75 0 TD /F3 12 Tf -0.043 Tc 0 Tw (little) Tj 21.75 0 TD /F2 12 Tf -0.1729 Tc 1.2979 Tw ( below 3.5 per ) Tj -282.75 -15 TD -0.2484 Tc 0 Tw (cent.) Tj 21.75 5.25 TD /F2 7.5 Tf 0 Tc (1) Tj 3.75 -5.25 TD /F2 12 Tf -0.3299 Tc 4.5414 Tw ( In a year when GDP growth is above its average across the) Tj 0 Tc 0 Tw ( ) Tj -25.5 -15 TD -0.3945 Tc 1.3945 Tw (macroeconomic cycle, a neutral stance of fiscal policy would see the Budget ) Tj 0 -15 TD -0.3728 Tc 2.4865 Tw (bottom line moving further into \(or towards\) the black, as the better) Tj 326.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.291 Tc (than) Tj 18.75 0 TD -0.246 Tc (-) Tj -349.5 -15 TD -0.317 Tc 1.817 Tw (average growt) Tj 66 0 TD -0.3174 Tc 1.2549 Tw (h boosted taxation revenues and/or dampened down spending ) Tj -66 -15 TD -0.5723 Tc 0.5723 Tw (on income) Tj 46.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.3221 Tc 0.3221 Tw (support related outlays programmes.) Tj 165 0 TD 0 Tc 0 Tw ( ) Tj -216 -15 TD ( ) Tj 0 -15 TD -0.3657 Tc 3.7695 Tw (As far as the bottom line of Table 1.1 is concerned, this suggests that) Tj 0 Tc 0 Tw ( ) Tj T* -0.3931 Tc 1.0806 Tw (Commonwealth Treasury\222s projection is that on the basis of the current fiscal ) Tj T* 0 Tc 0 Tw (p) Tj 6 0 TD -0.3957 Tc 1.1457 Tw (olicy settings, and now) Tj 104.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.3682 Tc 1.0244 Tw (announced plans for alterations to those settings, the ) Tj -114.75 -15 TD -0.4604 Tc 6.9961 Tw (stance of Commonwealth fiscal policy will be neutral) Tj 281.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.168 Tc (to) Tj 9 0 TD -0.246 Tc (-) Tj 4.5 0 TD -0.2685 Tc (very) Tj 19.5 0 TD -0.246 Tc (-) Tj 4.5 0 TD -0.849 Tc (mildly) Tj 26.25 0 TD -0.246 Tc (-) Tj -349.5 -15 TD -0.3324 Tc 4.0824 Tw (contractionary in 2003) Tj 109.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.092 Tc 3.842 Tw (04 and 2004) Tj 66 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.181 Tc 3.931 Tw (05, but) Tj 0 Tc 0 Tw ( ) Tj 42 0 TD /F3 12 Tf -0.0504 Tc (distinctly) Tj 43.5 0 TD /F2 12 Tf -0.4155 Tc 3.4155 Tw ( contractionary in) Tj 0 Tc -0.75 Tw ( ) Tj -270 -15 TD 0 Tw (2002) Tj 24 0 TD -0.246 Tc (-) Tj 4.5 0 TD -0.4517 Tc 1.5767 Tw (03 after being distinctly expans) Tj 143.25 0 TD -0.3955 Tc 1.1455 Tw (ionary in 2001) Tj 66.75 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.428 Tc 0.878 Tw (02. The traction driving ) Tj -243 -15 TD -0.3661 Tc 0.4732 Tw (those contractionary outcomes is to be found on the outlays side of the Budget ) Tj 0 -15 TD -0.3533 Tc 2.697 Tw (rather than the revenues side. Indeed the revenue) Tj 242.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.4064 Tc 2.2064 Tw (side figures are on the ) Tj -246.75 -15 TD -0.4223 Tc 1.9223 Tw (expansionary side of neutral throughout the whole of the Budg) Tj 291.75 0 TD -0.2686 Tc 0.6436 Tw (et projections ) Tj -291.75 -15 TD -0.3619 Tc 0.3619 Tw (period \(i.e., the row three figures in Table 1.1 are all positive\).) 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With some elements of ) Tj 170.25 0 TD -0.4637 Tc 0.0887 Tw (income taxation ) Tj -283.5 -15 TD -0.3483 Tc 5.5983 Tw (proportional \(company tax, and the 15 per cent superannuation fund) Tj 0 Tc 0 Tw ( ) Tj 0 -15 TD -0.3523 Tc 2.9023 Tw (contributions and earnings tax\) and others such as the personal rate) Tj 327 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.2976 Tc 0.2976 Tw (scale ) Tj -331.5 -15 TD -0.4315 Tc 1.0084 Tw (progressive, it might seem surprising that the future years\222 entries in row three ) Tj 0 -15 TD -0.2478 Tc 0.9978 Tw (of Table 1.1 are) Tj 75 0 TD -0.4206 Tc 0.9398 Tw ( not negative. There are two main explanations for this. 