There are a lot of really well written analysis out there, but few point to a glaring error that will make it impossible to recover from this spending binge.
On page 2 of the budget there is a forecast of a GDP Growth of 3.75% for 5 years (4.75%pa in 21/22).
Australia in the last good 10 year achieved an average slightly more than 2% pa with only in 2012 reaching 3.92%pa.
With a net loss of immigration this is impossible. Hence all the Government forecasts are wrong.
investorpolitico 