Australias leader Malcolm Turnbull will use Tuesdays budget to try and woo back disaffected voters before Donald Trump and Xi Jinpings trade tensions undermine the most China-dependent developed economy.
Malcolm Turnbull
Photographer: Brendon Thorne/Bloomberg
A sudden surge in revenue is allowing Turnbull to offer tax relief instead of paying down the countrys budget deficit early. Hes gambling that workers saddled with record household debt and stagnant wage growth will vote with their wallets in an Australian general election thats due within a year.
Theres two big risks to his strategy. Reserve Bank Governor Philip Lowe last week said while Australias economy was in generally good shape, it had a lot resting on U.S. protecti…
Read the full article at: https://www.bloomberg.com/news/articles/2018-05-06/australia-gambles-trump-xi-tensions-won-t-derail-budget-recovery