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Tj 102 5.25 TD /F2 7.5 Tf 0 Tc 0 Tw (2) Tj 3.75 -5.25 TD /F2 12 Tf -0.4155 Tc 0.7155 Tw ( So the positive figures \(or fiscal expansionary effects\) ) Tj -105.75 -15 TD -0.3964 Tc 2.4157 Tw (in row three of Table 1.1 are coming from the quarter of Commonwealth ) Tj 0 -15 TD -0.3206 Tc 4.0706 Tw (Budget receipts) Tj 74.25 0 TD -0.2183 Tc 3.5932 Tw ( that does) Tj 0 Tc 0 Tw ( ) Tj 57 0 TD /F3 12 Tf -0.112 Tc (not) Tj 15.75 0 TD /F2 12 Tf -0.3215 Tc 2.9465 Tw ( represent taxes on income. The forward ) Tj -147 -15 TD -0.4009 Tc 3.06 Tw (estimates figures are based on the assumption that Telstra will have been) Tj 0 Tc -0.75 Tw ( ) Tj 0 -15 TD -0.3991 Tc 1.0241 Tw (completely privatised by June 2006, with the cash proceeds coming in during ) Tj T* -0.3831 Tc 1.8831 Tw (the three financial years 2003) Tj 138 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.042 Tc 0.792 Tw (04 to 2005) Tj 52.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0.0257 Tc 0.7243 Tw (06 \(see p) Tj 44.25 0 TD -0.3376 Tc 0.9376 Tw (. 8 of Budget Statement ) Tj -243.75 -15 TD -0.4284 Tc 1.4669 Tw (12\). If Treasury were not so confident that the government will successfully ) Tj 0 -15 TD -0.4652 Tc 2.7777 Tw (divest itself of its remaining shares in Telstra during the forward estimates ) Tj T* -0.323 Tc 0.323 Tw (years, Budget revenue from dividends would be projected to be greater than i) Tj 349.5 0 TD -0.168 Tc 0.168 Tw (s ) Tj -349.5 -15 TD -0.3909 Tc 3.1602 Tw (the case. If the Commonwealth had not announced the abolition of the ) Tj 0 -15 TD -0.398 Tc 1.9605 Tw (indexation of fuel excise in March 2001, Budget revenues from that source ) Tj T* -0.2813 Tc 1.6146 Tw (would be projected to be greater than is the case. As it is hard to see the ) Tj T* -0.4918 Tc 2.1793 Tw (Commonwealth simply sitting back ) Tj 168.75 0 TD -0.4147 Tc 2.129 Tw (and watching the effective real rates of ) Tj -168.75 -15 TD -0.3431 Tc 2.2717 Tw (excise on fuel products erode from year to year, a modest element of the ) Tj 0 -15 TD -0.3882 Tc 2.7536 Tw (positive future year figures in row three of Table 1.1 should probably be ) Tj T* -0.4377 Tc 2.7627 Tw (discounted as illusory. A more realistic assumption is that revenue) Tj 320.25 0 TD -0.5949 Tc 1.3449 Tw ( raising ) Tj -320.25 -15 TD -0.4583 Tc 3.3333 Tw (effort in this area will be greater than the \223no policy change\224 convention) Tj 0 Tc -0.75 Tw ( ) Tj 0 -15 TD -0.4206 Tc 0.8979 Tw (underlying the forward estimates would suggest. This serves as reinforcement ) Tj T* -0.3645 Tc 2.1859 Tw (to the proposition that we have seen in the months since the 2001 federal ) Tj T* -0.536 Tc 5.036 Tw (election a significa) Tj 90 0 TD -0.482 Tc 4.307 Tw (nt shift in the stance of fiscal policy, away from the) Tj 0 Tc 0 Tw ( ) Tj -90 -15 TD -0.5325 Tc 0.5325 Tw (expansionism previously prevailing.) Tj 157.5 0 TD 0 Tc 0 Tw ( ) Tj -157.5 -15 TD ( ) Tj 0 -15 TD -0.387 Tc 2.7307 Tw (Table 1.2 reproduces the Reconciliation table published in Commonwealth) Tj 0 Tc -0.75 Tw ( ) Tj T* -0.3834 Tc 0.8834 Tw (Budget Statement No. 2. 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307.5 0.75 16.5 re f 407.25 307.5 0.75 16.5 re f BT 57 294.75 TD -0.0129 Tc 0.0129 Tw (Effect of parameter and other variations) Tj 143.25 0 TD 0 Tc 0 Tw ( ) Tj 76.5 0 TD ( ) Tj 41.25 0 TD ( ) Tj 41.25 0 TD ( ) Tj 40.5 0 TD ( ) Tj ET 51.75 290.25 0.75 17.25 re f 50.25 290.25 0.75 17.25 re f 243.75 290.25 0.75 17.25 re f 285 290.25 0.75 17.25 re f 325.5 290.25 0.75 17.25 re f 366.75 290.25 0.75 17.25 re f 408.75 290.25 0.75 17.25 re f 407.25 290.25 0.75 17.25 re f BT 57 278.25 TD ( ) Tj 11.25 0 TD -0.1059 Tc (Revenue) Tj 30.75 0 TD 0 Tc ( ) Tj 157.5 0 TD (2,455) Tj 20.25 0 TD ( ) Tj 21 0 TD (2,878) Tj 20.25 0 TD ( ) Tj 21 0 TD (3,037) Tj 20.25 0 TD ( ) Tj 20.25 0 TD (3,392) Tj 20.25 0 TD ( ) Tj ET 51.75 273.75 0.75 16.5 re f 50.25 273.75 0.75 16.5 re f 243.75 273.75 0.75 16.5 re f 285 273.75 0.75 16.5 re f 325.5 273.75 0.75 16.5 