So it is now revealed that Joe Hockey’s spending blew out to 26.3% of GDP and the now Treasurer, Scott Morrison, is bringing it back to 25.9%. Interestingly, Morrison’s aspiration will put the figure as high as it was at the height of the global financial crisis.

Chris Richardson of Deloitte Access Economics has predicted that the combined deficits over next four years will be $38 billion more than originally forecast.

While there have been huge falls in revenue following a collapse in commodity prices, highly-respected economist Saul Eslake asserts that “the well of budget repair has been poisoned by the 2014 budget.”

Mr Morrison could argue that Joe Hockey handed him a ‘poisoned chalice’ but he and Prime Minister Turnbull are both still happy to sign off on it.

Frank Carroll

Labor MP, Graham Perrett has issued a festive season warning that the Turnbull Government has delivered a cruel Christmas present for Australian families by reintroducing its savage cuts to Family Tax Benefits.

Labor is worried that many Australian families will start 2016 the same way they started 2015 – with savage cuts to their budgets hanging over their heads.

“Malcolm Turnbull’s cuts to Family Tax Benefits will hurt more than 1.6 million Australian families, including single parents”, Mr Perrett warned.

Graham believes that some families could lose as much as $4,700. “Just like the proposed GST, this will deliver a massive hit to family budgets around Australia”, he claimed.

The Turnbull Government has also reintroduced a number of cuts introduced in the first Abbott/Hockey 2014 Budget, including abolishing the Education Entry Payment and the Pensioner Education Supplement.

“These payments to low income Australians and help with the cost of education. Sadly the end of Tony Abbott’s Prime Ministership does not mean the end of attacks on Australian families”, Mr Perrett said.