re f 366.75 273.75 0.75 16.5 re f 408.75 273.75 0.75 16.5 re f 407.25 273.75 0.75 16.5 re f BT 57 261.75 TD ( ) Tj 11.25 0 TD -0.1241 Tc (Expenses) Tj 33.75 0 TD 0 Tc ( ) Tj 154.5 0 TD (1,694) Tj 20.25 0 TD ( ) Tj 27.75 0 TD (550) Tj 13.5 0 TD ( ) Tj 27.75 0 TD (543) Tj 13.5 0 TD ( ) Tj 20.25 0 TD (1,415) Tj 20.25 0 TD ( ) Tj ET 51.75 257.25 0.75 16.5 re f 50.25 257.25 0.75 16.5 re f 243.75 257.25 0.75 16.5 re f 285 257.25 0.75 16.5 re f 325.5 257.25 0.75 16.5 re f 366.75 257.25 0.75 16.5 re f 408.75 257.25 0.75 16.5 re f 407.25 257.25 0.75 16.5 re f BT 57 245.25 TD ( ) Tj 11.25 0 TD 0 Tc -0 Tw (Net capital investment) Tj 81.75 0 TD 0 Tc 0 Tw ( ) Tj 117.75 0 TD (79) Tj 9 0 TD ( ) Tj 27.75 0 TD (140) Tj 13.5 0 TD ( ) Tj 24.75 0 TD 0.003 Tc (-) Tj 3 0 TD 0 Tc (317) Tj 13.5 0 TD ( ) Tj 24 0 TD 0.003 Tc (-) Tj 3 0 TD 0 Tc (263) Tj 13.5 0 TD ( ) Tj ET 51.75 240.75 0.75 16.5 re f 50.25 240.75 0.75 16.5 re f 243.75 240.75 0.75 16.5 re f 285 240.75 0.75 16.5 re f 325.5 240.75 0.75 16.5 re f 366.75 240.75 0.75 16.5 re f 408.75 240.75 0.75 16.5 re f 407.25 240.75 0.75 16.5 re f BT 57 228.75 TD ( ) Tj 11.25 0 TD -0.0533 Tc 0.0533 Tw (Net effect) Tj 36 0 TD -0.0074 Tc 0.0074 Tw ( of parameter and other variations) Tj 121.5 0 TD 0 Tc 0 Tw ( ) Tj 37.5 0 TD (682) Tj 13.5 0 TD ( ) Tj 21 0 TD (2,187) Tj 20.25 0 TD ( ) Tj 21 0 TD (2,812) Tj 20.25 0 TD ( ) Tj 20.25 0 TD (2,240) Tj 20.25 0 TD ( ) Tj ET 51.75 224.25 0.75 16.5 re f 50.25 224.25 0.75 16.5 re f 243.75 224.25 0.75 16.5 re f 285 224.25 0.75 16.5 re f 325.5 224.25 0.75 16.5 re f 366.75 224.25 0.75 16.5 re f 408.75 224.25 0.75 16.5 re f 407.25 224.25 0.75 16.5 re f BT 57 210.75 TD /F0 9 Tf (2002) Tj 18 0 TD 0.003 Tc (-) Tj 3 0 TD 0.0474 Tc -0.0474 Tw (03 Budget fiscal balance) Tj 94.5 0 TD 0 Tc 0 Tw ( ) Tj 81 0 TD 0.003 Tc (-) Tj 3 0 TD 0 Tc (3,045) Tj 20.25 0 TD ( ) Tj 27.75 0 TD (180) Tj 13.5 0 TD ( ) Tj 21 0 TD (2,611) Tj 20.25 0 TD ( ) Tj 20.25 0 TD (5,037) Tj 20.25 0 TD ( ) Tj ET 51.75 208.5 0.75 15.75 re f 50.25 208.5 0.75 15.75 re f 243.75 208.5 0.75 15.75 re f 285 208.5 0.75 15.75 re f 325.5 208.5 0.75 15.75 re f 366.75 208.5 0.75 15.75 re f 408.75 208.5 0.75 15.75 re f 407.25 208.5 0.75 15.75 re f BT 57 196.5 TD /F2 9 Tf 0.0635 Tc -0.0635 Tw (Per cent of GDP) Tj 60 0 TD 0 Tc 0 Tw ( ) Tj 145.5 0 TD 0.003 Tc (-) Tj 3 0 TD 0 Tc (0.4) Tj 11.25 0 TD ( ) Tj 30 0 TD (0.0) Tj 11.25 0 TD ( ) Tj 30 0 TD (0.3) Tj 11.25 0 TD ( ) Tj 29.25 0 TD (0.6) Tj 11.25 0 TD ( ) Tj ET 51.75 190.5 0.75 18 re f 50.25 190.5 0.75 18 re f 50.25 188.25 0.75 2.25 re f 50.25 188.25 2.25 0.75 re f 51.75 189.75 0.75 0.75 re f 51.75 189.75 0.75 0.75 re f 52.5 188.25 191.25 0.75 re f 52.5 189.75 191.25 0.75 re f 243.75 190.5 0.75 18 re f 243.75 189.75 2.25 0.75 re f 243.75 188.25 2.25 0.75 re f 246 188.25 39 0.75 re f 246 189.75 39 0.75 re f 285 190.5 0.75 18 re f 285 189.75 2.25 0.75 re f 285 188.25 2.25 0.75 re f 287.25 188.25 38.25 0.75 re f 287.25 189.75 38.25 0.75 re f 325.5 190.5 0.75 18 re f 325.5 189.75 2.25 0.75 re f 325.5 188.25 2.25 0.75 re f 327.75 188.25 39 0.75 re f 327.75 189.75 39 0.75 re f 366.75 190.5 0.75 18 re f 366.75 189.75 2.25 0.75 re f 366.75 188.25 2.25 0.75 re f 369 188.25 38.25 0.75 re f 369 189.75 38.25 0.75 re f 408.75 190.5 0.75 18 re f 407.25 190.5 0.75 18 re f 408.75 188.25 0.75 2.25 re f 407.25 188.25 2.25 0.75 re f 407.25 189.75 0.75 0.75 re f 407.25 189.75 0.75 0.75 re f BT 57 174 TD /F2 8.25 Tf 0.1975 Tc (\(a\)) Tj 9.75 0 TD 0 Tc 0.1875 Tw ( ) Tj 18.75 0 TD 0.1579 Tc 2.0921 Tw (A positive number for ) Tj 0 -10.5 TD 0.1123 Tc 7.5752 Tw (revenue indicates an) Tj 0 Tc 0.1875 Tw ( ) Tj T* 0.1239 Tc 4.8136 Tw (increase in the fiscal) Tj 0 Tc 0.1875 Tw ( ) Tj T* 0.085 Tc 0.29 Tw (balance, while a positive ) Tj T* 0.1678 Tc 6.7697 Tw (number for exp) Tj 66.75 0 TD 0.0261 Tc -0.5886 Tw (enses ) Tj -66.75 -10.5 TD 0.1932 Tc 16.8693 Tw (and net capital) Tj 0 Tc 0.1875 Tw ( ) Tj 0 -10.5 TD 0.1775 Tc 3.7601 Tw (investment indicates a) Tj 0 Tc 0.1875 Tw ( ) Tj T* 0.0913 Tc 4.5962 Tw (decrease in the fiscal) Tj 0 Tc 0.1875 Tw ( ) Tj T* 0.0615 Tc 0 Tw (balance.) Tj 27.75 0 TD 0 Tc 0.1875 Tw ( ) Tj 71.25 672 TD -0.2065 Tc 0 Tw (\(b\)) Tj 9.75 0 TD 0 Tc 0.1875 Tw ( ) Tj 18.75 0 TD 0.1164 Tc 0.0711 Tw (Excluding the public debt net interest effect of policy measures.) Tj 219.75 0 TD 0 Tc 0.1875 Tw ( ) Tj -248.25 -10.5 TD 0.1975 Tc 0 Tw (\(c\)) Tj 9.75 0 TD 0 Tc 0.1875 Tw ( ) Tj 18.75 0 TD 0.1436 Tc 1.1468 Tw (Includes policy decisions taken up to the issuing of the writs for the federal election on 8 ) Tj -28.5 -10.5 TD 0.1705 Tc 0 Tw (October.) Tj 30 0 TD 0 Tc 0.1875 Tw ( ) Tj -30 -10.5 TD -0.029 Tc 0 Tw (Sou) Tj 12 0 TD 0.1423 Tc (rce) Tj ET 184.5 729 22.5 0.75 re f BT 207 730.5 TD -0.0435 Tc (:) Tj 2.25 0 TD 0 Tc 0.1875 Tw ( ) Tj 3.75 0 TD 0.1401 Tc 0.5474 Tw (Commonwealth of 最新糖心Vlog, ) Tj 104.25 0 TD /F3 8.25 Tf 0.2205 Tc -0.033 Tw (Budget Strategy and Outlook 2002) Tj 121.5 0 TD 0.2527 Tc 0 Tw (-) Tj 3 0 TD 0.375 Tc (03) Tj 9 0 TD /F2 8.25 Tf 0.1702 Tc 0.0173 Tw ( \(Budget Paper No. 1\), P. ) Tj -266.25 -10.5 TD 0.2813 Tc 0 Tw (2.4.) Tj 13.5 0 TD 0 Tc 0.1875 Tw ( ) Tj -13.5 -14.25 TD /F2 12 Tf 0 Tw ( ) Tj 0 -15 TD /F6 11.25 Tf 0.0623 Tc (Normally) Tj 45 0 TD /F5 11.25 Tf 0.0488 Tc 3.8888 Tw ( the) Tj 22.5 0 TD /F2 12 Tf -0.15 Tc 3.9 Tw ( MYEFO) Tj 48 5.25 TD /F2 7.5 Tf 0 Tc 0 Tw (3) Tj 3.75 -5.25 TD /F2 12 Tf -0.4177 Tc 4.0011 Tw ( fiscal balance row in the middle of Table 1.2) Tj 0 Tc 0 Tw ( ) Tj -119.25 -15 TD -0.3523 Tc 0.4887 Tw (indicates the projected Commonwealth budget bottom position on the basis of ) Tj 0 -15 TD -0.5053 Tc 2.0053 Tw (policies offici) Tj 60 0 TD -0.4066 Tc 1.0884 Tw (ally announced up to about Christmas time. In comparing those ) Tj -60 -15 TD -0.3492 Tc 0.8314 Tw (figures with the Budget Paper figures at the bottom of Table 1.2, we separate ) Tj 0 -15 TD -0.3258 Tc 0.4508 Tw (out the components associated with factors ) Tj 198 0 TD /F3 12 Tf 0.0336 Tc -0.0336 Tw (other ) Tj 28.5 0 TD /F2 12 Tf -0.4355 Tc 0.4355 Tw (than Commonwealth policy) Tj 123 0 TD -0.246 Tc 0 Tw (-) Tj -349.5 -15 TD -0.4806 Tc 2.1681 Tw (initiative announcements \(termed \223effect ) Tj 190.5 0 TD -0.3585 Tc 1.5585 Tw (of parameter and other variations\224\) ) Tj -190.5 -15 TD -0.3809 Tc 0.7559 Tw (and what we are left with is the bottom) Tj 177.75 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.3921 Tc 0.3921 Tw (line consequences of the spending and ) Tj -182.25 -15 TD -0.4579 Tc 2.7079 Tw (taxing initiatives announced between Christmas) Tj 219.75 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.4486 Tc 2.6986 Tw (time and Budget) Tj 78 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.6258 Tc 1.0008 Tw (night, with ) Tj -306.75 -15 TD -0.4235 Tc 5.0389 Tw (the \223norm\224 being that we thus have a handle on how the stance of) Tj 0 Tc -0.75 Tw ( ) Tj 0 -15 TD 0.123 Tc 0 Tw (Co) Tj 14.25 0 TD -0.5244 Tc 227.7744 Tw (mmonwealth government) Tj 0 Tc 0 Tw ( ) Tj ET endstream endobj 52 0 obj 22320 endobj 50 0 obj << /Type /Page /Parent 37 0 R /Resources << /Font 55 0 R /ProcSet 2 0 R >> /Contents 51 0 R >> endobj 55 0 obj << /F0 6 0 R /F1 11 0 R /F2 13 0 R /F3 18 0 R /F5 24 0 R /F6 53 0 R >> endobj 57 0 obj << /Length 58 0 R >> stream BT 57 804 TD 0 0 0 rg /F1 9 Tf -0.0898 Tc 0.0898 Tw (Economic Issues) Tj 61.5 0 TD 0 Tc 0 Tw ( ) Tj -61.5 -12 TD /F2 9 Tf ( ) Tj ET 55.5 788.25 484.5 0.75 re f BT 57 778.5 TD ( ) Tj 0 -722.25 TD /F0 9 Tf ( ) Tj 0 -13.5 TD ( ) Tj ET 55.5 53.25 484.5 0.75 re f BT 57 30.75 TD 0.0638 Tc 0.6862 Tw (Page ) Tj 21 0 TD 0 Tc 0 Tw (8) Tj 4.5 0 TD ( ) Tj 311.25 0 TD 0.1296 Tc -0.1296 Tw (The SA Centre for Economic Studies) Tj 145.5 0 TD 0 Tc 0 Tw ( ) Tj -354.75 727.5 TD /F2 12 Tf -0.5125 Tc 0.5125 Tw (fiscal policy has shifted over five months up) Tj 194.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.168 Tc (to) Tj 9 0 TD -0.246 Tc (-) Tj 4.5 0 TD -0.526 Tc (and) Tj 16.5 0 TD -0.246 Tc (-) Tj 4.5 0 TD -0.5917 Tc 0.5917 Tw (including Budget night.) Tj 101.25 0 TD 0 Tc 0 Tw ( ) Tj -334.5 -15 TD ( ) Tj 0 -15 TD -0.3847 Tc 0.8462 Tw (But this year, the interpretation of the Reconciliation table requires more care. ) Tj T* -0.3779 Tc 0.8552 Tw (The publication of the MYEFO was \223brought forward\224 in consequence of th) Tj 348.75 0 TD -0.078 Tc 0.078 Tw (e ) Tj -348.75 -15 TD -0.3882 Tc 0.7921 Tw (calling of the November 2001 federal election. And the various spending and ) Tj 0 -15 TD -0.4413 Tc 1.7163 Tw (taxing commitments announced by the Coalition leadership after the election ) Tj T* -0.3243 Tc 0.6577 Tw (writs had been issued were \(quite reasonably and appropriately\) ) Tj 294.75 0 TD /F3 12 Tf -0.112 Tc 0 Tw (not) Tj 15.75 0 TD /F2 12 Tf -0.1845 Tc 0.1845 Tw ( regarded ) Tj -310.5 -15 TD -0.5596 Tc 2.0596 Tw (as \223government\224 commitme) Tj 126.75 0 TD -0.4617 Tc 1.4617 Tw (nts by Commonwealth Treasury when calculating ) Tj -126.75 -15 TD -0.3367 Tc 1.9439 Tw (the MYEFO figures \(see footnote \(c\) to Table 2\). But once the Coalition ) Tj 0 -15 TD -0.4871 Tc 0.8621 Tw (leadership were confirmed in government following the counting of the polls, it ) Tj T* -0.389 Tc 2.1033 Tw (would seem reasonable to regard those election commitment) Tj 284.25 0 TD -0.4785 Tc 1.6035 Tw (s as having the ) Tj -284.25 -15 TD -0.4085 Tc 1.9085 Tw (status of announced government policy, ) Tj 189.75 0 TD /F3 12 Tf 0 Tc 0 Tw (and) Tj 18 0 TD /F2 12 Tf -0.4899 Tc 1.6685 Tw ( as having that status from well ) Tj -207.75 -15 TD -0.3899 Tc 0.3899 Tw (before the date at which the MYEFO is normally published.) Tj 269.25 0 TD 0 Tc 0 Tw ( ) Tj -269.25 -15 TD ( ) Tj 0 -15 TD -0.4812 Tc 1.2312 Tw (A pale) Tj 30.75 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.666 Tc (blue) Tj 18.75 0 TD -0.246 Tc (-) Tj 4.5 0 TD -0.3079 Tc 0.717 Tw (covered booklet was issued as part of the set of Commonwealth ) Tj -58.5 -15 TD -0.381 Tc 1.006 Tw (Budget Papers on May 14 giving a) Tj 160.5 0 TD -0.3625 Tc 0.3625 Tw ( separate account of the figuring associated ) Tj -160.5 -15 TD -0.4356 Tc 3.2213 Tw (with the government\222s honouring the Coalition leadership\222s election) Tj 320.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.235 Tc 0.235 Tw (period ) Tj -324.75 -15 TD -0.4287 Tc 2.4741 Tw (commitments. It estimates the net overall impact on the Commonwealth\222s ) Tj 0 -15 TD -0.438 Tc 1.5094 Tw (Budgetary bottom line is $713.4 million in 2002) Tj 222 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.4119 Tc 1.1619 Tw (03; $873.6 milli) Tj 72.75 0 TD -0.3232 Tc 1.0733 Tw (on in 2003) Tj 50.25 0 TD -0.246 Tc 0 Tw (-) Tj -349.5 -15 TD -0.3631 Tc 1.1131 Tw (04; $1185.5 million in 2004) Tj 129 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.348 Tc 0.348 Tw (05; $1,436.6 million in 2005) Tj 129 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0 Tc (06 ) Tj 15 0 TD /F4 11.25 Tf (\276) Tj 11.25 0 TD /F5 11.25 Tf 0.1875 Tw ( ) Tj 3 0 TD /F2 12 Tf -0.5205 Tc 0.5205 Tw (with all these ) Tj -296.25 -15 TD -0.4271 Tc 4.6543 Tw (figures being in the direction of a decrease in the fiscal balance.) Tj 328.5 5.25 TD /F2 7.5 Tf 0 Tc 0 Tw (4) Tj 3.75 -5.25 TD /F2 12 Tf -0.414 Tc 4.164 Tw ( A) Tj 0 Tc -0.75 Tw ( ) Tj -332.25 -15 TD -0.4525 Tc 1.765 Tw (comparison of these figures with those in the \223net effect of policy decis) Tj 331.5 0 TD -0.5664 Tc -0.1836 Tw (ions\224 ) Tj -331.5 -15 TD -0.2685 Tc 0.2685 Tw (row three) Tj 43.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.3437 Tc 0.2755 Tw (quarters of the way down Table 2 indicates the aggregate budgetary ) Tj -48 -15 TD -0.4636 Tc 1.2886 Tw (impact of government policy decisions actually announced since the \223normal\224 ) Tj 0 -15 TD -0.3701 Tc 1.388 Tw (MYEFO time. Clearly these 2002 decisions have been \(in net terms\) in the ) Tj T* -0.4233 Tc 1.1733 Tw (direction of ) Tj 58.5 0 TD /F3 12 Tf -0.1164 Tc 0 Tw (increasing) Tj 49.5 0 TD /F2 12 Tf -0.3498 Tc 2.5998 Tw ( the fiscal balance for 2003) Tj 133.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.092 Tc 1.967 Tw (04 and 2004) Tj 62.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.235 Tc 1.235 Tw (05. The ) Tj -312.75 -15 TD -0.396 Tc 0.396 Tw (figure for 2002) Tj 67.5 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.3543 Tc 0.3543 Tw (03 is not markedly changed.) Tj 127.5 0 TD 0 Tc 0 Tw ( ) Tj -199.5 -15 TD ( ) Tj 0 -15 TD -0.3427 Tc 3.8882 Tw (It is at this point that the true essence of the 2002) Tj 260.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.387 Tc 3.387 Tw (03 Commonwealth) Tj 0 Tc -0.75 Tw ( ) Tj -264.75 -15 TD -0.3774 Tc 0.8274 Tw (Budget\222s macroeconomic policy content should be apparent, and the stunning ) Tj 0 -15 TD -0.3492 Tc 1.8492 Tw (virtuoso perform) Tj 76.5 0 TD -0.4063 Tc 1.0813 Tw (ance of Treasurer Costello and his advisors in delivering that ) Tj -76.5 -15 TD -0.3947 Tc 0.9717 Tw (content admired. Paul Keating used to attract admiration for \223pulling a rabbit ) Tj 0 -15 TD -0.3458 Tc 1.2282 Tw (out of a hat\224 in his Budgets. On 14 May 2002 Peter Costello pulled a very ) Tj T* -0.3571 Tc 1.8571 Tw (large rabbit out of apparently nowhere) Tj 180 0 TD -0.2837 Tc 1.2003 Tw (, and didn\222t even boast about it. We ) Tj -180 -15 TD -0.4154 Tc 1.3796 Tw (have a major shift in the stance of fiscal policy confirmed \(see Table 1.1\) ) Tj 342.75 0 TD /F4 11.25 Tf 0 Tc 0 Tw (\276) Tj 11.25 0 TD /F5 11.25 Tf 0.1875 Tw ( ) Tj -354 -15 TD /F2 12 Tf -0.4648 Tc 1.1315 Tw (\223the rabbit\224. We have no \223hat\224 in sight ) Tj 184.5 0 TD /F4 11.25 Tf 0 Tc 0 Tw (\276) Tj 11.25 0 TD /F5 11.25 Tf 0.1875 Tw ( ) Tj 3.75 0 TD /F2 12 Tf -0.511 Tc 0.886 Tw (in terms of major painful spending ) Tj -199.5 -15 TD -0.4932 Tc 1.2432 Tw (cut announcement) Tj 81.75 0 TD -0.3279 Tc 0.3279 Tw (s or taxation increases ) Tj 102.75 0 TD /F4 11.25 Tf 0 Tc 0 Tw (\276) Tj 11.25 0 TD /F5 11.25 Tf 0.1875 Tw ( ) Tj 3 0 TD /F2 12 Tf -0.4061 Tc 0.4061 Tw (to explain where it came from \(see ) Tj -198.75 -15 TD -0.3389 Tc 2.321 Tw (Table 1.2\). 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Most commentators seem to have) Tj 0 Tc 0 Tw ( ) Tj -66.75 -15 TD -0.2968 Tc 1.0468 Tw (thought Peter Costello had worked to leave the Budgetary cupboard ) Tj 320.25 0 TD /F3 12 Tf -0.056 Tc 0 Tw (bar) Tj 16.5 0 TD -0.078 Tc (e) Tj 5.25 0 TD /F2 12 Tf -0.207 Tc 0.582 Tw ( at ) Tj -342 -15 TD -0.3902 Tc 2.1246 Tw (the time of the 2001 election. Now it seems he had carefully set in place ) Tj 0 -15 TD -0.51 Tc 0.51 Tw (mechanisms for its ) Tj 85.5 0 TD /F3 12 Tf 0.0833 Tc 0 Tw (automatic) Tj 48.75 0 TD /F2 12 Tf -0.582 Tc 0.582 Tw ( self) Tj 18 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.4353 Tc (stocking.) 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More detail is provided in Appendix B to Budget Statement number ) Tj 0 -15 TD -0.38 Tc 0.4482 Tw (two which shows the asset category that includes the Commonwealth\222s Telstra ) Tj T* -0.4435 Tc 2.1935 Tw (shares declining from $51.6 billion in 2002) Tj 201.75 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD -0.3303 Tc 1.8303 Tw (03 to $14.4 billion in 2005) Tj 128.25 0 TD -0.246 Tc 0 Tw (-) Tj 4.5 0 TD 0 Tc (06. ) Tj -339 -15 TD -0.666 Tc (Th) Tj 12 0 TD -0.3417 Tc 0.8238 Tw (e Budget Papers are silent on how the Telstra shares are valued in the pre) Tj 337.5 0 TD -0.246 Tc 0 Tw (-) Tj -349.5 -15 TD -0.4714 Tc 0.6321 Tw (sale balance sheets and on whether this differs from the valuation implicit in the ) Tj 0 -15 TD -0.3336 Tc 1.5451 Tw (proceeds expected from the divestment. 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Tj 12.75 0 TD 0 Tc ( ) Tj ET 179.25 461.25 0.75 13.5 re f 177.75 461.25 0.75 13.5 re f 291.75 461.25 0.75 13.5 re f 414 461.25 0.75 13.5 re f 536.25 461.25 0.75 13.5 re f 534.75 461.25 0.75 13.5 re f BT 192.75 450.75 TD (199) Tj 13.5 0 TD (7) Tj 4.5 0 TD 0.003 Tc (-) Tj 3 0 TD 0 Tc (98) Tj 9 0 TD ( ) Tj 122.25 0 TD (23.3) Tj 15.75 0 TD ( ) Tj 108 0 TD -0.0615 Tc (n.a.) Tj 12.75 0 TD 0 Tc ( ) Tj ET 179.25 447.75 0.75 13.5 re f 177.75 447.75 0.75 13.5 re f 291.75 447.75 0.75 13.5 re f 414 447.75 0.75 13.5 re f 536.25 447.75 0.75 13.5 re f 534.75 447.75 0.75 13.5 re f BT 192.75 437.25 TD (1998) Tj 18 0 TD 0.003 Tc (-) Tj 3 0 TD 0 Tc (99) Tj 9 0 TD ( ) Tj 122.25 0 TD (23.9) Tj 15.75 0 TD ( ) Tj 108 0 TD -0.0615 Tc (n.a.) Tj 12.75 0 TD 0 Tc ( ) Tj ET 179.25 434.25 0.75 13.5 re f 177.75 434.25 0.75 13.5 re f 291.75 434.25 0.75 13.5 re f 414 434.25 0.75 13.5 re f 536.25 434.25 0.75 13.5 re f 534.75 434.25 0.75 13.5 re f BT 192.75 423.75 TD (1999) Tj 18 0 TD 0.003 Tc (-) Tj 3 0 TD 0 Tc (2000) Tj 18 0 TD ( ) Tj 113.25 0 TD (23.9) Tj 15.75 0 TD ( ) Tj 108 0 TD -0.0615 Tc (n.a.) Tj 12.75 0 TD 0 Tc ( ) Tj ET 179.25 420.75 0.75 13.5 re f 177.75 420.75 0.75 13.5 re f 291.75 420.75 0.75 13.5 re f 414 420.75 0.75 13.5 re f 536.25 420.75 0.75 13.5 re f 534.75 420.75 0.75 13.5 re f BT 192.75 410.25 TD (2000) Tj 18 0 TD 0.003 Tc (-) Tj 3 0 TD 0 Tc (01) Tj 9 0 TD ( ) Tj 122.25 0 TD (21.7) Tj 15.75 0 TD ( ) Tj 113.25 0 TD 0.003 Tc (-) Tj 3 0 TD 0 Tc ( ) Tj ET 179.25 407.25 0.75 13.5 re f 177.75 407.25 0.75 13.5 re f 291.75 407.25 0.75 13.5 re f 414 407.25 0.75 13.5 re f 536.25 407.25 0.75 13.5 re f 534.75 407.25 0.75 13.5 re f BT 192.75 396.75 TD (2001) Tj 18 0 TD 0.003 Tc (-) Tj 3 0 TD 0 Tc (02) Tj 9 0 TD ( ) Tj 122.25 0 TD (21.0) Tj 15.75 0 TD ( ) Tj 106.5 0 TD (24.9) Tj 15.75 0 TD ( ) Tj ET 179.25 393.75 0.75 13.5 re f 177.75 393.75 0.75 13.5 re f 291.75 393.75 0.75 13.5 re f 414 393.75 0.75 13.5 re f 536.25 393.75 0.75 13.5 re f 534.75 393.75 0.75 13.5 re f BT 192.75 383.25 TD (2002) Tj 18 0 TD 0.003 Tc (-) Tj 3 0 TD 0 Tc (03) Tj 9 0 TD ( ) Tj 122.25 0 TD (21.0) Tj 15.75 0 TD ( ) Tj 106.5 0 TD (24.9) Tj 15.75 0 TD ( ) Tj ET 179.25 380.25 0.75 13.5 re f 177.75 380.25 0.75 13.5 re f 291.75 380.25 0.75 13.5 re f 414 380.25 0.75 13.5 re f 536.25 380.25 0.75 13.5 re f 534.75 380.25 0.75 13.5 re f BT 192.75 369.75 TD (2003) Tj 18 0 TD 0.003 Tc (-) Tj 3 0 TD 0 Tc (04) Tj 9 0 TD ( ) Tj 122.25 0 TD (21.0) Tj 15.75 0 TD ( ) Tj 106.5 0 TD (24.9) Tj 15.75 0 TD ( ) Tj ET 179.25 366.75 0.75 13.5 re f 177.75 366.75 0.75 13.5 re f 291.75 366.75 0.75 13.5 re f 414 366.75 0.75 13.5 re f 536.25 366.75 0.75 13.5 re f 534.75 366.75 0.75 13.5 re f BT 192.75 356.25 TD (2004) Tj 18 0 TD 0.003 Tc (-) Tj 3 0 TD 0 Tc (05) Tj 9 0 TD ( ) Tj 122.25 0 TD (21.0) Tj 15.75 0 TD ( ) Tj 106.5 0 TD (24.9) Tj 15.75 0 TD ( ) Tj ET 179.25 353.25 0.75 13.5 re f 177.75 353.25 0.75 13.5 re f 291.75 353.25 0.75 13.5 re f 414 353.25 0.75 13.5 re f 536.25 353.25 0.75 13.5 re f 534.75 353.25 0.75 13.5 re f BT 192.75 342.75 TD (2005) Tj 18 0 TD 0.003 Tc (-) Tj 3 0 TD 0 Tc (06) Tj 9 0 TD ( ) Tj 122.25 0 TD (20.8) Tj 15.75 0 TD ( ) Tj 106.5 0 TD (24.7) Tj 15.75 0 TD ( ) Tj ET 179.25 336.75 0.75 16.5 re f 177.75 336.75 0.75 16.5 re f 177.75 334.5 0.75 2.25 re f 177.75 334.5 2.25 0.75 re f 179.25 336 0.75 0.75 re f 179.25 336 0.75 0.75 re f 180 334.5 111.75 0.75 re f 180 336 111.75 0.75 re f 291.75 336.75 0.75 16.5 re f 291.75 336 2.25 0.75 re f 291.75 334.5 2.25 0.75 re f 294 334.5 120 0.75 re f 294 336 120 0.75 re f 414 336.75 0.75 16.5 re f 414 336 2.25 0.75 re f 414 334.5 2.25 0.75 re f 416.25 334.5 118.5 0.75 re f 416.25 336 118.5 0.75 re f 536.25 336.75 0.75 16.5 re f 534.75 336.75 0.75 16.5 re f 536.25 334.5 0.75 2.25 re f 534.75 334.5 2.25 0.75 re f 534.75 336 0.75 0.75 re f 534.75 336 0.75 0.75 re f BT 184.5 320.25 TD /F2 8.25 Tf 0.2006 Tc (Notes) Tj ET 184.5 318.75 20.25 0.75 re f BT 204.75 320.25 TD -0.0435 Tc (:) Tj 2.25 0 TD 0 Tc 0.1875 Tw ( ) Tj 6 0 TD 0.1379 Tc 0.9871 Tw (Column one is on the cash receipts basis, and taken from p. 13.4. 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Tj 2.25 0 TD 0 Tc 0.1875 Tw ( ) Tj -266.25 -14.25 TD /F2 12 Tf 0 Tw ( ) Tj ET endstream endobj 84 0 obj 15530 endobj 81 0 obj << /Type /Page /Parent 82 0 R /Resources << /Font 85 0 R /ProcSet 2 0 R >> /Contents 83 0 R >> endobj 85 0 obj << /F0 6 0 R /F1 11 0 R /F2 13 0 R /F3 18 0 R /F4 22 0 R /F5 24 0 R >> endobj 87 0 obj << /Length 88 0 R >> stream BT 57 804 TD 0 0 0 rg /F1 9 Tf -0.0898 Tc 0.0898 Tw (Economic Issues) Tj 61.5 0 TD 0 Tc 0 Tw ( ) Tj -61.5 -12 TD /F2 9 Tf ( ) Tj ET 55.5 788.25 484.5 0.75 re f BT 57 778.5 TD ( ) Tj 0 -722.25 TD /F0 9 Tf ( ) Tj 0 -13.5 TD ( ) Tj ET 55.5 53.25 484.5 0.75 re f BT 57 30.75 TD 0.0638 Tc 0.6862 Tw (Page ) Tj 21 0 TD 0 Tc 0 Tw (16) Tj 9 0 TD ( ) Tj 306.75 0 TD 0.1296 Tc -0.1296 Tw (The SA Centre for Economic Studies) Tj 145.5 0 TD 0 Tc 0 Tw ( ) Tj -354.75 727.5 TD /F2 12 Tf -0.3882 Tc 2.2973 Tw (Table 3.1 presents in column one the Commonwealth taxation revenues to ) Tj 0 -15 TD -0.3627 Tc 3.3627 Tw (GDP figures reported in th) Tj 131.25 0 TD -0.3488 Tc 2.4917 Tw (is year\222s Commonwealth Budget Papers. 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The ) Tj -249.75 -15 TD -0.1992 Tc 5.4492 Tw (May 14) Tj 41.25 5.25 TD /F2 7.5 Tf 0.0825 Tc 0 Tw (th) Tj 6 -5.25 TD /F2 12 Tf -0.3823 Tc 5.2573 Tw ( Commonwealth Budget suggests that Mr Costello has now) Tj 0 Tc -0.75 Tw ( ) Tj -47.25 -15 TD -0.408 Tc 0.658 Tw (persuaded his federal Cabinet colleagues to this way of thinking. When Paul ) Tj 0 -15 TD -0.3307 Tc 2.5182 Tw (Keating presented his seventh federal Budget, it was 1989. The forward ) Tj T* -0.3724 Tc 1.8724 Tw (estimates did not ) Tj 85.5 0 TD -0.3493 Tc 1.8493 Tw (envisage the onset of a severe recession \223just around the ) Tj -85.5 -15 TD -0.372 Tc 0 Tw (corner\224.) 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Tj 125.25 0 TD 0 Tc 0.1875 Tw ( ) Tj -153.75 -6.75 TD /F2 5.25 Tf 0.375 Tc 0 Tw (4) Tj 3 -3.75 TD /F2 8.25 Tf 0 Tc 0.1875 Tw ( ) Tj 2.25 0 TD ( ) Tj 23.25 0 TD 0.1391 Tc 0.6913 Tw (See p. 20 of Commonwealth of 最新糖心Vlog ) Tj 148.5 0 TD /F3 8.25 Tf 0.057 Tc 0.1305 Tw (Putting 最新糖心Vlog\222s Interests First ) Tj 116.25 0 TD 0.375 Tc 0 Tw (\226) Tj 4.5 0 TD 0.1875 Tc -0.25 Tw ( Honouring Our ) Tj -269.25 -10.5 TD 0.2386 Tc 0 Tw (Commitments) Tj 48 0 TD /F2 8.25 Tf 0.2813 Tc 4.4062 Tw (, State) Tj 26.25 0 TD 0.2131 Tc 4.1411 Tw (ment by the Honourable Peter Costello, MP, Treasurer of the) Tj 0 Tc 0.1875 Tw ( ) Tj -74.25 -10.5 TD 0.189 Tc -0.0015 Tw (Commonwealth of 最新糖心Vlog, 14 May 2002.) Tj 151.5 0 TD 0 Tc 0.1875 Tw ( ) Tj -180 -6.75 TD /F2 5.25 Tf 0.375 Tc 0 Tw (5) Tj 3 -3.75 TD /F2 8.25 Tf 0 Tc 0.1875 Tw ( ) Tj 2.25 0 TD ( ) Tj 23.25 0 TD 0.4737 Tc -0.2862 Tw (The ) Tj 18 0 TD /F3 8.25 Tf 0.0791 Tc 1.6084 Tw (costs of the privatisation process) Tj 117.75 0 TD /F2 8.25 Tf 0.1509 Tc 1.12 Tw ( should include the present value of any government ) Tj -135.75 -10.5 TD 0.1704 Tc 2.0421 Tw (spending streams \(or special tax breaks\) committed to by the ve) Tj 241.5 0 TD 0.1976 Tc 1.1149 Tw (ndor government as an ) Tj -241.5 -10.5 TD 0.2535 Tc -0.066 Tw (integral part of getting the privatisation into effect.) Tj 180 0 TD 0 Tc 0.1875 Tw ( ) Tj -208.5 -6.75 TD /F2 5.25 Tf 0.375 Tc 0 Tw (6) Tj 3 -3.75 TD /F2 8.25 Tf 0 Tc 0.1875 Tw ( ) Tj 2.25 0 TD ( ) Tj 23.25 0 TD 0.1494 Tc 1.6381 Tw (See page 7 of Budget Statement No. 1, which sets out the Government\222s \223medium term ) Tj 0 -10.5 TD 0.1232 Tc 0.0643 Tw (objectives of fiscal policy\224.) 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